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MAHARASHTRA SEAMLESS LTD (MAHSEAMLES)

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.64 / 100
Profitability 71Growth 22Balance 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.39 / 100
Price 54Earnings 38FII/DII 25

Passes these screensCash RichValue PickLittle growth priced in

Compare withJSW STEELTATA STEELJINDAL STEEL

Share price

Closing priceAdjusted for splits and bonus issues.

₹580 latest close · −4.9% over the last 90 sessions

₹600₹700Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹600₹700Jul 3Sep 4Nov 9

₹580 month-end · −1.5% over 12 months

₹500₹600₹700Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹500₹600₹700Nov '25May '26Nov '26

₹580 month-end · −40.4% over 3 years

₹600₹800₹1,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹600₹800₹1,000Nov '23May '25Nov '26

₹580 month-end · +151.1% since Jan '19

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

52-week range ₹500.70 to ₹768.00 · 1-year volatility 28.7%

Was the rally earned?

-2%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-2%).
  • The share count barely moved.
Net profit growth: −17 pts. Points of the price return explained by net profit growing (or shrinking).−17 ptsNet profit growthP/E change: +16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+16 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: −1%−1%Share priceNet profit growth: −17 pts. Points of the price return explained by net profit growing (or shrinking).−17ProfitP/E change: +16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+16P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −1%−1%Share price
Net profit growth-17 ptsNet profit fell about 16%, which lowers the price.
P/E change+16 ptsThe P/E rose from 9.0x to 10.5x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-40%share price, 3 yearsMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 17.0x to 10.5x); per-share earnings took off 3 points.
  • The share count barely moved.
Net profit growth: −3 pts. Points of the price return explained by net profit growing (or shrinking).−3 ptsNet profit growthP/E change: −37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−37 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: −40%−40%Share priceNet profit growth: −3 pts. Points of the price return explained by net profit growing (or shrinking).−3ProfitP/E change: −37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−37P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −40%−40%Share price
Net profit growth-3 ptsNet profit fell about 4%, which lowers the price.
P/E change-37 ptsThe P/E fell from 17.0x to 10.5x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+136%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 320 points, but investors now pay less per rupee of profit (P/E 33.5x to 10.5x), which took 183 points back.
  • The share count fell 19%.
Net profit growth: +287 pts. Points of the price return explained by net profit growing (or shrinking).+287 ptsNet profit growthP/E change: −183 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−183 ptsP/E changeShare count change: +33 pts. Points of the price return explained by the share count changing. More shares count against the price.+33 ptsShare count changeShare price: +136%+136%Share priceNet profit growth: +287 pts. Points of the price return explained by net profit growing (or shrinking).+287ProfitP/E change: −183 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−183P/EShare count change: +33 pts. Points of the price return explained by the share count changing. More shares count against the price.+33SharesShare price: +136%+136%Share price
Net profit growth+287 ptsNet profit rose about 510%, which lifts the price.
P/E change-183 ptsThe P/E fell from 33.5x to 10.5x, which lowers the price.
Share count change+33 ptsShare count fell 19%, which lifts 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-62.3%recovered 2021-10
1-year volatility28.7%annualised
Beta vs sector index0.863-year daily, correlation 0.49
Volume spikes9last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−62.0% 0%−20%−40%−60%2020202220242026−62.0%
Largest drawdowns

-62.3% (2019-03 peak to 2020-04 low, recovered 2021-10)

-52.4% (2023-12 peak to 2026-01 low, not yet recovered)

-34.4% (2022-10 peak to 2022-12 low, recovered 2023-05)

Most recent volume spikes

2026-09-30: 7.6x the 50-day median, price +2.2% that day

2026-09-11: 9.2x the 50-day median, price +1.4% that day

2026-09-10: 11.7x 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?

10.5xP/E todayWithin its usual range
Against its own history41st percentile
CheapestMedian 11.1xDearest

Usual range 7.4x to 23.4x since 2019-01.

Against Non-Energy Minerals10.5x vs 21.8x
This company
10.5x
Sector median
21.8x

52% below the Non-Energy Minerals median.

5.5x17.1x28.7x40.4xJan '19Aug '20Mar '22Oct '23May '25Nov '265.5x17.1x28.7x40.4xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

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P/S (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Non-Energy Minerals is valued

Where does it rank among Non-Energy Minerals peers?

Each cell is the company's percentile rank among its Non-Energy Minerals peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE67th▼ 6 pts vs a year ago
  • Op. margin74th▲ 12 pts vs a year ago
  • Revenue growth12th▼ 27 pts vs a year ago
  • EPS growth26th▼ 33 pts vs a year ago
  • Debt/equity ↓98thflat vs a year ago
  • Cash cycle ↓27th▲ 7 pts vs a year ago
  • P/E ↓85th▼ 4 pts vs a year ago
  • 12M momentum62nd▲ 8 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?

~6%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 10.0x, a holder earning 12%/yr needs earnings to grow about 6.3%/yr for 10 years, then trade at 15x.

Delivered23.1%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−16.7 ptsimplied minus delivered
Rank761stmost demanding of 856

Over time

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

0%21%41% Jan 2019Nov 2026 0%21%41% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x7.6%8.6%9.5%
15x5.4%6.3%7.3%
20x2.5%3.5%4.4%

Drag a slider to test other assumptions

Implied: 6.3%/yr

Looking back

  • Jan 2020Price implied 13%/yr; EPS has since grown 17%/yr (7.0 yrs)
  • Jan 2021Price implied 15%/yr; EPS has since grown 43%/yr (6.0 yrs)
  • Jan 2022Price implied 19%/yr; EPS has since grown 48%/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
₹580.00
P/E
10.5x
ROCE
14.0%
Market Cap
₹7776 cr
Revenue (TTM)
₹4620 cr
P/S
1.7x
P/B
1.1x
ROE
10.7%
Operating Margin
16.0%
Debt / Equity
0.0x
Promoter Holding
70.3%
12M Momentum
-1.5%

52-week range

₹500.70₹768.00
30% of the way from its 52-week low to its high

Price risk

1Y volatility
28.7%
Beta vs sector
1-year daily
0.62

Balance sheet & cash

Interest cover
operating profit ÷ interest
100.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.06x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold
Other income reliance42%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 41.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 24.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.06xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.06x (cash from operations ₹2,584 cr, net profit ₹2,430 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+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (44 vs 41). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress4% of fixed assetsWithin range

Capital work-in-progress is 4% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-1 days / 2 yrsWithin range

Days payable changed by -1 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, promoters added 2.4 pts; FIIs trimmed 0.8 pts.
  • The number of shareholders rose from 61,989 to 83,466 (+35%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters67.9%70.3%+2.4 pts
FIIs10.5%9.7%-0.8 pts
DIIs4.2%3.8%-0.4 pts
Public and others17.4%16.2%-1.3 pts

Number of shareholders

83,466shareholders+35% since Dec '23
62k84k1.1L1.3L Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 61,989
Mar '24: 69,663
Jun '24: 77,500
Sep '24: 96,466
Dec '24: 1.3 lakh
Mar '25: 1.1 lakh
Jun '25: 93,504
Sep '25: 94,257
Dec '25: 92,943
Mar '26: 88,783
Jun '26: 83,466
 62k84k1.1L1.3L Dec '23Dec '24Dec '25Jun '26
Dec '23: 61,989
Mar '24: 69,663
Jun '24: 77,500
Sep '24: 96,466
Dec '24: 1.3 lakh
Mar '25: 1.1 lakh
Jun '25: 93,504
Sep '25: 94,257
Dec '25: 92,943
Mar '26: 88,783
Jun '26: 83,466

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

−4.1%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 MAHARASHTRA SEAMLESS 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 −20% to +34% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (+0.8%, 80% range −8.9% to +9.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−50%0%+50%+100%
FINPIPE · Nov 2024: −35.9% vs market
ZEEL · Sep 2025: −32.5% vs market
GHCL · Sep 2025: −31.5% vs market
KANSAINER · Sep 2025: −28.5% vs market
DELTACORP · Apr 2025: −27.9% vs market
HONDAPOWER · Nov 2024: −25.0% vs market
GALAXYSURF · Feb 2025: −24.2% vs market
FDC · Sep 2025: −23.7% vs market
KSL · May 2021: −23.0% vs market
VEEDOL · Sep 2025: −22.9% vs market
FINCABLES · May 2021: −22.3% vs market
ESCORTS · Sep 2025: −21.7% vs market
CHAMBLFERT · Sep 2025: −20.3% vs market
GSPL · Mar 2024: −20.2% vs market
NOCIL · Jan 2024: −19.9% vs market
ACC · Nov 2024: −19.8% vs market
VARDHACRLC · Jun 2020: −16.4% vs market
CIEINDIA · Oct 2025: −13.7% vs market
BALMLAWRIE · Feb 2020: −11.4% vs market
MOIL · Feb 2020: −8.5% vs market
SUNTV · Apr 2024: −6.8% vs market
GMDCLTD · Apr 2020: −6.7% vs market
QUICKHEAL · Aug 2022: −6.4% vs market
IMPAL · Jun 2025: −4.4% vs market
AUTOAXLES · Oct 2025: −4.3% vs market
MAYURUNIQ · Feb 2025: −3.8% vs market
GUJALKALI · Jul 2020: −2.6% vs market
SANDESH · Jun 2020: +1.0% vs market
BAJAJCON · Apr 2023: +3.3% vs market
BEPL · Apr 2024: +5.0% vs market
GNFC · Aug 2025: +5.6% vs market
BSE · Mar 2020: +7.0% vs market
KSCL · Apr 2023: +10.5% vs market
XCHANGING · Mar 2020: +12.3% vs market
SASKEN · Feb 2020: +14.7% vs market
FMGOETZE · Mar 2025: +22.9% vs market
AVANTIFEED · Jan 2024: +25.5% vs market
MAITHANALL · Oct 2020: +36.9% vs market
KRBL · Jul 2022: +38.8% vs market
RITES · May 2022: +39.1% vs market
SESHAPAPER · Apr 2022: +40.6% vs market
HEROMOTOCO · Mar 2023: +41.4% vs market
AUROPHARMA · Mar 2023: +41.4% vs market
VSTTILLERS · Feb 2025: +44.0% vs market
VOLTAMP · Apr 2022: +61.3% vs market
TECHNOE · Oct 2022: +63.1% vs market
NATIONALUM · Oct 2023: +76.9% vs market
ENGINERSIN · Feb 2023: +96.6% vs market
MAZDOCK · May 2022: +167.5% vs market
RAILTEL · Feb 2023: +174.7% vs market
Similar setups −4.1%All companies −4.9%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
−4.1%
All companies' median
−4.9%
Beat the market
46% vs 45%

50 past situations · 50 companies · 27 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
KSCL
Process Industries		 Apr 2023 15x16% −1%−10% +11%
NATIONALUM
Non-Energy Minerals		 Oct 2023 12x14% +31%−12% +77%
GMDCLTD
Energy Minerals		 Apr 2020 6x14% −46%−52% −7%
VOLTAMP
Producer Manufacturing		 Apr 2022 17x15% +74%−14% +61%
SANDESH
Consumer Services		 Jun 2020 6x10% −26%−28% +1%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ESCORTS
Producer Manufacturing		 Sep 2025 16x11% −19%−21% −22%
VARDHACRLC
Consumer Non-Durables		 Jun 2020 6x14% −18%−20% −16%
BAJAJCON
Consumer Non-Durables		 Apr 2023 14x26% −6%−12% +3%
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, 12-month momentum and P/S. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 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 MAHARASHTRA SEAMLESS 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.

AUTOMOTIVE AXLESAUTOAXLES
Producer Manufacturing
61%similar
promoter holdingdebt/equity
CIE AUTOMOTIVE INDIACIEINDIA
Producer Manufacturing
58%similar
operating marginvolatility
RITESRITES
Commercial Services
58%similar
debt/equitymarket cap
VARDHMAN TEXTILES LIMTEDVTL
Process Industries
58%similar
operating marginEPS growth
JAGRAN PRAKASHANJAGRAN
Consumer Services
57%similar
promoter holdingP/E
GODAWARI POWER AND ISPATGPIL
Non-Energy Minerals
60%similar
revenueEPS growth
HEIDELBERG CEMENT INDIAHEIDELBERG
Non-Energy Minerals
59%similar
promoter holdingROCE
ORIENT CEMENTORIENTCEM
Non-Energy Minerals
56%similar
revenue growthP/E

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

What changed?

30 events since May '23

  1. SepPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  2. AugPriceVolume reached 12.2x its 50-day median on 2026-08-21; price +3.9% that day.
  3. JunResultsYear-on-year EPS growth turned negative.
  4. JunPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  5. JunPriceVolume reached 15.4x its 50-day median on 2026-06-29; price -1.4% that day.
  6. MarResultsYear-on-year EPS growth turned positive.
  7. MarPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  8. FebPriceVolume reached 6.9x its 50-day median on 2026-02-26; price +4.5% that day.
Show 22 earlier events
  1. JanPriceFell 52% from the Dec 2023 peak to the Jan 2026 low.
  2. DecResultsYear-on-year EPS growth turned negative.
  3. DecPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  4. DecPriceVolume reached 6.3x its 50-day median on 2025-12-30; price -0.2% that day.
  5. SepResultsYear-on-year EPS growth turned positive.
  6. SepPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  7. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on ROCE (from the top quartile).
  8. AprPriceVolume reached 16.9x its 50-day median on 2025-04-01; price +7.7% that day.
  9. MarResultsYear-on-year EPS growth turned negative.
  10. FebPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  11. JanPriceVolume reached 9.2x its 50-day median on 2025-01-01; price +8.5% that day.
  12. DecInstitutionsFII + DII holding fell 3.5 pts over 2 quarters to 12.3%.
  13. DecPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  14. DecPriceVolume reached 64.6x its 50-day median on 2024-12-05; price +11.4% that day.
  15. SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  16. AprPriceVolume reached 12.0x its 50-day median on 2024-04-12; price -0.1% that day.
  17. MarPriceVolume reached 9.1x its 50-day median on 2024-03-15; price +2.5% that day.
  18. NovPriceVolume reached 5.5x its 50-day median on 2023-11-07; price +7.5% that day.
  19. AugPriceVolume reached 5.8x its 50-day median on 2023-08-01; price -7.7% that day.
  20. JunResultsRevenue (TTM) reached a new high of ₹5,716 cr.
  21. JunPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  22. MayPriceRegained the 2022-10 peak, 5 months after the 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
2026-1110.5x₹4620 cr10.7%14.0%0.0x
2026-109.8x₹4620 cr10.7%14.0%0.0x
2026-0913.4x₹4620 cr10.7%14.0%0.0x
2026-0812.7x₹4674 cr10.2%14.0%0.0x
2026-0710.8x₹4674 cr10.2%14.0%0.0x
2026-0611.4x₹4674 cr10.2%14.0%0.0x
2026-059.9x₹4812 cr13.2%17.0%0.0x
2026-0410.2x₹4812 cr13.2%17.0%0.0x
2026-038.9x₹4812 cr13.2%17.0%0.0x
2026-029.6x₹5130 cr12.4%17.0%0.0x
2026-018.9x₹5130 cr12.4%17.0%0.0x
2025-129.6x₹5130 cr12.4%17.0%0.0x
2025-119.0x₹5263 cr13.8%17.0%0.0x
2025-108.7x₹5263 cr13.8%17.0%0.0x
2025-099.1x₹5263 cr13.8%17.0%0.0x
2025-0811.1x₹5269 cr12.3%17.0%0.0x
2025-0712.1x₹5269 cr12.3%17.0%0.0x
2025-0613.1x₹5269 cr12.3%17.0%0.0x
2025-0512.3x₹5066 cr13.1%23.0%0.0x
2025-0411.7x₹5066 cr13.1%23.0%0.0x
2025-0312.1x₹5066 cr13.1%23.0%0.0x
2025-029.7x₹5089 cr14.7%23.0%0.0x
2025-019.9x₹5089 cr14.7%23.0%0.0x
2024-1211.1x₹5089 cr14.7%23.0%0.0x
2024-119.8x₹5332 cr15.3%23.0%0.0x
2024-109.6x₹5332 cr15.3%23.0%0.0x
2024-099.8x₹5332 cr15.3%23.0%0.0x
2024-089.5x₹5404 cr16.6%23.0%0.0x
2024-079.1x₹5404 cr16.6%23.0%0.0x
2024-069.2x₹5404 cr16.6%23.0%0.0x
2024-0511.5x₹5716 cr16.1%20.0%0.1x
2024-0415.8x₹5716 cr16.1%20.0%0.1x
2024-0314.8x₹5716 cr16.1%20.0%0.1x
2024-0216.2x₹5716 cr16.1%20.0%0.1x
2024-0118.4x₹5716 cr16.1%20.0%0.1x
2023-1216.2x₹5716 cr16.1%20.0%0.1x
2023-1117.0x₹5716 cr16.1%20.0%0.1x
2023-1012.6x₹5716 cr16.1%20.0%0.1x
2023-0910.8x₹5716 cr16.1%20.0%0.1x
2023-089.4x₹5716 cr16.1%20.0%0.1x
2023-079.4x₹5716 cr16.1%20.0%0.1x
2023-068.3x₹5716 cr16.1%20.0%0.1x
2023-058.7x₹4211 cr17.4%12.0%0.2x
2023-048.4x₹4211 cr17.4%12.0%0.2x
2023-036.9x₹4211 cr17.4%12.0%0.2x
2023-025.9x₹4211 cr17.4%12.0%0.2x
2023-016.2x₹4211 cr17.4%12.0%0.2x
2022-126.3x₹4211 cr17.4%12.0%0.2x
2022-117.3x₹4211 cr17.4%12.0%0.2x
2022-107.6x₹4211 cr17.4%12.0%0.2x
2022-097.5x₹4211 cr17.4%12.0%0.2x
2022-088.1x₹4211 cr17.4%12.0%0.2x
2022-077.1x₹4211 cr17.4%12.0%0.2x
2022-066.1x₹4211 cr17.4%12.0%0.2x
2022-0537.8x₹2308 cr3.7%9.0%0.3x
2022-0440.3x₹2308 cr3.7%9.0%0.3x
2022-0337.7x₹2308 cr3.7%9.0%0.3x
2022-0234.8x₹2308 cr3.7%9.0%0.3x
2022-0136.5x₹2308 cr3.7%9.0%0.3x
2021-1234.8x₹2308 cr3.7%9.0%0.3x

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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