52-week range
Price risk
Balance sheet & cash
Was the rally earned?
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 46.0x to 78.2x); per-share earnings added 9 points.
- The share count barely moved.
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 3 years and 5 years: 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.
Is it expensive against its own past and its peers?
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How to read this
Shaded band: 10th to 90th percentile of the company's own P/E history; dashed 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.
What is the price implying?
At a P/E of 74.2x, the price would imply about 31.4%/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
What changed?
- Oct '26Volume reached 92.5x its 50-day median on 2026-10-27; price -0.5% that day.
- Sep '26Year-on-year EPS growth turned positive.
- Jul '26Volume reached 9676.8x its 50-day median on 2026-07-15; price -0.2% that day.
- Apr '26Volume reached 360.3x its 50-day median on 2026-04-01; price -2.2% that day.
- Mar '26Revenue (TTM) reached a new high of ₹565 cr.
- Dec '25Slipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
- Dec '25Volume reached 224.9x its 50-day median on 2025-12-30; price +0.0% that day.
- Sep '25Moved into the 3rd quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
Show 14 earlier events
- Aug '25Volume reached 9.8x its 50-day median on 2025-08-14; price +0.0% that day.
- Jun '25Revenue (TTM) reached a new high of ₹556 cr.
- Jan '25Volume reached 25.0x its 50-day median on 2025-01-15; price +0.0% that day.
- Oct '24Volume reached 33.3x its 50-day median on 2024-10-10; price -2.1% that day.
- Sep '24Slipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
- Sep '24Volume reached 11.7x its 50-day median on 2024-09-27; price +0.0% that day.
- Sep '23Volume reached 5.0x its 50-day median on 2023-09-08; price +0.0% that day.
- Mar '23Volume reached 10.0x its 50-day median on 2023-03-13; price +5.0% that day.
- Apr '22Volume reached 8.8x its 50-day median on 2022-04-25; price -6.7% that day.
- Jan '22Volume reached 20.5x its 50-day median on 2022-01-21; price -3.0% that day.
- Dec '21Volume reached 7.5x its 50-day median on 2021-12-27; price +0.0% that day.
- Jan '21Volume reached 8.5x its 50-day median on 2021-01-08; price +2.0% that day.
- Nov '20Volume reached 9.7x its 50-day median on 2020-11-25; price +0.0% that day.
- Aug '20Volume reached 31.3x its 50-day median on 2020-08-25; price -2.5% 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
Are profits backed by cash?
4 of 7 checks are within range, 3 near a threshold.
Tap a check to see how it is measured.
Other income reliance20%Near threshold
Other income as a share of pre-tax profit (trailing twelve months): 20.1%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate22%Within range
Median quarterly effective tax rate over about 2.5 years: 21.8%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion0.65xNear threshold
Operating cash flow divided by net profit over the last three fiscal years: 0.65x (cash from operations ₹17 cr, net profit ₹26 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow3 of 4 yrsNear threshold
Fiscal years with positive free cash flow in the last 4: 3. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history+6 daysWithin range
Debtor days are above the median of the previous three fiscal years by 6 days (44 vs 39). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress0% of fixed assetsWithin range
Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days0 days / 2 yrsWithin range
Days payable changed by 0 over two years. Bands: rise of up to 30 days; more than 30 days.
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.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-23.1% (2023-09 peak to 2024-11 low, recovered 2026-01)
-22.3% (2026-01 peak to 2026-02 low, recovered 2026-03)
-16.7% (2023-05 peak to 2023-05 low, recovered 2023-05)
Most recent volume spikes
2026-10-30: 19.6x the 50-day median, price +0.6% that day
2026-10-29: 11.9x the 50-day median, price -0.7% that day
2026-10-28: 77.3x the 50-day median, price +1.0% that day
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).
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 else looks like this?
Companies with the most similar financial profile today, regardless of industry.
| Company | Sector | Similarity | Closest on |
|---|---|---|---|
| WONDER ELECTRICALS (WEL) | Electronic Technology | 84% | P/E, operating margin |
| EURO INDIA FRESH FOODS (EIFFL) | Consumer Non-Durables | 72% | promoter holding, debt/equity |
| ICE MAKE REFRIGERATION (ICEMAKE) | Producer Manufacturing | 69% | promoter holding, P/E |
| GLOSTER (GLOSTERLTD) | Process Industries | 60% | promoter holding, debt/equity |
| ORIENTAL AROMATICS (OAL) | Process Industries | 59% | promoter holding, debt/equity |
| BIGBLOC CONSTRUCTION (BIGBLOC) | Non-Energy Minerals | 68% | promoter holding, market cap |
| SHREE DIGVIJAY CEMENT CO (SHREDIGCEM) | Non-Energy Minerals | 55% | market cap, ROCE |
| ARFIN INDIA (ARFIN) | Non-Energy Minerals | 52% | operating margin, debt/equity |
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
Monthly history (41 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 78.2x | ₹605 cr | 7.8% | 7.0% | 0.8x |
| 2026-09 | 79.9x | ₹605 cr | 7.8% | 7.0% | 0.8x |
| 2026-08 | 84.2x | ₹575 cr | 6.0% | 7.0% | 0.8x |
| 2026-07 | 83.2x | ₹575 cr | 6.0% | 7.0% | 0.8x |
| 2026-06 | 73.9x | ₹575 cr | 6.0% | 7.0% | 0.8x |
| 2026-05 | 85.0x | ₹565 cr | 4.4% | 8.0% | 0.8x |
| 2026-04 | 95.2x | ₹565 cr | 4.4% | 8.0% | 0.8x |
| 2026-03 | 94.4x | ₹565 cr | 4.4% | 8.0% | 0.8x |
| 2026-02 | 89.1x | ₹535 cr | 3.7% | 8.0% | 0.8x |
| 2026-01 | 103.9x | ₹535 cr | 3.7% | 8.0% | 0.8x |
| 2025-12 | 95.9x | ₹535 cr | 3.7% | 8.0% | 0.8x |
| 2025-11 | 43.7x | ₹556 cr | 7.8% | 8.0% | 0.8x |
| 2025-10 | 46.0x | ₹556 cr | 7.8% | 8.0% | 0.8x |
| 2025-09 | 45.6x | ₹556 cr | 7.8% | 8.0% | 0.8x |
| 2025-08 | 47.5x | ₹556 cr | 7.8% | 8.0% | 0.8x |
| 2025-07 | — | — | — | — | — |
| 2025-06 | 46.3x | ₹556 cr | 7.8% | 8.0% | 0.8x |
| 2025-05 | 33.8x | ₹555 cr | 9.3% | 13.0% | 0.6x |
| 2025-04 | — | — | — | — | — |
| 2025-03 | — | — | — | — | — |
| 2025-02 | 32.5x | ₹555 cr | 9.3% | 13.0% | 0.6x |
| 2025-01 | 32.5x | ₹555 cr | 9.3% | 13.0% | 0.6x |
| 2024-12 | 32.5x | ₹555 cr | 9.3% | 13.0% | 0.6x |
| 2024-11 | 32.5x | ₹555 cr | 9.3% | 13.0% | 0.6x |
| 2024-10 | 35.1x | ₹555 cr | 9.3% | 13.0% | 0.6x |
| 2024-09 | 38.2x | ₹555 cr | 9.3% | 13.0% | 0.6x |
| 2024-08 | — | — | — | — | — |
| 2024-07 | 38.2x | ₹555 cr | 9.3% | 13.0% | 0.6x |
| 2024-06 | — | — | — | — | — |
| 2024-05 | — | — | — | — | — |
| 2024-04 | — | — | — | — | — |
| 2024-03 | — | — | — | — | — |
| 2024-02 | — | — | — | — | — |
| 2024-01 | 29.6x | ₹496 cr | 14.6% | — | 0.6x |
| 2023-12 | 29.6x | ₹496 cr | 14.6% | — | 0.6x |
| 2023-11 | 29.4x | ₹496 cr | 14.6% | — | 0.6x |
| 2023-10 | — | — | — | — | — |
| 2023-09 | 30.9x | ₹496 cr | 14.6% | — | 0.6x |
| 2023-08 | 30.9x | ₹496 cr | 14.6% | — | 0.6x |
| 2023-07 | — | — | — | — | — |
| 2023-06 | 28.6x | ₹496 cr | 14.6% | — | 0.6x |