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SURYA ROSHNI LTD (SURYAROSNI)

Non-Energy Minerals · Steel · 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.59 / 100
Profitability 50Growth 27Balance 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.29 / 100
Price 17Earnings 39FII/DII 31

Passes these screensDebt-light & profitable

Compare withJSW STEELTATA STEELJINDAL STEEL

Share price

Closing priceAdjusted for splits and bonus issues.

₹202.25 latest close · −23.2% over the last 90 sessions

₹200₹225₹250Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹200₹225₹250Jul 3Sep 4Nov 9

₹202.25 month-end · −23.1% over 12 months

₹200₹250Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹250Nov '25May '26Nov '26

₹202.25 month-end · −19.0% over 3 years

₹200₹300₹400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹300₹400Nov '23May '25Nov '26

₹202.25 month-end · +263.1% since Jan '19

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

52-week range ₹187.35 to ₹314.50 · 1-year volatility 39.0%

Was the rally earned?

-23%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 7 points, but investors now pay less per rupee of profit (P/E 19.9x to 14.1x), which took 30 points back.
  • The share count barely moved.
Net profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7 ptsNet profit growthP/E change: −30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−30 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: −23%−23%Share priceNet profit growth: +7 pts. Points of the price return explained by net profit growing (or shrinking).+7ProfitP/E change: −30 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−30P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −23%−23%Share price
Net profit growth+7 ptsNet profit rose about 8%, which lifts the price.
P/E change-30 ptsThe P/E fell from 19.9x to 14.1x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-19%share price, 3 yearsEarnings and multiple

Both mattered.

  • Per-share earnings took off 7 points and the multiple took off 12 points (P/E 16.2x to 14.1x).
  • The share count barely moved.
Net profit growth: −7 pts. Points of the price return explained by net profit growing (or shrinking).−7 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: −19%−19%Share priceNet profit growth: −7 pts. Points of the price return explained by net profit growing (or shrinking).−7ProfitP/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: −19%−19%Share price
Net profit growth-7 ptsNet profit fell about 7%, which lowers the price.
P/E change-12 ptsThe P/E fell from 16.2x to 14.1x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+32%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 78 points, but investors now pay less per rupee of profit (P/E 21.0x to 14.1x), which took 46 points back.
  • The share count barely moved.
Net profit growth: +78 pts. Points of the price return explained by net profit growing (or shrinking).+78 ptsNet profit growthP/E change: −46 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−46 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: +32%+32%Share priceNet profit growth: +78 pts. Points of the price return explained by net profit growing (or shrinking).+78ProfitP/E change: −46 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−46P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +32%+32%Share price
Net profit growth+78 ptsNet profit rose about 97%, which lifts the price.
P/E change-46 ptsThe P/E fell from 21.0x to 14.1x, which lowers the price.
Share count change0 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 JSW STEEL

How rough has the ride been?

Maximum drawdown-76.6%recovered 2020-12
1-year volatility39.0%annualised
Beta vs sector index0.923-year daily, correlation 0.41
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−75.9% 0%−25%−50%−75%2020202220242026−75.9%
Largest drawdowns

-76.6% (2019-03 peak to 2020-03 low, recovered 2020-12)

-59.2% (2021-10 peak to 2022-07 low, recovered 2023-05)

-54.7% (2024-01 peak to 2026-03 low, not yet recovered)

Most recent volume spikes

2026-08-11: 9.7x the 50-day median, price -4.8% 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?

14.1xP/E todayWithin its usual range
Against its own history34th percentile
CheapestMedian 16.4xDearest

Usual range 8.1x to 21.6x since 2019-01.

Against Non-Energy Minerals14.1x vs 21.8x
This company
14.1x
Sector median
21.8x

35% below the Non-Energy Minerals median.

2.8x12.2x21.5x30.9xJan '19Aug '20Mar '22Oct '23May '25Nov '262.8x12.2x21.5x30.9xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

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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

  • ROCE75th▼ 8 pts vs a year ago
  • Op. margin25th▲ 10 pts vs a year ago
  • Revenue growth59th▲ 43 pts vs a year ago
  • EPS growth52nd▲ 17 pts vs a year ago
  • Debt/equity ↓90th▼ 7 pts vs a year ago
  • Cash cycle ↓55thflat vs a year ago
  • P/E ↓73rd▲ 3 pts vs a year ago
  • 12M momentum32nd▼ 23 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?

~11%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 14.6x, a holder earning 12%/yr needs earnings to grow about 10.5%/yr for 10 years, then trade at 15x.

Delivered16.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−6.2 ptsimplied minus delivered
Rank650thmost demanding of 856

Over time

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

-2%11%25% Jan 2019Nov 2026 -2%11%25% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x11.9%12.9%13.9%
15x9.6%10.5%11.5%
20x6.6%7.6%8.5%

Drag a slider to test other assumptions

Implied: 10.5%/yr

Looking back

  • Jan 2020Price implied 9%/yr; EPS has since grown 13%/yr (7.0 yrs)
  • Jan 2021Price implied 16%/yr; EPS has since grown 19%/yr (6.0 yrs)
  • Jan 2022Price implied 17%/yr; EPS has since grown 13%/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
₹202.25
P/E
14.1x
ROCE
16.0%
Market Cap
₹4398 cr
Revenue (TTM)
₹7981 cr
P/S
0.6x
P/B
1.7x
ROE
11.8%
Operating Margin
5.0%
Debt / Equity
0.0x
Promoter Holding
63.0%
12M Momentum
-23.1%

52-week range

₹187.35₹314.50
12% of the way from its 52-week low to its high

Price risk

1Y volatility
39.0%
Beta vs sector
1-year daily
0.78

Balance sheet & cash

Interest cover
operating profit ÷ interest
16.6x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.40x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance12%Within range

Other income as a share of pre-tax profit (trailing twelve months): 11.9%. 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 conversion1.40xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.40x (cash from operations ₹1,342 cr, net profit ₹962 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

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

Receivable days vs history+11 daysWithin range

Debtor days are above the median of the previous three fiscal years by 11 days (45 vs 34). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+9 days / 2 yrsWithin range

Days payable changed by +9 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 2 years, FIIs trimmed 1.4 pts; DIIs added 1.4 pts.
  • The number of shareholders rose from 47,632 to 67,798 (+42%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters63.0%63.0%+0.1 pts
FIIs5.3%3.8%-1.4 pts
DIIs0.5%1.9%+1.4 pts
Public and others30.6%31.3%+0.6 pts

Number of shareholders

67,798shareholders+42% since Dec '23
48k54k61k68k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 47,632
Mar '24: 53,438
Jun '24: 59,595
Sep '24: 55,546
Dec '24: 61,302
Mar '25: 66,600
Jun '25: 62,983
Sep '25: 63,443
Dec '25: 65,953
Mar '26: 66,766
Jun '26: 67,798
 48k54k61k68k Dec '23Dec '24Dec '25Jun '26
Dec '23: 47,632
Mar '24: 53,438
Jun '24: 59,595
Sep '24: 55,546
Dec '24: 61,302
Mar '25: 66,600
Jun '25: 62,983
Sep '25: 63,443
Dec '25: 65,953
Mar '26: 66,766
Jun '26: 67,798

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

+8.2%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like SURYA ROSHNI 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 −19% to +51% vs the market, against −4% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +12.1%, 80% range +0.8% to +21.8%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−50%0%+50%+100%
POLYPLEX · Nov 2022: −48.4% vs market
ANDHRSUGAR · Feb 2023: −37.4% vs market
PLASTIBLEN · Feb 2025: −34.5% vs market
BIRLANU · Apr 2023: −32.8% vs market
TVTODAY · Jun 2025: −26.4% vs market
GTPL · Aug 2023: −26.3% vs market
VENKEYS · Feb 2023: −26.2% vs market
DALMIASUG · Dec 2023: −25.1% vs market
GAEL · May 2024: −22.7% vs market
HERITGFOOD · May 2025: −22.5% vs market
GUJALKALI · Jun 2023: −22.5% vs market
TEAMLEASE · Jan 2024: −21.2% vs market
SOTL · Mar 2025: −19.7% vs market
IOLCP · Mar 2024: −18.4% vs market
FMGOETZE · Oct 2023: −16.4% vs market
SHARDACROP · Aug 2023: −15.3% vs market
UDS · Aug 2025: −14.2% vs market
LUXIND · Sep 2025: −14.0% vs market
VEEDOL · Apr 2025: −9.1% vs market
KIRLOSENG · Feb 2020: −6.6% vs market
VAIBHAVGBL · Aug 2025: −0.4% vs market
AVANTIFEED · Apr 2023: −0.4% vs market
MUNJALSHOW · May 2020: +0.4% vs market
TCI · Dec 2022: +4.7% vs market
RALLIS · Jan 2025: +7.7% vs market
GSFC · Nov 2021: +8.8% vs market
VTL · Dec 2023: +11.5% vs market
BALMLAWRIE · Nov 2023: +13.2% vs market
ALLCARGO · May 2020: +13.5% vs market
VSSL · Dec 2024: +19.1% vs market
INSECTICID · Mar 2022: +20.2% vs market
DCMSHRIRAM · Mar 2024: +21.9% vs market
IRCON · Dec 2021: +27.6% vs market
BANCOINDIA · Feb 2020: +32.2% vs market
SHRIPISTON · Dec 2021: +32.2% vs market
SUBROS · Dec 2024: +32.4% vs market
KIRLOSBROS · Apr 2022: +32.8% vs market
DBCORP · Jun 2022: +57.3% vs market
ORIENTCEM · Dec 2022: +60.7% vs market
ARE&M · Oct 2023: +62.8% vs market
PANAMAPET · Sep 2025: +70.7% vs market
ADOR · Aug 2025: +73.6% vs market
LGBBROSLTD · Apr 2021: +76.8% vs market
IFGLEXPOR · Oct 2022: +80.0% vs market
LUMAXTECH · Aug 2021: +80.7% vs market
EVERESTIND · Nov 2021: +82.6% vs market
DLINKINDIA · Jun 2022: +82.8% vs market
GRWRHITECH · May 2023: +86.4% vs market
AMBIKCO · Mar 2021: +114.2% vs market
BSOFT · Jan 2020: +164.8% vs market
Similar setups +8.2%All companies −3.9%← 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 · 2 beyond the range shown, drawn at the edge

Similar setups' median
+8.2%
All companies' median
−3.9%
Beat the market
56% vs 46%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
UDS
Commercial Services		 Aug 2025 14x15% −31%−44% −14%
FMGOETZE
Producer Manufacturing		 Oct 2023 16x15% +6%−20% −16%
GTPL
Communications		 Aug 2023 15x15% −11%−16% −26%
GAEL
Consumer Non-Durables		 May 2024 20x18% +19%−30% −23%
VAIBHAVGBL
Consumer Durables		 Aug 2025 22x14% −36%−39% 0%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
IOLCP
Process Industries		 Mar 2024 15x14% +28%−31% −18%
VENKEYS
Process Industries		 Feb 2023 14x18% −20%−33% −26%
ANDHRSUGAR
Process Industries		 Feb 2023 7x19% −19%−32% −37%
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: 12-month momentum, drawdown from 12-month high and revenue growth. 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 SURYA ROSHNI LTD. 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.

QUESS CORPQUESS
Commercial Services
70%similar
volatilitymarket cap
RALLIS INDIARALLIS
Process Industries
65%similar
revenue growthmarket cap
ROUTE MOBILEROUTE
Communications
61%similar
volatilityROCE
SIYARAM SILK MILLSSIYSIL
Process Industries
60%similar
volatilityEPS growth
NILKAMALNILKAMAL
Consumer Durables
57%similar
EPS growthvolatility
KIRLOSKAR INDUSTRIESKIRLOSIND
Non-Energy Minerals
53%similar
revenueP/E
MAHARASHTRA SEAMLESSMAHSEAMLES
Non-Energy Minerals
53%similar
EPS growthP/E
HEIDELBERG CEMENT INDIAHEIDELBERG
Non-Energy Minerals
51%similar
ROCEdebt/equity

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

What changed?

30 events since Jun '24

  1. SepResultsYear-on-year EPS growth turned positive.
  2. SepPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  3. AugPriceVolume reached 9.7x its 50-day median on 2026-08-11; price -4.8% that day.
  4. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on ROCE (from the top quartile).
  5. MayPriceVolume reached 25.1x its 50-day median on 2026-05-26; price +7.2% that day.
  6. MarResultsYear-on-year EPS growth turned negative.
  7. MarPriceFell 55% from the Jan 2024 peak to the Mar 2026 low.
  8. MarPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
Show 22 earlier events
  1. FebPriceVolume reached 8.2x its 50-day median on 2026-02-11; price -6.0% that day.
  2. DecResultsYear-on-year EPS growth turned positive.
  3. DecPeer rankMoved into the 3rd quartile of Non-Energy Minerals on operating margin (from the bottom quartile).
  4. NovPriceVolume reached 11.4x its 50-day median on 2025-11-12; price -6.7% that day.
  5. SepResultsYear-on-year EPS growth turned negative.
  6. SepValuationP/E crossed above the 90th percentile of its own history to date (21.6x).
  7. SepPeer rankSlipped to the bottom quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  8. AugPriceVolume reached 6.5x its 50-day median on 2025-08-14; price -10.1% that day.
  9. JunResultsYear-on-year EPS growth turned positive.
  10. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  11. MayValuationP/E crossed above the 90th percentile of its own history to date (22.4x).
  12. MayPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  13. MayPriceVolume reached 6.5x its 50-day median on 2025-05-14; price +2.8% that day.
  14. MarPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on ROCE (from the top quartile).
  15. JanPriceVolume reached 5.5x its 50-day median on 2025-01-14; price +20.0% that day.
  16. DecResultsYear-on-year EPS growth turned negative.
  17. DecPeer rankSlipped to the bottom quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  18. DecPriceVolume reached 7.0x its 50-day median on 2024-12-31; price +6.0% that day.
  19. SepResultsYear-on-year EPS growth turned positive.
  20. AugValuationP/E crossed above the 90th percentile of its own history to date (22.3x).
  21. AugPriceVolume reached 9.1x its 50-day median on 2024-08-09; price +10.9% that day.
  22. JunResultsYear-on-year EPS growth turned negative.

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
2026-1114.1x₹7981 cr11.8%16.0%0.0x
2026-1014.2x₹7981 cr11.8%16.0%0.0x
2026-0915.4x₹7981 cr11.8%16.0%0.0x
2026-0816.7x₹7540 cr10.9%16.0%0.0x
2026-0718.2x₹7540 cr10.9%16.0%0.0x
2026-0619.7x₹7540 cr10.9%16.0%0.0x
2026-0516.1x₹7523 cr12.9%21.0%0.0x
2026-0417.1x₹7523 cr12.9%21.0%0.0x
2026-0312.9x₹7523 cr12.9%21.0%0.0x
2026-0214.9x₹7464 cr13.3%21.0%0.0x
2026-0116.4x₹7464 cr13.3%21.0%0.0x
2025-1218.3x₹7464 cr13.3%21.0%0.0x
2025-1119.9x₹7148 cr11.7%21.0%0.0x
2025-1022.3x₹7148 cr11.7%21.0%0.0x
2025-0921.6x₹7148 cr11.7%21.0%0.0x
2025-0817.8x₹7436 cr14.0%21.0%0.0x
2025-0720.8x₹7436 cr14.0%21.0%0.0x
2025-0621.8x₹7436 cr14.0%21.0%0.0x
2025-0522.4x₹7370 cr14.8%21.0%0.0x
2025-0417.4x₹7370 cr14.8%21.0%0.0x
2025-0316.6x₹7370 cr14.8%21.0%0.0x
2025-0214.5x₹7440 cr14.8%21.0%0.0x
2025-0117.8x₹7440 cr14.8%21.0%0.0x
2024-1220.2x₹7440 cr14.8%21.0%0.0x
2024-1117.2x₹7827 cr16.7%21.0%0.0x
2024-1020.3x₹7827 cr16.7%21.0%0.0x
2024-0921.6x₹7827 cr16.7%21.0%0.0x
2024-0822.3x₹7809 cr15.2%21.0%0.0x
2024-0720.2x₹7809 cr15.2%21.0%0.0x
2024-0620.6x₹7809 cr15.2%21.0%0.0x
2024-0518.9x₹7997 cr18.0%23.0%0.2x
2024-0420.4x₹7997 cr18.0%23.0%0.2x
2024-0316.5x₹7997 cr18.0%23.0%0.2x
2024-0219.5x₹7997 cr18.0%23.0%0.2x
2024-0125.4x₹7997 cr18.0%23.0%0.2x
2023-1225.2x₹7997 cr18.0%23.0%0.2x
2023-1116.2x₹7997 cr18.0%23.0%0.2x
2023-1018.7x₹7997 cr18.0%23.0%0.2x
2023-0915.9x₹7997 cr18.0%23.0%0.2x
2023-0815.4x₹7997 cr18.0%23.0%0.2x
2023-0713.2x₹7997 cr18.0%23.0%0.2x
2023-0614.1x₹7997 cr18.0%23.0%0.2x
2023-0520.7x₹7731 cr13.3%16.0%0.4x
2023-0421.2x₹7731 cr13.3%16.0%0.4x
2023-0317.5x₹7731 cr13.3%16.0%0.4x
2023-0217.7x₹7731 cr13.3%16.0%0.4x
2023-0117.1x₹7731 cr13.3%16.0%0.4x
2022-1213.0x₹7731 cr13.3%16.0%0.4x
2022-1112.4x₹7731 cr13.3%16.0%0.4x
2022-1011.1x₹7731 cr13.3%16.0%0.4x
2022-0912.1x₹7731 cr13.3%16.0%0.4x
2022-0813.0x₹7731 cr13.3%16.0%0.4x
2022-0710.2x₹7731 cr13.3%16.0%0.4x
2022-069.5x₹7731 cr13.3%16.0%0.4x
2022-0513.9x₹5561 cr11.5%13.0%0.5x
2022-0415.0x₹5561 cr11.5%13.0%0.5x
2022-0314.2x₹5561 cr11.5%13.0%0.5x
2022-0214.2x₹5561 cr11.5%13.0%0.5x
2022-0116.3x₹5561 cr11.5%13.0%0.5x
2021-1220.0x₹5561 cr11.5%13.0%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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