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NCL INDUSTRIES LIMITED (NCLIND)

Non-Energy Minerals · Construction Materials · 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.59 / 100
Profitability 64Growth 42Balance sheet 69
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.48 / 100
Price 61Earnings 69FII/DII 13

Passes these screensValue Pick

Compare withULTRATECH CEMENTGRASIM INDUSTRIESAMBUJA CEMENTS

Share price

Closing priceAdjusted for splits and bonus issues.

₹170.4 latest close · −10.4% over the last 90 sessions

₹160₹170₹180₹190Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹160₹170₹180₹190Jul 3Sep 4Nov 9

₹170.4 month-end · −14.7% over 12 months

₹160₹180₹200Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹160₹180₹200Nov '25May '26Nov '26

₹170.4 month-end · −22.7% over 3 years

₹150₹200₹250Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹150₹200₹250Nov '23May '25Nov '26

₹170.4 month-end · +27.9% since Jun '19

₹100₹200Jun '19Dec '20Jun '22Nov '23May '25Nov '26 ₹100₹200Jun '19Mar '23Nov '26

52-week range ₹147.50 to ₹214.80 · 1-year volatility 28.6%

Was the rally earned?

-15%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 96 points, but investors now pay less per rupee of profit (P/E 27.7x to 8.3x), which took 111 points back.
  • The share count barely moved.
Net profit growth: +95 pts. Points of the price return explained by net profit growing (or shrinking).+95 ptsNet profit growthP/E change: −111 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−111 ptsP/E changeShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1 ptsShare count changeShare price: −15%−15%Share priceNet profit growth: +95 pts. Points of the price return explained by net profit growing (or shrinking).+95ProfitP/E change: −111 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−111P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −15%−15%Share price
Net profit growth+95 ptsNet profit rose about 181%, which lifts the price.
P/E change-111 ptsThe P/E fell from 27.7x to 8.3x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
-23%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 65 points, but investors now pay less per rupee of profit (P/E 22.5x to 8.3x), which took 88 points back.
  • The share count barely moved.
Net profit growth: +66 pts. Points of the price return explained by net profit growing (or shrinking).+66 ptsNet profit growthP/E change: −88 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−88 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: −23%−23%Share priceNet profit growth: +66 pts. Points of the price return explained by net profit growing (or shrinking).+66ProfitP/E change: −88 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−88P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −23%−23%Share price
Net profit growth+66 ptsNet profit rose about 110%, which lifts the price.
P/E change-88 ptsThe P/E fell from 22.5x to 8.3x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
-19%share price, 5 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 41 points, while the multiple moved less (P/E 6.5x to 8.3x).
  • The share count barely moved.
Net profit growth: −40 pts. Points of the price return explained by net profit growing (or shrinking).−40 ptsNet profit growthP/E change: +22 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+22 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: −19%−19%Share priceNet profit growth: −40 pts. Points of the price return explained by net profit growing (or shrinking).−40ProfitP/E change: +22 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+22P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −19%−19%Share price
Net profit growth-40 ptsNet profit fell about 36%, which lowers the price.
P/E change+22 ptsThe P/E rose from 6.5x to 8.3x, 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 ULTRATECH CEMENT

How rough has the ride been?

Maximum drawdown-65.8%recovered 2021-02
1-year volatility28.6%annualised
Beta vs sector index0.693-year daily, correlation 0.45
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−65.5% 0%−20%−40%−60%2020202220242026−65.5%
Largest drawdowns

-65.8% (2019-05 peak to 2020-03 low, recovered 2021-02)

-50.3% (2021-08 peak to 2026-03 low, not yet recovered)

-25.8% (2019-01 peak to 2019-02 low, recovered 2019-03)

Most recent volume spikes

2026-11-02: 27.6x the 50-day median, price +2.6% that day

2026-08-25: 5.9x the 50-day median, price +0.4% that day

2026-08-24: 5.4x the 50-day median, price -0.4% 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?

8.3xP/E todayWithin its usual range
Against its own history27th percentile
CheapestMedian 10.6xDearest

Usual range 6.5x to 23.1x since 2019-06.

Against Non-Energy Minerals8.3x vs 21.8x
This company
8.3x
Sector median
21.8x

62% below the Non-Energy Minerals median.

5.1x17.4x29.8x42.1xJun '19Dec '20Jun '22Dec '23Jun '25Nov '265.1x17.4x29.8x42.1xJun '19Dec '21Jun '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

  • ROCE71st▲ 36 pts vs a year ago
  • Op. margin58th▼ 7 pts vs a year ago
  • Revenue growth32nd▲ 21 pts vs a year ago
  • EPS growth97th▲ 82 pts vs a year ago
  • Debt/equity ↓59th▲ 4 pts vs a year ago
  • Cash cycle ↓29th▲ 4 pts vs a year ago
  • P/E ↓93rd▲ 47 pts vs a year ago
  • 12M momentum48th▼ 4 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?

~7%annual earnings growth implied by the price

At a P/E of 10.9x, the price would imply about 6.9%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Below the ₹1,000 cr market-cap floor used for 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

Key figures

Share Priceclose 9 Nov
₹170.40
P/E
8.3x
ROCE
15.0%
Market Cap
₹771 cr
Revenue (TTM)
₹1432 cr
P/S
0.5x
P/B
0.8x
ROE
9.8%
Operating Margin
12.0%
Debt / Equity
0.3x
Promoter Holding
41.7%
12M Momentum
-14.6%

52-week range

₹147.50₹214.80
34% of the way from its 52-week low to its high

Price risk

1Y volatility
28.6%
Beta vs sector
1-year daily
0.45

Balance sheet & cash

Interest cover
operating profit ÷ interest
5.8x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.94x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold
Other income reliance-3%Within range

Other income as a share of pre-tax profit (trailing twelve months): -3.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate38%Near threshold

Median quarterly effective tax rate over about 2.5 years: 38.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.94xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.94x (cash from operations ₹414 cr, net profit ₹213 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (25 vs 25). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-19 days / 2 yrsWithin range

Days payable changed by -19 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 trimmed 2.8 pts; FIIs trimmed 1.4 pts.
  • The number of shareholders fell from 52,981 to 48,540 (-8%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters44.5%41.7%-2.8 pts
FIIs4.9%3.5%-1.4 pts
DIIs0.0%0.0%0.0 pts
Public and others50.6%54.8%+4.3 pts

Number of shareholders

48,540shareholders-8% since Dec '23
49k52k55k59k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 52,981
Mar '24: 53,743
Jun '24: 56,142
Sep '24: 58,855
Dec '24: 58,121
Mar '25: 56,558
Jun '25: 53,412
Sep '25: 50,910
Dec '25: 49,403
Mar '26: 48,817
Jun '26: 48,540
 49k52k55k59k Dec '23Dec '24Dec '25Jun '26
Dec '23: 52,981
Mar '24: 53,743
Jun '24: 56,142
Sep '24: 58,855
Dec '24: 58,121
Mar '25: 56,558
Jun '25: 53,412
Sep '25: 50,910
Dec '25: 49,403
Mar '26: 48,817
Jun '26: 48,540

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

This quarter's smart-money board

What happened next to similar setups

+15.5%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like NCL INDUSTRIES 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 −10% to +58% vs the market, against −6% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +21.4%, 80% range +11.5% to +32.1%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−50%0%+50%+100%
DCMSRIND · Aug 2025: −71.5% vs market
MADRASFERT · Oct 2025: −33.4% vs market
JKIL · Aug 2025: −26.3% vs market
NILKAMAL · Jan 2025: −23.7% vs market
INSECTICID · Sep 2025: −22.4% vs market
KNAGRI · Oct 2025: −18.6% vs market
DALMIASUG · Aug 2023: −14.8% vs market
BALMLAWRIE · Oct 2025: −14.7% vs market
ANDHRSUGAR · Feb 2020: −14.4% vs market
SMCGLOBAL · Sep 2022: −13.8% vs market
BLISSGVS · Jun 2023: −13.7% vs market
AMBIKCO · Feb 2025: −11.3% vs market
STARPAPER · Sep 2025: −10.0% vs market
JAYAGROGN · Apr 2024: −9.2% vs market
RUCHIRA · Nov 2024: −8.2% vs market
IGPL · Jul 2025: −7.4% vs market
SPORTKING · Mar 2024: −7.4% vs market
JAGRAN · May 2025: −3.9% vs market
SUKHJITS · Feb 2025: −3.5% vs market
PTL · Jul 2025: +0.9% vs market
VSSL · Nov 2024: +6.1% vs market
UCAL · Mar 2020: +7.0% vs market
NRAIL · Aug 2021: +12.0% vs market
KCP · Mar 2023: +13.0% vs market
DICIND · Dec 2023: +14.2% vs market
KRBL · Jan 2025: +16.8% vs market
ORIENTCEM · Apr 2023: +17.5% vs market
GNA · Feb 2025: +18.4% vs market
TNPL · Apr 2021: +23.4% vs market
SSWL · Jul 2025: +27.5% vs market
CLSEL · Aug 2024: +31.0% vs market
VINDHYATEL · Jan 2022: +34.6% vs market
IMFA · Jul 2023: +38.6% vs market
CEATLTD · Oct 2024: +40.1% vs market
LTFOODS · Jun 2022: +45.3% vs market
POWERMECH · May 2021: +47.0% vs market
WSTCSTPAPR · Sep 2025: +56.9% vs market
GIPCL · Nov 2022: +57.7% vs market
KIRLOSIND · Oct 2020: +58.0% vs market
PDMJEPAPER · Oct 2020: +61.8% vs market
BBL · Dec 2020: +62.9% vs market
UFLEX · Jun 2020: +66.1% vs market
KSL · Jun 2023: +78.6% vs market
20MICRONS · Aug 2023: +86.0% vs market
TNPETRO · Jan 2021: +92.4% vs market
MANGLMCEM · May 2023: +92.6% vs market
GHCL · Jun 2021: +108.0% vs market
DBCORP · Jul 2022: +125.1% vs market
IRCON · Jul 2022: +125.6% vs market
SHRIPISTON · Aug 2022: +149.8% vs market
Similar setups +15.5%All companies −5.9%← 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 · 5 beyond the range shown, drawn at the edge

Similar setups' median
+15.5%
All companies' median
−5.9%
Beat the market
62% vs 44%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PTL
Finance		 Jul 2025 11x14% −15%−18% +1%
AMBIKCO
Process Industries		 Feb 2025 11x11% −20%−38% −11%
DCMSRIND
Miscellaneous		 Aug 2025 14x14% −22%−25% −72%
GNA
Producer Manufacturing		 Feb 2025 14x15% −30%−36% +18%
KCP
Producer Manufacturing		 Mar 2023 7x19% −11%−23% +13%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GIPCL
Utilities		 Nov 2022 5x16% +9%−15% +58%
IMFA
Non-Energy Minerals		 Jul 2023 9x18% +23%−4% +39%
SMCGLOBAL
Finance		 Sep 2022 5x21% +3%−17% −14%
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, drawdown from 12-month high 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 NCL INDUSTRIES 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.

TAMILNADU PETROPRODUCTSTNPETRO
Process Industries
64%similar
P/Erevenue growth
EVEREADY INDUSTRIES INDIAEVEREADY
Producer Manufacturing
62%similar
revenuepromoter holding
KCPKCP
Producer Manufacturing
57%similar
promoter holdingP/E
CENTURY ENKACENTENKA
Process Industries
52%similar
P/Erevenue
PUNJAB CHEMICALS AND CROP PROTPUNJABCHEM
Process Industries
52%similar
operating marginpromoter holding
MANGALAM CEMENTMANGLMCEM
Non-Energy Minerals
52%similar
operating marginpromoter holding
GREENPANEL INDUSTRIESGREENPANEL
Non-Energy Minerals
43%similar
revenuedebt/equity
KALYANI STEELSKSL
Non-Energy Minerals
32%similar
ROCEdebt/equity

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

What changed?

30 events since Jun '23

  1. NovPriceVolume reached 27.6x its 50-day median on 2026-11-02; price +2.6% that day.
  2. AugPriceVolume reached 5.9x its 50-day median on 2026-08-25; price +0.4% that day.
  3. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  4. JunDividendDividend payout cut from 54% to 17% of profit.
  5. MayPriceVolume reached 8.2x its 50-day median on 2026-05-29; price +6.9% that day.
  6. MarResultsYear-on-year EPS growth turned positive.
  7. MarPriceFell 50% from the Aug 2021 peak to the Mar 2026 low.
  8. MarPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
Show 22 earlier events
  1. FebPriceVolume reached 10.8x its 50-day median on 2026-02-13; price +1.5% that day.
  2. DecPeer rankMoved into the 3rd quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
  3. NovPriceVolume reached 27.4x its 50-day median on 2025-11-14; price +4.3% that day.
  4. SepPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  5. AugPriceVolume reached 7.5x its 50-day median on 2025-08-11; price +6.4% that day.
  6. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  7. MayPriceVolume reached 6.7x its 50-day median on 2025-05-30; price -0.1% that day.
  8. AprValuationP/E crossed above the 90th percentile of its own history to date (22.4x).
  9. MarResultsYear-on-year EPS growth turned negative.
  10. MarPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  11. FebPriceVolume reached 8.1x its 50-day median on 2025-02-04; price +9.5% that day.
  12. DecPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  13. DecPriceVolume reached 11.2x its 50-day median on 2024-12-27; price +7.2% that day.
  14. SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  15. JulPriceVolume reached 6.7x its 50-day median on 2024-07-04; price +3.8% that day.
  16. JunResultsYear-on-year EPS growth turned positive.
  17. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  18. JunPriceVolume reached 14.4x its 50-day median on 2024-06-13; price +5.6% that day.
  19. JanPriceVolume reached 5.2x its 50-day median on 2024-01-31; price +3.3% that day.
  20. DecPriceVolume reached 5.3x its 50-day median on 2023-12-05; price +2.3% that day.
  21. AugPriceVolume reached 19.0x its 50-day median on 2023-08-11; price +9.7% that day.
  22. JunValuationP/E crossed above the 90th percentile of its own history to date (20.4x).

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 history90 months · 2019-06 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-118.3x₹1432 cr9.8%15.0%0.3x
2026-107.7x₹1432 cr9.8%15.0%0.3x
2026-098.5x₹1432 cr9.8%15.0%0.3x
2026-088.2x₹1423 cr10.1%15.0%0.3x
2026-078.6x₹1423 cr10.1%15.0%0.3x
2026-069.1x₹1423 cr10.1%15.0%0.3x
2026-0513.8x₹1398 cr7.0%8.0%0.3x
2026-0413.2x₹1398 cr7.0%8.0%0.3x
2026-0311.1x₹1398 cr7.0%8.0%0.3x
2026-0216.8x₹1396 cr5.8%8.0%0.3x
2026-0116.5x₹1396 cr5.8%8.0%0.3x
2025-1218.2x₹1396 cr5.8%8.0%0.3x
2025-1127.7x₹1381 cr3.8%8.0%0.3x
2025-1027.3x₹1381 cr3.8%8.0%0.3x
2025-0927.1x₹1381 cr3.8%8.0%0.3x
2025-0838.0x₹1401 cr3.0%8.0%0.3x
2025-0739.5x₹1401 cr3.0%8.0%0.3x
2025-0642.1x₹1401 cr3.0%8.0%0.3x
2025-0523.0x₹1445 cr5.1%16.0%0.3x
2025-0422.4x₹1445 cr5.1%16.0%0.3x
2025-0319.5x₹1445 cr5.1%16.0%0.3x
2025-0213.2x₹1609 cr7.7%16.0%0.3x
2025-0114.3x₹1609 cr7.7%16.0%0.3x
2024-1215.5x₹1609 cr7.7%16.0%0.3x
2024-1113.2x₹1670 cr9.0%16.0%0.3x
2024-1012.4x₹1670 cr9.0%16.0%0.3x
2024-0912.5x₹1670 cr9.0%16.0%0.3x
2024-0810.9x₹1756 cr11.1%16.0%0.3x
2024-0711.4x₹1756 cr11.1%16.0%0.3x
2024-0611.7x₹1756 cr11.1%16.0%0.3x
2024-0520.5x₹2044 cr5.7%11.0%0.4x
2024-0421.2x₹2044 cr5.7%11.0%0.4x
2024-0318.9x₹2044 cr5.7%11.0%0.4x
2024-0223.0x₹2044 cr5.7%11.0%0.4x
2024-0125.2x₹2044 cr5.7%11.0%0.4x
2023-1222.7x₹2044 cr5.7%11.0%0.4x
2023-1122.5x₹2044 cr5.7%11.0%0.4x
2023-1021.1x₹2044 cr5.7%11.0%0.4x
2023-0923.7x₹2044 cr5.7%11.0%0.4x
2023-0824.2x₹2044 cr5.7%11.0%0.4x
2023-0719.7x₹2044 cr5.7%11.0%0.4x
2023-0620.4x₹2044 cr5.7%11.0%0.4x
2023-059.2x₹2046 cr12.7%16.0%0.5x
2023-049.0x₹2046 cr12.7%16.0%0.5x
2023-038.5x₹2046 cr12.7%16.0%0.5x
2023-028.1x₹2046 cr12.7%16.0%0.5x
2023-017.8x₹2046 cr12.7%16.0%0.5x
2022-128.5x₹2046 cr12.7%16.0%0.5x
2022-118.5x₹2046 cr12.7%16.0%0.5x
2022-108.7x₹2046 cr12.7%16.0%0.5x
2022-098.8x₹2046 cr12.7%16.0%0.5x
2022-088.8x₹2046 cr12.7%16.0%0.5x
2022-078.4x₹2046 cr12.7%16.0%0.5x
2022-068.4x₹2046 cr12.7%16.0%0.5x
2022-055.1x₹1749 cr21.8%26.0%0.5x
2022-045.8x₹1749 cr21.8%26.0%0.5x
2022-035.5x₹1749 cr21.8%26.0%0.5x
2022-025.5x₹1749 cr21.8%26.0%0.5x
2022-016.5x₹1749 cr21.8%26.0%0.5x
2021-126.6x₹1749 cr21.8%26.0%0.5x
2021-116.5x₹1749 cr21.8%26.0%0.5x
2021-107.6x₹1749 cr21.8%26.0%0.5x
2021-096.8x₹1749 cr21.8%26.0%0.5x
2021-087.3x₹1749 cr21.8%26.0%0.5x
2021-078.0x₹1749 cr21.8%26.0%0.5x
2021-066.5x₹1749 cr21.8%26.0%0.5x
2021-0518.4x₹938 cr9.7%12.0%0.7x
2021-0416.4x₹938 cr9.7%12.0%0.7x
2021-0315.3x₹938 cr9.7%12.0%0.7x
2021-0215.2x₹938 cr9.7%12.0%0.7x
2021-0113.1x₹938 cr9.7%12.0%0.7x
2020-1213.1x₹938 cr9.7%12.0%0.7x
2020-1112.6x₹938 cr9.7%12.0%0.7x
2020-1011.5x₹938 cr9.7%12.0%0.7x
2020-099.5x₹938 cr9.7%12.0%0.7x
2020-088.5x₹938 cr9.7%12.0%0.7x
2020-077.0x₹938 cr9.7%12.0%0.7x
2020-066.3x₹938 cr9.7%12.0%0.7x
2020-056.1x₹980 cr9.4%—0.7x
2020-046.7x₹980 cr9.4%—0.7x
2020-035.2x₹980 cr9.4%—0.7x
2020-027.6x₹980 cr9.4%—0.7x
2020-018.6x₹980 cr9.4%—0.7x
2019-128.3x₹980 cr9.4%—0.7x
2019-118.4x₹980 cr9.4%—0.7x
2019-108.8x₹980 cr9.4%—0.7x
2019-0910.3x₹980 cr9.4%—0.7x
2019-0810.3x₹980 cr9.4%—0.7x
2019-0710.3x₹980 cr9.4%—0.7x
2019-0612.9x₹980 cr9.4%—0.7x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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