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RAMCO INDUSTRIES LIMITED (RAMCOIND)

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.76 / 100
Profitability 53Growth 75Balance 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.44 / 100
Price 23Earnings 77FII/DII 32

Passes these screensValue Pick

Compare withULTRATECH CEMENTGRASIM INDUSTRIESAMBUJA CEMENTS

Share price

Closing priceAdjusted for splits and bonus issues.

₹318.4 latest close · −5.3% over the last 90 sessions

₹300₹350Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹300₹350Jul 3Sep 4Nov 9

₹318.4 month-end · −4.9% over 12 months

₹250₹300Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹250₹300Nov '25May '26Nov '26

₹318.4 month-end · +49.4% over 3 years

₹200₹250₹300₹350Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹250₹300₹350Nov '23May '25Nov '26

₹318.4 month-end · +59.3% since Jan '19

₹100₹200₹300Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹100₹200₹300Jan '19Dec '22Nov '26

52-week range ₹230.65 to ₹395.50 · 1-year volatility 40.4%

Was the rally earned?

-5%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-5%).
  • The share count barely moved.
Net profit growth: +44 pts. Points of the price return explained by net profit growing (or shrinking).+44 ptsNet profit growthP/E change: −49 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−49 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: −5%−5%Share priceNet profit growth: +44 pts. Points of the price return explained by net profit growing (or shrinking).+44ProfitP/E change: −49 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−49P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −5%−5%Share price
Net profit growth+44 ptsNet profit rose about 57%, which lifts the price.
P/E change-49 ptsThe P/E fell from 14.0x to 8.5x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
+49%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 119 points, but investors now pay less per rupee of profit (P/E 14.9x to 8.5x), which took 70 points back.
  • The share count barely moved.
Net profit growth: +119 pts. Points of the price return explained by net profit growing (or shrinking).+119 ptsNet profit growthP/E change: −70 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−70 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: +49%+49%Share priceNet profit growth: +119 pts. Points of the price return explained by net profit growing (or shrinking).+119ProfitP/E change: −70 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−70P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +49%+49%Share price
Net profit growth+119 ptsNet profit rose about 164%, which lifts the price.
P/E change-70 ptsThe P/E fell from 14.9x to 8.5x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+31%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 18 points and the multiple added 12 points (P/E 7.6x to 8.5x).
  • The share count barely moved.
Net profit growth: +18 pts. Points of the price return explained by net profit growing (or shrinking).+18 ptsNet profit growthP/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12 ptsP/E changeShare price: +31%+31%Share priceNet profit growth: +18 pts. Points of the price return explained by net profit growing (or shrinking).+18ProfitP/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12P/EShare price: +31%+31%Share price
Net profit growth+18 ptsNet profit rose about 17%, which lifts the price.
P/E change+12 ptsThe P/E rose from 7.6x to 8.5x, 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-66.9%recovered 2025-09
1-year volatility40.4%annualised
Beta vs sector index0.853-year daily, correlation 0.45
Volume spikes8last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−65.6% 0%−20%−40%−60%2020202220242026−65.6%
Largest drawdowns

-66.9% (2021-07 peak to 2023-03 low, recovered 2025-09)

-54.6% (2019-01 peak to 2020-05 low, recovered 2021-01)

-40.3% (2025-09 peak to 2026-03 low, not yet recovered)

Most recent volume spikes

2026-11-04: 5.2x the 50-day median, price +5.9% that day

2026-10-19: 5.4x the 50-day median, price +2.4% that day

2026-08-11: 17x the 50-day median, price -1.7% 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?

8.4xP/E todayWithin its usual range
Against its own history31st percentile
CheapestMedian 9.7xDearest

Usual range 5.4x to 16.0x since 2019-01.

Against Non-Energy Minerals8.4x vs 21.8x
This company
8.4x
Sector median
21.8x

61% below the Non-Energy Minerals median.

3.5x12.6x21.8x30.9xJan '19Aug '20Mar '22Oct '23May '25Nov '263.5x12.6x21.8x30.9xJan '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

  • ROCE26th▲ 8 pts vs a year ago
  • Op. margin80th▲ 22 pts vs a year ago
  • Revenue growth63rdflat vs a year ago
  • EPS growth82nd▼ 12 pts vs a year ago
  • Debt/equity ↓87thflat vs a year ago
  • Cash cycle ↓15thflat vs a year ago
  • P/E ↓92nd▲ 13 pts vs a year ago
  • 12M momentum57th▼ 21 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 priceAbove delivered growth

At normalised P/E (five-year average earnings) of 13.6x, a holder earning 12%/yr needs earnings to grow about 10.7%/yr for 10 years, then trade at 15x.

Delivered1.0%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+9.7 ptsimplied minus delivered
Rank337thmost demanding of 856

Over time

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

-5%4%12% Jan 2019Nov 2026 -5%4%12% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x12.1%13.1%14.1%
15x9.7%10.7%11.7%
20x6.6%7.6%8.5%

Drag a slider to test other assumptions

Implied: 10.7%/yr

Looking back

  • Jan 2020Price implied 7%/yr; EPS has since grown 9%/yr (7.0 yrs)
  • Jan 2021Price implied 8%/yr; EPS has since grown 10%/yr (6.0 yrs)
  • Jan 2022Price implied 8%/yr; EPS has since grown 2%/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
₹318.40
P/E
8.5x
ROCE
5.0%
Market Cap
₹2762 cr
Revenue (TTM)
₹1873 cr
P/S
1.5x
P/B
0.6x
ROE
7.2%
Operating Margin
17.0%
Debt / Equity
0.0x
Promoter Holding
54.8%
12M Momentum
-4.9%

52-week range

₹230.65₹395.50
53% of the way from its 52-week low to its high

Price risk

1Y volatility
40.4%
Beta vs sector
1-year daily
0.86

Balance sheet & cash

Interest cover
operating profit ÷ interest
16.6x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.79x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance13%Within range

Other income as a share of pre-tax profit (trailing twelve months): 13.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate28%Within range

Median quarterly effective tax rate over about 2.5 years: 27.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.79xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.79x (cash from operations ₹469 cr, net profit ₹593 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+1 daysWithin range

Debtor days are above the median of the previous three fiscal years by 1 days (18 vs 17). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-2 days / 2 yrsWithin range

Days payable changed by -2 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 1.0 pts; DIIs trimmed 0.8 pts.
  • The number of shareholders fell from 34,257 to 31,622 (-8%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters53.9%54.8%+1.0 pts
FIIs0.9%1.0%+0.1 pts
DIIs4.2%3.4%-0.8 pts
Public and others41.0%40.8%-0.2 pts

Number of shareholders

31,622shareholders-8% since Dec '23
29k31k33k34k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 34,257
Mar '24: 34,271
Jun '24: 31,887
Sep '24: 32,925
Dec '24: 32,188
Mar '25: 31,580
Jun '25: 30,398
Sep '25: 30,459
Dec '25: 30,296
Mar '26: 29,086
Jun '26: 31,622
 29k31k33k34k Dec '23Dec '24Dec '25Jun '26
Dec '23: 34,257
Mar '24: 34,271
Jun '24: 31,887
Sep '24: 32,925
Dec '24: 32,188
Mar '25: 31,580
Jun '25: 30,398
Sep '25: 30,459
Dec '25: 30,296
Mar '26: 29,086
Jun '26: 31,622

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

−3.3%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 RAMCO 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 −21% to +29% vs the market, against −9% for all non-financial companies in the same months.
  • The gap against the base rate (+5.3%, 80% range −6.7% to +14.1%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−50%0%+50%+100%
JAGRAN · Feb 2024: −40.5% vs market
FINPIPE · Oct 2024: −39.6% vs market
RADIANTCMS · May 2025: −36.2% vs market
LINC · May 2025: −36.1% vs market
ORICONENT · Aug 2022: −35.1% vs market
SCHAND · Dec 2023: −33.7% vs market
DEN · Jul 2024: −31.8% vs market
GUJALKALI · Feb 2024: −31.8% vs market
AEROENTER · Oct 2024: −31.1% vs market
DALMIASUG · Nov 2023: −25.5% vs market
ZEEL · Aug 2025: −25.1% vs market
KSL · Mar 2025: −22.3% vs market
PRAKASH · Apr 2025: −22.3% vs market
EKC · Sep 2024: −18.4% vs market
EXCELINDUS · Sep 2025: −18.1% vs market
INSECTICID · Oct 2024: −18.1% vs market
VSSL · Jun 2024: −17.9% vs market
BALMLAWRIE · Dec 2023: −17.6% vs market
NAHARPOLY · Jul 2025: −17.4% vs market
HINDCOMPOS · Aug 2024: −16.2% vs market
NRBBEARING · Jun 2024: −15.2% vs market
IMPAL · Nov 2023: −10.7% vs market
GSFC · Oct 2021: −10.1% vs market
STYRENIX · Oct 2024: −7.6% vs market
HMVL · Aug 2025: −4.4% vs market
ADSL · Jun 2024: −2.3% vs market
NIITLTD · Aug 2021: +2.6% vs market
ANDHRSUGAR · Jun 2021: +3.2% vs market
GHCLTEXTIL · Jun 2025: +3.7% vs market
GNFC · Aug 2025: +5.6% vs market
INDNIPPON · Dec 2024: +9.6% vs market
DTIL · Apr 2020: +11.4% vs market
SHREEPUSHK · Dec 2024: +16.2% vs market
BHAGERIA · Aug 2025: +21.0% vs market
SHYAMMETL · Aug 2024: +23.1% vs market
BLISSGVS · Sep 2024: +25.6% vs market
ORIENTCER · Jul 2020: +28.2% vs market
SANDUMA · Apr 2025: +28.7% vs market
VTL · Sep 2025: +28.8% vs market
DATAMATICS · Jun 2025: +28.8% vs market
SCI · Aug 2025: +31.0% vs market
MANAKSIA · Apr 2022: +39.7% vs market
IFGLEXPOR · May 2023: +44.0% vs market
DEEPINDS · May 2024: +47.7% vs market
KIRLOSIND · Apr 2020: +55.4% vs market
SUDARSCHEM · Jul 2024: +62.7% vs market
POLYPLEX · Jun 2020: +79.2% vs market
GRWRHITECH · Jun 2023: +82.3% vs market
DBCORP · Aug 2022: +97.5% vs market
BORORENEW · Feb 2020: +235.4% vs market
Similar setups −3.3%All companies −8.6%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median
−3.3%
All companies' median
−8.6%
Beat the market
48% vs 40%

50 past situations · 50 companies · 28 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JAGRAN
Consumer Services		 Feb 2024 14x8% +72%−8% −41%
DEEPINDS
Industrial Services		 May 2024 14x8% +60%−13% +48%
GSFC
Process Industries		 Oct 2021 11x6% +94%−10% −10%
GHCLTEXTIL
Process Industries		 Jun 2025 16x5% +5%−18% +4%
STYRENIX
Process Industries		 Oct 2024 22x— +81%−11% −8%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
VTL
Process Industries		 Sep 2025 14x11% −13%−26% +29%
BALMLAWRIE
Producer Manufacturing		 Dec 2023 20x10% +75%−5% −18%
GRWRHITECH
Process Industries		 Jun 2023 12x12% +31%−1% +82%
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 operating margin. 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 RAMCO 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.

NAVNEET EDUCATIONNAVNETEDUL
Producer Manufacturing
60%similar
P/Emarket cap
RHI MAGNESITA INDIARHIM
Producer Manufacturing
57%similar
promoter holdingROCE
EVEREST KANTO CYLINDERSEKC
Producer Manufacturing
56%similar
P/Evolatility
GHCL TEXTILESGHCLTEXTIL
Process Industries
53%similar
operating marginROCE
MANALI PETROCHEMICALSMANALIPETC
Process Industries
52%similar
P/EROCE
VESUVIUS INDIAVESUVIUS
Non-Energy Minerals
46%similar
promoter holdingoperating margin
RESPONSIVE INDUSTRIESRESPONIND
Non-Energy Minerals
42%similar
revenue growthmarket cap
KALYANI STEELSKSL
Non-Energy Minerals
40%similar
revenuemarket cap

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

What changed?

30 events since Mar '23

  1. OctPriceVolume reached 5.4x its 50-day median on 2026-10-19; price +2.4% that day.
  2. SepPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  3. AugPeer rankMoved into the 3rd quartile of Non-Energy Minerals on ROCE (from the bottom quartile).
  4. AugPriceVolume reached 139.2x its 50-day median on 2026-08-10; price +11.1% that day.
  5. JunPriceVolume reached 351.7x its 50-day median on 2026-06-25; price +12.7% that day.
  6. MarPriceFell 40% from the Sep 2025 peak to the Mar 2026 low.
  7. MarPriceVolume reached 8.5x its 50-day median on 2026-03-04; price -0.7% that day.
  8. DecResultsRevenue (TTM) reached a new high of ₹1,664 cr.
Show 22 earlier events
  1. SepPriceRegained the 2021-07 peak, 30 months after the low.
  2. SepPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  3. SepPriceVolume reached 19.4x its 50-day median on 2025-09-09; price +3.4% that day.
  4. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  5. JunDividendDividend payout cut from 6% to 0% of profit.
  6. JunPriceVolume reached 16.3x its 50-day median on 2025-06-26; price +4.2% that day.
  7. MarPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  8. DecResultsYear-on-year EPS growth turned positive.
  9. DecPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  10. NovPriceVolume reached 18.4x its 50-day median on 2024-11-07; price +8.1% that day.
  11. SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  12. JulPriceVolume reached 10.7x its 50-day median on 2024-07-03; price +4.9% that day.
  13. JunResultsRevenue (TTM) reached a new high of ₹1,502 cr.
  14. MayPriceVolume reached 7.9x its 50-day median on 2024-05-23; price +5.9% that day.
  15. FebPriceVolume reached 8.7x its 50-day median on 2024-02-02; price +6.3% that day.
  16. OctPriceVolume reached 18.4x its 50-day median on 2023-10-20; price +1.6% that day.
  17. AugPriceVolume reached 12.3x its 50-day median on 2023-08-30; price +7.2% that day.
  18. JunResultsYear-on-year EPS growth turned negative.
  19. JunValuationP/E crossed above the 90th percentile of its own history to date (11.5x).
  20. JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  21. MayPriceVolume reached 11.3x its 50-day median on 2023-05-12; price +7.5% that day.
  22. MarPriceFell 67% from the Jul 2021 peak to the Mar 2023 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
2026-118.5x₹1873 cr7.2%5.0%0.0x
2026-107.5x₹1873 cr7.3%5.0%0.0x
2026-098.2x₹1873 cr7.3%5.0%0.0x
2026-089.3x₹1791 cr6.8%5.0%0.0x
2026-079.3x₹1791 cr6.8%5.0%0.0x
2026-069.6x₹1791 cr6.8%5.0%0.0x
2026-0510.0x₹1712 cr6.0%4.0%0.1x
2026-049.1x₹1712 cr6.0%4.0%0.1x
2026-038.0x₹1712 cr6.0%4.0%0.1x
2026-0210.9x₹1664 cr5.5%4.0%0.1x
2026-0111.9x₹1664 cr5.5%4.0%0.1x
2025-1211.7x₹1664 cr5.5%4.0%0.1x
2025-1114.0x₹1652 cr4.9%4.0%0.1x
2025-1014.8x₹1652 cr4.9%4.0%0.1x
2025-0914.0x₹1652 cr4.9%4.0%0.1x
2025-0814.7x₹1663 cr4.3%4.0%0.1x
2025-0714.1x₹1663 cr4.3%4.0%0.1x
2025-0613.3x₹1663 cr4.3%4.0%0.1x
2025-0511.8x₹1605 cr4.7%3.0%0.1x
2025-0410.5x₹1605 cr4.7%3.0%0.1x
2025-0310.4x₹1605 cr4.7%3.0%0.1x
2025-0215.7x₹1595 cr3.1%3.0%0.1x
2025-0117.1x₹1595 cr3.1%3.0%0.1x
2024-1218.6x₹1595 cr3.1%3.0%0.1x
2024-1125.0x₹1558 cr2.6%3.0%0.1x
2024-1020.1x₹1558 cr2.6%3.0%0.1x
2024-0920.1x₹1558 cr2.6%3.0%0.1x
2024-0820.1x₹1502 cr2.6%3.0%0.1x
2024-0720.3x₹1502 cr2.6%3.0%0.1x
2024-0620.4x₹1502 cr2.6%3.0%0.1x
2024-0516.1x₹1458 cr3.2%3.0%0.1x
2024-0415.8x₹1458 cr3.2%3.0%0.1x
2024-0314.1x₹1458 cr3.2%3.0%0.1x
2024-0215.4x₹1458 cr3.2%3.0%0.1x
2024-0117.2x₹1458 cr3.2%3.0%0.1x
2023-1215.2x₹1458 cr3.2%3.0%0.1x
2023-1114.9x₹1458 cr3.2%3.0%0.1x
2023-1015.0x₹1458 cr3.2%3.0%0.1x
2023-0912.7x₹1458 cr3.2%3.0%0.1x
2023-0813.3x₹1458 cr3.2%3.0%0.1x
2023-0712.9x₹1458 cr3.2%3.0%0.1x
2023-0611.5x₹1458 cr3.2%3.0%0.1x
2023-054.4x₹1460 cr8.1%5.0%0.1x
2023-043.7x₹1460 cr8.1%5.0%0.1x
2023-033.5x₹1460 cr8.1%5.0%0.1x
2023-023.9x₹1460 cr8.1%5.0%0.1x
2023-014.2x₹1460 cr8.1%5.0%0.1x
2022-124.6x₹1460 cr8.1%5.0%0.1x
2022-114.7x₹1460 cr8.1%5.0%0.1x
2022-105.3x₹1460 cr8.1%5.0%0.1x
2022-095.4x₹1460 cr8.1%5.0%0.1x
2022-086.1x₹1460 cr8.1%5.0%0.1x
2022-075.5x₹1460 cr8.1%5.0%0.1x
2022-065.0x₹1460 cr8.1%5.0%0.1x
2022-056.1x₹1209 cr8.0%5.0%0.0x
2022-046.9x₹1209 cr8.0%5.0%0.0x
2022-036.6x₹1209 cr8.0%5.0%0.0x
2022-026.9x₹1209 cr8.0%5.0%0.0x
2022-017.6x₹1209 cr8.0%5.0%0.0x
2021-127.8x₹1209 cr8.0%5.0%0.0x

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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