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RATNAMANI METALS & TUBES LTD (RATNAMANI)

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.68 / 100
Profitability 81Growth 23Balance 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.48 / 100
Price 79Earnings 32FII/DII 32

Passes these screensQuality CompounderDebt-light & profitable

Compare withJSW STEELTATA STEELJINDAL STEEL

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,427.4 latest close · −3.4% over the last 90 sessions

₹2,200₹2,400₹2,600₹2,800Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹2,200₹2,400₹2,600₹2,800Jul 3Sep 4Nov 9

₹2,427.4 month-end · +2.3% over 12 months

₹2,200₹2,400₹2,600Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹2,200₹2,400₹2,600Nov '25May '26Nov '26

₹2,427.4 month-end · −34.9% over 3 years

₹2,500₹3,000₹3,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹2,500₹3,000₹3,500Nov '23May '25Nov '26

₹2,427.4 month-end · +313.1% since Jan '19

₹1,000₹2,000₹3,000₹4,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹1,000₹2,000₹3,000₹4,000Jan '19Dec '22Nov '26

52-week range ₹1936.50 to ₹3345.00 · 1-year volatility 44.8%

Was the rally earned?

+2%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (+2%).
  • The share count rose 21%.
Net profit growth: −9 pts. Points of the price return explained by net profit growing (or shrinking).−9 ptsNet profit growthP/E change: +30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+30 ptsP/E changeShare count change: −19 pts. Points of the price return explained by the share count changing. More shares count against the price.−19 ptsShare count changeShare price: +2%+2%Share priceNet profit growth: −9 pts. Points of the price return explained by net profit growing (or shrinking).−9ProfitP/E change: +30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+30P/EShare count change: −19 pts. Points of the price return explained by the share count changing. More shares count against the price.−19SharesShare price: +2%+2%Share price
Net profit growth-9 ptsNet profit fell about 9%, which lowers the price.
P/E change+30 ptsThe P/E rose from 29.1x to 39.3x, which lifts the price.
Share count change-19 ptsShare count rose 21%, which lowers the price.
-35%share price, 3 yearsEarnings and multiple

Both mattered.

  • Per-share earnings took off 13 points and the multiple took off 21 points (P/E 51.2x to 39.3x).
  • The share count rose 18%.
Net profit growth: 0 pts. Points of the price return explained by net profit growing (or shrinking).0 ptsNet profit growthP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21 ptsP/E changeShare count change: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14 ptsShare count changeShare price: −35%−35%Share priceNet profit growth: 0 pts. Points of the price return explained by net profit growing (or shrinking).0ProfitP/E change: −21 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−21P/EShare count change: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14SharesShare price: −35%−35%Share price
Net profit growth0 ptsNet profit was little changed.
P/E change-21 ptsThe P/E fell from 51.2x to 39.3x, which lowers the price.
Share count change-14 ptsShare count rose 18%, which lowers the price.
+65%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 58 points to the rise, while the multiple moved less (P/E 37.4x to 39.3x).
  • The share count rose 19%.
Net profit growth: +81 pts. Points of the price return explained by net profit growing (or shrinking).+81 ptsNet profit growthP/E change: +7 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+7 ptsP/E changeShare count change: −22 pts. Points of the price return explained by the share count changing. More shares count against the price.−22 ptsShare count changeShare price: +65%+65%Share priceNet profit growth: +81 pts. Points of the price return explained by net profit growing (or shrinking).+81ProfitP/E change: +7 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+7P/EShare count change: −22 pts. Points of the price return explained by the share count changing. More shares count against the price.−22SharesShare price: +65%+65%Share price
Net profit growth+81 ptsNet profit rose about 86%, which lifts the price.
P/E change+7 ptsThe P/E rose from 37.4x to 39.3x, which lifts the price.
Share count change-22 ptsShare count rose 19%, which lowers 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-49.6%not yet recovered
1-year volatility44.8%annualised
Beta vs sector index0.563-year daily, correlation 0.31
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−48.1% 0%−20%−40%2020202220242026−48.1%
Largest drawdowns

-49.6% (2024-09 peak to 2026-02 low, not yet recovered)

-40.6% (2020-03 peak to 2020-05 low, recovered 2020-11)

-31.7% (2023-12 peak to 2024-03 low, recovered 2024-09)

Most recent volume spikes

2026-08-26: 5.9x the 50-day median, price -2.6% that day

2026-08-25: 35.9x the 50-day median, price +0.5% that day

2026-08-24: 33.7x the 50-day median, price +14.6% 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?

39.3xP/E todayWithin its usual range
Against its own history72nd percentile
CheapestMedian 35.6xDearest

Usual range 18.1x to 44.4x since 2019-01.

Against Non-Energy Minerals39.3x vs 21.8x
This company
39.3x
Sector median
21.8x

80% above the Non-Energy Minerals median.

8.6x22.8x37.0x51.2xJan '19Aug '20Mar '22Oct '23May '25Nov '268.6x22.8x37.0x51.2xJan '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

  • ROCE82nd▼ 3 pts vs a year ago
  • Op. margin80th▲ 13 pts vs a year ago
  • Revenue growth8th▼ 44 pts vs a year ago
  • EPS growth19th▼ 27 pts vs a year ago
  • Debt/equity ↓80th▼ 10 pts vs a year ago
  • Cash cycle ↓20th▲ 3 pts vs a year ago
  • P/E ↓26th▼ 15 pts vs a year ago
  • 12M momentum66th▲ 45 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?

~23%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 39.8x, a holder earning 12%/yr needs earnings to grow about 22.6%/yr for 10 years, then trade at 15x.

Delivered10.3%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+12.3 ptsimplied minus delivered
Rank273rdmost demanding of 856

Over time

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

0%16%31% Jan 2019Nov 2026 0%16%31% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x24.1%25.3%26.4%
15x21.5%22.6%23.7%
20x18.2%19.3%20.3%

Drag a slider to test other assumptions

Implied: 22.6%/yr

Looking back

  • Jan 2020Price implied 20%/yr; EPS has since grown 5%/yr (7.0 yrs)
  • Jan 2021Price implied 21%/yr; EPS has since grown 2%/yr (6.0 yrs)
  • Jan 2022Price implied 22%/yr; EPS has since grown 5%/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
₹2427.40
P/E
39.3x
ROCE
18.0%
Market Cap
₹17016 cr
Revenue (TTM)
₹4315 cr
P/S
3.9x
P/B
4.1x
ROE
10.5%
Operating Margin
17.0%
Debt / Equity
0.1x
Promoter Holding
59.8%
12M Momentum
2.3%

52-week range

₹1936.50₹3345.00
35% of the way from its 52-week low to its high

Price risk

1Y volatility
44.8%
Beta vs sector
1-year daily
0.53

Balance sheet & cash

Interest cover
operating profit ÷ interest
26.7x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.17x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance15%Within range

Other income as a share of pre-tax profit (trailing twelve months): 14.8%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.17xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.17x (cash from operations ₹1,983 cr, net profit ₹1,701 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 history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (82 vs 82). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress19% of fixed assetsWithin range

Capital work-in-progress is 19% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+7 days / 2 yrsWithin range

Days payable changed by +7 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, DIIs added 2.8 pts; FIIs trimmed 2.0 pts.
  • The number of shareholders rose from 34,253 to 36,573 (+7%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters59.8%59.8%0.0 pts
FIIs12.8%10.7%-2.0 pts
DIIs16.3%19.1%+2.8 pts
Public and others11.2%10.4%-0.8 pts

Number of shareholders

36,573shareholders+7% since Dec '23
32k35k38k40k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 34,253
Mar '24: 39,190
Jun '24: 39,503
Sep '24: 38,493
Dec '24: 33,802
Mar '25: 33,430
Jun '25: 32,422
Sep '25: 40,486
Dec '25: 39,516
Mar '26: 38,601
Jun '26: 36,573
 32k35k38k40k Dec '23Dec '24Dec '25Jun '26
Dec '23: 34,253
Mar '24: 39,190
Jun '24: 39,503
Sep '24: 38,493
Dec '24: 33,802
Mar '25: 33,430
Jun '25: 32,422
Sep '25: 40,486
Dec '25: 39,516
Mar '26: 38,601
Jun '26: 36,573

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

−2.2%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 RATNAMANI METALS & TUBES 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 −30% to +25% vs the market, against −5% for all non-financial companies in the same months.
  • The gap against the base rate (+2.6%, 80% range −5.7% to +3.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
BLISSGVS · Jan 2021: −62.0% vs market
ZENSARTECH · Dec 2021: −60.6% vs market
FMGOETZE · May 2020: −56.8% vs market
PRAJIND · Jan 2025: −56.7% vs market
VAIBHAVGBL · Jan 2024: −49.0% vs market
MOLDTKPAC · May 2023: −43.9% vs market
AEGISLOG · Jun 2021: −39.2% vs market
BAJAJELEC · Oct 2023: −38.7% vs market
RAILTEL · Oct 2025: −36.1% vs market
VIDHIING · Apr 2025: −35.1% vs market
FINPIPE · Jun 2024: −34.4% vs market
INTELLECT · Jul 2025: −33.2% vs market
MAYURUNIQ · Mar 2021: −30.5% vs market
CCL · Mar 2020: −26.6% vs market
SHILPAMED · Mar 2020: −24.1% vs market
SIEMENS · Feb 2025: −17.8% vs market
ACI · Jun 2025: −17.6% vs market
BHARATRAS · Nov 2024: −15.4% vs market
THEJO · Jul 2025: −15.2% vs market
CENTURYPLY · Jan 2022: −11.5% vs market
XPROINDIA · May 2025: −8.5% vs market
SUNDRMFAST · Apr 2021: −6.8% vs market
BEML · Aug 2025: −6.4% vs market
KPRMILL · Feb 2025: −5.1% vs market
SUMICHEM · May 2025: −3.2% vs market
ESCORTS · Mar 2023: −1.2% vs market
ENGINERSIN · May 2025: −1.2% vs market
RADICO · Sep 2022: −0.7% vs market
CUMMINSIND · Apr 2021: −0.6% vs market
SUPRAJIT · Jun 2022: +2.3% vs market
TECHNOE · May 2020: +6.2% vs market
HSCL · Oct 2025: +11.6% vs market
AUTOAXLES · May 2021: +12.2% vs market
AMBUJACEM · Mar 2023: +12.7% vs market
HBLENGINE · Jul 2025: +16.2% vs market
ENDURANCE · Jul 2020: +22.1% vs market
RUPA · Feb 2021: +23.7% vs market
GPPL · May 2023: +25.8% vs market
GODFRYPHLP · Apr 2023: +27.9% vs market
THYROCARE · Apr 2024: +34.0% vs market
SBCL · Jun 2025: +35.7% vs market
BDL · Apr 2022: +36.2% vs market
JAMNAAUTO · Aug 2020: +41.6% vs market
SANDUMA · Feb 2025: +42.0% vs market
HINDCOPPER · Sep 2023: +45.9% vs market
INGERRAND · Dec 2021: +58.2% vs market
NEULANDLAB · Aug 2025: +58.8% vs market
TIINDIA · Dec 2020: +62.3% vs market
TRITURBINE · Feb 2022: +82.2% vs market
SUPRIYA · May 2024: +87.7% vs market
Similar setups −2.2%All companies −4.8%← 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

Similar setups' median
−2.2%
All companies' median
−4.8%
Beat the market
42% vs 45%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HINDCOPPER
Non-Energy Minerals		 Sep 2023 53x18% +52%−5% +46%
HBLENGINE
Producer Manufacturing		 Jul 2025 59x27% −5%−17% +16%
FMGOETZE
Producer Manufacturing		 May 2020 22x19% −28%−39% −57%
RAILTEL
Communications		 Oct 2025 55x— −13%−20% −36%
BDL
Electronic Technology		 Apr 2022 53x13% +122%−13% +36%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ESCORTS
Producer Manufacturing		 Mar 2023 34x16% +12%−19% −1%
TECHNOE
Industrial Services		 May 2020 11x20% −27%−41% +6%
AEGISLOG
Distribution Services		 Jun 2021 54x15% +95%−10% −39%
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 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 RATNAMANI METALS & TUBES 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.

KPR MILLKPRMILL
Consumer Non-Durables
73%similar
P/Edebt/equity
RELAXO FOOTWEARSRELAXO
Consumer Non-Durables
61%similar
P/Erevenue growth
GRINDWELL NORTONGRINDWELL
Process Industries
59%similar
market cappromoter holding
P I INDUSTRIESPIIND
Process Industries
57%similar
EPS growthmarket cap
ROLEX RINGSROLEXRINGS
Producer Manufacturing
57%similar
revenue growthP/E
GODAWARI POWER AND ISPATGPIL
Non-Energy Minerals
57%similar
debt/equitymarket cap
SAMBHV STEEL TUBESSAMBHV
Non-Energy Minerals
48%similar
ROCEvolatility
JINDAL SAWJINDALSAW
Non-Energy Minerals
46%similar
market caprevenue growth

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

What changed?

30 events since Oct '23

  1. SepPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  2. AugPriceVolume reached 35.9x its 50-day median on 2026-08-25; price +0.5% that day.
  3. JunResultsYear-on-year EPS growth turned negative.
  4. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  5. MayPriceVolume reached 6.8x its 50-day median on 2026-05-11; price +6.2% that day.
  6. FebPriceFell 50% from the Sep 2024 peak to the Feb 2026 low.
  7. FebPriceVolume reached 84.8x its 50-day median on 2026-02-18; price +15.8% that day.
  8. DecResultsYear-on-year EPS growth turned positive.
Show 22 earlier events
  1. DecPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  2. OctPriceVolume reached 50.3x its 50-day median on 2025-10-27; price +5.1% that day.
  3. SepPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  4. JulPriceVolume reached 32.3x its 50-day median on 2025-07-09; price -1.7% that day.
  5. JunResultsYear-on-year EPS growth turned negative.
  6. JunPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  7. JunPriceVolume reached 18.2x its 50-day median on 2025-06-20; price +0.1% that day.
  8. MarPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  9. MarPriceVolume reached 27.3x its 50-day median on 2025-03-18; price +7.4% that day.
  10. DecPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  11. DecPriceVolume reached 17.3x its 50-day median on 2024-12-04; price -1.3% that day.
  12. SepPriceRegained the 2023-12 peak, 6 months after the low.
  13. SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  14. AugPriceVolume reached 5.3x its 50-day median on 2024-08-05; price -2.9% that day.
  15. JunResultsRevenue (TTM) reached a new high of ₹5,059 cr.
  16. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  17. MayValuationP/E crossed above the 90th percentile of its own history to date (46.7x).
  18. MayPriceVolume reached 5.2x its 50-day median on 2024-05-03; price +0.5% that day.
  19. MarPriceFell 32% from the Dec 2023 peak to the Mar 2024 low.
  20. JanPriceVolume reached 11.8x its 50-day median on 2024-01-31; price +10.1% that day.
  21. NovValuationP/E crossed above the 90th percentile of its own history to date (51.2x).
  22. OctPriceVolume reached 31.3x its 50-day median on 2023-10-18; price +5.8% 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

Monthly history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1139.3x₹4315 cr10.5%18.0%0.1x
2026-1037.6x₹4315 cr10.5%18.0%0.1x
2026-0944.1x₹4315 cr10.5%18.0%0.1x
2026-0838.5x₹4495 cr10.9%18.0%0.1x
2026-0734.3x₹4495 cr10.9%18.0%0.1x
2026-0636.5x₹4495 cr10.9%18.0%0.1x
2026-0530.6x₹5125 cr14.4%22.0%0.0x
2026-0431.7x₹5125 cr14.4%22.0%0.0x
2026-0326.4x₹5125 cr14.4%22.0%0.0x
2026-0228.4x₹5375 cr14.3%22.0%0.0x
2026-0125.6x₹5375 cr14.3%22.0%0.0x
2025-1227.5x₹5375 cr14.3%22.0%0.0x
2025-1129.1x₹5154 cr13.0%22.0%0.0x
2025-1029.8x₹5154 cr13.0%22.0%0.0x
2025-0929.6x₹5154 cr13.0%22.0%0.0x
2025-0830.8x₹5186 cr12.5%22.0%0.0x
2025-0734.1x₹5186 cr12.5%22.0%0.0x
2025-0637.8x₹5186 cr12.5%22.0%0.0x
2025-0537.6x₹4967 cr14.2%28.0%0.0x
2025-0435.6x₹4967 cr14.2%28.0%0.0x
2025-0334.3x₹4967 cr14.2%28.0%0.0x
2025-0232.5x₹4908 cr14.2%28.0%0.0x
2025-0137.8x₹4908 cr14.2%28.0%0.0x
2024-1242.0x₹4908 cr14.2%28.0%0.0x
2024-1140.5x₹5068 cr16.0%28.0%0.0x
2024-1043.4x₹5068 cr16.0%28.0%0.0x
2024-0943.3x₹5068 cr16.0%28.0%0.0x
2024-0841.5x₹5059 cr16.8%28.0%0.0x
2024-0740.8x₹5059 cr16.8%28.0%0.0x
2024-0640.6x₹5059 cr16.8%28.0%0.0x
2024-0546.7x₹4474 cr16.6%27.0%0.1x
2024-0443.4x₹4474 cr16.6%27.0%0.1x
2024-0338.4x₹4474 cr16.6%27.0%0.1x
2024-0241.7x₹4474 cr16.6%27.0%0.1x
2024-0149.1x₹4474 cr16.6%27.0%0.1x
2023-1246.2x₹4474 cr16.6%27.0%0.1x
2023-1151.2x₹4474 cr16.6%27.0%0.1x
2023-1038.0x₹4474 cr16.6%27.0%0.1x
2023-0935.7x₹4474 cr16.6%27.0%0.1x
2023-0836.3x₹4474 cr16.6%27.0%0.1x
2023-0736.7x₹4474 cr16.6%27.0%0.1x
2023-0631.2x₹4474 cr16.6%27.0%0.1x
2023-0550.2x₹3139 cr12.1%20.0%0.1x
2023-0446.7x₹3139 cr12.1%20.0%0.1x
2023-0343.1x₹3139 cr12.1%20.0%0.1x
2023-0247.5x₹3139 cr12.1%20.0%0.1x
2023-0148.2x₹3139 cr12.1%20.0%0.1x
2022-1242.5x₹3139 cr12.1%20.0%0.1x
2022-1142.0x₹3139 cr12.1%20.0%0.1x
2022-1044.8x₹3139 cr12.1%20.0%0.1x
2022-0941.0x₹3139 cr12.1%20.0%0.1x
2022-0840.4x₹3139 cr12.1%20.0%0.1x
2022-0736.9x₹3139 cr12.1%20.0%0.1x
2022-0635.9x₹3139 cr12.1%20.0%0.1x
2022-0544.6x₹2298 cr11.7%19.0%0.1x
2022-0439.8x₹2298 cr11.7%19.0%0.1x
2022-0343.9x₹2298 cr11.7%19.0%0.1x
2022-0237.9x₹2298 cr11.7%19.0%0.1x
2022-0132.2x₹2298 cr11.7%19.0%0.1x
2021-1232.9x₹2298 cr11.7%19.0%0.1x

Older months are in the live observatory.

Methodology and data notes

Methodology

Methodology and data notes

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

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

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

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