अApnaFunda

VASWANI INDUSTRIES LIMITED (VASWANI)

Non-Energy Minerals

Share Price
₹39.16
P/E
15.5x
Market Cap
₹135 cr
Revenue (TTM)
₹389 cr
P/S
0.3x
Promoter Holding
62.1%
12M Momentum
-35.9%
P/E vs its own history14th percentilesince Jun '24
P/E vs Non-Energy Minerals0.7xthe sector median

52-week range

₹39.00₹69.99
1% of the way from its 52-week low to its high

Price risk

1Y volatility
47.3%
Beta vs sector
1-year daily
0.65

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.4x

Was the rally earned?

-36%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 24.2x to 15.5x); per-share earnings added 0 points.
  • The share count barely moved.
1 year P/E change: -36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-36 pts -36% 1 year P/E change: -36 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-36 pts -36%
Net profit growth0 ptsNet profit was little changed.
P/E change-36 ptsThe P/E fell from 24.2x to 15.5x, 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.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with JSW STEEL

Is it expensive against its own past and its peers?

15.5xP/E todayNear its historic low
Against its own history14th percentileMedian 20.4x; usual range 15.3x to 24.3x since 2024-06.
Against Non-Energy Minerals15.5x vs 21.3xBelow the Non-Energy Minerals median.
13.4x18.8x24.3x29.7xJun '24Dec '24Jun '25Dec '25Jun '26Oct '2613.4x18.8x24.3x29.7xJun '24Apr '25Feb '26Oct '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/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; dashed 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

What is the price implying?

~12%annual earnings growth implied by the price

At a P/E of 15.5x, the price would imply about 12.4%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Earnings figures have not updated recently, so the company is left out of the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Non-Energy Minerals The market-wide Expectations lists

What changed?

  1. Oct '26P/E fell below the 10th percentile of its own history to date (15.5x).
  2. Dec '25Slipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  3. Mar '25Fell 50% from the Oct 2024 peak to the Mar 2025 low.
  4. Sep '24Regained the 2024-02 peak, 3 months after the low.
  5. Jun '24Fell 47% from the Feb 2024 peak to the Jun 2024 low.
  6. Feb '24Regained the 2022-01 peak, 14 months after the low.
  7. Dec '22Fell 56% from the Jan 2022 peak to the Dec 2022 low.
  8. Jan '22Regained the 2021-10 peak, 2 months after the low.
Show 5 earlier events
  1. Nov '21Fell 28% from the Oct 2021 peak to the Nov 2021 low.
  2. Oct '21Regained the 2021-05 peak, 1 month after the low.
  3. Sep '21Fell 27% from the May 2021 peak to the Sep 2021 low.
  4. May '21Regained the 2019-01 peak, 14 months after the low.
  5. Mar '20Fell 80% from the Jan 2019 peak to the Mar 2020 low.

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

Are profits backed by cash?

0 of 1 checks are within range, 1 near a threshold.
Tap a check to see how it is measured.

Other income reliance18%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 18.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days—Not enough data

Not enough reported data to compute this.

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, promoters added 3.7 pts.
  • The number of shareholders rose from 12,140 to 14,030 (+16%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters58.3%62.1%+3.7 pts
FIIs0.0%0.1%+0.1 pts
DIIs———
Public and others41.7%37.8%-3.9 pts

Number of shareholders

14,030shareholders+16% since Dec '23
12k14k16k17k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 12,140
Mar '24: 14,762
Jun '24: 13,960
Sep '24: 15,324
Dec '24: 16,335
Mar '25: 17,312
Jun '25: 16,790
Sep '25: 15,689
Dec '25: 15,161
Mar '26: 14,567
Jun '26: 14,030
12k14k16k17k Dec '23Dec '24Dec '25Jun '26
Dec '23: 12,140
Mar '24: 14,762
Jun '24: 13,960
Sep '24: 15,324
Dec '24: 16,335
Mar '25: 17,312
Jun '25: 16,790
Sep '25: 15,689
Dec '25: 15,161
Mar '26: 14,567
Jun '26: 14,030

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

How rough has the ride been?

Maximum drawdown-80.4%recovered 2021-05
1-year volatility47.3%annualised

Monthly share price

₹34₹45₹57₹68 Jun '24Dec '24Jun '25Dec '25Jun '26Oct '26
2024-06: ₹33.66
2024-07: ₹49.11
2024-08: ₹52.39
2024-09: ₹68.31
2024-10: ₹48.37
2024-11: ₹48.26
2024-12: ₹50.28
2025-01: ₹51.35
2025-02: ₹36.65
2025-03: ₹35.17
2025-04: ₹40.43
2025-05: ₹44.72
2025-06: ₹44.56
2025-07: ₹53.39
2025-08: ₹56.54
2025-09: ₹53.20
2025-10: ₹61.04
2025-11: ₹54.98
2025-12: ₹62.79
2026-01: ₹52.80
2026-02: ₹61.49
2026-03: ₹50.09
2026-04: ₹58.36
2026-05: ₹56.63
2026-06: ₹55.40
2026-07: ₹51.58
2026-08: ₹48.91
2026-09: ₹44.57
2026-10: ₹39.16
₹34₹45₹57₹68 Jun '24Apr '25Feb '26Oct '26
2024-06: ₹33.66
2024-07: ₹49.11
2024-08: ₹52.39
2024-09: ₹68.31
2024-10: ₹48.37
2024-11: ₹48.26
2024-12: ₹50.28
2025-01: ₹51.35
2025-02: ₹36.65
2025-03: ₹35.17
2025-04: ₹40.43
2025-05: ₹44.72
2025-06: ₹44.56
2025-07: ₹53.39
2025-08: ₹56.54
2025-09: ₹53.20
2025-10: ₹61.04
2025-11: ₹54.98
2025-12: ₹62.79
2026-01: ₹52.80
2026-02: ₹61.49
2026-03: ₹50.09
2026-04: ₹58.36
2026-05: ₹56.63
2026-06: ₹55.40
2026-07: ₹51.58
2026-08: ₹48.91
2026-09: ₹44.57
2026-10: ₹39.16

Last 90 trading days

₹39₹45₹50₹56 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹53.59
2026-06-25: ₹53.50
2026-06-30: ₹55.40
2026-07-02: ₹55.33
2026-07-06: ₹55.30
2026-07-08: ₹53.52
2026-07-10: ₹54.52
2026-07-14: ₹53.32
2026-07-16: ₹53.81
2026-07-20: ₹52.82
2026-07-22: ₹52.69
2026-07-24: ₹52.52
2026-07-28: ₹52.51
2026-07-30: ₹52.27
2026-08-03: ₹51.81
2026-08-05: ₹52.76
2026-08-07: ₹52.14
2026-08-11: ₹51.37
2026-08-13: ₹53.04
2026-08-17: ₹47.96
2026-08-19: ₹48.36
2026-08-21: ₹46.55
2026-08-25: ₹46.19
2026-08-27: ₹48.42
2026-08-31: ₹48.91
2026-09-02: ₹47.82
2026-09-04: ₹47.01
2026-09-08: ₹46.50
2026-09-10: ₹46.41
2026-09-15: ₹44.67
2026-09-17: ₹44.61
2026-09-21: ₹46.10
2026-09-23: ₹45.68
2026-09-25: ₹45.35
2026-09-29: ₹44.51
2026-10-01: ₹44.36
2026-10-06: ₹43.41
2026-10-08: ₹43.37
2026-10-12: ₹43.02
2026-10-14: ₹44.57
2026-10-16: ₹42.13
2026-10-21: ₹39.94
2026-10-23: ₹41.65
2026-10-27: ₹41.34
2026-10-29: ₹39.99
2026-10-30: ₹39.16
₹39₹45₹50₹56 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹53.59
2026-06-25: ₹53.50
2026-06-30: ₹55.40
2026-07-02: ₹55.33
2026-07-06: ₹55.30
2026-07-08: ₹53.52
2026-07-10: ₹54.52
2026-07-14: ₹53.32
2026-07-16: ₹53.81
2026-07-20: ₹52.82
2026-07-22: ₹52.69
2026-07-24: ₹52.52
2026-07-28: ₹52.51
2026-07-30: ₹52.27
2026-08-03: ₹51.81
2026-08-05: ₹52.76
2026-08-07: ₹52.14
2026-08-11: ₹51.37
2026-08-13: ₹53.04
2026-08-17: ₹47.96
2026-08-19: ₹48.36
2026-08-21: ₹46.55
2026-08-25: ₹46.19
2026-08-27: ₹48.42
2026-08-31: ₹48.91
2026-09-02: ₹47.82
2026-09-04: ₹47.01
2026-09-08: ₹46.50
2026-09-10: ₹46.41
2026-09-15: ₹44.67
2026-09-17: ₹44.61
2026-09-21: ₹46.10
2026-09-23: ₹45.68
2026-09-25: ₹45.35
2026-09-29: ₹44.51
2026-10-01: ₹44.36
2026-10-06: ₹43.41
2026-10-08: ₹43.37
2026-10-12: ₹43.02
2026-10-14: ₹44.57
2026-10-16: ₹42.13
2026-10-21: ₹39.94
2026-10-23: ₹41.65
2026-10-27: ₹41.34
2026-10-29: ₹39.99
2026-10-30: ₹39.16

Drawdown from peak

0% -39% -78% Jan '19Dec '22Oct '26 0% -39% -78% Jan '19Dec '22Oct '26
Largest drawdowns

-80.4% (2019-01 peak to 2020-03 low, recovered 2021-05)

-55.7% (2022-01 peak to 2022-12 low, recovered 2024-02)

-50.1% (2024-10 peak to 2025-03 low, not yet recovered)

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).

Revenue growth
EPS growth
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

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 happened next to similar setups

−7.2%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 VASWANI INDUSTRIES LIMITED today on valuation, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −23% to +8% vs the market, against −6% for all non-financial companies in the same months.
  • The gap against the base rate (−1.4%, 80% range −10.4% to +2.3%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%+100%
MANGALAM · Jun 2025: −65.2% vs market
VISHWARAJ · Jun 2024: −42.3% vs market
SUTLEJTEX · Mar 2024: −36.1% vs market
SAKHTISUG · May 2025: −33.7% vs market
MUNJALSHOW · Jun 2021: −33.6% vs market
MAHESHWARI · Dec 2021: −29.1% vs market
UCAL · Apr 2021: −27.4% vs market
AHLADA · Sep 2023: −26.0% vs market
MUNJALAU · Jan 2025: −25.8% vs market
RELCHEMQ · Oct 2025: −25.1% vs market
GEEKAYWIRE · Apr 2021: −25.0% vs market
VIRINCHI · Dec 2024: −24.1% vs market
CORDSCABLE · Jun 2021: −22.6% vs market
INDIANHUME · Apr 2022: −22.2% vs market
SUPERHOUSE · Jun 2024: −21.7% vs market
IGPL · Jan 2025: −21.7% vs market
ASTRON · Jan 2023: −20.2% vs market
BALPHARMA · Apr 2023: −18.1% vs market
SUNDRMBRAK · Dec 2021: −15.6% vs market
KALYANIFRG · May 2020: −14.7% vs market
ELIN · Mar 2024: −14.0% vs market
PIONEEREMB · Jun 2023: −12.9% vs market
HITECHCORP · Mar 2024: −12.4% vs market
MAWANASUG · Jan 2024: −9.3% vs market
DHAMPURSUG · Jul 2025: −7.8% vs market
SAHYADRI · May 2025: −6.6% vs market
SUKHJITS · Sep 2025: −6.3% vs market
NAHARINDUS · Mar 2025: −3.3% vs market
PLASTIBLEN · Oct 2025: −3.2% vs market
STARPAPER · Jul 2023: −2.5% vs market
BVCL · Aug 2021: −1.6% vs market
JAYSREETEA · Jun 2024: −1.3% vs market
SHIGAN · Apr 2025: +0.8% vs market
DCMNVL · Dec 2023: +0.9% vs market
HARRMALAYA · Jan 2023: +1.8% vs market
PATINTLOG · May 2020: +1.9% vs market
MANOMAY · May 2025: +2.7% vs market
ANDHRSUGAR · Mar 2025: +10.0% vs market
AUTOIND · Oct 2025: +12.1% vs market
PONNIERODE · Oct 2025: +19.7% vs market
ARIES · Jul 2022: +23.1% vs market
PGIL · Jun 2020: +25.7% vs market
NECLIFE · Mar 2023: +27.3% vs market
HPL · Sep 2020: +36.7% vs market
NELCAST · Mar 2025: +42.3% vs market
BIL · Feb 2021: +51.1% vs market
CENTEXT · Aug 2023: +69.7% vs market
DPABHUSHAN · Jan 2023: +73.9% vs market
RUCHIRA · Dec 2021: +75.2% vs market
JAYBARMARU · Jun 2025: +118.2% vs market
Similar setups −7.2%All companies −5.8%← 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
−7.2%
All companies' median
−5.8%
Beat the market
36% vs 44%

50 past situations · 50 companies · 30 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BALPHARMA
Health Technology
Apr 2023 22x12% −28%−36% −18%
NAHARINDUS
Process Industries
Mar 2025 18x3% −21%−48% −3%
HPL
Electronic Technology
Sep 2020 10x7% −25%−33% +37%
RELCHEMQ
Process Industries
Oct 2025 26x7% −29%−32% −25%
VISHWARAJ
Process Industries
Jun 2024 24x9% +4%−14% −42%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
HARRMALAYA
Process Industries
Jan 2023 11x14% −24%−31% +2%
PGIL
Consumer Non-Durables
Jun 2020 10x10% −39%−45% +26%
DPABHUSHAN
Retail Trade
Jan 2023 17x24% −23%−33% +74%
How reliable is this?

Matched on P/E, P/S, 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. Not used (unavailable for this company): ROCE, operating margin and debt/equity. 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 VASWANI INDUSTRIES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. 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: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 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.
Monthly history (29 months)
MonthP/ERevenue (TTM)
2026-1015.5x₹389 cr
2026-0917.7x₹389 cr
2026-0819.4x₹389 cr
2026-0720.5x₹389 cr
2026-0622.0x₹389 cr
2026-0522.5x₹389 cr
2026-0423.2x₹389 cr
2026-0319.9x₹389 cr
2026-0224.4x₹389 cr
2026-0121.0x₹389 cr
2025-1224.9x₹389 cr
2025-1121.8x₹389 cr
2025-1024.2x₹389 cr
2025-0921.1x₹389 cr
2025-0822.4x₹389 cr
2025-0721.2x₹389 cr
2025-0617.7x₹389 cr
2025-0517.7x₹389 cr
2025-0416.0x₹389 cr
2025-0314.0x₹389 cr
2025-0214.5x₹389 cr
2025-0120.4x₹389 cr
2024-1220.0x₹389 cr
2024-1119.2x₹389 cr
2024-1019.2x₹389 cr
2024-0927.1x₹389 cr
2024-0820.8x₹389 cr
2024-0719.5x₹389 cr
2024-0613.4x₹389 cr

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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