Share price
₹90.08 latest close · +59.4% over the last 90 sessions
₹90.08 month-end · +120.8% over 12 months
₹90.08 month-end · +381.7% over 3 years
₹90.08 month-end · +1466.6% since Jan '19
52-week range ₹33.10 to ₹102.40 · 1-year volatility 50.4%
Was the rally earned?
Mostly yes.
- Per-share earnings added 253 points to the rise, while the multiple moved less (P/E 44.5x to 75.7x).
- The share count rose 71%.
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 6.6x to 75.7x); per-share earnings took off 52 points.
- The share count rose 18%.
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.
Not shown for 1 year: earnings were negative at one end, or there is not enough history.
Net profit is trailing twelve months as reported with a 60-day lag.
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-75.7% (2019-01 peak to 2020-04 low, recovered 2021-07)
-54.4% (2021-08 peak to 2022-06 low, recovered 2023-01)
-50.3% (2024-02 peak to 2025-08 low, recovered 2025-09)
Most recent volume spikes
2026-09-03: 5.2x the 50-day median, price 0.0% that day
2026-09-02: 10x the 50-day median, price -0.5% that day
2026-09-01: 6.5x the 50-day median, price +4.6% 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?
Usual range 1.8x to 337.2x since 2019-01.
247% above the Non-Energy Minerals median.
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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.
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
- ROCE13th▼ 16 pts vs a year ago
- Op. margin71st▲ 66 pts vs a year ago
- Revenue growth2nd▼ 57 pts vs a year ago
- EPS growth3rd▼ 17 pts vs a year ago
- Debt/equity ↓2ndflat vs a year ago
- Cash cycle ↓6th▼ 38 pts vs a year ago
- P/E ↓10th
- 12M momentum98thflat vs a year ago
Rank history
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?
At a P/E of 470.1x, the price would imply about 58.1%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Fewer than six years of annual earnings are available, which is too little to measure delivered growth.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Non-Energy Minerals The market-wide Expectations lists
Key figures
- Share Priceclose 9 Nov
- ₹90.08
- P/E
- 75.7x
- ROCE
- 1.0%
- Market Cap
- ₹1303 cr
- Revenue (TTM)
- ₹167 cr
- P/S
- 7.8x
- P/B
- 8.9x
- ROE
- 11.7%
- Operating Margin
- 15.5%
- Debt / Equity
- 2.4x
- Promoter Holding
- 71.0%
- 12M Momentum
- 120.8%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance94%Beyond threshold
Other income as a share of pre-tax profit (trailing twelve months): 94.2%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate27%Within range
Median quarterly effective tax rate over about 2.5 years: 26.9%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion—Not enough data
Not enough reported data to compute this.
Free cash flow3 of 5 yrsNear threshold
Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history-42 daysWithin range
Debtor days are below the median of the previous three fiscal years by 42 days (3 vs 45). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress123% of fixed assetsWithin range
Capital work-in-progress is 123% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days+26 days / 2 yrsWithin range
Days payable changed by +26 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.
Who has been buying and selling?
- Over 3 years, promoters added 20.4 pts.
- The number of shareholders rose from 43,284 to 53,818 (+24%) between Sep 2023 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
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.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like SAL STEEL 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 −37% to +5% vs the market, against −8% for all non-financial companies in the same months.
- The analogs' median sat below that base rate (gap −17.7%, 80% range −24.3% to −7.4%), but the matches cluster in only 6 distinct 12-month windows.
Where the 50 outcomes landed
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
50 past situations · 50 companies · 35 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| HIRECT Producer Manufacturing |
Dec 2024 | 100x | — | +156% | −11% | +4% |
| GREENPOWER Utilities |
Jan 2024 | 86x | 7% | +181% | 0% | −40% |
| DECCANCE Non-Energy Minerals |
Oct 2025 | 72x | — | +77% | −9% | −52% |
| PCJEWELLER Consumer Durables |
Jan 2025 | 481x | -2% | +162% | −25% | −31% |
| MANORAMA Consumer Non-Durables |
Sep 2025 | 58x | — | +68% | −17% | +32% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| SIMPLEXINF Industrial Services |
Jul 2025 | 363x | 0% | +124% | −6% | −30% |
| SWELECTES Producer Manufacturing |
Oct 2023 | 167x | 4% | +95% | −8% | +35% |
| PANACEABIO Health Technology |
Apr 2020 | 21x | -16% | −11% | −16% | +62% |
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, size and volatility. 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.
What else looks like this?
Companies with the most similar financial profile today, regardless of industry.
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
What changed?
30 events since Mar '23
- SepResultsEPS (TTM) turned positive.
- SepPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
- AugPriceVolume reached 22.0x its 50-day median on 2026-08-14; price -4.2% that day.
- JunPromoterPromoter holding rose 9.5 pts to 71.0% (largest rise since 2026-03).
- JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
- JunSharesShare count is up 70.6% over 12 months.
- AprPriceRegained the 2026-02 peak, 1 month after the low.
- AprPriceVolume reached 13.4x its 50-day median on 2026-04-15; price +10.0% that day.
Show 22 earlier events
- MarPromoterPromoter holding rose 10.9 pts to 61.5%.
- MarPriceFell 28% from the Feb 2026 peak to the Mar 2026 low.
- MarPeer rankSlipped to the bottom quartile of Non-Energy Minerals on operating margin (from the top quartile).
- DecPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the bottom quartile).
- SepPriceRegained the 2024-02 peak, 1 month after the low.
- SepPriceVolume reached 33.5x its 50-day median on 2025-09-10; price +1.3% that day.
- AugPriceFell 50% from the Feb 2024 peak to the Aug 2025 low.
- JunResultsEPS (TTM) turned negative.
- JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
- MayPriceVolume reached 8.8x its 50-day median on 2025-05-06; price +4.3% that day.
- MarPeer rankMoved into the 3rd quartile of Non-Energy Minerals on operating margin (from the bottom quartile).
- FebPriceVolume reached 36.9x its 50-day median on 2025-02-07; price +13.0% that day.
- SepPeer rankSlipped to the bottom quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
- SepPriceVolume reached 24.2x its 50-day median on 2024-09-10; price +2.2% that day.
- JunResultsRevenue (TTM) reached a new high of ₹580 cr.
- JunPriceVolume reached 6.3x its 50-day median on 2024-06-25; price -4.7% that day.
- DecPriceRegained the 2023-01 peak, 9 months after the low.
- NovPriceVolume reached 68.2x its 50-day median on 2023-11-17; price +14.3% that day.
- JulPriceVolume reached 23.4x its 50-day median on 2023-07-25; price +19.8% that day.
- JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
- AprValuationP/E crossed above the 90th percentile of its own history to date (13.3x).
- MarPriceFell 43% from the Jan 2023 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 history95 months · 2019-01 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 75.7x | ₹167 cr | 11.7% | 1.0% | 2.4x |
| 2026-10 | 65.8x | ₹167 cr | 11.7% | 1.0% | 2.4x |
| 2026-09 | 83.2x | ₹167 cr | 11.7% | 1.0% | 2.4x |
| 2026-08 | — | ₹208 cr | -1.6% | 1.0% | 2.4x |
| 2026-07 | — | ₹208 cr | -1.6% | 1.0% | 2.4x |
| 2026-06 | — | ₹208 cr | -1.6% | 1.0% | 2.4x |
| 2026-05 | — | ₹313 cr | -18.8% | 7.0% | 4.6x |
| 2026-04 | — | ₹313 cr | -18.8% | 7.0% | 4.6x |
| 2026-03 | — | ₹313 cr | -18.8% | 7.0% | 4.6x |
| 2026-02 | — | ₹504 cr | -44.8% | 7.0% | 4.6x |
| 2026-01 | — | ₹504 cr | -44.8% | 7.0% | 4.6x |
| 2025-12 | — | ₹504 cr | -44.8% | 7.0% | 4.6x |
| 2025-11 | — | ₹562 cr | -57.8% | 7.0% | 4.6x |
| 2025-10 | — | ₹562 cr | -57.8% | 7.0% | 4.6x |
| 2025-09 | — | ₹562 cr | -57.8% | 7.0% | 4.6x |
| 2025-08 | — | ₹545 cr | -22.9% | 7.0% | 4.6x |
| 2025-07 | — | ₹545 cr | -22.9% | 7.0% | 4.6x |
| 2025-06 | — | ₹545 cr | -22.9% | 7.0% | 4.6x |
| 2025-05 | 67.0x | ₹568 cr | 5.5% | 8.0% | 3.0x |
| 2025-04 | 71.1x | ₹568 cr | 5.5% | 8.0% | 3.0x |
| 2025-03 | 64.2x | ₹568 cr | 5.5% | 8.0% | 3.0x |
| 2025-02 | 303.7x | ₹503 cr | 1.2% | 8.0% | 3.0x |
| 2025-01 | 338.5x | ₹503 cr | 1.2% | 8.0% | 3.0x |
| 2024-12 | 386.2x | ₹503 cr | 1.2% | 8.0% | 3.0x |
| 2024-11 | 346.9x | ₹537 cr | 1.4% | 8.0% | 3.0x |
| 2024-10 | 360.0x | ₹537 cr | 1.4% | 8.0% | 3.0x |
| 2024-09 | 390.9x | ₹537 cr | 1.4% | 8.0% | 3.0x |
| 2024-08 | 385.5x | ₹580 cr | 1.2% | 8.0% | 3.0x |
| 2024-07 | 353.5x | ₹580 cr | 1.2% | 8.0% | 3.0x |
| 2024-06 | 335.2x | ₹580 cr | 1.2% | 8.0% | 3.0x |
| 2024-05 | 46.1x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2024-04 | 47.5x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2024-03 | 49.2x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2024-02 | 54.0x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2024-01 | 59.8x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2023-12 | 57.9x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2023-11 | 44.5x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2023-10 | 37.9x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2023-09 | 39.2x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2023-08 | 37.7x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2023-07 | 45.2x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2023-06 | 38.0x | ₹496 cr | 8.5% | 8.0% | 3.0x |
| 2023-05 | 11.7x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2023-04 | 13.3x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2023-03 | 10.1x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2023-02 | 12.1x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2023-01 | 13.6x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2022-12 | 11.1x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2022-11 | 9.7x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2022-10 | 8.7x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2022-09 | 11.3x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2022-08 | 6.1x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2022-07 | 6.4x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2022-06 | 6.3x | ₹505 cr | 43.8% | 10.0% | 3.3x |
| 2022-05 | 7.0x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2022-04 | 7.3x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2022-03 | 7.3x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2022-02 | 7.6x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2022-01 | 9.3x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2021-12 | 9.0x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2021-11 | 6.6x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2021-10 | 6.3x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2021-09 | 7.2x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2021-08 | 8.8x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2021-07 | 10.7x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2021-06 | 4.4x | ₹301 cr | 64.0% | 7.0% | 5.6x |
| 2021-05 | 2.5x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2021-04 | 2.5x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2021-03 | 1.7x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2021-02 | 1.9x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2021-01 | 1.9x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2020-12 | 2.3x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2020-11 | 1.6x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2020-10 | 1.4x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2020-09 | 1.5x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2020-08 | 2.0x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2020-07 | 1.4x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2020-06 | 2.1x | ₹408 cr | 147.9% | 11.0% | 10.7x |
| 2020-05 | — | ₹571 cr | — | 2.0% | — |
| 2020-04 | — | ₹571 cr | — | 2.0% | — |
| 2020-03 | — | ₹571 cr | — | 2.0% | — |
| 2020-02 | — | ₹571 cr | — | 2.0% | — |
| 2020-01 | — | ₹571 cr | — | 2.0% | — |
| 2019-12 | — | ₹571 cr | — | 2.0% | — |
| 2019-11 | — | ₹571 cr | — | 2.0% | — |
| 2019-10 | — | ₹571 cr | — | 2.0% | — |
| 2019-09 | — | ₹571 cr | — | 2.0% | — |
| 2019-08 | — | ₹571 cr | — | 2.0% | — |
| 2019-07 | — | ₹571 cr | — | 2.0% | — |
| 2019-06 | — | ₹571 cr | — | 2.0% | — |
| 2019-05 | — | ₹446 cr | 291.1% | 1.0% | 8.8x |
| 2019-04 | — | ₹446 cr | 291.1% | 1.0% | 8.8x |
| 2019-03 | 1.0x | ₹446 cr | 291.1% | 1.0% | 8.8x |
| 2019-02 | — | ₹446 cr | 291.1% | 1.0% | 8.8x |
| 2019-01 | 1.2x | ₹446 cr | 291.1% | 1.0% | 8.8x |