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TUBE INVESTMENTS OF INDIA LTD (TIINDIA)

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.70 / 100
Profitability 60Growth 48Balance 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.34 / 100
Price 11Earnings 25FII/DII 65

Passes these screensDebt-light & profitable

Compare withJSW STEELTATA STEELJINDAL STEEL

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,209.5 latest close · −25.8% over the last 90 sessions

₹2,000₹2,500₹3,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹2,000₹2,500₹3,000Jul 3Sep 4Nov 9

₹2,209.5 month-end · −20.6% over 12 months

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

₹2,209.5 month-end · −34.4% over 3 years

₹2,000₹3,000₹4,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹2,000₹3,000₹4,000Nov '23May '25Nov '26

₹2,209.5 month-end · +540.2% since Jan '19

₹0₹2,000₹4,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹2,000₹4,000Jan '19Dec '22Nov '26

52-week range ₹2005.20 to ₹3335.20 · 1-year volatility 35.4%

Was the rally earned?

-21%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 83.4x to 70.5x); per-share earnings took off 6 points.
  • The share count rose 14%.
Net profit growth: +6 pts. Points of the price return explained by net profit growing (or shrinking).+6 ptsNet profit growthP/E change: −15 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−15 ptsP/E changeShare count change: −11 pts. Points of the price return explained by the share count changing. More shares count against the price.−11 ptsShare count changeShare price: −21%−21%Share priceNet profit growth: +6 pts. Points of the price return explained by net profit growing (or shrinking).+6ProfitP/E change: −15 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−15P/EShare count change: −11 pts. Points of the price return explained by the share count changing. More shares count against the price.−11SharesShare price: −21%−21%Share price
Net profit growth+6 ptsNet profit rose about 7%, which lifts the price.
P/E change-15 ptsThe P/E fell from 83.4x to 70.5x, which lowers the price.
Share count change-11 ptsShare count rose 14%, which lowers the price.
-34%share price, 3 yearsEarnings-driven

Mostly earnings.

  • Per-share earnings took off 37 points, while the multiple moved less (P/E 68.0x to 70.5x).
  • The share count rose 32%.
Net profit growth: −14 pts. Points of the price return explained by net profit growing (or shrinking).−14 ptsNet profit growthP/E change: +3 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+3 ptsP/E changeShare count change: −23 pts. Points of the price return explained by the share count changing. More shares count against the price.−23 ptsShare count changeShare price: −34%−34%Share priceNet profit growth: −14 pts. Points of the price return explained by net profit growing (or shrinking).−14ProfitP/E change: +3 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+3P/EShare count change: −23 pts. Points of the price return explained by the share count changing. More shares count against the price.−23SharesShare price: −34%−34%Share price
Net profit growth-14 ptsNet profit fell about 16%, which lowers the price.
P/E change+3 ptsThe P/E rose from 68.0x to 70.5x, which lifts the price.
Share count change-23 ptsShare count rose 32%, which lowers the price.
+36%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 92 points, but investors now pay less per rupee of profit (P/E 113.6x to 70.5x), which took 56 points back.
  • The share count rose 77%.
Net profit growth: +159 pts. Points of the price return explained by net profit growing (or shrinking).+159 ptsNet profit growthP/E change: −56 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−56 ptsP/E changeShare count change: −67 pts. Points of the price return explained by the share count changing. More shares count against the price.−67 ptsShare count changeShare price: +36%+36%Share priceNet profit growth: +159 pts. Points of the price return explained by net profit growing (or shrinking).+159ProfitP/E change: −56 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−56P/EShare count change: −67 pts. Points of the price return explained by the share count changing. More shares count against the price.−67SharesShare price: +36%+36%Share price
Net profit growth+159 ptsNet profit rose about 288%, which lifts the price.
P/E change-56 ptsThe P/E fell from 113.6x to 70.5x, which lowers the price.
Share count change-67 ptsShare count rose 77%, which lowers 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-55.9%not yet recovered
1-year volatility35.4%annualised
Beta vs sector index0.633-year daily, correlation 0.34
Volume spikes4last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−55.9% 0%−20%−40%−60%2020202220242026−55.9%
Largest drawdowns

-55.9% (2024-10 peak to 2026-10 low, not yet recovered)

-54.5% (2020-02 peak to 2020-04 low, recovered 2020-08)

-26.0% (2022-01 peak to 2022-03 low, recovered 2022-07)

Most recent volume spikes

2026-11-06: 5.1x the 50-day median, price -5.7% that day

2026-10-14: 5.5x the 50-day median, price +1.2% that day

2026-10-13: 5.4x the 50-day median, price -0.9% 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?

70.5xP/E todayWithin its usual range
Against its own history58th percentile
CheapestMedian 68.5xDearest

Usual range 33.4x to 96.9x since 2019-01.

Against Non-Energy Minerals70.5x vs 21.8x
This company
70.5x
Sector median
21.8x

224% above the Non-Energy Minerals median.

8.6x49.3x90.0x130.7xJan '19Aug '20Mar '22Oct '23May '25Nov '268.6x49.3x90.0x130.7xJan '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

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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

  • ROCE78th▼ 7 pts vs a year ago
  • Op. margin43rdflat vs a year ago
  • Revenue growth67th▼ 11 pts vs a year ago
  • EPS growth30th▲ 11 pts vs a year ago
  • Debt/equity ↓78thflat vs a year ago
  • Cash cycle ↓73rd▼ 6 pts vs a year ago
  • P/E ↓11th▲ 5 pts vs a year ago
  • 12M momentum36th▲ 8 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?

~29%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 62.9x, a holder earning 12%/yr needs earnings to grow about 28.9%/yr for 10 years, then trade at 15x.

Delivered31.2%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−2.3 ptsimplied minus delivered
Rank576thmost demanding of 856

Over time

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

0%24%47% Jan 2019Nov 2026 0%24%47% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x30.6%31.8%33.0%
15x27.8%28.9%30.1%
20x24.2%25.3%26.4%

Drag a slider to test other assumptions

Implied: 28.9%/yr

Looking back

  • Jan 2020Price implied 30%/yr; EPS has since grown 24%/yr (7.0 yrs)
  • Jan 2021Price implied 32%/yr; EPS has since grown 24%/yr (6.0 yrs)
  • Jan 2022Price implied 40%/yr; EPS has since grown 31%/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
₹2209.50
P/E
70.5x
ROCE
17.0%
Market Cap
₹42769 cr
Revenue (TTM)
₹23754 cr
P/S
1.8x
P/B
5.5x
ROE
7.8%
Operating Margin
9.0%
Debt / Equity
0.1x
Promoter Holding
44.1%
12M Momentum
-20.6%

52-week range

₹2005.20₹3335.20
15% of the way from its 52-week low to its high

Price risk

1Y volatility
35.4%
Beta vs sector
1-year daily
0.71

Balance sheet & cash

Interest cover
operating profit ÷ interest
31.6x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.78x
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 7checks within range3 near a threshold
Other income reliance19%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 19.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate34%Within range

Median quarterly effective tax rate over about 2.5 years: 34.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.78xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.78x (cash from operations ₹3,021 cr, net profit ₹3,895 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+11 daysWithin range

Debtor days are above the median of the previous three fiscal years by 11 days (70 vs 59). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress14% of fixed assetsWithin range

Capital work-in-progress is 14% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+6 days / 2 yrsWithin range

Days payable changed by +6 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 9.5 pts; FIIs trimmed 8.1 pts; promoters trimmed 2.0 pts.
  • The number of shareholders rose from 76,472 to 1.0 lakh (+32%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters46.1%44.1%-2.0 pts
FIIs30.4%22.4%-8.1 pts
DIIs11.5%21.0%+9.5 pts
Public and others11.6%12.1%+0.5 pts

Number of shareholders

1.0 lakhshareholders+32% since Sep '23
76k87k98k1.1L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 76,472
Dec '23: 79,168
Mar '24: 80,778
Jun '24: 83,215
Sep '24: 87,030
Dec '24: 95,152
Mar '25: 1.0 lakh
Jun '25: 1.1 lakh
Sep '25: 1.0 lakh
Dec '25: 1.1 lakh
Mar '26: 1.1 lakh
Jun '26: 1.0 lakh
 76k87k98k1.1L Sep '23Sep '24Sep '25Jun '26
Sep '23: 76,472
Dec '23: 79,168
Mar '24: 80,778
Jun '24: 83,215
Sep '24: 87,030
Dec '24: 95,152
Mar '25: 1.0 lakh
Jun '25: 1.1 lakh
Sep '25: 1.0 lakh
Dec '25: 1.1 lakh
Mar '26: 1.1 lakh
Jun '26: 1.0 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

+2.7%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like TUBE INVESTMENTS OF INDIA 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 −16% to +34% vs the market, against −5% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +8.1%, 80% range +1.9% to +12.8%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−50%0%+50%+100%
WHIRLPOOL · Nov 2024: −44.2% vs market
KANSAINER · Jun 2023: −38.6% vs market
ATUL · Oct 2022: −32.1% vs market
KAJARIACER · Nov 2023: −30.2% vs market
GALAXYSURF · Apr 2023: −29.6% vs market
BECTORFOOD · Oct 2025: −28.4% vs market
GODREJAGRO · Dec 2020: −28.3% vs market
SFL · Dec 2022: −24.8% vs market
CROMPTON · Sep 2024: −24.2% vs market
BASF · Aug 2025: −23.7% vs market
VGUARD · Jun 2025: −22.7% vs market
BERGEPAINT · Jan 2024: −22.6% vs market
DEEPAKNTR · Apr 2025: −15.9% vs market
BSOFT · May 2022: −15.1% vs market
APLAPOLLO · Dec 2023: −13.2% vs market
MPHASIS · Jul 2022: −13.0% vs market
TTKPRESTIG · Mar 2022: −10.9% vs market
SUNDROP · Jun 2021: −10.7% vs market
DMART · Jan 2025: −5.1% vs market
EXIDEIND · Apr 2025: −3.9% vs market
VOLTAS · Jun 2025: −3.0% vs market
ENDURANCE · Feb 2024: −0.9% vs market
SUNDRMFAST · Jul 2021: +1.0% vs market
BLUESTARCO · May 2025: +1.4% vs market
HAVELLS · Nov 2023: +2.0% vs market
POLYCAB · Feb 2024: +3.4% vs market
ALKEM · Apr 2024: +4.2% vs market
CENTURYPLY · Nov 2024: +6.3% vs market
COFORGE · May 2022: +6.6% vs market
CERA · Jan 2022: +8.7% vs market
ESCORTS · Jan 2024: +12.3% vs market
CONCOR · Dec 2021: +16.0% vs market
CARBORUNIV · Oct 2025: +20.9% vs market
BIKAJI · Feb 2024: +26.7% vs market
UNOMINDA · Jan 2024: +26.7% vs market
TEAMLEASE · Apr 2020: +27.5% vs market
RADICO · Dec 2022: +29.0% vs market
BOSCHLTD · Apr 2022: +35.5% vs market
PERSISTENT · Aug 2022: +39.5% vs market
THERMAX · Nov 2023: +40.0% vs market
MAHLOG · Mar 2020: +42.3% vs market
KEI · Mar 2025: +43.5% vs market
SIEMENS · Oct 2023: +50.3% vs market
KIOCL · May 2023: +54.6% vs market
EMAMILTD · Jun 2020: +55.3% vs market
RRKABEL · Jun 2025: +77.3% vs market
ELGIEQUIP · Mar 2020: +89.5% vs market
IFBIND · Jan 2020: +93.1% vs market
DIXON · Jul 2023: +99.1% vs market
POWERINDIA · Mar 2021: +108.5% vs market
Similar setups +2.7%All companies −5.4%← 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
+2.7%
All companies' median
−5.4%
Beat the market
56% vs 44%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
VOLTAS
Producer Manufacturing		 Jun 2025 52x18% −11%−32% −3%
THERMAX
Producer Manufacturing		 Nov 2023 67x15% +24%−20% +40%
KANSAINER
Process Industries		 Jun 2023 51x14% +22%−13% −39%
KAJARIACER
Producer Manufacturing		 Nov 2023 62x20% +16%−10% −30%
ENDURANCE
Producer Manufacturing		 Feb 2024 55x14% +49%−14% −1%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
CARBORUNIV
Process Industries		 Oct 2025 71x16% −35%−38% +21%
BLUESTARCO
Producer Manufacturing		 May 2025 56x26% −3%−34% +1%
TEAMLEASE
Commercial Services		 Apr 2020 28x20% −46%−50% +28%
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, revenue growth and drawdown from 12-month high. 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 TUBE INVESTMENTS OF INDIA 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.

BLUE STARBLUESTARCO
Producer Manufacturing
70%similar
revenue growthP/E
CARBORUNDUM UNIVERSALCARBORUNIV
Process Industries
62%similar
operating margindebt/equity
DR REDDYS LABORATORIESDRREDDY
Health Technology
61%similar
revenueEPS growth
VISHAL MEGA MARTVMM
Retail Trade
61%similar
market caprevenue
TATA TECHNOLOGIESTATATECH
Technology Services
60%similar
market capvolatility
APL APOLLO TUBESAPLAPOLLO
Non-Energy Minerals
46%similar
revenuedebt/equity
GRAVITA INDIAGRAVITA
Non-Energy Minerals
38%similar
volatilityROCE
SHREE CEMENTSSHREECEM
Non-Energy Minerals
37%similar
revenuedebt/equity

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

What changed?

30 events since Jun '22

  1. OctPriceFell 56% from the Oct 2024 peak to the Oct 2026 low.
  2. OctPriceVolume reached 5.5x its 50-day median on 2026-10-14; price +1.2% that day.
  3. AugPriceVolume reached 16.2x its 50-day median on 2026-08-18; price +7.9% that day.
  4. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  5. MayValuationP/E crossed above the 90th percentile of its own history to date (101.7x).
  6. MayPeer rankMoved into the 3rd quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
  7. FebPriceVolume reached 9.5x its 50-day median on 2026-02-05; price -9.7% that day.
  8. DecPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
Show 22 earlier events
  1. DecPriceVolume reached 8.6x its 50-day median on 2025-12-10; price -1.0% that day.
  2. AugPriceVolume reached 7.1x its 50-day median on 2025-08-06; price +2.0% that day.
  3. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  4. JunPriceVolume reached 5.5x its 50-day median on 2025-06-26; price +5.2% that day.
  5. MarResultsYear-on-year EPS growth turned negative.
  6. MarPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  7. MarPriceVolume reached 10.2x its 50-day median on 2025-03-11; price +6.2% that day.
  8. NovPriceVolume reached 6.5x its 50-day median on 2024-11-11; price -6.9% that day.
  9. SepPeer rankMoved into the 2nd quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
  10. SepPriceVolume reached 7.7x its 50-day median on 2024-09-20; price +7.9% that day.
  11. JunResultsRevenue (TTM) reached a new high of ₹16,891 cr.
  12. JunPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  13. JunPriceVolume reached 5.7x its 50-day median on 2024-06-21; price -5.5% that day.
  14. NovPriceVolume reached 15.2x its 50-day median on 2023-11-22; price +16.7% that day.
  15. AugPriceVolume reached 14.1x its 50-day median on 2023-08-31; price +2.2% that day.
  16. JunResultsRevenue (TTM) reached a new high of ₹14,964 cr.
  17. AprPriceVolume reached 8.2x its 50-day median on 2023-04-25; price -2.1% that day.
  18. JanDebtDebt / equity halved over 12 months to 0.28x.
  19. NovPriceVolume reached 30.0x its 50-day median on 2022-11-30; price +1.0% that day.
  20. JulPriceRegained the 2022-01 peak, 4 months after the low.
  21. JulPriceVolume reached 17.2x its 50-day median on 2022-07-19; price +12.4% that day.
  22. JunResultsYear-on-year EPS growth turned positive.

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
2026-1170.5x₹23754 cr7.8%17.0%0.1x
2026-1067.6x₹23754 cr7.8%17.0%0.1x
2026-0975.8x₹23754 cr7.8%17.0%0.1x
2026-0884.5x₹22848 cr7.9%17.0%0.1x
2026-0783.7x₹22848 cr7.9%17.0%0.1x
2026-0692.0x₹22848 cr7.9%17.0%0.1x
2026-05101.7x₹21783 cr10.3%22.0%0.1x
2026-0495.4x₹21783 cr10.3%22.0%0.1x
2026-0381.5x₹21783 cr10.3%22.0%0.1x
2026-0285.1x₹20794 cr10.3%22.0%0.1x
2026-0172.2x₹20794 cr10.3%22.0%0.1x
2025-1280.8x₹20794 cr10.3%22.0%0.1x
2025-1183.4x₹20196 cr10.3%22.0%0.1x
2025-1090.6x₹20196 cr10.3%22.0%0.1x
2025-0992.8x₹20196 cr10.3%22.0%0.1x
2025-0885.0x₹19465 cr10.4%22.0%0.1x
2025-0781.6x₹19465 cr10.4%22.0%0.1x
2025-0689.3x₹19465 cr10.4%22.0%0.1x
2025-0572.4x₹18805 cr12.6%26.0%0.2x
2025-0468.5x₹18805 cr12.6%26.0%0.2x
2025-0365.5x₹18805 cr12.6%26.0%0.2x
2025-0241.1x₹18190 cr18.4%26.0%0.2x
2025-0155.5x₹18190 cr18.4%26.0%0.2x
2024-1259.7x₹18190 cr18.4%26.0%0.2x
2024-1157.0x₹17571 cr18.9%26.0%0.2x
2024-1071.2x₹17571 cr18.9%26.0%0.2x
2024-0968.9x₹17571 cr18.9%26.0%0.2x
2024-0864.6x₹16891 cr18.6%26.0%0.2x
2024-0766.4x₹16891 cr18.6%26.0%0.2x
2024-0668.3x₹16891 cr18.6%26.0%0.2x
2024-0572.3x₹14964 cr18.3%32.0%0.2x
2024-0475.6x₹14964 cr18.3%32.0%0.2x
2024-0375.5x₹14964 cr18.3%32.0%0.2x
2024-0270.5x₹14964 cr18.3%32.0%0.2x
2024-0178.8x₹14964 cr18.3%32.0%0.2x
2023-1271.6x₹14964 cr18.3%32.0%0.2x
2023-1168.0x₹14964 cr18.3%32.0%0.2x
2023-1063.7x₹14964 cr18.3%32.0%0.2x
2023-0960.4x₹14964 cr18.3%32.0%0.2x
2023-0858.6x₹14964 cr18.3%32.0%0.2x
2023-0762.2x₹14964 cr18.3%32.0%0.2x
2023-0664.2x₹14964 cr18.3%32.0%0.2x
2023-0571.8x₹12447 cr17.7%26.0%0.3x
2023-0465.0x₹12447 cr17.7%26.0%0.3x
2023-0363.9x₹12447 cr17.7%26.0%0.3x
2023-0269.6x₹12447 cr17.7%26.0%0.3x
2023-0165.5x₹12447 cr17.7%26.0%0.3x
2022-1269.6x₹12447 cr17.7%26.0%0.3x
2022-1169.5x₹12447 cr17.7%26.0%0.3x
2022-1068.8x₹12447 cr17.7%26.0%0.3x
2022-0968.9x₹12447 cr17.7%26.0%0.3x
2022-0856.8x₹12447 cr17.7%26.0%0.3x
2022-0752.2x₹12447 cr17.7%26.0%0.3x
2022-0646.2x₹12447 cr17.7%26.0%0.3x
2022-05110.0x₹6083 cr6.8%13.0%0.9x
2022-04130.6x₹6083 cr6.8%13.0%0.9x
2022-03113.8x₹6083 cr6.8%13.0%0.9x
2022-02106.1x₹6083 cr6.8%13.0%0.9x
2022-01118.7x₹6083 cr6.8%13.0%0.9x
2021-12122.9x₹6083 cr6.8%13.0%0.9x

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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