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ULTRATECH CEMENT LIMITED (ULTRACEMCO)

Non-Energy Minerals · Construction Materials · 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.67 / 100
Profitability 75Growth 68Balance sheet 60
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.60 / 100
Price 70Earnings 58FII/DII 51

Passes these screensNear 52-week high

Compare withGRASIM INDUSTRIESAMBUJA CEMENTSSHREE CEMENTS

Share price

Closing priceAdjusted for splits and bonus issues.

₹12,275 latest close · +6.9% over the last 90 sessions

₹11,000₹12,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹11,000₹12,000Jul 3Sep 4Nov 9

₹12,275 month-end · +8.0% over 12 months

₹11,000₹12,000Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹11,000₹12,000Nov '25May '26Nov '26

₹12,275 month-end · +39.1% over 3 years

₹10,000₹12,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹10,000₹12,000Nov '23May '25Nov '26

₹12,275 month-end · +255.9% since Jan '19

₹5,000₹10,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹5,000₹10,000Jan '19Dec '22Nov '26

52-week range ₹10118.00 to ₹12848.00 · 1-year volatility 24.4%

Was the rally earned?

+8%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 24 points, but investors now pay less per rupee of profit (P/E 49.2x to 42.4x), which took 15 points back.
  • The share count barely moved.
Net profit growth: +24 pts. Points of the price return explained by net profit growing (or shrinking).+24 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: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: +8%+8%Share priceNet profit growth: +24 pts. Points of the price return explained by net profit growing (or shrinking).+24ProfitP/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: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +8%+8%Share price
Net profit growth+24 ptsNet profit rose about 26%, which lifts the price.
P/E change-15 ptsThe P/E fell from 49.2x to 42.4x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+39%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 60 points, but investors now pay less per rupee of profit (P/E 50.3x to 42.4x), which took 20 points back.
  • The share count barely moved.
Net profit growth: +62 pts. Points of the price return explained by net profit growing (or shrinking).+62 ptsNet profit growthP/E change: −20 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−20 ptsP/E changeShare count change: −2 pts. Points of the price return explained by the share count changing. More shares count against the price.−2 ptsShare count changeShare price: +39%+39%Share priceNet profit growth: +62 pts. Points of the price return explained by net profit growing (or shrinking).+62ProfitP/E change: −20 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−20P/EShare count change: −2 pts. Points of the price return explained by the share count changing. More shares count against the price.−2SharesShare price: +39%+39%Share price
Net profit growth+62 ptsNet profit rose about 68%, which lifts the price.
P/E change-20 ptsThe P/E fell from 50.3x to 42.4x, which lowers the price.
Share count change-2 ptsShare count was little changed. More shares would count against the price.
+69%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 56 points to the rise, while the multiple moved less (P/E 38.5x to 42.4x).
  • The share count rose 2%.
Net profit growth: +59 pts. Points of the price return explained by net profit growing (or shrinking).+59 ptsNet profit growthP/E change: +13 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+13 ptsP/E changeShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3 ptsShare count changeShare price: +69%+69%Share priceNet profit growth: +59 pts. Points of the price return explained by net profit growing (or shrinking).+59ProfitP/E change: +13 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+13P/EShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3SharesShare price: +69%+69%Share price
Net profit growth+59 ptsNet profit rose about 56%, which lifts the price.
P/E change+13 ptsThe P/E rose from 38.5x to 42.4x, which lifts the price.
Share count change-3 ptsShare count rose 2%, 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 GRASIM INDUSTRIES

How rough has the ride been?

Maximum drawdown-37.6%recovered 2020-11
1-year volatility24.4%annualised
Beta vs sector index0.643-year daily, correlation 0.59
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−37.2% 0%−20%−40%2020202220242026−37.2%
Largest drawdowns

-37.6% (2019-05 peak to 2020-03 low, recovered 2020-11)

-37.0% (2021-11 peak to 2022-06 low, recovered 2023-06)

-20.6% (2026-02 peak to 2026-03 low, not yet recovered)

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?

42.4xP/E todayWithin its usual range
Against its own history46th percentile
CheapestMedian 43.7xDearest

Usual range 25.8x to 55.6x since 2019-01.

Against Non-Energy Minerals42.4x vs 21.8x
This company
42.4x
Sector median
21.8x

94% above the Non-Energy Minerals median.

8.6x25.6x42.7x59.7xJan '19Aug '20Mar '22Oct '23May '25Nov '268.6x25.6x42.7x59.7xJan '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

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▲ 15 pts vs a year ago
  • Op. margin85th▲ 3 pts vs a year ago
  • Revenue growth66thflat vs a year ago
  • EPS growth67th▲ 18 pts vs a year ago
  • Debt/equity ↓51stflat vs a year ago
  • Cash cycle ↓82ndflat vs a year ago
  • P/E ↓22nd▲ 4 pts vs a year ago
  • 12M momentum70thflat 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 priceAbove delivered growth

At normalised P/E (five-year average earnings) of 54.0x, a holder earning 12%/yr needs earnings to grow about 25.9%/yr for 10 years, then trade at 15x.

Delivered15.3%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+10.5 ptsimplied minus delivered
Rank313thmost demanding of 856

Over time

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

0%14%28% Jan 2019Nov 2026 0%14%28% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x27.3%28.5%29.6%
15x24.7%25.9%27.0%
20x21.4%22.5%23.6%

Drag a slider to test other assumptions

Implied: 25.9%/yr

Looking back

  • Jan 2020Price implied 26%/yr; EPS has since grown 18%/yr (7.0 yrs)
  • Jan 2021Price implied 25%/yr; EPS has since grown 6%/yr (6.0 yrs)
  • Jan 2022Price implied 27%/yr; EPS has since grown 8%/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
₹12275.00
P/E
42.4x
ROCE
13.0%
Market Cap
₹3.62L cr
Revenue (TTM)
₹91884 cr
P/S
3.9x
P/B
4.7x
ROE
11.1%
Operating Margin
20.0%
Debt / Equity
0.3x
Promoter Holding
59.3%
12M Momentum
8.0%

52-week range

₹10118.00₹12848.00
79% of the way from its 52-week low to its high

Price risk

1Y volatility
24.4%
Beta vs sector
1-year daily
0.74

Balance sheet & cash

Interest cover
operating profit ÷ interest
7.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.74x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance4%Within range

Other income as a share of pre-tax profit (trailing twelve months): 3.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.74xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.74x (cash from operations ₹36,887 cr, net profit ₹21,232 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+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (25 vs 22). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress9% of fixed assetsWithin range

Capital work-in-progress is 9% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-43 days / 2 yrsWithin range

Days payable changed by -43 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, DIIs added 6.0 pts; FIIs trimmed 5.8 pts; promoters trimmed 0.6 pts.
  • The number of shareholders rose from 3.4 lakh to 4.2 lakh (+22%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters60.0%59.3%-0.6 pts
FIIs18.2%12.4%-5.8 pts
DIIs13.7%19.7%+6.0 pts
Public and others8.0%8.4%+0.5 pts

Number of shareholders

4.2 lakhshareholders+22% since Dec '23
3.4L3.7L3.9L4.2L Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 3.4 lakh
Mar '24: 3.6 lakh
Jun '24: 3.5 lakh
Sep '24: 3.6 lakh
Dec '24: 3.6 lakh
Mar '25: 3.9 lakh
Jun '25: 4.1 lakh
Sep '25: 4.1 lakh
Dec '25: 4.1 lakh
Mar '26: 4.1 lakh
Jun '26: 4.2 lakh
 3.4L3.7L3.9L4.2L Dec '23Dec '24Dec '25Jun '26
Dec '23: 3.4 lakh
Mar '24: 3.6 lakh
Jun '24: 3.5 lakh
Sep '24: 3.6 lakh
Dec '24: 3.6 lakh
Mar '25: 3.9 lakh
Jun '25: 4.1 lakh
Sep '25: 4.1 lakh
Dec '25: 4.1 lakh
Mar '26: 4.1 lakh
Jun '26: 4.2 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

−3.4%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 ULTRATECH CEMENT 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 −16% to +11% vs the market, against −8% for all non-financial companies in the same months.
  • The gap against the base rate (+4.2%, 80% range −2.6% to +8.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%
TATACHEM · Jan 2020: −46.5% vs market
DALBHARAT · Sep 2023: −44.6% vs market
SYNGENE · Jun 2023: −36.7% vs market
AMBUJACEM · Sep 2025: −34.7% vs market
AUROPHARMA · Aug 2024: −29.0% vs market
SUNDRMFAST · Jul 2023: −25.0% vs market
CROMPTON · Aug 2024: −25.0% vs market
BALKRISIND · Feb 2025: −22.8% vs market
TITAN · May 2023: −20.0% vs market
GODREJAGRO · Jan 2020: −19.7% vs market
RELIANCE · Jun 2022: −18.2% vs market
SRF · Jul 2025: −18.1% vs market
SHREECEM · May 2025: −16.5% vs market
ZYDUSLIFE · Mar 2024: −15.1% vs market
CONCOR · Jul 2022: −15.0% vs market
GODREJCP · Jun 2023: −13.1% vs market
LT · Dec 2023: −13.0% vs market
DABUR · Feb 2025: −11.0% vs market
MANKIND · Aug 2025: −9.1% vs market
LUPIN · Aug 2024: −8.3% vs market
TATACONSUM · Apr 2025: −8.0% vs market
ALKEM · Dec 2023: −7.9% vs market
RAMCOCEM · Feb 2020: −7.6% vs market
CIPLA · Jun 2020: −7.1% vs market
MOTHERSON · May 2024: −3.7% vs market
JKCEMENT · Apr 2025: −3.1% vs market
TECHM · Jan 2025: −0.1% vs market
MRF · Jan 2020: +1.3% vs market
BHARATFORG · Jan 2023: +1.6% vs market
SIEMENS · Jan 2023: +1.7% vs market
MEDANTA · Jul 2025: +1.7% vs market
SUNPHARMA · May 2022: +3.8% vs market
INDHOTEL · Oct 2024: +6.9% vs market
BIOCON · Mar 2025: +8.5% vs market
ENDURANCE · May 2025: +9.5% vs market
IPCALAB · Mar 2025: +9.6% vs market
VOLTAS · Feb 2020: +10.2% vs market
TORNTPHARM · Aug 2024: +10.8% vs market
ADANIPORTS · Dec 2020: +11.8% vs market
KIMS · Nov 2024: +11.9% vs market
UNOMINDA · May 2024: +12.6% vs market
NESTLEIND · Apr 2025: +14.5% vs market
AARTIIND · Nov 2020: +15.0% vs market
APOLLOHOSP · May 2025: +16.2% vs market
WIPRO · Mar 2020: +17.1% vs market
JINDALSTEL · Aug 2025: +17.1% vs market
GLENMARK · Aug 2025: +19.7% vs market
BAJAJ-AUTO · Oct 2025: +23.0% vs market
DRREDDY · Jan 2020: +24.1% vs market
FORTIS · Aug 2024: +79.2% vs market
Similar setups −3.4%All companies −7.6%← 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
−3.4%
All companies' median
−7.6%
Beat the market
46% vs 41%

50 past situations · 50 companies · 29 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
RELIANCE
Energy Minerals		 Jun 2022 28x8% +23%−8% −18%
SUNPHARMA
Health Technology		 May 2022 71x13% +29%−9% +4%
LUPIN
Health Technology		 Aug 2024 53x16% +104%0% −8%
SRF
Process Industries		 Jul 2025 72x12% +15%−8% −18%
CIPLA
Health Technology		 Jun 2020 33x12% +16%−3% −7%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DRREDDY
Health Technology		 Jan 2020 27x13% +15%−2% +24%
ALKEM
Health Technology		 Dec 2023 63x14% +73%0% −8%
ZYDUSLIFE
Health Technology		 Mar 2024 52x15% +105%−1% −15%
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 P/E. 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 ULTRATECH CEMENT 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.

AUROBINDO PHARMAAUROPHARMA
Health Technology
78%similar
ROCErevenue
BALKRISHNA INDUSTRIESBALKRISIND
Consumer Durables
68%similar
promoter holdingdebt/equity
MANKIND PHARMAMANKIND
Health Technology
68%similar
ROCEEPS growth
GODREJ CONSUMER PRODUCTSGODREJCP
Consumer Non-Durables
64%similar
volatilitydebt/equity
VARUN BEVERAGESVBL
Consumer Non-Durables
64%similar
promoter holdingP/E
SHREE CEMENTSSHREECEM
Non-Energy Minerals
67%similar
operating marginvolatility
JK CEMENTJKCEMENT
Non-Energy Minerals
60%similar
P/Erevenue growth
JINDAL STEELJINDALSTEL
Non-Energy Minerals
55%similar
P/Erevenue

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

What changed?

30 events since Jun '21

  1. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  2. MayPriceVolume reached 5.3x its 50-day median on 2026-05-29; price -1.8% that day.
  3. MarPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
  4. DecResultsYear-on-year EPS growth turned positive.
  5. DecPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on operating margin (from the top quartile).
  6. JulPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  7. JunResultsYear-on-year EPS growth turned negative.
  8. JunPeer rankMoved into the top quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
Show 22 earlier events
  1. MarValuationP/E crossed above the 90th percentile of its own history to date (56.0x).
  2. FebPriceVolume reached 6.3x its 50-day median on 2025-02-27; price -4.7% that day.
  3. JunResultsYear-on-year EPS growth turned positive.
  4. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  5. JunPriceVolume reached 6.0x its 50-day median on 2024-06-27; price +5.1% that day.
  6. DecPriceVolume reached 6.2x its 50-day median on 2023-12-13; price -1.3% that day.
  7. NovValuationP/E crossed above the 90th percentile of its own history to date (50.3x).
  8. JunResultsYear-on-year EPS growth turned negative.
  9. JunPriceRegained the 2021-11 peak, 12 months after the low.
  10. JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on ROCE (from the 3rd quartile).
  11. JanDebtDebt / equity halved over 12 months to 0.22x.
  12. JunResultsYear-on-year EPS growth turned positive.
  13. JunPriceFell 37% from the Nov 2021 peak to the Jun 2022 low.
  14. JunValuationP/E fell below the 10th percentile of its own history to date (21.6x).
  15. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  16. JunDebtDebt / equity halved over 12 months to 0.22x.
  17. JunPriceVolume reached 6.6x its 50-day median on 2022-06-03; price -5.5% that day.
  18. MarPeer rankSlipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  19. MarPriceVolume reached 7.9x its 50-day median on 2022-03-03; price -6.5% that day.
  20. OctPriceVolume reached 5.8x its 50-day median on 2021-10-18; price +0.0% that day.
  21. JunResultsYear-on-year EPS growth turned negative.
  22. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the top 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 history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1142.4x₹91884 cr11.1%13.0%0.3x
2026-1038.1x₹91884 cr11.2%13.0%0.3x
2026-0937.8x₹91884 cr11.2%13.0%0.3x
2026-0841.3x₹88511 cr10.7%13.0%0.3x
2026-0743.0x₹88511 cr10.7%13.0%0.3x
2026-0639.8x₹88511 cr10.7%13.0%0.3x
2026-0543.3x₹85775 cr10.8%11.0%0.3x
2026-0443.7x₹85775 cr10.8%11.0%0.3x
2026-0340.5x₹85775 cr10.8%11.0%0.3x
2026-0250.0x₹81724 cr10.3%11.0%0.3x
2026-0150.0x₹81724 cr10.3%11.0%0.3x
2025-1246.4x₹81724 cr10.3%11.0%0.3x
2025-1149.2x₹78411 cr9.6%11.0%0.3x
2025-1050.6x₹78411 cr9.6%11.0%0.3x
2025-0951.8x₹78411 cr9.6%11.0%0.3x
2025-0859.7x₹75955 cr8.5%11.0%0.3x
2025-0757.9x₹75955 cr8.5%11.0%0.3x
2025-0657.1x₹75955 cr8.5%11.0%0.3x
2025-0554.5x₹73311 cr9.7%15.0%0.2x
2025-0456.6x₹73311 cr9.7%15.0%0.2x
2025-0356.0x₹73311 cr9.7%15.0%0.2x
2025-0246.0x₹72272 cr10.4%15.0%0.2x
2025-0152.1x₹72272 cr10.4%15.0%0.2x
2024-1251.9x₹72272 cr10.4%15.0%0.2x
2024-1146.5x₹71990 cr11.3%15.0%0.2x
2024-1046.0x₹71990 cr11.3%15.0%0.2x
2024-0949.0x₹71990 cr11.3%15.0%0.2x
2024-0845.6x₹70908 cr11.6%15.0%0.2x
2024-0748.0x₹70908 cr11.6%15.0%0.2x
2024-0647.1x₹70908 cr11.6%15.0%0.2x
2024-0555.4x₹63240 cr9.3%13.0%0.2x
2024-0455.7x₹63240 cr9.3%13.0%0.2x
2024-0354.5x₹63240 cr9.3%13.0%0.2x
2024-0255.3x₹63240 cr9.3%13.0%0.2x
2024-0156.8x₹63240 cr9.3%13.0%0.2x
2023-1258.7x₹63240 cr9.3%13.0%0.2x
2023-1150.3x₹63240 cr9.3%13.0%0.2x
2023-1047.1x₹63240 cr9.3%13.0%0.2x
2023-0946.1x₹63240 cr9.3%13.0%0.2x
2023-0846.4x₹63240 cr9.3%13.0%0.2x
2023-0746.5x₹63240 cr9.3%13.0%0.2x
2023-0646.3x₹63240 cr9.3%13.0%0.2x
2023-0530.3x₹52599 cr14.5%14.0%0.2x
2023-0429.1x₹52599 cr14.5%14.0%0.2x
2023-0329.4x₹52599 cr14.5%14.0%0.2x
2023-0228.0x₹52599 cr14.5%14.0%0.2x
2023-0127.3x₹52599 cr14.5%14.0%0.2x
2022-1226.8x₹52599 cr14.5%14.0%0.2x
2022-1127.3x₹52599 cr14.5%14.0%0.2x
2022-1025.9x₹52599 cr14.5%14.0%0.2x
2022-0924.1x₹52599 cr14.5%14.0%0.2x
2022-0825.7x₹52599 cr14.5%14.0%0.2x
2022-0725.2x₹52599 cr14.5%14.0%0.2x
2022-0621.6x₹52599 cr14.5%14.0%0.2x
2022-0531.5x₹44726 cr12.4%15.0%0.5x
2022-0434.3x₹44726 cr12.4%15.0%0.5x
2022-0334.2x₹44726 cr12.4%15.0%0.5x
2022-0234.0x₹44726 cr12.4%15.0%0.5x
2022-0137.4x₹44726 cr12.4%15.0%0.5x
2021-1239.3x₹44726 cr12.4%15.0%0.5x
2021-1138.5x₹44726 cr12.4%15.0%0.5x
2021-1039.5x₹44726 cr12.4%15.0%0.5x
2021-0938.3x₹44726 cr12.4%15.0%0.5x
2021-0840.6x₹44726 cr12.4%15.0%0.5x
2021-0739.5x₹44726 cr12.4%15.0%0.5x
2021-0635.1x₹44726 cr12.4%15.0%0.5x
2021-0533.0x₹42430 cr14.7%12.0%0.6x
2021-0430.9x₹42430 cr14.7%12.0%0.6x
2021-0333.1x₹42430 cr14.7%12.0%0.6x
2021-0230.1x₹42430 cr14.7%12.0%0.6x
2021-0126.2x₹42430 cr14.7%12.0%0.6x
2020-1226.0x₹42430 cr14.7%12.0%0.6x
2020-1123.6x₹42430 cr14.7%12.0%0.6x
2020-1022.5x₹42430 cr14.7%12.0%0.6x
2020-0919.9x₹42430 cr14.7%12.0%0.6x
2020-0819.2x₹42430 cr14.7%12.0%0.6x
2020-0720.2x₹42430 cr14.7%12.0%0.6x
2020-0619.1x₹42430 cr14.7%12.0%0.6x
2020-0543.7x₹41462 cr7.1%10.0%0.8x
2020-0439.6x₹41462 cr7.1%10.0%0.8x
2020-0336.3x₹41462 cr7.1%10.0%0.8x
2020-0247.3x₹41462 cr7.1%10.0%0.8x
2020-0149.5x₹41462 cr7.1%10.0%0.8x
2019-1245.3x₹41462 cr7.1%10.0%0.8x
2019-1147.7x₹41462 cr7.1%10.0%0.8x
2019-1046.4x₹41462 cr7.1%10.0%0.8x
2019-0948.6x₹41462 cr7.1%10.0%0.8x
2019-0845.4x₹41462 cr7.1%10.0%0.8x
2019-0748.7x₹41462 cr7.1%10.0%0.8x
2019-0651.0x₹41462 cr7.1%10.0%0.8x
2019-0557.6x₹30979 cr8.4%12.0%0.7x
2019-0455.9x₹30979 cr8.4%12.0%0.7x
2019-0348.4x₹30979 cr8.4%12.0%0.7x
2019-0246.3x₹30979 cr8.4%12.0%0.7x
2019-0142.6x₹30979 cr8.4%12.0%0.7x

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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