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RELIANCE INDUSTRIES (RELIANCE)

Energy Minerals · Oil Refining/Marketing · 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.45 / 100
Profitability 43Growth 53Balance sheet 40
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.43 / 100
Price 65Earnings 32FII/DII 31
Compare withOIL AND NATURAL GAS CORPORATIOBHARAT PETROLEUM CORPNHINDUSTAN PETROLEUM CORP

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,324.4 latest close · +1.6% over the last 90 sessions

₹1,200₹1,300Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,200₹1,300Jul 3Sep 4Nov 9

₹1,324.4 month-end · −15.5% over 12 months

₹1,200₹1,400₹1,600Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,200₹1,400₹1,600Nov '25May '26Nov '26

₹1,324.4 month-end · +11.4% over 3 years

₹1,200₹1,400₹1,600Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,200₹1,400₹1,600Nov '23May '25Nov '26

₹1,324.4 month-end · +126.5% since Jan '19

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

52-week range ₹1152.20 to ₹1611.80 · 1-year volatility 24.4%

Was the rally earned?

-16%share price, 1 yearEarnings and multiple

Both mattered.

  • Per-share earnings took off 8 points and the multiple took off 7 points (P/E 26.0x to 24.0x).
  • The share count barely moved.
Net profit growth: −8 pts. Points of the price return explained by net profit growing (or shrinking).−8 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: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: −15%−15%Share priceNet profit growth: −8 pts. Points of the price return explained by net profit growing (or shrinking).−8ProfitP/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: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −15%−15%Share price
Net profit growth-8 ptsNet profit fell about 8%, which lowers the price.
P/E change-7 ptsThe P/E fell from 26.0x to 24.0x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+11%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 12 points, but investors now pay less per rupee of profit (P/E 24.1x to 24.0x), which took 1 point back.
  • The share count rose 5%.
Net profit growth: +17 pts. Points of the price return explained by net profit growing (or shrinking).+17 ptsNet profit growthP/E change: −1 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−1 ptsP/E changeShare count change: −5 pts. Points of the price return explained by the share count changing. More shares count against the price.−5 ptsShare count changeShare price: +11%+11%Share priceNet profit growth: +17 pts. Points of the price return explained by net profit growing (or shrinking).+17ProfitP/E change: −1 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−1P/EShare count change: −5 pts. Points of the price return explained by the share count changing. More shares count against the price.−5SharesShare price: +11%+11%Share price
Net profit growth+17 ptsNet profit rose about 17%, which lifts the price.
P/E change-1 ptsThe P/E fell from 24.1x to 24.0x, which lowers the price.
Share count change-5 ptsShare count rose 5%, which lowers the price.
+16%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 38 points, but investors now pay less per rupee of profit (P/E 29.6x to 24.0x), which took 23 points back.
  • The share count rose 14%.
Net profit growth: +52 pts. Points of the price return explained by net profit growing (or shrinking).+52 ptsNet profit growthP/E change: −23 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−23 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: +16%+16%Share priceNet profit growth: +52 pts. Points of the price return explained by net profit growing (or shrinking).+52ProfitP/E change: −23 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−23P/EShare count change: −14 pts. Points of the price return explained by the share count changing. More shares count against the price.−14SharesShare price: +16%+16%Share price
Net profit growth+52 ptsNet profit rose about 62%, which lifts the price.
P/E change-23 ptsThe P/E fell from 29.6x to 24.0x, which lowers the price.
Share count change-14 ptsShare count rose 14%, 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 OIL AND NATURAL GAS CORPORATIO

How rough has the ride been?

Maximum drawdown-45.1%recovered 2020-06
1-year volatility24.4%annualised
Beta vs sector index0.483-year daily, correlation 0.51
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−10%−20%−30%2020202120222023202420252026−36.8% 0%−10%−20%−30%2020202220242026−36.8%
Largest drawdowns

-45.1% (2019-12 peak to 2020-03 low, recovered 2020-06)

-27.7% (2024-07 peak to 2026-10 low, not yet recovered)

-21.9% (2022-04 peak to 2023-03 low, recovered 2023-07)

Most recent volume spikes

2026-11-02: 7.1x the 50-day median, price +11.6% 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?

24.0xP/E todayWithin its usual range
Against its own history29th percentile
CheapestMedian 25.9xDearest

Usual range 21.7x to 32.5x since 2019-01.

Against Energy Minerals24.0x vs 12.7x
This company
24.0x
Sector median
12.7x

89% above the Energy Minerals median.

3.9x14.8x25.7x36.6xJan '19Aug '20Mar '22Oct '23May '25Nov '263.9x14.8x25.7x36.6xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianEnergy Minerals median

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

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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

  • ROCE26thflat vs a year ago
  • Op. margin60th▼ 11 pts vs a year ago
  • Revenue growth54th▼ 6 pts vs a year ago
  • EPS growth29th▼ 51 pts vs a year ago
  • Debt/equity ↓32nd▼ 6 pts vs a year ago
  • Cash cycle ↓81st▼ 15 pts vs a year ago
  • P/E ↓16th▼ 13 pts vs a year ago
  • 12M momentum29th▼ 47 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 priceAbove delivered growth

At normalised P/E (five-year average earnings) of 26.6x, a holder earning 12%/yr needs earnings to grow about 18.0%/yr for 10 years, then trade at 15x.

Delivered11.2%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+6.8 ptsimplied minus delivered
Rank393rdmost demanding of 856

Over time

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

0%12%25% Jan 2019Nov 2026 0%12%25% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x19.5%20.5%21.6%
15x16.9%18.0%19.0%
20x13.7%14.7%15.7%

Drag a slider to test other assumptions

Implied: 18.0%/yr

Looking back

  • Jan 2020Price implied 19%/yr; EPS has since grown 11%/yr (7.0 yrs)
  • Jan 2021Price implied 21%/yr; EPS has since grown 13%/yr (6.0 yrs)
  • Jan 2022Price implied 23%/yr; EPS has since grown 9%/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
₹1324.40
P/E
24.0x
ROCE
10.0%
Market Cap
₹17.92L cr
Revenue (TTM)
₹11.23L cr
P/S
1.6x
P/B
2.0x
ROE
8.3%
Operating Margin
15.0%
Debt / Equity
0.4x
Promoter Holding
50.5%
12M Momentum
-15.5%

52-week range

₹1152.20₹1611.80
37% of the way from its 52-week low to its high

Price risk

1Y volatility
24.4%
Beta vs sector
1-year daily
0.65

Balance sheet & cash

Interest cover
operating profit ÷ interest
5.1x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.07x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance17%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 17.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.07xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.07x (cash from operations ₹5,29,604 cr, net profit ₹2,56,083 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+7 daysWithin range

Debtor days are above the median of the previous three fiscal years by 7 days (20 vs 13). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress21% of fixed assetsWithin range

Capital work-in-progress is 21% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-27 days / 2 yrsWithin range

Days payable changed by -27 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, FIIs trimmed 5.4 pts; DIIs added 5.1 pts.
  • The number of shareholders rose from 37.0 lakh to 46.5 lakh (+26%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters50.3%50.5%+0.2 pts
FIIs22.6%17.2%-5.4 pts
DIIs16.0%21.1%+5.1 pts
Public and others11.0%11.1%+0.1 pts

Number of shareholders

46.5 lakhshareholders+26% since Sep '23
34.6L39.0L43.3L47.7L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 37.0 lakh
Dec '23: 36.1 lakh
Mar '24: 34.6 lakh
Jun '24: 34.9 lakh
Sep '24: 38.3 lakh
Dec '24: 47.1 lakh
Mar '25: 47.7 lakh
Jun '25: 44.4 lakh
Sep '25: 43.9 lakh
Dec '25: 42.1 lakh
Mar '26: 44.2 lakh
Jun '26: 46.5 lakh
 34.6L39.0L43.3L47.7L Sep '23Sep '24Sep '25Jun '26
Sep '23: 37.0 lakh
Dec '23: 36.1 lakh
Mar '24: 34.6 lakh
Jun '24: 34.9 lakh
Sep '24: 38.3 lakh
Dec '24: 47.1 lakh
Mar '25: 47.7 lakh
Jun '25: 44.4 lakh
Sep '25: 43.9 lakh
Dec '25: 42.1 lakh
Mar '26: 44.2 lakh
Jun '26: 46.5 lakh

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

+2.3%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like RELIANCE INDUSTRIES 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 −13% to +17% vs the market, against −7% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +9.6%, 80% range +1.5% to +17.3%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−40%−20%0%+20%+40%+60%
GLENMARK · Jun 2021: −40.8% vs market
DALBHARAT · Dec 2023: −33.9% vs market
NTPC · Apr 2020: −32.5% vs market
RAMCOCEM · Apr 2023: −27.0% vs market
UPL · Jul 2022: −26.5% vs market
TATACHEM · Mar 2023: −25.2% vs market
HINDALCO · Mar 2022: −25.0% vs market
CROMPTON · May 2025: −22.1% vs market
GODREJAGRO · Feb 2023: −21.5% vs market
POWERGRID · Jul 2020: −17.7% vs market
TATASTEEL · Mar 2022: −16.4% vs market
TRIDENT · Jun 2025: −15.0% vs market
NHPC · Feb 2020: −13.9% vs market
APOLLOTYRE · Jul 2025: −9.6% vs market
LT · Apr 2024: −8.5% vs market
GRASIM · Jan 2022: −7.3% vs market
EXIDEIND · Oct 2025: −7.2% vs market
APLLTD · Oct 2025: −6.0% vs market
TATAPOWER · Jun 2025: −5.1% vs market
BALKRISIND · Oct 2025: −3.9% vs market
SHREECEM · Nov 2024: −2.5% vs market
TECHM · Sep 2024: −2.0% vs market
JSL · Jun 2025: −2.0% vs market
TORNTPOWER · Sep 2020: −1.5% vs market
BIOCON · Sep 2024: +1.8% vs market
GODREJIND · Jan 2021: +2.9% vs market
WIPRO · Mar 2024: +7.5% vs market
DRREDDY · Dec 2022: +7.7% vs market
FMGOETZE · Jun 2022: +9.3% vs market
MRF · Dec 2024: +10.8% vs market
ALKEM · Oct 2023: +11.4% vs market
JINDALSTEL · Jun 2025: +12.4% vs market
TATACONSUM · Oct 2024: +13.3% vs market
MOTHERSON · Jan 2024: +15.4% vs market
AUROPHARMA · Mar 2025: +15.5% vs market
JSWSTEEL · Nov 2024: +15.6% vs market
ENDURANCE · Apr 2025: +16.5% vs market
LUPIN · Jun 2024: +17.1% vs market
IPCALAB · Jul 2024: +19.7% vs market
APOLLOHOSP · Jul 2024: +20.4% vs market
ULTRACEMCO · Aug 2024: +21.3% vs market
ZYDUSLIFE · Feb 2020: +22.9% vs market
SUNPHARMA · Nov 2021: +27.0% vs market
JKCEMENT · Nov 2024: +29.6% vs market
SRF · Dec 2024: +30.2% vs market
M&M · May 2023: +32.3% vs market
BHARATFORG · May 2023: +36.8% vs market
CIPLA · Feb 2020: +43.8% vs market
JSWENERGY · Apr 2020: +53.8% vs market
FORTIS · Feb 2024: +56.5% vs market
Similar setups +2.3%All companies −7.3%← 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
+2.3%
All companies' median
−7.3%
Beat the market
52% vs 42%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ULTRACEMCO
Non-Energy Minerals		 Aug 2024 46x15% +36%−6% +21%
LT
Industrial Services		 Apr 2024 48x12% +52%−6% −9%
GRASIM
Non-Energy Minerals		 Jan 2022 27x9% +64%−10% −7%
NTPC
Utilities		 Apr 2020 7x7% −29%−34% −33%
JSWSTEEL
Non-Energy Minerals		 Nov 2024 32x13% +21%−7% +16%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
JINDALSTEL
Non-Energy Minerals		 Jun 2025 34x11% −10%−11% +12%
UPL
Process Industries		 Jul 2022 17x14% −8%−12% −27%
WIPRO
Technology Services		 Mar 2024 22x18% +32%−12% +8%
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/E. 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 RELIANCE INDUSTRIES. 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.

TORRENT POWERTORNTPOWER
Utilities
72%similar
promoter holdingEPS growth
TATA POWER COTATAPOWER
Utilities
69%similar
volatilityrevenue
DALMIA BHARATDALBHARAT
Non-Energy Minerals
68%similar
debt/equityROCE
DEEPAK NITRITEDEEPAKNTR
Process Industries
66%similar
promoter holdingROCE
TATA STEELTATASTEEL
Non-Energy Minerals
65%similar
operating marginrevenue
OIL AND NATURAL GAS CORPORATIOONGC
Energy Minerals
56%similar
revenuevolatility
OIL INDIAOIL
Energy Minerals
49%similar
revenuemarket cap
CASTROL INDIACASTROLIND
Energy Minerals
39%similar
promoter holdingrevenue growth

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

What changed?

30 events since Mar '20

  1. NovPriceVolume reached 7.1x its 50-day median on 2026-11-02; price +11.6% that day.
  2. OctPriceFell 28% from the Jul 2024 peak to the Oct 2026 low.
  3. SepResultsYear-on-year EPS growth turned negative.
  4. SepPeer rankSlipped to the 3rd quartile of Energy Minerals on EPS growth (from the 2nd quartile).
  5. MayValuationP/E fell below the 10th percentile of its own history to date (21.5x).
  6. MarPeer rankSlipped to the 2nd quartile of Energy Minerals on operating margin (from the top quartile).
  7. JanValuationP/E fell below the 10th percentile of its own history to date (22.7x).
  8. DecPeer rankMoved into the top quartile of Energy Minerals on operating margin (from the 2nd quartile).
Show 22 earlier events
  1. SepValuationP/E fell below the 10th percentile of its own history to date (22.6x).
  2. SepPeer rankMoved into the top quartile of Energy Minerals on EPS growth (from the 2nd quartile).
  3. JunPeer rankMoved into the 3rd quartile of Energy Minerals on ROCE (from the bottom quartile).
  4. MarResultsRevenue (TTM) reached a new high of ₹939,838 cr.
  5. JunResultsRevenue (TTM) reached a new high of ₹899,041 cr.
  6. JunPeer rankSlipped to the bottom quartile of Energy Minerals on ROCE (from the 3rd quartile).
  7. JunResultsRevenue (TTM) reached a new high of ₹876,396 cr.
  8. JunPeer rankMoved into the 3rd quartile of Energy Minerals on ROCE (from the bottom quartile).
  9. MarPeer rankMoved into the 2nd quartile of Energy Minerals on EPS growth (from the 3rd quartile).
  10. JunResultsRevenue (TTM) reached a new high of ₹694,673 cr.
  11. JunPeer rankSlipped to the bottom quartile of Energy Minerals on ROCE (from the 3rd quartile).
  12. AprValuationP/E crossed above the 90th percentile of its own history to date (34.3x).
  13. JunResultsYear-on-year EPS growth turned positive.
  14. JunPeer rankSlipped to the 3rd quartile of Energy Minerals on ROCE (from the 2nd quartile).
  15. JunPriceVolume reached 5.9x its 50-day median on 2021-06-24; price -2.4% that day.
  16. MarPeer rankMoved into the top quartile of Energy Minerals on EPS growth (from the 2nd quartile).
  17. FebValuationP/E crossed above the 90th percentile of its own history to date (34.2x).
  18. JunResultsYear-on-year EPS growth turned negative.
  19. JunPriceRegained the 2019-12 peak, 3 months after the low.
  20. JunPeer rankMoved into the 2nd quartile of Energy Minerals on ROCE (from the 3rd quartile).
  21. JunSharesShare count is up 7.0% over 12 months.
  22. MarPriceFell 45% from the Dec 2019 peak to the Mar 2020 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
2026-1124.0x₹11.23L cr8.3%10.0%0.4x
2026-1021.1x₹11.23L cr8.4%10.0%0.4x
2026-0921.5x₹11.23L cr8.4%10.0%0.4x
2026-0821.4x₹10.57L cr9.1%10.0%0.4x
2026-0721.9x₹10.57L cr9.1%10.0%0.4x
2026-0621.7x₹10.57L cr9.1%10.0%0.4x
2026-0521.5x₹10.25L cr10.0%10.0%0.4x
2026-0423.3x₹10.25L cr10.0%10.0%0.4x
2026-0321.9x₹10.25L cr10.0%10.0%0.4x
2026-0222.7x₹10.00L cr9.9%10.0%0.4x
2026-0122.7x₹10.00L cr9.9%10.0%0.4x
2025-1225.6x₹10.00L cr9.9%10.0%0.4x
2025-1126.0x₹9.77L cr9.6%10.0%0.4x
2025-1024.7x₹9.77L cr9.6%10.0%0.4x
2025-0922.6x₹9.77L cr9.6%10.0%0.4x
2025-0826.4x₹9.65L cr8.3%10.0%0.4x
2025-0727.0x₹9.65L cr8.3%10.0%0.4x
2025-0629.2x₹9.65L cr8.3%10.0%0.4x
2025-0527.8x₹9.40L cr8.7%10.0%0.4x
2025-0427.5x₹9.40L cr8.7%10.0%0.4x
2025-0324.9x₹9.40L cr8.7%10.0%0.4x
2025-0223.9x₹9.25L cr8.4%10.0%0.4x
2025-0125.2x₹9.25L cr8.4%10.0%0.4x
2024-1224.2x₹9.25L cr8.4%10.0%0.4x
2024-1125.4x₹9.25L cr8.5%10.0%0.4x
2024-1026.2x₹9.25L cr8.5%10.0%0.4x
2024-0929.1x₹9.25L cr8.5%10.0%0.4x
2024-0829.3x₹8.99L cr8.6%10.0%0.4x
2024-0729.3x₹8.99L cr8.6%10.0%0.4x
2024-0630.4x₹8.99L cr8.6%10.0%0.4x
2024-0529.0x₹8.76L cr8.9%9.0%0.6x
2024-0429.8x₹8.76L cr8.9%9.0%0.6x
2024-0330.1x₹8.76L cr8.9%9.0%0.6x
2024-0229.6x₹8.76L cr8.9%9.0%0.6x
2024-0128.9x₹8.76L cr8.9%9.0%0.6x
2023-1226.2x₹8.76L cr8.9%9.0%0.6x
2023-1124.1x₹8.76L cr8.9%9.0%0.6x
2023-1023.2x₹8.76L cr8.9%9.0%0.6x
2023-0923.8x₹8.76L cr8.9%9.0%0.6x
2023-0824.4x₹8.76L cr8.9%9.0%0.6x
2023-0725.9x₹8.76L cr8.9%9.0%0.6x
2023-0624.7x₹8.76L cr8.9%9.0%0.6x
2023-0526.2x₹6.95L cr7.5%8.0%0.4x
2023-0425.7x₹6.95L cr7.5%8.0%0.4x
2023-0324.8x₹6.95L cr7.5%8.0%0.4x
2023-0224.7x₹6.95L cr7.5%8.0%0.4x
2023-0125.0x₹6.95L cr7.5%8.0%0.4x
2022-1227.1x₹6.95L cr7.5%8.0%0.4x
2022-1129.0x₹6.95L cr7.5%8.0%0.4x
2022-1027.1x₹6.95L cr7.5%8.0%0.4x
2022-0925.3x₹6.95L cr7.5%8.0%0.4x
2022-0828.0x₹6.95L cr7.5%8.0%0.4x
2022-0726.7x₹6.95L cr7.5%8.0%0.4x
2022-0627.6x₹6.95L cr7.5%8.0%0.4x
2022-0532.4x₹4.66L cr6.6%8.0%0.4x
2022-0434.3x₹4.66L cr6.6%8.0%0.4x
2022-0332.4x₹4.66L cr6.6%8.0%0.4x
2022-0229.0x₹4.66L cr6.6%8.0%0.4x
2022-0129.4x₹4.66L cr6.6%8.0%0.4x
2021-1229.1x₹4.66L cr6.6%8.0%0.4x

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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