52-week range
Price risk
Balance sheet & cash
Was the rally earned?
Earnings helped, the multiple did not.
- Per-share earnings added 15 points, but investors now pay less per rupee of profit (P/E 39.1x to 17.7x), which took 60 points back.
- The share count barely moved.
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.
Is it expensive against its own past and its peers?
The chart loads when you open this tab.
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.
What is the price implying?
At a P/E of 306.3x, the price would imply about 51.4%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Fewer than six years of annual earnings are available, which is too little to measure delivered growth.
“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?
- Sep '26Slipped to the 2nd quartile of Non-Energy Minerals on EPS growth (from the top quartile).
- Jun '26Year-on-year EPS growth turned positive.
- Jun '26Moved into the top quartile of Non-Energy Minerals on ROCE (from the bottom quartile).
- Mar '26Moved into the 3rd quartile of Non-Energy Minerals on EPS growth (from the bottom quartile).
- Jan '26Fell 69% from the Jul 2024 peak to the Jan 2026 low.
- Dec '24EPS (TTM) turned positive.
- Sep '24Slipped to the bottom quartile of Non-Energy Minerals on operating margin (from the 2nd quartile).
- Jun '24Regained the 2022-06 peak, 15 months after the low.
Show 16 earlier events
- Jun '23EPS (TTM) turned negative.
- Mar '23Fell 72% from the Jun 2022 peak to the Mar 2023 low.
- Jun '22EPS (TTM) turned positive.
- Nov '21Regained the 2021-07 peak, 1 month after the low.
- Oct '21Fell 41% from the Jul 2021 peak to the Oct 2021 low.
- Jul '21Regained the 2021-01 peak, 4 months after the low.
- Jun '21Share count is up 8.4% over 12 months.
- Mar '21Fell 52% from the Jan 2021 peak to the Mar 2021 low.
- Jan '21Regained the 2020-09 peak, 3 months after the low.
- Oct '20Fell 30% from the Sep 2020 peak to the Oct 2020 low.
- Aug '20Regained the 2020-06 peak, 0 months after the low.
- Aug '20Fell 29% from the Jun 2020 peak to the Aug 2020 low.
- Jun '20Regained the 2019-11 peak, 3 months after the low.
- Mar '20Fell 57% from the Nov 2019 peak to the Mar 2020 low.
- Oct '19Regained the 2019-04 peak, 2 months after the low.
- Aug '19Fell 57% from the Apr 2019 peak to the Aug 2019 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?
3 of 7 checks are within range, 1 near a threshold, 3 beyond a threshold.
Tap a check to see how it is measured.
Other income reliance300%Beyond threshold
Other income as a share of pre-tax profit (trailing twelve months): 300.0%. 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 conversion1.94xWithin range
Operating cash flow divided by net profit over the last three fiscal years: 1.94x (cash from operations ₹7.6 cr, net profit ₹3.9 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow4 of 5 yrsWithin range
Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history+240 daysBeyond threshold
Debtor days are above the median of the previous three fiscal years by 240 days (391 vs 151). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress3% of fixed assetsWithin range
Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days+549 days / 2 yrsNear threshold
Days payable changed by +549 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, institutional and promoter holdings were broadly unchanged.
- The number of shareholders rose from 73,261 to 79,262 (+8%) 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
-72.3% (2022-06 peak to 2023-03 low, recovered 2024-06)
-68.8% (2024-07 peak to 2026-01 low, not yet recovered)
-57.1% (2019-04 peak to 2019-08 low, recovered 2019-10)
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
- We found 50 past situations where a non-financial company looked like ZENITH STEEL PIPES IND 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 −31% to +39% vs the market, against −5% for all non-financial companies in the same months.
- The gap against the base rate (+3.3%, 80% range −11.2% to +18.2%) is within what chance and overlapping periods produce.
Where the 50 outcomes landed
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 · 4 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 30 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| SIL Process Industries |
Feb 2022 | 24x | 40% | −6% | −42% | +132% |
| RVTH Producer Manufacturing |
Oct 2025 | 22x | 26% | −56% | −58% | −26% |
| ORIENTCER Non-Energy Minerals |
Apr 2023 | 45x | — | −19% | −25% | +30% |
| VINYLINDIA Distribution Services |
Jul 2024 | 33x | 22% | −16% | −18% | −24% |
| UNIVASTU Industrial Services |
Sep 2021 | 16x | 30% | +42% | −27% | +67% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| STOVEKRAFT Consumer Durables |
Mar 2023 | 15x | 32% | −39% | −48% | −25% |
| MITTAL Process Industries |
Jun 2025 | 31x | — | −24% | −38% | −36% |
| CINELINE Consumer Services |
May 2020 | 6x | — | −58% | −59% | +21% |
How reliable is this?
Matched on P/E, P/S, ROCE, operating margin, 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): debt/equity. 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.
Monthly history (93 months)
| Month | P/E | Revenue (TTM) | ROCE |
|---|---|---|---|
| 2026-10 | 17.7x | ₹42 cr | 39.1% |
| 2026-09 | 18.9x | ₹42 cr | 39.1% |
| 2026-08 | 16.7x | ₹54 cr | 39.1% |
| 2026-07 | 17.3x | ₹54 cr | 39.1% |
| 2026-06 | 17.5x | ₹54 cr | 39.1% |
| 2026-05 | 14.6x | ₹67 cr | — |
| 2026-04 | 14.9x | ₹67 cr | — |
| 2026-03 | 11.1x | ₹67 cr | — |
| 2026-02 | 18.3x | ₹93 cr | — |
| 2026-01 | 16.3x | ₹93 cr | — |
| 2025-12 | 23.5x | ₹93 cr | — |
| 2025-11 | 33.5x | ₹110 cr | — |
| 2025-10 | 39.1x | ₹110 cr | — |
| 2025-09 | 30.1x | ₹110 cr | — |
| 2025-08 | 254.7x | ₹119 cr | — |
| 2025-07 | 281.0x | ₹119 cr | — |
| 2025-06 | 277.0x | ₹119 cr | — |
| 2025-05 | 13.0x | ₹137 cr | — |
| 2025-04 | 12.6x | ₹137 cr | — |
| 2025-03 | 12.3x | ₹137 cr | — |
| 2025-02 | 13.2x | ₹147 cr | — |
| 2025-01 | 14.0x | ₹147 cr | — |
| 2024-12 | 16.4x | ₹147 cr | — |
| 2024-11 | — | ₹145 cr | — |
| 2024-10 | — | ₹145 cr | — |
| 2024-09 | — | ₹145 cr | — |
| 2024-08 | — | ₹141 cr | — |
| 2024-07 | — | ₹141 cr | — |
| 2024-06 | — | ₹141 cr | — |
| 2024-05 | — | ₹165 cr | — |
| 2024-04 | — | ₹165 cr | — |
| 2024-03 | — | ₹165 cr | — |
| 2024-02 | — | ₹165 cr | — |
| 2024-01 | — | ₹165 cr | — |
| 2023-12 | — | ₹165 cr | — |
| 2023-11 | — | ₹165 cr | — |
| 2023-10 | — | ₹165 cr | — |
| 2023-09 | — | ₹165 cr | — |
| 2023-08 | — | ₹165 cr | — |
| 2023-07 | — | ₹165 cr | — |
| 2023-06 | — | ₹165 cr | — |
| 2023-05 | 4.9x | ₹163 cr | — |
| 2023-04 | 5.3x | ₹163 cr | — |
| 2023-03 | 4.1x | ₹163 cr | — |
| 2023-02 | 5.2x | ₹163 cr | — |
| 2023-01 | 6.2x | ₹163 cr | — |
| 2022-12 | 6.5x | ₹163 cr | — |
| 2022-11 | 5.8x | ₹163 cr | — |
| 2022-10 | 6.2x | ₹163 cr | — |
| 2022-09 | 6.8x | ₹163 cr | — |
| 2022-08 | 7.4x | ₹163 cr | — |
| 2022-07 | 8.4x | ₹163 cr | — |
| 2022-06 | 7.9x | ₹163 cr | — |
| 2022-05 | — | ₹78 cr | — |
| 2022-04 | — | ₹78 cr | — |
| 2022-03 | — | ₹78 cr | — |
| 2022-02 | — | ₹78 cr | — |
| 2022-01 | — | ₹78 cr | — |
| 2021-12 | — | ₹78 cr | — |
| 2021-11 | — | ₹78 cr | — |
| 2021-10 | — | ₹78 cr | — |
| 2021-09 | — | ₹78 cr | — |
| 2021-08 | — | ₹78 cr | — |
| 2021-07 | — | ₹78 cr | — |
| 2021-06 | — | ₹78 cr | — |
| 2021-05 | — | ₹101 cr | -128.4% |
| 2021-04 | — | ₹101 cr | -128.4% |
| 2021-03 | — | ₹101 cr | -128.4% |
| 2021-02 | — | ₹101 cr | -128.4% |
| 2021-01 | — | ₹101 cr | -128.4% |
| 2020-12 | — | ₹101 cr | -128.4% |
| 2020-11 | — | ₹101 cr | -128.4% |
| 2020-10 | — | ₹101 cr | -128.4% |
| 2020-09 | — | ₹101 cr | -128.4% |
| 2020-08 | — | ₹101 cr | -128.4% |
| 2020-07 | — | ₹101 cr | -128.4% |
| 2020-06 | — | ₹101 cr | -128.4% |
| 2020-05 | — | ₹184 cr | -101.8% |
| 2020-04 | — | ₹184 cr | -101.8% |
| 2020-03 | — | ₹184 cr | -101.8% |
| 2020-02 | — | ₹184 cr | -101.8% |
| 2020-01 | — | ₹184 cr | -101.8% |
| 2019-12 | — | ₹184 cr | -101.8% |
| 2019-11 | — | ₹184 cr | -101.8% |
| 2019-10 | — | ₹184 cr | -101.8% |
| 2019-09 | — | ₹184 cr | -101.8% |
| 2019-08 | — | ₹184 cr | -101.8% |
| 2019-07 | — | ₹184 cr | -101.8% |
| 2019-06 | — | ₹184 cr | -101.8% |
| 2019-05 | — | ₹170 cr | -17.3% |
| 2019-04 | — | ₹170 cr | -17.3% |
| 2019-03 | — | ₹170 cr | -17.3% |
| 2019-02 | — | ₹170 cr | -17.3% |