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STYLAM INDUSTRIES LIMITED (STYLAMIND)

Non-Energy Minerals · Forest Products · 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.84 / 100
Profitability 90Growth 61Balance 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.45 / 100
Price 30Earnings 66FII/DII 39

Passes these screensQuality CompounderHigh MomentumDebt-light & profitable

Compare withGREENLAM INDUSTRIESRESPONSIVE INDUSTRIESGREENPANEL INDUSTRIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹3,172.1 latest close · −1.8% over the last 90 sessions

₹3,000₹3,500Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹3,000₹3,500Jul 3Sep 4Nov 9

₹3,172.1 month-end · +53.3% over 12 months

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

₹3,172.1 month-end · +71.1% over 3 years

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

₹3,172.1 month-end · +187.1% since Aug '21

₹1,000₹2,000₹3,000Aug '21Sep '22Sep '23Oct '24Oct '25Nov '26 ₹1,000₹2,000₹3,000Aug '21Apr '24Nov '26

52-week range ₹1870.00 to ₹4150.00 · 1-year volatility 34.9%

Was the rally earned?

+53%share price, 1 yearEarnings-driven

Mostly yes.

  • Per-share earnings added 42 points to the rise, while the multiple moved less (P/E 28.8x to 31.7x).
  • The share count barely moved.
Net profit growth: +41 pts. Points of the price return explained by net profit growing (or shrinking).+41 ptsNet profit growthP/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12 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: +53%+53%Share priceNet profit growth: +41 pts. Points of the price return explained by net profit growing (or shrinking).+41ProfitP/E change: +12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+12P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +53%+53%Share price
Net profit growth+41 ptsNet profit rose about 39%, which lifts the price.
P/E change+12 ptsThe P/E rose from 28.8x to 31.7x, which lifts the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+71%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 76 points, but investors now pay less per rupee of profit (P/E 32.7x to 31.7x), which took 4 points back.
  • The share count barely moved.
Net profit growth: +76 pts. Points of the price return explained by net profit growing (or shrinking).+76 ptsNet profit growthP/E change: −4 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−4 ptsP/E changeShare price: +71%+71%Share priceNet profit growth: +76 pts. Points of the price return explained by net profit growing (or shrinking).+76ProfitP/E change: −4 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−4P/EShare price: +71%+71%Share price
Net profit growth+76 ptsNet profit rose about 77%, which lifts the price.
P/E change-4 ptsThe P/E fell from 32.7x to 31.7x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+215%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 211 points to the rise, while the multiple moved less (P/E 30.8x to 31.7x).
  • The share count barely moved.
Net profit growth: +211 pts. Points of the price return explained by net profit growing (or shrinking).+211 ptsNet profit growthP/E change: +5 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+5 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: +215%+215%Share priceNet profit growth: +211 pts. Points of the price return explained by net profit growing (or shrinking).+211ProfitP/E change: +5 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+5P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +215%+215%Share price
Net profit growth+211 ptsNet profit rose about 209%, which lifts the price.
P/E change+5 ptsThe P/E rose from 30.8x to 31.7x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against 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 GREENLAM INDUSTRIES

How rough has the ride been?

Maximum drawdown-43.6%recovered 2023-05
1-year volatility34.9%annualised
Beta vs sector index0.573-year daily, correlation 0.30
Volume spikes4last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%20222023202420252026−42.1% 0%−20%−40%202220242026−42.1%
Largest drawdowns

-43.6% (2021-08 peak to 2022-06 low, recovered 2023-05)

-43.5% (2024-10 peak to 2025-03 low, recovered 2026-05)

-26.6% (2026-08 peak to 2026-10 low, not yet recovered)

Most recent volume spikes

2026-10-28: 13.6x the 50-day median, price -10.0% that day

2026-07-24: 7.3x the 50-day median, price +0.7% that day

2026-07-23: 15.6x the 50-day median, price -5.4% 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?

31.7xP/E todayWithin its usual range
Against its own history75th percentile
CheapestMedian 30.0xDearest

Usual range 23.1x to 33.1x since 2021-08.

Against Non-Energy Minerals31.7x vs 21.8x
This company
31.7x
Sector median
21.8x

45% above the Non-Energy Minerals median.

14.4x24.4x34.5x44.6xAug '21Sep '22Oct '23Nov '24Dec '25Nov '2614.4x24.4x34.5x44.6xAug '21May '23Feb '25Nov '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

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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

  • ROCE93rdflat vs a year ago
  • Op. margin87th▲ 12 pts vs a year ago
  • Revenue growth55th▼ 21 pts vs a year ago
  • EPS growth75th▲ 31 pts vs a year ago
  • Debt/equity ↓88thflat vs a year ago
  • Cash cycle ↓28th▲ 5 pts vs a year ago
  • P/E ↓33rd▼ 11 pts vs a year ago
  • 12M momentum92nd▲ 55 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?

~26%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 48.0x, a holder earning 12%/yr needs earnings to grow about 25.8%/yr for 10 years, then trade at 15x.

Delivered28.8%/yrEPS, last 8 fiscal years · 3-yr avg to 3-yr avg
Gap−2.9 ptsimplied minus delivered
Rank587thmost demanding of 856

Over time

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

0%18%36% Aug 2021Nov 2026 0%18%36% Aug 2021Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x27.5%28.7%29.8%
15x24.7%25.8%26.9%
20x21.2%22.3%23.3%

Drag a slider to test other assumptions

Implied: 25.8%/yr

Looking back

  • Jan 2022Price implied 25%/yr; EPS has since grown 22%/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
₹3172.10
P/E
31.7x
ROCE
27.0%
Market Cap
₹5376 cr
Revenue (TTM)
₹1172 cr
P/S
4.6x
P/B
6.7x
ROE
21.1%
Operating Margin
21.0%
Debt / Equity
0.0x
Promoter Holding
56.9%
12M Momentum
53.3%

52-week range

₹1870.00₹4150.00
57% of the way from its 52-week low to its high

Price risk

1Y volatility
34.9%
Beta vs sector
1-year daily
0.35

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
0.98x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range1 beyond a threshold
Other income reliance3%Within range

Other income as a share of pre-tax profit (trailing twelve months): 3.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.98xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.98x (cash from operations ₹393 cr, net profit ₹400 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+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (67 vs 64). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress110% of fixed assetsBeyond threshold

Capital work-in-progress is 110% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+21 days / 2 yrsWithin range

Days payable changed by +21 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 2.2 pts; FIIs trimmed 1.4 pts; DIIs added 0.5 pts.
  • The number of shareholders rose from 21,116 to 31,135 (+47%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters54.6%56.9%+2.3 pts
FIIs4.0%2.6%-1.4 pts
DIIs11.6%12.1%+0.5 pts
Public and others29.8%28.4%-1.4 pts

Number of shareholders

31,135shareholders+47% since Sep '23
21k26k31k36k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 21,116
Dec '23: 21,249
Mar '24: 24,816
Jun '24: 25,292
Sep '24: 32,183
Dec '24: 35,558
Mar '25: 33,993
Jun '25: 35,499
Sep '25: 35,383
Dec '25: 32,827
Mar '26: 31,776
Jun '26: 31,135
 21k26k31k36k Sep '23Sep '24Sep '25Jun '26
Sep '23: 21,116
Dec '23: 21,249
Mar '24: 24,816
Jun '24: 25,292
Sep '24: 32,183
Dec '24: 35,558
Mar '25: 33,993
Jun '25: 35,499
Sep '25: 35,383
Dec '25: 32,827
Mar '26: 31,776
Jun '26: 31,135

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

+1.5%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 STYLAM 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 −15% to +26% vs the market, against 0% for all non-financial companies in the same months.
  • The gap against the base rate (+1.2%, 80% range −7.9% to +7.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
VEEDOL · Jun 2021: −58.5% vs market
ZENSARTECH · May 2025: −42.0% vs market
NUCLEUS · Oct 2020: −40.3% vs market
CONTROLPR · Dec 2023: −37.2% vs market
RSYSTEMS · Sep 2023: −34.5% vs market
EMAMILTD · Apr 2025: −33.3% vs market
AHLUCONT · Jan 2020: −33.2% vs market
KKCL · Jul 2023: −30.4% vs market
ARE&M · Jun 2020: −29.9% vs market
INTELLECT · Apr 2024: −28.0% vs market
CERA · Jun 2023: −22.6% vs market
ESCORTS · Oct 2020: −18.2% vs market
SUMICHEM · Aug 2025: −15.1% vs market
KPRMILL · Jul 2025: −12.6% vs market
FINPIPE · Mar 2020: −9.9% vs market
KENNAMET · Oct 2022: −8.9% vs market
ELECON · Mar 2024: −8.6% vs market
ACCELYA · Jan 2023: −7.6% vs market
MOLDTKPAC · Aug 2022: −7.4% vs market
RATNAMANI · Nov 2020: −7.4% vs market
HEIDELBERG · Jan 2020: −7.4% vs market
IONEXCHANG · May 2023: −6.9% vs market
VESUVIUS · Mar 2025: −1.8% vs market
CARBORUNIV · Sep 2021: +0.7% vs market
SJS · Sep 2023: +0.8% vs market
SUPREMEIND · Jul 2023: +2.2% vs market
INDGN · Aug 2025: +4.7% vs market
JYOTHYLAB · Sep 2023: +6.6% vs market
POLYCAB · Sep 2021: +6.8% vs market
COFORGE · Feb 2020: +10.5% vs market
RHIM · May 2022: +11.9% vs market
GARFIBRES · Oct 2020: +13.2% vs market
CARERATING · Oct 2023: +15.2% vs market
DHANUKA · Mar 2020: +18.0% vs market
INGERRAND · Nov 2022: +18.1% vs market
RITES · Apr 2023: +20.2% vs market
ATUL · Jun 2020: +20.7% vs market
JBCHEPHARM · Jan 2021: +27.6% vs market
CAPLIPOINT · Feb 2024: +28.1% vs market
KEI · Jun 2023: +30.3% vs market
HSCL · Jun 2025: +30.9% vs market
ADVENZYMES · Mar 2020: +34.6% vs market
BDL · Jun 2022: +37.0% vs market
ECLERX · May 2021: +49.3% vs market
CENTURYPLY · Aug 2021: +55.6% vs market
KSB · May 2023: +57.0% vs market
NEWGEN · Sep 2023: +105.2% vs market
PERSISTENT · Oct 2020: +112.1% vs market
ADFFOODS · Feb 2020: +128.8% vs market
VAIBHAVGBL · Mar 2020: +177.2% vs market
Similar setups +1.5%All companies +0.3%← 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 · 4 beyond the range shown, drawn at the edge

Similar setups' median
+1.5%
All companies' median
+0.3%
Beat the market
54% vs 50%

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

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DHANUKA
Process Industries		 Mar 2020 14x23% −17%−40% +18%
VEEDOL
Process Industries		 Jun 2021 31x26% +205%−1% −59%
RHIM
Producer Manufacturing		 May 2022 47x23% +71%−19% +12%
GARFIBRES
Producer Manufacturing		 Oct 2020 29x23% +61%−15% +13%
VESUVIUS
Non-Energy Minerals		 Mar 2025 35x25% +37%−23% −2%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
CERA
Consumer Durables		 Jun 2023 48x26% +85%−5% −23%
FINPIPE
Producer Manufacturing		 Mar 2020 13x21% −20%−36% −10%
MOLDTKPAC
Producer Manufacturing		 Aug 2022 44x22% +99%−5% −7%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: P/S, P/E and drawdown from 12-month high. Not used (unavailable for this company): interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 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 STYLAM 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.

GARWARE TECHNICAL FIBRESGARFIBRES
Producer Manufacturing
77%similar
debt/equityrevenue growth
PROCTER AND GAMBLE HEALTHPGHL
Health Technology
72%similar
revenuedebt/equity
INDIGO PAINTSINDIGOPNTS
Process Industries
70%similar
market capdebt/equity
INDRAPRASTHA MEDICAL CORPORATIINDRAMEDCO
Health Services
68%similar
operating margindebt/equity
MAYUR UNIQUOTERSMAYURUNIQ
Process Industries
67%similar
operating marginrevenue
VESUVIUS INDIAVESUVIUS
Non-Energy Minerals
65%similar
promoter holdingvolatility
STEELCASTSTEELCAS
Non-Energy Minerals
50%similar
ROCEmarket cap
GODAWARI POWER AND ISPATGPIL
Non-Energy Minerals
46%similar
volatilityoperating margin

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

What changed?

30 events since Nov '23

  1. OctPriceFell 27% from the Aug 2026 peak to the Oct 2026 low.
  2. OctPriceVolume reached 13.6x its 50-day median on 2026-10-28; price -10.0% that day.
  3. SepPromoterPromoter holding rose 2.8 pts to 56.9%.
  4. JulPriceVolume reached 66.1x its 50-day median on 2026-07-22; price +2.2% that day.
  5. MayPriceRegained the 2024-10 peak, 14 months after the low.
  6. MayValuationP/E crossed above the 90th percentile of its own history to date (34.0x).
  7. MayPriceVolume reached 15.3x its 50-day median on 2026-05-07; price +13.4% that day.
  8. MarResultsYear-on-year EPS growth turned positive.
Show 22 earlier events
  1. MarPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  2. DecPriceVolume reached 12.7x its 50-day median on 2025-12-26; price -3.7% that day.
  3. SepPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  4. SepPriceVolume reached 17.9x its 50-day median on 2025-09-08; price +10.7% that day.
  5. JunResultsYear-on-year EPS growth turned negative.
  6. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  7. JunDividendDividend payout cut from 3% to 0% of profit.
  8. MarPromoterPromoter holding fell 2.4 pts to 52.2%.
  9. MarPriceFell 44% from the Oct 2024 peak to the Mar 2025 low.
  10. MarPriceVolume reached 9.9x its 50-day median on 2025-03-26; price -1.8% that day.
  11. DecResultsRevenue (TTM) reached a new high of ₹961 cr.
  12. DecInstitutionsFII + DII holding fell 3.6 pts over 1 quarter to 11.5%.
  13. DecPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  14. NovValuationP/E crossed above the 90th percentile of its own history to date (33.2x).
  15. OctPriceVolume reached 16.6x its 50-day median on 2024-10-16; price +16.0% that day.
  16. JulPriceVolume reached 18.5x its 50-day median on 2024-07-18; price -3.4% that day.
  17. JunValuationP/E fell below the 10th percentile of its own history to date (25.4x).
  18. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  19. JunDividendStarted paying a dividend (payout 3% of profit).
  20. JunPriceVolume reached 20.5x its 50-day median on 2024-06-26; price +10.0% that day.
  21. JanPriceVolume reached 7.6x its 50-day median on 2024-01-29; price +1.1% that day.
  22. NovValuationP/E crossed above the 90th percentile of its own history to date (32.7x).

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 history64 months · 2021-08 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1131.7x₹1172 cr21.1%27.0%0.0x
2026-1027.4x₹1172 cr21.0%27.0%0.0x
2026-0933.0x₹1172 cr21.0%27.0%0.0x
2026-0839.2x₹1129 cr18.5%27.0%0.0x
2026-0738.3x₹1129 cr18.5%27.0%0.0x
2026-0636.7x₹1129 cr18.5%27.0%0.0x
2026-0534.0x₹1111 cr21.5%27.0%0.1x
2026-0426.8x₹1111 cr21.5%27.0%0.1x
2026-0326.0x₹1111 cr21.5%27.0%0.1x
2026-0230.2x₹1095 cr19.0%27.0%0.1x
2026-0130.0x₹1095 cr19.0%27.0%0.1x
2025-1230.2x₹1095 cr19.0%27.0%0.1x
2025-1128.8x₹1066 cr18.6%27.0%0.1x
2025-1028.6x₹1066 cr18.6%27.0%0.1x
2025-0922.9x₹1066 cr18.6%27.0%0.1x
2025-0823.4x₹1026 cr18.6%27.0%0.1x
2025-0724.3x₹1026 cr18.6%27.0%0.1x
2025-0622.8x₹1026 cr18.6%27.0%0.1x
2025-0521.4x₹1001 cr24.3%34.0%0.0x
2025-0420.6x₹1001 cr24.3%34.0%0.0x
2025-0321.5x₹1001 cr24.3%34.0%0.0x
2025-0220.3x₹961 cr24.4%34.0%0.0x
2025-0125.2x₹961 cr24.4%34.0%0.0x
2024-1228.5x₹961 cr24.4%34.0%0.0x
2024-1133.2x₹932 cr24.1%34.0%0.0x
2024-1030.0x₹932 cr24.1%34.0%0.0x
2024-0926.8x₹932 cr24.1%34.0%0.0x
2024-0826.1x₹914 cr23.9%34.0%0.0x
2024-0726.1x₹914 cr23.9%34.0%0.0x
2024-0625.4x₹914 cr23.9%34.0%0.0x
2024-0528.0x₹952 cr23.3%32.0%0.1x
2024-0429.2x₹952 cr23.3%32.0%0.1x
2024-0327.6x₹952 cr23.3%32.0%0.1x
2024-0227.5x₹952 cr23.3%32.0%0.1x
2024-0129.0x₹952 cr23.3%32.0%0.1x
2023-1230.4x₹952 cr23.3%32.0%0.1x
2023-1132.7x₹952 cr23.3%32.0%0.1x
2023-1029.5x₹952 cr23.3%32.0%0.1x
2023-0930.4x₹952 cr23.3%32.0%0.1x
2023-0830.4x₹952 cr23.3%32.0%0.1x
2023-0728.7x₹952 cr23.3%32.0%0.1x
2023-0628.0x₹952 cr23.3%32.0%0.1x
2023-0544.6x₹659 cr19.3%25.0%0.3x
2023-0432.3x₹659 cr19.3%25.0%0.3x
2023-0327.0x₹659 cr19.3%25.0%0.3x
2023-0230.1x₹659 cr19.3%25.0%0.3x
2023-0131.1x₹659 cr19.3%25.0%0.3x
2022-1231.4x₹659 cr19.3%25.0%0.3x
2022-1131.8x₹659 cr19.3%25.0%0.3x
2022-1030.5x₹659 cr19.3%25.0%0.3x
2022-0930.0x₹659 cr19.3%25.0%0.3x
2022-0831.7x₹659 cr19.3%25.0%0.3x
2022-0731.2x₹659 cr19.3%25.0%0.3x
2022-0622.5x₹659 cr19.3%25.0%0.3x
2022-0526.7x₹476 cr21.2%24.0%0.2x
2022-0431.9x₹476 cr21.2%24.0%0.2x
2022-0331.3x₹476 cr21.2%24.0%0.2x
2022-0228.2x₹476 cr21.2%24.0%0.2x
2022-0130.2x₹476 cr21.2%24.0%0.2x
2021-1232.4x₹476 cr21.2%24.0%0.2x
2021-1130.8x₹476 cr21.2%24.0%0.2x
2021-1031.8x₹476 cr21.2%24.0%0.2x
2021-0932.8x₹476 cr21.2%24.0%0.2x
2021-0833.9x₹476 cr21.2%24.0%0.2x

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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