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VEDANTA LIMITED (VEDL)

Non-Energy Minerals · Aluminum · 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.52 / 100
Profitability 84Growth 36Balance sheet 36
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.55 / 100
Price 46Earnings 83FII/DII 35

Passes these screensCash RichValue Pick

Compare withNATIONAL ALUMINIUM COARFIN INDIAMAAN ALUMINIUM

Share price

Closing priceAdjusted for splits and bonus issues.

₹262 latest close · −6.6% over the last 90 sessions

₹220₹240₹260₹280Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹220₹240₹260₹280Jul 3Sep 4Nov 9

₹262 month-end · −4.8% over 12 months

₹250₹300₹350Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹250₹300₹350Nov '25May '26Nov '26

₹262 month-end · +156.7% over 3 years

₹100₹200₹300₹400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹100₹200₹300₹400Nov '23May '25Nov '26

₹262 month-end · +209.3% since Jan '19

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

52-week range ₹221.60 to ₹416.10 · 1-year volatility 54.7%

Was the rally earned?

-5%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-5%).
  • The share count rose 6%.
Net profit growth: +35 pts. Points of the price return explained by net profit growing (or shrinking).+35 ptsNet profit growthP/E change: −34 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−34 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: −5%−5%Share priceNet profit growth: +35 pts. Points of the price return explained by net profit growing (or shrinking).+35ProfitP/E change: −34 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−34P/EShare count change: −6 pts. Points of the price return explained by the share count changing. More shares count against the price.−6SharesShare price: −5%−5%Share price
Net profit growth+35 ptsNet profit rose about 44%, which lifts the price.
P/E change-34 ptsThe P/E fell from 7.4x to 5.2x, which lowers the price.
Share count change-6 ptsShare count rose 6%, which lowers the price.
+157%share price, 3 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 95 points and the multiple added 62 points (P/E 3.6x to 5.2x).
  • The share count rose 11%.
Net profit growth: +113 pts. Points of the price return explained by net profit growing (or shrinking).+113 ptsNet profit growthP/E change: +62 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+62 ptsP/E changeShare count change: −18 pts. Points of the price return explained by the share count changing. More shares count against the price.−18 ptsShare count changeShare price: +157%+157%Share priceNet profit growth: +113 pts. Points of the price return explained by net profit growing (or shrinking).+113ProfitP/E change: +62 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+62P/EShare count change: −18 pts. Points of the price return explained by the share count changing. More shares count against the price.−18SharesShare price: +157%+157%Share price
Net profit growth+113 ptsNet profit rose about 97%, which lifts the price.
P/E change+62 ptsThe P/E rose from 3.6x to 5.2x, which lifts the price.
Share count change-18 ptsShare count rose 11%, which lowers the price.
+71%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 63 points to the rise, while the multiple moved less (P/E 4.9x to 5.2x).
  • The share count rose 18%.
Net profit growth: +85 pts. Points of the price return explained by net profit growing (or shrinking).+85 ptsNet profit growthP/E change: +8 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+8 ptsP/E changeShare count change: −22 pts. Points of the price return explained by the share count changing. More shares count against the price.−22 ptsShare count changeShare price: +71%+71%Share priceNet profit growth: +85 pts. Points of the price return explained by net profit growing (or shrinking).+85ProfitP/E change: +8 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+8P/EShare count change: −22 pts. Points of the price return explained by the share count changing. More shares count against the price.−22SharesShare price: +71%+71%Share price
Net profit growth+85 ptsNet profit rose about 90%, which lifts the price.
P/E change+8 ptsThe P/E rose from 4.9x to 5.2x, which lifts the price.
Share count change-22 ptsShare count rose 18%, 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 NATIONAL ALUMINIUM CO

How rough has the ride been?

Maximum drawdown-78.0%recovered 2021-02
1-year volatility54.7%annualised
Beta vs sector index1.263-year daily, correlation 0.64
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−77.3% 0%−25%−50%−75%2020202220242026−77.3%
Largest drawdowns

-78.0% (2019-01 peak to 2020-03 low, recovered 2021-02)

-55.2% (2022-04 peak to 2023-09 low, recovered 2024-05)

-45.3% (2026-04 peak to 2026-10 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?

5.2xP/E todayWithin its usual range
Against its own history61st percentile
CheapestMedian 4.4xDearest

Usual range 2.4x to 10.2x since 2019-01.

Against Non-Energy Minerals5.2x vs 21.8x
This company
5.2x
Sector median
21.8x

76% below the Non-Energy Minerals median.

1.1x11.0x20.9x30.9xJan '19Aug '20Mar '22Oct '23May '25Nov '261.1x11.0x20.9x30.9xJan '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

  • ROCE75th▲ 21 pts vs a year ago
  • Op. margin94thflat vs a year ago
  • Revenue growth20th▲ 17 pts vs a year ago
  • EPS growth72nd▼ 26 pts vs a year ago
  • Debt/equity ↓31st▲ 27 pts vs a year ago
  • Cash cycle ↓92nd▲ 42 pts vs a year ago
  • P/E ↓97thflat vs a year ago
  • 12M momentum58th▼ 30 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?

~-2%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 8.1x, a holder earning 12%/yr needs earnings to grow about −1.9%/yr for 10 years, then trade at 15x.

Delivered4.5%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−6.3 ptsimplied minus delivered
Rank657thmost demanding of 856

Over time

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

-12%11%34% Jan 2019Nov 2026 -12%11%34% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x−1.3%−0.4%0.5%
15x−2.8%−1.9%−1.0%
20x−4.7%−3.9%−3.0%

Drag a slider to test other assumptions

Implied: −1.9%/yr

Looking back

  • Jan 2020Price implied 14%/yr; EPS has since grown 14%/yr (7.0 yrs)
  • Jan 2022Price implied −2%/yr; EPS has since grown 10%/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
₹262.00
P/E
5.2x
ROCE
16.0%
Market Cap
₹1.02L cr
Revenue (TTM)
₹86887 cr
P/S
1.2x
P/B
2.1x
ROE
39.6%
Operating Margin
35.0%
Debt / Equity
0.7x
Promoter Holding
54.7%
12M Momentum
-4.8%

52-week range

₹221.60₹416.10
21% of the way from its 52-week low to its high

Price risk

1Y volatility
54.7%
Beta vs sector
1-year daily
1.29

Balance sheet & cash

Interest cover
operating profit ÷ interest
13.8x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.16x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 7checks within range1 beyond a threshold
Other income reliance42%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 42.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate16%Within range

Median quarterly effective tax rate over about 2.5 years: 16.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.16xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.16x (cash from operations ₹1,14,715 cr, net profit ₹53,170 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-4 daysWithin range

Debtor days are below the median of the previous three fiscal years by 4 days (6 vs 10). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress34% of fixed assetsNear threshold

Capital work-in-progress is 34% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+5 days / 2 yrsWithin range

Days payable changed by +5 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, promoters trimmed 9.0 pts; FIIs added 8.0 pts.
  • The number of shareholders rose from 19.4 lakh to 26.0 lakh (+34%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters63.7%54.7%-9.0 pts
FIIs7.8%15.8%+8.0 pts
DIIs10.6%10.8%+0.2 pts
Public and others17.7%18.4%+0.7 pts

Number of shareholders

26.0 lakhshareholders+34% since Sep '23
17.9L20.6L23.3L26.0L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 19.4 lakh
Dec '23: 19.1 lakh
Mar '24: 17.9 lakh
Jun '24: 17.9 lakh
Sep '24: 18.7 lakh
Dec '24: 20.0 lakh
Mar '25: 20.5 lakh
Jun '25: 20.9 lakh
Sep '25: 20.7 lakh
Dec '25: 20.3 lakh
Mar '26: 21.1 lakh
Jun '26: 26.0 lakh
 17.9L20.6L23.3L26.0L Sep '23Sep '24Sep '25Jun '26
Sep '23: 19.4 lakh
Dec '23: 19.1 lakh
Mar '24: 17.9 lakh
Jun '24: 17.9 lakh
Sep '24: 18.7 lakh
Dec '24: 20.0 lakh
Mar '25: 20.5 lakh
Jun '25: 20.9 lakh
Sep '25: 20.7 lakh
Dec '25: 20.3 lakh
Mar '26: 21.1 lakh
Jun '26: 26.0 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

+3.5%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 VEDANTA 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 −19% to +28% vs the market, against −6% for all non-financial companies in the same months.
  • The gap against the base rate (+9.3%, 80% range −0.6% to +14.4%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
RPOWER · Sep 2025: −55.9% vs market
ELECTCAST · Nov 2024: −53.3% vs market
HGINFRA · Apr 2025: −48.1% vs market
ALLCARGO · Jul 2023: −43.3% vs market
KNRCON · Oct 2024: −40.5% vs market
DEEPAKFERT · Jan 2023: −31.3% vs market
PNCINFRA · Dec 2024: −28.5% vs market
NLCINDIA · Jan 2020: −26.6% vs market
CHAMBLFERT · Jul 2022: −25.0% vs market
JKPAPER · Jul 2024: −24.7% vs market
BBTC · Mar 2025: −23.0% vs market
DHAMPURSUG · Feb 2020: −20.3% vs market
VINDHYATEL · Aug 2020: −19.4% vs market
JKTYRE · Jun 2024: −18.8% vs market
AGI · Oct 2025: −17.3% vs market
DALMIASUG · Dec 2022: −14.8% vs market
GHCL · Jan 2023: −14.5% vs market
GRINFRA · Aug 2024: −11.4% vs market
GAIL · Oct 2024: −7.5% vs market
MARATHON · Feb 2025: −6.9% vs market
GIPCL · Apr 2024: −5.2% vs market
PRAKASH · Sep 2024: −2.1% vs market
ONGC · Dec 2021: −0.6% vs market
JPPOWER · Mar 2025: +1.3% vs market
PRESTIGE · Nov 2021: +3.0% vs market
INDUSTOWER · Oct 2024: +4.1% vs market
JINDALSTEL · Aug 2021: +7.3% vs market
SCI · Dec 2024: +8.3% vs market
JINDALSAW · Jun 2025: +8.4% vs market
RAIN · Mar 2021: +9.9% vs market
HINDALCO · Jun 2023: +12.5% vs market
GESHIP · Jan 2025: +15.2% vs market
OIL · Feb 2025: +19.6% vs market
TRIVENI · Aug 2022: +21.9% vs market
IIFLCAPS · Sep 2025: +22.9% vs market
JINDALPOLY · May 2021: +25.4% vs market
KSL · Sep 2025: +26.0% vs market
TIIL · Mar 2024: +28.2% vs market
STLTECH · Jul 2020: +52.8% vs market
WELCORP · Jun 2021: +52.9% vs market
IMFA · Jan 2025: +56.8% vs market
PCBL · Jun 2020: +57.9% vs market
IRB · Feb 2021: +66.6% vs market
BALRAMCHIN · Apr 2020: +76.3% vs market
SARDAEN · Jun 2024: +86.7% vs market
ICIL · Apr 2023: +96.3% vs market
NAVA · May 2021: +98.6% vs market
TRIDENT · Aug 2020: +99.4% vs market
SAIL · Sep 2020: +105.8% vs market
USHAMART · Jan 2021: +110.8% vs market
Similar setups +3.5%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
+3.5%
All companies' median
−5.8%
Beat the market
54% vs 44%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
OIL
Energy Minerals		 Feb 2025 7x18% −6%−54% +20%
JINDALSTEL
Non-Energy Minerals		 Aug 2021 11x17% +84%−23% +7%
SCI
Transportation		 Dec 2024 9x8% +28%−40% +8%
BALRAMCHIN
Process Industries		 Apr 2020 4x20% −34%−49% +76%
JPPOWER
Utilities		 Mar 2025 8x14% −7%−38% +1%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GESHIP
Transportation		 Jan 2025 5x19% −1%−32% +15%
RPOWER
Utilities		 Sep 2025 6x6% −9%−38% −56%
SARDAEN
Non-Energy Minerals		 Jun 2024 16x15% +58%−15% +87%
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, P/S 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 VEDANTA 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.

SHIPPING CORP OF INDIA LTSCI
Transportation
57%similar
EPS growthP/E
AEGIS LOGISTICSAEGISLOG
Distribution Services
48%similar
debt/equityoperating margin
DEEPAK FERTILIZERS &PETROCHEMIDEEPAKFERT
Process Industries
42%similar
debt/equityoperating margin
JM FINANCIALJMFINANCIL
Finance
42%similar
EPS growthpromoter holding
PNC INFRATECHPNCINFRA
Industrial Services
41%similar
P/Erevenue growth
INDIAN METALS & FERRO ALLOYS LIMFA
Non-Energy Minerals
47%similar
operating marginpromoter holding
HINDUSTAN ZINCHINDZINC
Non-Energy Minerals
36%similar
revenuemarket cap
STEEL AUTHORITY OF INDIASAIL
Non-Energy Minerals
34%similar
revenuemarket cap

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

What changed?

30 events since Jun '23

  1. OctPriceFell 45% from the Apr 2026 peak to the Oct 2026 low.
  2. SepPeer rankMoved into the top quartile of Non-Energy Minerals on ROCE (from the 2nd quartile).
  3. JulDebtDebt / equity halved over 12 months to 0.66x.
  4. JunDebtDebt / equity fell below 1.0x (0.66x).
  5. JunPriceVolume reached 6.3x its 50-day median on 2026-06-23; price -7.9% that day.
  6. DecValuationP/E crossed above the 90th percentile of its own history to date (10.3x).
  7. DecPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
  8. OctPriceRegained the 2024-12 peak, 6 months after the low.
Show 22 earlier events
  1. JulPriceVolume reached 5.2x its 50-day median on 2025-07-09; price -3.4% that day.
  2. JunPeer rankMoved into the top quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  3. JunDividendDividend payout cut from 259% to 113% of profit.
  4. JunSharesShare count is up 5.1% over 12 months.
  5. AprPriceFell 29% from the Dec 2024 peak to the Apr 2025 low.
  6. MarPeer rankSlipped to the 2nd quartile of Non-Energy Minerals on ROCE (from the top quartile).
  7. DecPromoterPromoter holding fell 2.9 pts to 56.4%.
  8. DecResultsYear-on-year EPS growth turned positive.
  9. DecPeer rankMoved into the 3rd quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
  10. SepPromoterPromoter holding fell 2.6 pts to 59.3%.
  11. JunInstitutionsFII + DII holding rose 3.5 pts over 2 quarters to 21.9%.
  12. JunPeer rankSlipped to the bottom quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
  13. JunPriceVolume reached 12.2x its 50-day median on 2024-06-26; price -2.6% that day.
  14. MayPriceRegained the 2022-04 peak, 8 months after the low.
  15. AprValuationP/E crossed above the 90th percentile of its own history to date (6.6x).
  16. FebPriceVolume reached 10.8x its 50-day median on 2024-02-15; price -4.4% that day.
  17. OctPriceVolume reached 6.3x its 50-day median on 2023-10-03; price +4.1% that day.
  18. SepPriceFell 55% from the Apr 2022 peak to the Sep 2023 low.
  19. AugPriceVolume reached 43.5x its 50-day median on 2023-08-03; price -7.2% that day.
  20. JunResultsYear-on-year EPS growth turned negative.
  21. JunPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
  22. JunDebtDebt / equity rose above 1.0x (2.04x).

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
2026-115.2x₹86887 cr39.6%16.0%0.7x
2026-104.7x₹86887 cr39.6%16.0%0.7x
2026-095.1x₹86887 cr39.6%16.0%0.7x
2026-086.3x₹78436 cr34.8%16.0%0.7x
2026-075.9x₹78436 cr34.8%16.0%0.7x
2026-066.3x₹78436 cr34.8%16.0%0.7x
2026-059.7x₹70513 cr34.6%12.0%2.2x
2026-047.5x₹70513 cr34.6%12.0%2.2x
2026-039.5x₹70513 cr34.6%12.0%2.2x
2026-0212.2x₹66239 cr29.7%12.0%2.2x
2026-0111.6x₹66239 cr29.7%12.0%2.2x
2025-1210.3x₹66239 cr29.7%12.0%2.2x
2025-117.4x₹87137 cr33.2%12.0%2.2x
2025-106.9x₹87137 cr33.2%12.0%2.2x
2025-096.5x₹87137 cr33.2%12.0%2.2x
2025-085.7x₹1.07L cr34.3%12.0%2.2x
2025-075.5x₹1.07L cr34.3%12.0%2.2x
2025-066.0x₹1.07L cr34.3%12.0%2.2x
2025-056.5x₹1.26L cr40.0%21.0%2.9x
2025-046.3x₹1.26L cr40.0%21.0%2.9x
2025-037.0x₹1.26L cr40.0%21.0%2.9x
2025-026.7x₹1.44L cr35.5%21.0%2.9x
2025-017.4x₹1.44L cr35.5%21.0%2.9x
2024-127.5x₹1.44L cr35.5%21.0%2.9x
2024-1116.4x₹1.46L cr20.9%21.0%2.9x
2024-1016.7x₹1.46L cr20.9%21.0%2.9x
2024-0918.5x₹1.46L cr20.9%21.0%2.9x
2024-0819.8x₹1.44L cr16.9%21.0%2.9x
2024-0719.1x₹1.44L cr16.9%21.0%2.9x
2024-0619.2x₹1.44L cr16.9%21.0%2.9x
2024-057.6x₹1.47L cr25.3%20.0%2.0x
2024-046.6x₹1.47L cr25.3%20.0%2.0x
2024-034.4x₹1.47L cr25.3%20.0%2.0x
2024-024.4x₹1.47L cr25.3%20.0%2.0x
2024-014.5x₹1.47L cr25.3%20.0%2.0x
2023-124.2x₹1.47L cr25.3%20.0%2.0x
2023-113.6x₹1.47L cr25.3%20.0%2.0x
2023-103.3x₹1.47L cr25.3%20.0%2.0x
2023-093.4x₹1.47L cr25.3%20.0%2.0x
2023-083.6x₹1.47L cr25.3%20.0%2.0x
2023-074.3x₹1.47L cr25.3%20.0%2.0x
2023-064.3x₹1.47L cr25.3%20.0%2.0x
2023-052.4x₹1.33L cr25.0%28.0%0.8x
2023-042.5x₹1.33L cr25.0%28.0%0.8x
2023-032.4x₹1.33L cr25.0%28.0%0.8x
2023-022.4x₹1.33L cr25.0%28.0%0.8x
2023-013.0x₹1.33L cr25.0%28.0%0.8x
2022-122.7x₹1.33L cr25.0%28.0%0.8x
2022-112.7x₹1.33L cr25.0%28.0%0.8x
2022-102.5x₹1.33L cr25.0%28.0%0.8x
2022-092.4x₹1.33L cr25.0%28.0%0.8x
2022-082.4x₹1.33L cr25.0%28.0%0.8x
2022-072.2x₹1.33L cr25.0%28.0%0.8x
2022-061.9x₹1.33L cr25.0%28.0%0.8x
2022-054.6x₹88021 cr16.6%17.0%0.9x
2022-046.0x₹88021 cr16.6%17.0%0.9x
2022-035.9x₹88021 cr16.6%17.0%0.9x
2022-025.5x₹88021 cr16.6%17.0%0.9x
2022-014.6x₹88021 cr16.6%17.0%0.9x
2021-124.9x₹88021 cr16.6%17.0%0.9x
2021-114.9x₹88021 cr16.6%17.0%0.9x
2021-104.4x₹88021 cr16.6%17.0%0.9x
2021-094.1x₹88021 cr16.6%17.0%0.9x
2021-084.3x₹88021 cr16.6%17.0%0.9x
2021-074.3x₹88021 cr16.6%17.0%0.9x
2021-063.7x₹88021 cr16.6%17.0%0.9x
2021-05—₹84447 cr-6.0%10.0%1.1x
2021-04—₹84447 cr-6.0%10.0%1.1x
2021-03—₹84447 cr-6.0%10.0%1.1x
2021-02—₹84447 cr-6.0%10.0%1.1x
2021-01—₹84447 cr-6.0%10.0%1.1x
2020-12—₹84447 cr-6.0%10.0%1.1x
2020-11—₹84447 cr-6.0%10.0%1.1x
2020-10—₹84447 cr-6.0%10.0%1.1x
2020-09—₹84447 cr-6.0%10.0%1.1x
2020-08—₹84447 cr-6.0%10.0%1.1x
2020-07—₹84447 cr-6.0%10.0%1.1x
2020-06—₹84447 cr-6.0%10.0%1.1x
2020-051.8x₹92048 cr10.7%14.0%1.1x
2020-041.7x₹92048 cr10.7%14.0%1.1x
2020-031.1x₹92048 cr10.7%14.0%1.1x
2020-022.3x₹92048 cr10.7%14.0%1.1x
2020-012.9x₹92048 cr10.7%14.0%1.1x
2019-123.3x₹92048 cr10.7%14.0%1.1x
2019-113.1x₹92048 cr10.7%14.0%1.1x
2019-103.2x₹92048 cr10.7%14.0%1.1x
2019-093.4x₹92048 cr10.7%14.0%1.1x
2019-083.0x₹92048 cr10.7%14.0%1.1x
2019-073.4x₹92048 cr10.7%14.0%1.1x
2019-063.9x₹92048 cr10.7%14.0%1.1x
2019-052.4x₹91866 cr14.9%15.0%0.9x
2019-042.5x₹91866 cr14.9%15.0%0.9x
2019-032.8x₹91866 cr14.9%15.0%0.9x
2019-022.6x₹91866 cr14.9%15.0%0.9x
2019-013.0x₹91866 cr14.9%15.0%0.9x

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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