52-week range
Price risk
Balance sheet & cash
Per-share figures around a recent split, bonus issue or demerger may not yet be consistent.
Was the rally earned?
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 0.1x to 0.4x); per-share earnings took off 86 points.
- The share count rose 12%.
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 1 year 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.
What changed?
- Sep '26Promoter holding rose 4.8 pts to 62.4% (largest rise since 2026-03).
- Jun '26Share count is up 11.2% over 12 months.
- Mar '26Promoter holding rose 4.9 pts to 57.6%.
- Mar '26Fell 60% from the Oct 2025 peak to the Mar 2026 low.
- Dec '25Slipped to the bottom quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
- Oct '25Regained the 2025-01 peak, 4 months after the low.
- Sep '25Moved into the 3rd quartile of Non-Energy Minerals on operating margin (from the bottom quartile).
- Jun '25Fell 37% from the Jan 2025 peak to the Jun 2025 low.
Show 16 earlier events
- Mar '25Slipped to the bottom quartile of Non-Energy Minerals on operating margin (from the 3rd quartile).
- Jan '25Regained the 2024-10 peak, 2 months after the low.
- Dec '24Promoter holding rose 4.4 pts to 52.7%.
- Dec '24FII + DII holding fell 4.1 pts over 1 quarter to 13.3%.
- Nov '24Fell 26% from the Oct 2024 peak to the Nov 2024 low.
- Sep '24Regained the 2024-07 peak, 1 month after the low.
- Sep '24Moved into the 3rd quartile of Non-Energy Minerals on operating margin (from the bottom quartile).
- Aug '24Fell 28% from the Jul 2024 peak to the Aug 2024 low.
- Jul '24Regained the 2022-04 peak, 17 months after the low.
- Feb '23Fell 60% from the Apr 2022 peak to the Feb 2023 low.
- Apr '22Regained the 2022-01 peak, 2 months after the low.
- Feb '22Fell 35% from the Jan 2022 peak to the Feb 2022 low.
- Oct '21Regained the 2021-08 peak, 2 months after the low.
- Aug '21Fell 34% from the Aug 2021 peak to the Aug 2021 low.
- May '21Regained the 2019-01 peak, 14 months after the low.
- Mar '20Fell 69% 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?
4 of 7 checks are within range, 3 beyond a threshold.
Tap a check to see how it is measured.
Other income reliance106%Beyond threshold
Other income as a share of pre-tax profit (trailing twelve months): 105.6%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate0%Beyond threshold
Median quarterly effective tax rate over about 2.5 years: 0.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion0.17xBeyond threshold
Operating cash flow divided by net profit over the last three fiscal years: 0.17x (cash from operations ₹79 cr, net profit ₹461 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 history0 daysWithin range
Debtor days are below the median of the previous three fiscal years by 0 days (0 vs 0). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress0% of fixed assetsWithin range
Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days-23 days / 2 yrsWithin range
Days payable changed by -23 over two years. Bands: rise of up to 30 days; more than 30 days.
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.
Who has been buying and selling?
- Over 2 years, promoters added 14.1 pts; FIIs trimmed 4.3 pts.
- The number of shareholders fell from 20,438 to 17,734 (-13%) between Dec 2023 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
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.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-69.3% (2019-01 peak to 2020-03 low, recovered 2021-05)
-60.4% (2025-10 peak to 2026-03 low, not yet recovered)
-59.9% (2022-04 peak to 2023-02 low, recovered 2024-07)
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).
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
Not enough comparable history to show analogs for this company yet.
Monthly history (94 months)
| Month | Revenue (TTM) | ROCE |
|---|---|---|
| 2026-10 | ₹511 cr | -6.0% |
| 2026-09 | ₹511 cr | -6.0% |
| 2026-08 | ₹562 cr | -6.0% |
| 2026-07 | ₹562 cr | -6.0% |
| 2026-06 | ₹562 cr | -6.0% |
| 2026-05 | ₹553 cr | -5.0% |
| 2026-04 | ₹553 cr | -5.0% |
| 2026-03 | ₹553 cr | -5.0% |
| 2026-02 | ₹527 cr | -5.0% |
| 2026-01 | ₹527 cr | -5.0% |
| 2025-12 | ₹527 cr | -5.0% |
| 2025-11 | ₹603 cr | -5.0% |
| 2025-10 | ₹603 cr | -5.0% |
| 2025-09 | ₹603 cr | -5.0% |
| 2025-08 | ₹567 cr | -5.0% |
| 2025-07 | ₹567 cr | -5.0% |
| 2025-06 | ₹567 cr | -5.0% |
| 2025-05 | ₹560 cr | -7.0% |
| 2025-04 | ₹560 cr | -7.0% |
| 2025-03 | ₹560 cr | -7.0% |
| 2025-02 | ₹531 cr | -7.0% |
| 2025-01 | ₹531 cr | -7.0% |
| 2024-12 | ₹531 cr | -7.0% |
| 2024-11 | ₹570 cr | -7.0% |
| 2024-10 | ₹570 cr | -7.0% |
| 2024-09 | ₹570 cr | -7.0% |
| 2024-08 | ₹670 cr | -7.0% |
| 2024-07 | ₹670 cr | -7.0% |
| 2024-06 | ₹670 cr | -7.0% |
| 2024-05 | ₹657 cr | -7.0% |
| 2024-04 | ₹657 cr | -7.0% |
| 2024-03 | ₹657 cr | -7.0% |
| 2024-02 | ₹657 cr | -7.0% |
| 2024-01 | ₹657 cr | -7.0% |
| 2023-12 | ₹657 cr | -7.0% |
| 2023-11 | ₹657 cr | -7.0% |
| 2023-10 | ₹657 cr | -7.0% |
| 2023-09 | ₹657 cr | -7.0% |
| 2023-08 | ₹657 cr | -7.0% |
| 2023-07 | ₹657 cr | -7.0% |
| 2023-06 | ₹657 cr | -7.0% |
| 2023-05 | ₹1118 cr | -6.0% |
| 2023-04 | ₹1118 cr | -6.0% |
| 2023-03 | ₹1118 cr | -6.0% |
| 2023-02 | ₹1118 cr | -6.0% |
| 2023-01 | ₹1118 cr | -6.0% |
| 2022-12 | ₹1118 cr | -6.0% |
| 2022-11 | ₹1118 cr | -6.0% |
| 2022-10 | ₹1118 cr | -6.0% |
| 2022-09 | ₹1118 cr | -6.0% |
| 2022-08 | ₹1118 cr | -6.0% |
| 2022-07 | ₹1118 cr | -6.0% |
| 2022-06 | ₹1118 cr | -6.0% |
| 2022-05 | ₹988 cr | -7.0% |
| 2022-04 | ₹988 cr | -7.0% |
| 2022-03 | ₹988 cr | -7.0% |
| 2022-02 | ₹988 cr | -7.0% |
| 2022-01 | ₹988 cr | -7.0% |
| 2021-12 | ₹988 cr | -7.0% |
| 2021-11 | ₹988 cr | -7.0% |
| 2021-10 | ₹988 cr | -7.0% |
| 2021-09 | ₹988 cr | -7.0% |
| 2021-08 | ₹988 cr | -7.0% |
| 2021-07 | ₹988 cr | -7.0% |
| 2021-06 | ₹988 cr | -7.0% |
| 2021-05 | ₹683 cr | -7.0% |
| 2021-04 | ₹683 cr | -7.0% |
| 2021-03 | ₹683 cr | -7.0% |
| 2021-02 | ₹683 cr | -7.0% |
| 2021-01 | ₹683 cr | -7.0% |
| 2020-12 | ₹683 cr | -7.0% |
| 2020-11 | ₹683 cr | -7.0% |
| 2020-10 | ₹683 cr | -7.0% |
| 2020-09 | ₹683 cr | -7.0% |
| 2020-08 | ₹683 cr | -7.0% |
| 2020-07 | ₹683 cr | -7.0% |
| 2020-06 | ₹683 cr | -7.0% |
| 2020-05 | ₹1414 cr | -5.0% |
| 2020-04 | ₹1414 cr | -5.0% |
| 2020-03 | ₹1414 cr | -5.0% |
| 2020-02 | ₹1414 cr | -5.0% |
| 2020-01 | ₹1414 cr | -5.0% |
| 2019-12 | ₹1414 cr | -5.0% |
| 2019-11 | ₹1414 cr | -5.0% |
| 2019-10 | ₹1414 cr | -5.0% |
| 2019-09 | ₹1414 cr | -5.0% |
| 2019-08 | ₹1414 cr | -5.0% |
| 2019-07 | ₹1414 cr | -5.0% |
| 2019-06 | ₹1414 cr | -5.0% |
| 2019-05 | ₹2067 cr | -2.0% |
| 2019-04 | ₹2067 cr | -2.0% |
| 2019-03 | ₹2067 cr | -2.0% |
| 2019-02 | ₹2067 cr | -2.0% |
| 2019-01 | ₹2067 cr | -2.0% |