Newspaper Advertisement regarding dispatch of Postal Ballot Notice.
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Latest filings
NSE announcements · newest firstIntimation regarding Notice of Postal Ballot
Intimation of increase in capacity of DRI Plants at Ghugus and Konsari.
Allotment of 141969 securities pursuant to ESOP/ESPS at its meeting held on September 21, 2026
Outcome of Board Meeting held on 21st September, 2026
Key MetricsFull financials →
P/E (TTM)
21.0×
EPS ₹87.44
P / Book
7.46×
BVPS ₹246
ROE
37.8%
FY26, avg equity
Net margin
22.4%
FY26
Revenue YoY
+208.6%
Q1 FY27
Net profit YoY
+170.2%
Q1 FY27
Debt / equity
1.47×
₹20,380 Cr debt
Div. yield
0.05%
₹1.00 in 12 months
From NSE filings (consolidated) and the last close.
Shareholding Pattern Jun 2026
Promoter pledge: none reported
Peer Comparison
| Company | P/E | P/B | ROE | Margin |
|---|---|---|---|---|
| LLOYDSME₹1.03L Cr | 21.0× | 7.46× | 37.8% | 22.4% |
| NMDC₹70,246 Cr | 9.4× | 2.06× | 24.9% | 23.2% |
| GMDCLTD₹17,108 Cr | 17.9× | 2.42× | 14.2% | 36.1% |
| GRAVITA₹11,036 Cr | 28.2× | 4.50× | 16.7% | 8.9% |
| MOIL₹4,922 Cr | 16.2× | 1.82× | 10.0% | 18.2% |
| ASHAPURMIN₹4,840 Cr | 11.8× | 2.93× | 28.8% | 8.0% |
Industrial Minerals: the companies closest in market value, of the 9 in that basic industry whose filings we hold. Computed from each company's NSE filings (up to Q1 FY27) and the last close; hover a column for its definition.
Forensic Flags3 Watch
Free cash flow was negative in 3 of the last 3 years
Operating cash flow less capital expenditure, as filed.
Receivables grew 764% against revenue growth of 155%
FY26: debtor days moved from 9 to 32.
Inventory grew 516% against revenue growth of 155%
FY26: inventory days moved from 23 to 57.
Debt to equity is 1.47×
As at 2026-03-31.
Promoter holding is 61.63%, -1.81 points over a year
2026-06-30 against 2025-06-30.
8 checks within their thresholds
Operating cash flow was 0.89× net profit
Cumulative over FY24–FY26 (3 years).
Profit before interest and tax covers finance costs 11.2×
FY26.
Other income is 4% of profit before tax
FY26.
Exceptional items above 5% of pre-tax profit in 0 of the last 3 years
FY24–FY26.
Effective tax rate averaged 26%
Tax over pre-tax profit, last 3 years. The base corporate rate is about 25%.
No promoter shares are pledged
Shareholding pattern as at 2026-06-30.
No auditor change or resignation filings in three years
From NSE announcements on record.
Results were filed late in 0 of the last 8 quarters
Slowest filing came 43 days after the period end.
Computed from NSE filings (consolidated). Colours follow fixed thresholds, shown on hover. These are facts about the filings, not advice. 1 check not run for lack of data.
Formula Scores
Piotroski F-score: 4 of 9 · FY to 2026-03-31one point for each of nine tests on profitability, leverage and liquidity, and operating efficiency, comparing the year with the one before
- ✓ Return on assets positive: 40.66 — profit after tax over the year's opening total assets, %
- ✓ Operating cash flow positive: 2,921.3 — ₹ crore
- ✗ Cash flow above profit (accruals): -907.3 — operating cash flow less profit after tax, ₹ crore
- ✓ Return on assets improved: 3.83 — change in ROA, percentage points
- ✗ Long-term borrowings to assets fell: 25.25 — change in long-term borrowings over total assets, percentage points
- ✗ Current ratio improved: -0.62 — change in current assets over current liabilities
- ✗ No new shares issued: 7.57 — change in share capital, %
- ✗ Gross margin improved: -4.73 — revenue less material cost over revenue, change in percentage points
- ✓ Asset turnover improved: 0.11 — revenue over the year's opening total assets, change
Inputs: profit after tax ₹3,829 Cr (2026-03-31) · profit after tax ₹1,450 Cr (2025-03-31) · total assets ₹41,650 Cr (2026-03-31) · total assets ₹9,417 Cr (2025-03-31)
The paper's bands: 8–9: the paper's high group; 0–2: the paper's low group
Source: Joseph Piotroski, "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers", Journal of Accounting Research, 2000
Altman Z-score: 3.6 · FY to 2026-03-31Z = 1.2 × working capital / total assets + 1.4 × retained earnings / total assets + 3.3 × EBIT / total assets + 0.6 × market value of equity / total liabilities + 1.0 × sales / total assets
- working capital / total assets: -0.055 × 1.2
- retained earnings / total assets: 0.332 × 1.4 — reserves and surplus as retained earnings
- EBIT / total assets: 0.137 × 3.3 — profit before tax plus finance cost
- market value of equity / total liabilities: 3.89 × 0.6 — market capitalisation over total assets less equity
- sales / total assets: 0.411 × 1
Inputs: total assets ₹41,650 Cr (2026-03-31) · current assets ₹9,824 Cr (2026-03-31) · current liabilities ₹12,098 Cr (2026-03-31) · reserves ₹13,815 Cr (2026-03-31) · total equity ₹14,266 Cr (2026-03-31) · profit before tax ₹5,216 Cr (2026-03-31) · finance cost ₹510 Cr (2026-03-31) · revenue ₹17,113 Cr (2026-03-31) · market capitalisation (today) ₹1,06,510 Cr
The paper's bands: above 2.99: the paper's safe zone; 1.81–2.99: the grey zone; below 1.81: the distress zone
the 1968 form, fitted on manufacturers; reserves stand in for retained earnings, and profit before tax plus finance cost for EBIT
Source: Edward Altman, "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy", Journal of Finance, 1968
Graham number: 608.95 ₹ per share · FY to 2026-03-31√(22.5 × earnings per share × book value per share): the price at which P/E × P/B = 22.5 (a P/E of 15 at a P/B of 1.5)
- earnings per share: 66.87
- book value per share: 246.46 — owners' equity over shares (paid-up capital / face value)
Inputs: earnings per share 66.87 (2026-03-31) · owners' equity ₹13,871 Cr (2026-03-31) · paid-up capital ₹56 Cr (2026-03-31) · face value 1 (2026-03-31)
a number the book uses as a ceiling for a defensive investor's purchase price; it is arithmetic on two reported figures, not a valuation
Source: Benjamin Graham, The Intelligent Investor (1949; the 22.5 in the 1973 edition's criteria for the defensive investor)
Sloan accrual ratio: 3.55 % of assets · FY to 2026-03-31(profit after tax − operating cash flow) / average total assets
Inputs: profit after tax ₹3,829 Cr (2026-03-31) · operating cash flow ₹2,921 Cr (2026-03-31) · total assets ₹41,650 Cr (2026-03-31) · total assets ₹9,417 Cr (2025-03-31)
how much of the year's profit was not cash; the paper sorts companies by this and reports the top decile's later returns
Source: Richard Sloan, "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?", The Accounting Review, 1996
Each score is its published formula applied to the company's own filings (consolidated); open one for the tests, the inputs and the paper. Arithmetic on the filings, not a view on the stock.