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TATA STEEL LIMITED (TATASTEEL)

Non-Energy Minerals · Steel · figures to Nov '26

Divergence: business ahead of price (5 months)
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.41 / 100
Profitability 66Growth 35Balance sheet 21
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.76 / 100
Price 59Earnings 80FII/DII 88

Passes these screensCash RichBusiness ahead of price

Compare withJSW STEELJINDAL STEELLLOYDS METALS AND ENERGY LIMIT

Share price

Closing priceAdjusted for splits and bonus issues.

₹184.85 latest close · −2.6% over the last 90 sessions

₹170₹180₹190Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹170₹180₹190Jul 3Sep 4Nov 9

₹184.85 month-end · +10.1% over 12 months

₹180₹200Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹180₹200Nov '25May '26Nov '26

₹184.85 month-end · +52.2% over 3 years

₹150₹200Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹150₹200Nov '23May '25Nov '26

₹184.85 month-end · +329.4% since Jan '19

₹100₹200Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹100₹200Jan '19Dec '22Nov '26

52-week range ₹160.06 to ₹224.40 · 1-year volatility 27.0%

Was the rally earned?

+10%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 93 points, but investors now pay less per rupee of profit (P/E 46.3x to 20.9x), which took 83 points back.
  • The share count rose 6%.
Net profit growth: +100 pts. Points of the price return explained by net profit growing (or shrinking).+100 ptsNet profit growthP/E change: −83 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−83 ptsP/E changeShare count change: −6 pts. Points of the price return explained by the share count changing. More shares count against the price.−6 ptsShare count changeShare price: +10%+10%Share priceNet profit growth: +100 pts. Points of the price return explained by net profit growing (or shrinking).+100ProfitP/E change: −83 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−83P/EShare count change: −6 pts. Points of the price return explained by the share count changing. More shares count against the price.−6SharesShare price: +10%+10%Share price
Net profit growth+100 ptsNet profit rose about 158%, which lifts the price.
P/E change-83 ptsThe P/E fell from 46.3x to 20.9x, which lowers the price.
Share count change-6 ptsShare count rose 6%, which lowers the price.
+52%share price, 3 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 26 points and the multiple added 26 points (P/E 16.9x to 20.9x).
  • The share count rose 11%.
Net profit growth: +38 pts. Points of the price return explained by net profit growing (or shrinking).+38 ptsNet profit growthP/E change: +26 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+26 ptsP/E changeShare count change: −12 pts. Points of the price return explained by the share count changing. More shares count against the price.−12 ptsShare count changeShare price: +52%+52%Share priceNet profit growth: +38 pts. Points of the price return explained by net profit growing (or shrinking).+38ProfitP/E change: +26 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+26P/EShare count change: −12 pts. Points of the price return explained by the share count changing. More shares count against the price.−12SharesShare price: +52%+52%Share price
Net profit growth+38 ptsNet profit rose about 36%, which lifts the price.
P/E change+26 ptsThe P/E rose from 16.9x to 20.9x, which lifts the price.
Share count change-12 ptsShare count rose 11%, which lowers the price.
+83%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 47 points and the multiple added 36 points (P/E 16.2x to 20.9x).
  • The share count fell 5%.
Net profit growth: +40 pts. Points of the price return explained by net profit growing (or shrinking).+40 ptsNet profit growthP/E change: +36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+36 ptsP/E changeShare count change: +7 pts. Points of the price return explained by the share count changing. More shares count against the price.+7 ptsShare count changeShare price: +83%+83%Share priceNet profit growth: +40 pts. Points of the price return explained by net profit growing (or shrinking).+40ProfitP/E change: +36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+36P/EShare count change: +7 pts. Points of the price return explained by the share count changing. More shares count against the price.+7SharesShare price: +83%+83%Share price
Net profit growth+40 ptsNet profit rose about 34%, which lifts the price.
P/E change+36 ptsThe P/E rose from 16.2x to 20.9x, which lifts the price.
Share count change+7 ptsShare count fell 5%, which lifts 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-58.3%recovered 2020-11
1-year volatility27.0%annualised
Beta vs sector index1.113-year daily, correlation 0.79
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−58.3% 0%−20%−40%−60%2020202220242026−58.3%
Largest drawdowns

-58.3% (2019-04 peak to 2020-04 low, recovered 2020-11)

-45.9% (2021-08 peak to 2022-06 low, recovered 2024-03)

-31.7% (2024-06 peak to 2025-01 low, recovered 2025-10)

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?

20.9xP/E todayWithin its usual range
Against its own history60th percentile
CheapestMedian 19.0xDearest

Usual range 3.1x to 56.5x since 2019-01.

Against Non-Energy Minerals20.9x vs 21.8x
This company
20.9x
Sector median
21.8x

Close to the Non-Energy Minerals median.

2.5x27.4x52.3x77.2xJan '19Aug '20Mar '22Oct '23May '25Nov '262.5x27.4x52.3x77.2xJan '19Sep '21May '24Nov '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

The chart loads when you open this tab.

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

  • ROCE64th▲ 23 pts vs a year ago
  • Op. margin69th▲ 7 pts vs a year ago
  • Revenue growth56th▲ 22 pts vs a year ago
  • EPS growth92nd
  • Debt/equity ↓18thflat vs a year ago
  • Cash cycle ↓66th▲ 7 pts vs a year ago
  • P/E ↓55th▲ 34 pts vs a year ago
  • 12M momentum73rd▼ 14 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?

~12%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 20.0x, a holder earning 12%/yr needs earnings to grow about 12.2%/yr for 10 years, then trade at 15x.

Delivered−12.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+25.1 ptsimplied minus delivered
Rank86thmost demanding of 856

Over time

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

-13%4%21% Jan 2019Nov 2026 -13%4%21% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x13.4%14.4%15.4%
15x11.2%12.2%13.2%
20x8.5%9.5%10.5%

Drag a slider to test other assumptions

Implied: 12.2%/yr

Looking back

  • Jan 2020Price implied 8%/yr; EPS has since grown 1%/yr (7.0 yrs)
  • Jan 2021Price implied 7%/yr; EPS has since grown 43%/yr (6.0 yrs)
  • Jan 2022Price implied 15%/yr; EPS has since grown 5%/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
₹184.85
P/E
20.9x
ROCE
13.0%
Market Cap
₹2.30L cr
Revenue (TTM)
₹2.40L cr
P/S
1.0x
P/B
2.3x
ROE
10.8%
Operating Margin
15.0%
Debt / Equity
0.9x
Promoter Holding
32.9%
12M Momentum
10.1%

52-week range

₹160.06₹224.40
39% of the way from its 52-week low to its high

Price risk

1Y volatility
27.0%
Beta vs sector
1-year daily
1.02

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
5.00x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance3%Within range

Other income as a share of pre-tax profit (trailing twelve months): 2.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate42%Near threshold

Median quarterly effective tax rate over about 2.5 years: 41.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion8.58xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 8.58x (cash from operations ₹78,503 cr, net profit ₹9,150 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-2 daysWithin range

Debtor days are below the median of the previous three fiscal years by 2 days (8 vs 10). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress16% of fixed assetsWithin range

Capital work-in-progress is 16% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+28 days / 2 yrsWithin range

Days payable changed by +28 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, DIIs added 4.2 pts; FIIs trimmed 1.4 pts; promoters trimmed 1.0 pts.
  • The number of shareholders rose from 38.0 lakh to 51.8 lakh (+36%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters33.9%32.9%-1.0 pts
FIIs20.3%18.9%-1.4 pts
DIIs22.2%26.4%+4.2 pts
Public and others23.4%21.5%-1.9 pts

Number of shareholders

51.8 lakhshareholders+36% since Sep '23
38.0L45.9L53.7L61.6L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 38.0 lakh
Dec '23: 39.9 lakh
Mar '24: 47.2 lakh
Jun '24: 52.7 lakh
Sep '24: 59.9 lakh
Dec '24: 61.6 lakh
Mar '25: 60.3 lakh
Jun '25: 58.2 lakh
Sep '25: 55.1 lakh
Dec '25: 53.6 lakh
Mar '26: 52.2 lakh
Jun '26: 51.8 lakh
 38.0L45.9L53.7L61.6L Sep '23Sep '24Sep '25Jun '26
Sep '23: 38.0 lakh
Dec '23: 39.9 lakh
Mar '24: 47.2 lakh
Jun '24: 52.7 lakh
Sep '24: 59.9 lakh
Dec '24: 61.6 lakh
Mar '25: 60.3 lakh
Jun '25: 58.2 lakh
Sep '25: 55.1 lakh
Dec '25: 53.6 lakh
Mar '26: 52.2 lakh
Jun '26: 51.8 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

−3.1%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 TATA STEEL 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 −17% to +18% vs the market, against −7% for all non-financial companies in the same months.
  • The gap against the base rate (+4.0%, 80% range −1.4% to +8.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
UPL · Feb 2023: −54.7% vs market
JKLAKSHMI · Oct 2025: −44.9% vs market
TATACHEM · Feb 2023: −35.5% vs market
BIRLACORPN · Sep 2021: −33.7% vs market
CESC · May 2020: −28.9% vs market
TVSMOTOR · Aug 2020: −23.8% vs market
SIS · Jun 2022: −22.6% vs market
BPCL · Jun 2020: −22.5% vs market
GODREJIND · Apr 2021: −22.0% vs market
MOTHERSON · Jul 2024: −21.3% vs market
WIPRO · Apr 2025: −20.1% vs market
PCBL · Oct 2025: −19.2% vs market
DCMSHRIRAM · Jun 2025: −18.6% vs market
TATAPOWER · Aug 2025: −13.9% vs market
MRF · Aug 2025: −11.9% vs market
APOLLOTYRE · Aug 2025: −11.8% vs market
POWERGRID · May 2024: −11.1% vs market
RELIANCE · Jul 2025: −10.7% vs market
GODREJAGRO · Sep 2025: −10.2% vs market
GRASIM · May 2023: −5.7% vs market
JSL · Oct 2025: −5.5% vs market
JUBLPHARMA · Sep 2025: −5.2% vs market
TORNTPOWER · Jun 2024: −4.1% vs market
JKTYRE · Sep 2025: −3.5% vs market
TATACOMM · Jul 2025: −3.3% vs market
ONGC · Mar 2022: −2.9% vs market
VRLLOG · Oct 2025: −1.9% vs market
HINDALCO · May 2021: −0.8% vs market
CEATLTD · Aug 2025: +1.4% vs market
PNCINFRA · Mar 2023: +1.7% vs market
AUROPHARMA · Apr 2025: +6.0% vs market
LT · Sep 2021: +8.1% vs market
JINDALSTEL · Jul 2025: +8.4% vs market
INDUSTOWER · Apr 2024: +13.2% vs market
JSWENERGY · Mar 2020: +14.4% vs market
FSL · Sep 2024: +14.5% vs market
JSWSTEEL · Nov 2024: +15.6% vs market
M&M · Apr 2023: +18.9% vs market
KEC · Jul 2022: +20.1% vs market
ASTERDM · Jun 2022: +31.1% vs market
MINDACORP · Aug 2025: +32.6% vs market
NTPC · Nov 2022: +32.7% vs market
ASAHIINDIA · Mar 2025: +33.9% vs market
GLENMARK · May 2023: +35.2% vs market
KPIL · Oct 2023: +37.9% vs market
JKCEMENT · Oct 2024: +40.1% vs market
SAIL · Aug 2025: +52.6% vs market
ASHOKLEY · Jan 2025: +71.1% vs market
SANSERA · Mar 2025: +75.2% vs market
PRESTIGE · Jun 2023: +124.7% vs market
Similar setups −3.1%All companies −7.1%← 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
−3.1%
All companies' median
−7.1%
Beat the market
44% vs 42%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
M&M
Consumer Durables		 Apr 2023 23x11% +33%−12% +19%
JSWSTEEL
Non-Energy Minerals		 Nov 2024 32x13% +21%−7% +16%
UPL
Process Industries		 Feb 2023 16x14% +4%−16% −55%
GRASIM
Non-Energy Minerals		 May 2023 15x9% +20%−6% −6%
LT
Industrial Services		 Sep 2021 21x10% +89%−4% +8%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TATAPOWER
Utilities		 Aug 2025 30x11% −14%−23% −14%
NTPC
Utilities		 Nov 2022 10x9% +35%−5% +33%
MOTHERSON
Producer Manufacturing		 Jul 2024 49x14% +100%−5% −21%
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: ROCE, drawdown from 12-month high and operating margin. 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 TATA STEEL 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.

TATA POWER COTATAPOWER
Utilities
71%similar
revenuemarket cap
TORRENT POWERTORNTPOWER
Utilities
70%similar
ROCErevenue
UPLUPL
Process Industries
67%similar
revenue growthpromoter holding
RELIANCE INDUSTRIESRELIANCE
Energy Minerals
65%similar
operating marginrevenue
APOLLO TYRESAPOLLOTYRE
Consumer Durables
58%similar
volatilitypromoter holding
HINDALCO INDUSTRIESHINDALCO
Non-Energy Minerals
66%similar
ROCEmarket cap
JK LAKSHMI CEMENTJKLAKSHMI
Non-Energy Minerals
59%similar
volatilityROCE
THE RAMCO CEMENTSRAMCOCEM
Non-Energy Minerals
55%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 Jun '20

  1. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  2. JunDebtDebt / equity fell below 1.0x (0.90x).
  3. JunDividendDividend payout cut from 131% to 46% of profit.
  4. DecResultsYear-on-year EPS growth turned positive.
  5. DecPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
  6. OctPriceRegained the 2024-06 peak, 9 months after the low.
  7. JunPeer rankMoved into the 3rd quartile of Non-Energy Minerals on ROCE (from the bottom quartile).
  8. JunDebtDebt / equity rose above 1.0x (1.04x).
Show 22 earlier events
  1. JunDividendStarted paying a dividend (payout 131% of profit).
  2. JanPriceFell 32% from the Jun 2024 peak to the Jan 2025 low.
  3. DecResultsEPS (TTM) turned positive.
  4. DecValuationP/E crossed above the 90th percentile of its own history to date (57.4x).
  5. JunResultsEPS (TTM) turned negative.
  6. JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  7. JunDividendDividend payout cut from 50% to -101% of profit.
  8. MarPriceRegained the 2021-08 peak, 21 months after the low.
  9. JunResultsYear-on-year EPS growth turned negative.
  10. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on ROCE (from the top quartile).
  11. JunResultsRevenue (TTM) reached a new high of ₹243,959 cr.
  12. JunPriceFell 46% from the Aug 2021 peak to the Jun 2022 low.
  13. JunValuationP/E fell below the 10th percentile of its own history to date (2.5x).
  14. JunPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  15. JunDebtDebt / equity fell below 1.0x (0.66x).
  16. JunDividendDividend payout cut from 40% to 16% of profit.
  17. MarPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  18. JunResultsYear-on-year EPS growth turned positive.
  19. JunPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
  20. JanValuationP/E crossed above the 90th percentile of its own history to date (40.0x).
  21. NovPriceRegained the 2019-04 peak, 7 months after the low.
  22. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).

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
2026-1120.9x₹2.40L cr10.8%13.0%0.9x
2026-1019.0x₹2.40L cr11.0%13.0%0.9x
2026-0920.9x₹2.40L cr11.0%13.0%0.9x
2026-0821.4x₹2.32L cr10.7%13.0%0.9x
2026-0722.0x₹2.32L cr10.7%13.0%0.9x
2026-0621.8x₹2.32L cr10.7%13.0%0.9x
2026-0528.4x₹2.25L cr10.0%9.0%1.0x
2026-0428.8x₹2.25L cr10.0%9.0%1.0x
2026-0326.2x₹2.25L cr10.0%9.0%1.0x
2026-0239.0x₹2.22L cr7.3%9.0%1.0x
2026-0135.5x₹2.22L cr7.3%9.0%1.0x
2025-1233.1x₹2.22L cr7.3%9.0%1.0x
2025-1146.3x₹2.17L cr4.7%9.0%1.0x
2025-1050.4x₹2.17L cr4.7%9.0%1.0x
2025-0946.5x₹2.17L cr4.7%9.0%1.0x
2025-0856.4x₹2.19L cr3.5%9.0%1.0x
2025-0757.6x₹2.19L cr3.5%9.0%1.0x
2025-0658.3x₹2.19L cr3.5%9.0%1.0x
2025-0571.8x₹2.21L cr2.7%7.0%0.9x
2025-0462.5x₹2.21L cr2.7%7.0%0.9x
2025-0368.8x₹2.21L cr2.7%7.0%0.9x
2025-0257.1x₹2.23L cr3.0%7.0%0.9x
2025-0156.0x₹2.23L cr3.0%7.0%0.9x
2024-1257.4x₹2.23L cr3.0%7.0%0.9x
2024-11—₹2.24L cr-4.9%7.0%0.9x
2024-10—₹2.24L cr-4.9%7.0%0.9x
2024-09—₹2.24L cr-4.9%7.0%0.9x
2024-08—₹2.29L cr-5.3%7.0%0.9x
2024-07—₹2.29L cr-5.3%7.0%0.9x
2024-06—₹2.29L cr-5.3%7.0%0.9x
2024-0522.3x₹2.43L cr7.8%13.0%0.8x
2024-0422.0x₹2.43L cr7.8%13.0%0.8x
2024-0320.8x₹2.43L cr7.8%13.0%0.8x
2024-0218.7x₹2.43L cr7.8%13.0%0.8x
2024-0118.0x₹2.43L cr7.8%13.0%0.8x
2023-1218.5x₹2.43L cr7.8%13.0%0.8x
2023-1116.9x₹2.43L cr7.8%13.0%0.8x
2023-1015.7x₹2.43L cr7.8%13.0%0.8x
2023-0917.1x₹2.43L cr7.8%13.0%0.8x
2023-0816.3x₹2.43L cr7.8%13.0%0.8x
2023-0716.3x₹2.43L cr7.8%13.0%0.8x
2023-0614.8x₹2.43L cr7.8%13.0%0.8x
2023-053.0x₹2.44L cr36.5%31.0%0.7x
2023-043.1x₹2.44L cr36.5%31.0%0.7x
2023-033.0x₹2.44L cr36.5%31.0%0.7x
2023-023.0x₹2.44L cr36.5%31.0%0.7x
2023-013.5x₹2.44L cr36.5%31.0%0.7x
2022-123.2x₹2.44L cr36.5%31.0%0.7x
2022-113.1x₹2.44L cr36.5%31.0%0.7x
2022-102.9x₹2.44L cr36.5%31.0%0.7x
2022-092.8x₹2.44L cr36.5%31.0%0.7x
2022-083.1x₹2.44L cr36.5%31.0%0.7x
2022-073.1x₹2.44L cr36.5%31.0%0.7x
2022-062.5x₹2.44L cr36.5%31.0%0.7x
2022-0515.9x₹1.56L cr11.0%12.0%1.2x
2022-0419.3x₹1.56L cr11.0%12.0%1.2x
2022-0319.8x₹1.56L cr11.0%12.0%1.2x
2022-0218.5x₹1.56L cr11.0%12.0%1.2x
2022-0116.4x₹1.56L cr11.0%12.0%1.2x
2021-1216.8x₹1.56L cr11.0%12.0%1.2x

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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