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REFEX INDUSTRIES LIMITED (REFEX)

Energy Minerals · Coal · 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.78 / 100
Profitability 68Growth 81Balance sheet 86
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.36 / 100
Price 10Earnings 68FII/DII 29

Passes these screensQuality CompounderDebt-light & profitableLittle growth priced inConsistent compounders

Compare withCOAL INDIAGUJARAT MINERAL DEVELOPMENT COSOUTH WEST PINNACLE EXPL

Share price

Closing priceAdjusted for splits and bonus issues.

₹229.63 latest close · −35.9% over the last 90 sessions

₹200₹250₹300₹350Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹200₹250₹300₹350Jul 3Sep 4Nov 9

₹229.63 month-end · −33.7% over 12 months

₹200₹300Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹300Nov '25May '26Nov '26

₹229.63 month-end · +116.7% over 3 years

₹200₹400₹600Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹400₹600Nov '23May '25Nov '26

₹229.63 month-end · +5787.9% since Jan '19

₹0₹200₹400₹600Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹200₹400₹600Jan '19Dec '22Nov '26

52-week range ₹188.00 to ₹382.00 · 1-year volatility 52.2%

Was the rally earned?

-34%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 35 points, but investors now pay less per rupee of profit (P/E 29.3x to 12.7x), which took 69 points back.
  • The share count rose 9%.
Net profit growth: +42 pts. Points of the price return explained by net profit growing (or shrinking).+42 ptsNet profit growthP/E change: −69 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−69 ptsP/E changeShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7 ptsShare count changeShare price: −34%−34%Share priceNet profit growth: +42 pts. Points of the price return explained by net profit growing (or shrinking).+42ProfitP/E change: −69 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−69P/EShare count change: −7 pts. Points of the price return explained by the share count changing. More shares count against the price.−7SharesShare price: −34%−34%Share price
Net profit growth+42 ptsNet profit rose about 67%, which lifts the price.
P/E change-69 ptsThe P/E fell from 29.3x to 12.7x, which lowers the price.
Share count change-7 ptsShare count rose 9%, which lowers the price.
+117%share price, 3 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 82 points to the rise, while the multiple moved less (P/E 10.1x to 12.7x).
  • The share count rose 24%.
Net profit growth: +115 pts. Points of the price return explained by net profit growing (or shrinking).+115 ptsNet profit growthP/E change: +35 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+35 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: +117%+117%Share priceNet profit growth: +115 pts. Points of the price return explained by net profit growing (or shrinking).+115ProfitP/E change: +35 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+35P/EShare count change: −33 pts. Points of the price return explained by the share count changing. More shares count against the price.−33SharesShare price: +117%+117%Share price
Net profit growth+115 ptsNet profit rose about 114%, which lifts the price.
P/E change+35 ptsThe P/E rose from 10.1x to 12.7x, which lifts the price.
Share count change-33 ptsShare count rose 24%, which lowers the price.
+835%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 574 points to the rise, while the multiple moved less (P/E 6.3x to 12.7x).
  • The share count rose 31%.
Net profit growth: +673 pts. Points of the price return explained by net profit growing (or shrinking).+673 ptsNet profit growthP/E change: +262 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+262 ptsP/E changeShare count change: −100 pts. Points of the price return explained by the share count changing. More shares count against the price.−100 ptsShare count changeShare price: +835%+835%Share priceNet profit growth: +673 pts. Points of the price return explained by net profit growing (or shrinking).+673ProfitP/E change: +262 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+262P/EShare count change: −100 pts. Points of the price return explained by the share count changing. More shares count against the price.−100SharesShare price: +835%+835%Share price
Net profit growth+673 ptsNet profit rose about 506%, which lifts the price.
P/E change+262 ptsThe P/E rose from 6.3x to 12.7x, which lifts the price.
Share count change-100 ptsShare count rose 31%, 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 COAL INDIA

How rough has the ride been?

Maximum drawdown-75.7%recovered 2021-04
1-year volatility52.2%annualised
Beta vs sector index0.663-year daily, correlation 0.25
Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−73.2% 0%−20%−40%−60%2020202220242026−73.2%
Largest drawdowns

-75.7% (2019-07 peak to 2020-03 low, recovered 2021-04)

-67.0% (2024-09 peak to 2026-03 low, not yet recovered)

-40.9% (2023-08 peak to 2023-11 low, recovered 2024-07)

Most recent volume spikes

2026-10-14: 5.4x the 50-day median, price +5.7% that day

2026-09-21: 22x the 50-day median, price +7.9% 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?

12.7xP/E todayWithin its usual range
Against its own history53rd percentile
CheapestMedian 12.2xDearest

Usual range 3.8x to 42.2x since 2019-01.

Against Energy Minerals12.7x vs 12.7x
This company
12.7x
Sector median
12.7x

Close to the Energy Minerals median.

2.2x43.5x84.8x126.1xJan '19Aug '20Mar '22Oct '23May '25Nov '262.2x43.5x84.8x126.1xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianEnergy Minerals median

The chart loads when you open this tab.

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

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianEnergy 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 Energy Minerals is valued

Where does it rank among Energy Minerals peers?

Each cell is the company's percentile rank among its 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

  • ROCE84thflat vs a year ago
  • Op. margin52nd▲ 9 pts vs a year ago
  • Revenue growth83rd▼ 7 pts vs a year ago
  • EPS growth76th▼ 9 pts vs a year ago
  • Debt/equity ↓68th▲ 10 pts vs a year ago
  • Cash cycle ↓46th▲ 11 pts vs a year ago
  • P/E ↓52nd▲ 33 pts vs a year ago
  • 12M momentum8th▼ 11 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 Energy Minerals sector page Watch it move against Energy Minerals in the Observatory

What is the price implying?

~18%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 25.7x, a holder earning 12%/yr needs earnings to grow about 17.8%/yr for 10 years, then trade at 15x.

Delivered60.6%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−42.2 ptsimplied minus delivered
Rank848thmost demanding of 856

Over time

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

0%51%102% Jan 2019Nov 2026 0%51%102% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x19.4%20.4%21.5%
15x16.8%17.8%18.9%
20x13.5%14.5%15.6%

Drag a slider to test other assumptions

Implied: 17.8%/yr

Looking back

  • Jan 2020Price implied 11%/yr; EPS has since grown 20%/yr (7.0 yrs)
  • Jan 2021Price implied 11%/yr; EPS has since grown 23%/yr (6.0 yrs)
  • Jan 2022Price implied 11%/yr; EPS has since grown 31%/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 Energy Minerals The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹229.63
P/E
12.7x
ROCE
23.0%
Market Cap
₹3152 cr
Revenue (TTM)
₹2841 cr
P/S
1.1x
P/B
2.1x
ROE
16.5%
Operating Margin
12.0%
Debt / Equity
0.1x
Promoter Holding
56.6%
12M Momentum
-33.7%

52-week range

₹188.00₹382.00
21% of the way from its 52-week low to its high

Price risk

1Y volatility
52.2%
Beta vs sector
1-year daily
0.65

Balance sheet & cash

Interest cover
operating profit ÷ interest
10.1x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.30x
low
Share count, 1Y
+3.8%

Are profits backed by cash?

3 of 7checks within range2 beyond a threshold
Other income reliance-4%Within range

Other income as a share of pre-tax profit (trailing twelve months): -3.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.30xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.30x (cash from operations ₹-138 cr, net profit ₹455 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+61 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 61 days (142 vs 81). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress8% of fixed assetsWithin range

Capital work-in-progress is 8% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+72 days / 2 yrsNear threshold

Days payable changed by +72 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 3 years, promoters added 3.2 pts; FIIs added 0.5 pts.
  • The number of shareholders rose from 39,568 to 91,033 (+130%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters53.3%56.6%+3.2 pts
FIIs0.4%0.9%+0.5 pts
DIIs0.1%0.4%+0.3 pts
Public and others46.2%42.1%-4.0 pts

Number of shareholders

91,033shareholders+130% since Sep '23
40k59k78k97k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 39,568
Dec '23: 42,589
Mar '24: 48,729
Jun '24: 57,639
Sep '24: 81,302
Dec '24: 81,857
Mar '25: 81,739
Jun '25: 85,429
Sep '25: 89,568
Dec '25: 97,015
Mar '26: 94,159
Jun '26: 91,033
 40k59k78k97k Sep '23Sep '24Sep '25Jun '26
Sep '23: 39,568
Dec '23: 42,589
Mar '24: 48,729
Jun '24: 57,639
Sep '24: 81,302
Dec '24: 81,857
Mar '25: 81,739
Jun '25: 85,429
Sep '25: 89,568
Dec '25: 97,015
Mar '26: 94,159
Jun '26: 91,033

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

−7.4%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like REFEX 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 −28% to +36% vs the market, against +1% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −8.0%, 80% range −15.3% to −1.1%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
VALIANTORG · May 2023: −54.2% vs market
TAKE · Jan 2020: −51.8% vs market
SHARDACROP · Apr 2023: −46.3% vs market
PARACABLES · Mar 2025: −40.6% vs market
IGPL · Jul 2022: −40.5% vs market
WTICAB · Feb 2025: −39.6% vs market
KELLTONTEC · Feb 2022: −39.4% vs market
RUPA · May 2022: −35.8% vs market
SIYSIL · Apr 2023: −35.4% vs market
HSCL · May 2020: −33.5% vs market
GLOBUSSPR · Jul 2023: −32.2% vs market
BIRLANU · May 2022: −31.8% vs market
JTLIND · Jul 2024: −28.6% vs market
KRBL · Jan 2021: −27.9% vs market
NGLFINE · Dec 2024: −26.5% vs market
PARAGMILK · Apr 2020: −23.1% vs market
NAVNETEDUL · Nov 2023: −21.5% vs market
IFGLEXPOR · Dec 2021: −20.0% vs market
AHLUCONT · Mar 2025: −17.8% vs market
FROG · Jul 2025: −16.4% vs market
TIRUMALCHM · Sep 2022: −13.5% vs market
KOPRAN · Oct 2021: −11.6% vs market
LINC · Apr 2025: −11.6% vs market
LGBBROSLTD · Feb 2020: −9.6% vs market
GPTINFRA · Aug 2025: −7.8% vs market
KITEX · Jan 2023: −7.0% vs market
POWERMECH · Apr 2020: −5.9% vs market
VTL · Oct 2022: −0.1% vs market
ICIL · Mar 2025: +1.0% vs market
MOREPENLAB · Dec 2022: +1.0% vs market
INSECTICID · Nov 2020: +2.4% vs market
VENKEYS · Mar 2020: +2.4% vs market
APOLSINHOT · Dec 2020: +4.2% vs market
BODALCHEM · Apr 2020: +15.1% vs market
VADILALIND · Nov 2023: +17.5% vs market
GNA · Jan 2020: +21.7% vs market
PCBL · Jan 2020: +28.3% vs market
SDBL · Jun 2024: +38.9% vs market
DATAMATICS · Apr 2020: +52.6% vs market
CAPACITE · Mar 2020: +52.9% vs market
KINGFA · Feb 2024: +54.3% vs market
RSYSTEMS · May 2021: +57.6% vs market
ZENSARTECH · Mar 2020: +73.2% vs market
LUMAXTECH · Mar 2020: +81.0% vs market
HGINFRA · Jul 2020: +84.4% vs market
SHAKTIPUMP · Feb 2020: +88.7% vs market
CONFIPET · Sep 2020: +137.7% vs market
TIIL · Oct 2022: +144.6% vs market
ACE · Mar 2020: +150.7% vs market
HFCL · May 2020: +173.8% vs market
Similar setups −7.4%All companies +0.6%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
−7.4%
All companies' median
+0.6%
Beat the market
44% vs 51%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SIYSIL
Process Industries		 Apr 2023 11x29% −26%−28% −35%
HSCL
Process Industries		 May 2020 6x25% −56%−62% −34%
BODALCHEM
Process Industries		 Apr 2020 5x24% −57%−59% +15%
SHARDACROP
Distribution Services		 Apr 2023 12x26% −25%−38% −46%
KRBL
Process Industries		 Jan 2021 10x21% −10%−25% −28%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ACE
Producer Manufacturing		 Mar 2020 7x20% −70%−71% +151%
GPTINFRA
Industrial Services		 Aug 2025 17x22% −37%−40% −8%
PARAGMILK
Consumer Non-Durables		 Apr 2020 6x18% −62%−67% −23%
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: P/S, drawdown from 12-month high and 12-month momentum. 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 REFEX 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.

NEWGEN SOFTWARE TECHNOLOGIESNEWGEN
Technology Services
68%similar
EPS growthvolatility
FILATEX INDIAFILATEX
Process Industries
65%similar
volatilitymarket cap
PANAMA PETROCHEMPANAMAPET
Process Industries
65%similar
volatilityrevenue growth
DYNAMIC CABLESDYCL
Producer Manufacturing
64%similar
operating marginROCE
VAIBHAV GLOBALVAIBHAVGBL
Consumer Durables
63%similar
promoter holdingmarket cap
ASIAN ENERGY SERVICESASIANENE
Energy Minerals
41%similar
promoter holdingvolatility
GULF OIL LUBRICANTS INDIAGULFOILLUB
Energy Minerals
37%similar
operating marginP/E
SOUTH WEST PINNACLE EXPLSOUTHWEST
Energy Minerals
30%similar
P/Evolatility

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. OctPriceVolume reached 5.4x its 50-day median on 2026-10-14; price +5.7% that day.
  2. SepResultsRevenue (TTM) reached a new high of ₹2,841 cr.
  3. SepPeer rankMoved into the top quartile of Energy Minerals on EPS growth (from the 2nd quartile).
  4. SepPriceVolume reached 22.0x its 50-day median on 2026-09-21; price +7.9% that day.
  5. MayPriceVolume reached 26.4x its 50-day median on 2026-05-27; price +11.4% that day.
  6. MarPromoterPromoter holding rose 2.5 pts to 55.8% (largest rise in the history since 2019-01).
  7. MarPriceFell 67% from the Sep 2024 peak to the Mar 2026 low.
  8. JanPriceVolume reached 5.8x its 50-day median on 2026-01-19; price +6.1% that day.
Show 22 earlier events
  1. DecPeer rankMoved into the 2nd quartile of Energy Minerals on operating margin (from the 3rd quartile).
  2. DecPriceVolume reached 165.8x its 50-day median on 2025-12-15; price +17.5% that day.
  3. SepPriceVolume reached 80.5x its 50-day median on 2025-09-23; price +15.5% that day.
  4. JunPeer rankMoved into the top quartile of Energy Minerals on ROCE (from the 2nd quartile).
  5. JunSharesShare count is up 13.0% over 12 months.
  6. JunPriceVolume reached 6.5x its 50-day median on 2025-06-02; price +7.4% that day.
  7. MarPromoterPromoter holding fell 3.6 pts to 53.5%.
  8. MarResultsYear-on-year EPS growth turned positive.
  9. MarPeer rankMoved into the top quartile of Energy Minerals on EPS growth (from the 3rd quartile).
  10. DecResultsRevenue (TTM) reached a new high of ₹1,667 cr.
  11. DecPeer rankSlipped to the 2nd quartile of Energy Minerals on ROCE (from the top quartile).
  12. JulPriceRegained the 2023-08 peak, 8 months after the low.
  13. JulPriceVolume reached 29.8x its 50-day median on 2024-07-02; price +13.4% that day.
  14. JunPromoterPromoter holding rose 2.0 pts to 55.3%.
  15. JunResultsYear-on-year EPS growth turned negative.
  16. JunValuationP/E crossed above the 90th percentile of its own history to date (19.2x).
  17. JunPeer rankSlipped to the bottom quartile of Energy Minerals on EPS growth (from the top quartile).
  18. JunPriceVolume reached 10.1x its 50-day median on 2024-06-18; price +8.3% that day.
  19. JanPriceVolume reached 6.5x its 50-day median on 2024-01-11; price +0.3% that day.
  20. NovPriceFell 41% from the Aug 2023 peak to the Nov 2023 low.
  21. AugPriceVolume reached 5.7x its 50-day median on 2023-08-10; price -5.0% that day.
  22. JunResultsRevenue (TTM) reached a new high of ₹1,629 cr.

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
2026-1112.7x₹2841 cr16.5%23.0%0.1x
2026-1011.7x₹2841 cr16.5%23.0%0.1x
2026-0914.7x₹2841 cr16.5%23.0%0.1x
2026-0818.7x₹2277 cr13.5%23.0%0.1x
2026-0720.1x₹2277 cr13.5%23.0%0.1x
2026-0623.6x₹2277 cr13.5%23.0%0.1x
2026-0526.9x₹1937 cr12.9%23.0%0.2x
2026-0421.6x₹1937 cr12.9%23.0%0.2x
2026-0315.5x₹1937 cr12.9%23.0%0.2x
2026-0218.1x₹2047 cr12.7%23.0%0.2x
2026-0118.5x₹2047 cr12.7%23.0%0.2x
2025-1221.4x₹2047 cr12.7%23.0%0.2x
2025-1129.3x₹2060 cr12.3%23.0%0.2x
2025-1031.1x₹2060 cr12.3%23.0%0.2x
2025-0930.1x₹2060 cr12.3%23.0%0.2x
2025-0828.7x₹2299 cr13.0%23.0%0.2x
2025-0733.9x₹2299 cr13.0%23.0%0.2x
2025-0635.8x₹2299 cr13.0%23.0%0.2x
2025-0537.8x₹2047 cr30.8%26.0%0.5x
2025-0433.8x₹2047 cr30.8%26.0%0.5x
2025-0331.5x₹2047 cr30.8%26.0%0.5x
2025-0240.5x₹1667 cr23.7%26.0%0.5x
2025-0148.7x₹1667 cr23.7%26.0%0.5x
2024-1249.8x₹1667 cr23.7%26.0%0.5x
2024-1157.5x₹1591 cr21.5%26.0%0.5x
2024-1053.9x₹1591 cr21.5%26.0%0.5x
2024-0962.3x₹1591 cr21.5%26.0%0.5x
2024-0838.2x₹1383 cr20.0%26.0%0.5x
2024-0732.9x₹1383 cr20.0%26.0%0.5x
2024-0619.2x₹1383 cr20.0%26.0%0.5x
2024-0512.9x₹1629 cr36.9%—0.5x
2024-0415.8x₹1629 cr36.9%—0.5x
2024-0312.8x₹1629 cr36.9%—0.5x
2024-0212.3x₹1629 cr36.9%—0.5x
2024-0113.2x₹1629 cr36.9%—0.5x
2023-1211.5x₹1629 cr36.9%—0.5x
2023-1110.1x₹1629 cr36.9%—0.5x
2023-1010.6x₹1629 cr36.9%—0.5x
2023-0912.1x₹1629 cr36.9%—0.5x
2023-0812.8x₹1629 cr36.9%—0.5x
2023-0716.1x₹1629 cr36.9%—0.5x
2023-0610.4x₹1629 cr36.9%—0.5x
2023-0527.9x₹633 cr29.3%45.0%0.5x
2023-0416.6x₹633 cr29.3%45.0%0.5x
2023-0312.2x₹633 cr29.3%45.0%0.5x
2023-0213.3x₹633 cr29.3%45.0%0.5x
2023-0113.2x₹633 cr29.3%45.0%0.5x
2022-1214.3x₹633 cr29.3%45.0%0.5x
2022-1116.0x₹633 cr29.3%45.0%0.5x
2022-107.9x₹633 cr29.3%45.0%0.5x
2022-098.4x₹633 cr29.3%45.0%0.5x
2022-087.3x₹633 cr29.3%45.0%0.5x
2022-076.1x₹633 cr29.3%45.0%0.5x
2022-065.7x₹633 cr29.3%45.0%0.5x
2022-056.1x₹633 cr29.3%45.0%0.5x
2022-046.4x₹633 cr29.3%45.0%0.5x
2022-036.1x₹633 cr29.3%45.0%0.5x
2022-026.4x₹633 cr29.3%45.0%0.5x
2022-016.9x₹633 cr29.3%45.0%0.5x
2021-127.3x₹633 cr29.3%45.0%0.5x

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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