Sector Alpha Week of 2026-09-11
Not SEBI Registered !! Not Investment advice !!
Sector Alpha — machine-written from the numbers · Data as of 2026-09-11

20 Microns Ltd

20MICRONS
Mining/Minerals

20 Microns Ltd's earnings have outrun its stock. EPS grew +7.1% in a year against a −8.3% price move.

Biggest watch item: the price is already 8 weeks into its uptrend — timing risk, not thesis risk.

The price is in a confirmed uptrend (8 weeks in) while the P/E sits at the 61st percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +5.9% year on year, and 103% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Consistent
partial read
Price
₹208
−8.3% 1Y
P/E
10.8×
61st pctile
of its own 10-year range
Revenue (Jun 26)
₹245 Cr
−0.8% YoY
Profit (Jun 26)
₹18.0 Cr
+5.9% YoY
Operating margin
13.0%
flat YoY
ROCE
17%
FY26
ROIC
13.4%
vs WACC 12.0% → +1.4 pp
Cash conversion
103%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

20 Microns Ltd trades at ₹208, in a confirmed uptrend and 8 weeks into that stage. That is +6.3% against its own 200-day average. It sits at 82% of a 52-week range of ₹141 to ₹222. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a confirmed uptrend — week 8 of stage 2, confirmed. At ₹208 it trades +6.3% versus its 200-day average and sits at 82% of its 52-week range (₹141–₹222).

Sep 26: ₹208 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+6.3% versus the 200-day line, week 8 of stage 2
Price50-day avg200-day avg
S2S4S2S4₹358₹288₹217₹146₹75.8₹208₹196Sep 23Jun 24Mar 25Dec 25Sep 26
S2S4S2S4₹358₹288₹217₹146₹75.8₹208₹196Sep 23Mar 25Sep 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (552 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Sep 26

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +686% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

20 Microns Ltd trades at 10.8× P/E, mid-range by its own standards (61st percentile). Its long-run median P/E is 10.0×, measured across 10.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 10.8× is mid-range by its own standards (61st percentile), against a long-run median of 10.0× measured over 10.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 10.8× vs a 10.0× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.0-year window; loss-period spikes above 19× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (61st percentile)
P/EMedianEPS (TTM) (quarterly)
20.0×₹20.815.4×₹15.610.8×₹10.46.3×₹5.21.7×₹0.0×10.80×₹19Sep 16Mar 19Sep 21Apr 24Sep 26
20.0×₹20.815.4×₹15.610.8×₹10.46.3×₹5.21.7×₹0.0×10.80×₹19Sep 16Sep 21Sep 26
P/E
10.8×
61st percentile of 10y

Why the multiple sits where it does: over the past year annual EPS moved +7.1% against a −8.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +30.7%/yr price move, ~+19.5%/yr came from earnings growth and ~+11.2 pp from the multiple (expanding); over 10y, of the +18.7%/yr price move, ~+20.6%/yr came from earnings growth and ~−1.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

03 · What the price assumes

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, 20 Microns Ltd was paying for profit growth of about 2.6% a year. Profit itself has compounded 19.8% a year over the past 10 years. Today the market pays 10.8× P/E, the 61st percentile of its own 10-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

04 · Stage: Consistent

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

20 Microns Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 17.0% and holding. The read is built from 8 quarters across 4 curves, on partial evidence.

Growth, year by year: revenue +4.5% in FY26, profit +8.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
30%57%19%40%9.1%24%−1.1%7.2%−11%−9.4%%%4.5%8.1%FY16FY21FY26
30%57%19%40%9.1%24%−1.1%7.2%−11%−9.4%%%4.5%8.1%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue rolling over, profit accelerating
RevenueProfitEPS
23%30%17%22%12%15%6.4%7.2%0.9%−0.4%%%2.5%11.5%10.4%Sep 23Dec 24Jun 26
23%30%17%22%12%15%6.4%7.2%0.9%−0.4%%%2.5%11.5%10.4%Sep 23Dec 24Jun 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
22%21%20%18%17%%17%FY23FY24FY26
22%21%20%18%17%%17%FY23FY24FY26
Revenue growth
Steady high
latest +2.5% · span +2.4% to +21.5%
Profit growth
Steady high
latest +11.5% · span +1.7% to +27.7%
EPS growth
Steady high
latest +10.4% · span +4.0% to +24.7%
ROCE
Steady high
latest 17.0% · span 17.0%–22.0%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+4.5%+10.8%+14.5%+10.3%
Profit+8.1%+16.8%+23.8%+19.8%
EPS+7.1%+16.9%+23.8%+19.8%
Share price−8.3%+18.7%+30.7%+18.7%
Revenue YoY (Jun 26)
−0.8%
latest quarter vs a year ago
Profit YoY (Jun 26)
+5.9%
latest quarter vs a year ago
Revenue 10y
10.3%
long-run compound pace
05 · 4-Factor Sector Score

4-Factor Sector Score

50.3/100 — rank 7 of 13 in Mining/Minerals · 81% evidence confidence

20 Microns Ltd scores 50.3 out of 100 against the 13 companies it is compared with in Mining/Minerals, ranking 7. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 13.1 + 17.6 + 11.9 + 7.7 = 50.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

06 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

20 Microns Ltd reported ₹245 Cr of revenue in the Jun 26 quarter, −0.8% year on year. Over 10 years it has compounded at 10.3% a year. The last full year, FY26, came in at ₹954 Cr. The last four reported quarters add to ₹952 Cr.

FY26 revenue came in at ₹954 Cr (+4.5% on the year), capping 10 years at 10.3% compound. The latest quarter (Jun 26) printed ₹245 Cr, −0.8% year on year.

FY26 revenue ₹954 Cr (+4.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
10.3% a year over 10 years
RevenueYoY growth
1.0k30%77319%5159.1%258−1.1%0−11%₹ Cr%₹9544.5%FY16FY21FY26
1.0k30%77319%5159.1%258−1.1%0−11%₹ Cr%₹9544.5%FY16FY21FY26
Jun 26: ₹245 Cr (−0.8% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
28225%21117%1419.6%701.9%0−5.8%₹ Cr%₹245−0.8%Sep 23Dec 24Jun 26
28225%21117%1419.6%701.9%0−5.8%₹ Cr%₹245−0.8%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +2.6% growth against the decade's 10.3% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +2.5% over the last 4 quarters against +7.9%/yr over the last 8 — rolling over; TTM profit +11.5% vs +6.5%/yr — accelerating.

07 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

20 Microns Ltd's operating margin is 13.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0% to 14.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 13.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0%–14.0%.

Why the margin moved: operating margin went +0.4 pp year on year while gross margin went +1.4 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 13.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 8.0–14.0% band over 13 years
operating marginYoY change (pp)
14%5.6%13%3.5%11%1.5%9.3%−0.5%7.5%−2.6%%%13%0%FY14FY20FY26
14%5.6%13%3.5%11%1.5%9.3%−0.5%7.5%−2.6%%%13%0%FY14FY20FY26
Jun 26: 13.0% operating margin (+0.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
15.2%2.3%14.4%1.2%13.5%0.0%12.6%−1.2%11.8%−2.3%%%13%0%Sep 23Dec 24Jun 26
15.2%2.3%14.4%1.2%13.5%0.0%12.6%−1.2%11.8%−2.3%%%13%0%Sep 23Dec 24Jun 26
08 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

20 Microns Ltd earned ₹18.0 Cr of net profit in the Jun 26 quarter, +5.9% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹67.0 Cr. The 10-year compound rate is 19.8%. That is 7.3% of the quarter's revenue. The same quarter a year earlier earned ₹17.0 Cr.

Jun 26 profit was ₹18.0 Cr, +5.9% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹67.0 Cr (+8.1%), and the 10-year compound rate is 19.8%.

FY26 profit ₹67.0 Cr (+8.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
19.8% a year over 10 years
Net profitYoY growth
7257%5440%3624%187.6%0−8.7%₹ Cr%₹678.1%FY16FY21FY26
7257%5440%3624%187.6%0−8.7%₹ Cr%₹678.1%FY16FY21FY26
Jun 26: ₹18.0 Cr (+5.9% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
4th straight quarter of growth
Net profit (quarterly)YoY growth
1978%1555%1033%511%0−12%₹ Cr%₹185.9%Sep 23Dec 24Jun 26
1978%1555%1033%511%0−12%₹ Cr%₹185.9%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed −0.8% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +11.9% vs revenue +2.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

09 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 103% of 20 Microns Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹104 Cr of operating cash against ₹67.0 Cr of profit. After ₹37.0 Cr of capital spending, ₹67.0 Cr was left as free cash.

FY26: operating cash of ₹104 Cr against reported profit of ₹67.0 Cr, leaving free cash of ₹67.0 Cr after ₹37.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 103% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹104 Cr vs profit ₹67.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
103% of 3-year profit arrived as cash
Operating cashNet profitFree cash
1177125−22−68₹ Cr₹104₹67₹67FY16FY21FY26
1177125−22−68₹ Cr₹104₹67₹67FY16FY21FY26
FY26: CFO = 155% of profit (three-year rate 103%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
320%248%176%104%32%%155%FY16FY21FY26
320%248%176%104%32%%155%FY16FY21FY26

Why conversion sits at 103%: the cash cycle stretched 48 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 2.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

10 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

20 Microns Ltd's cash conversion cycle runs 126 days in FY26, up from 78 days in FY21. Capital spending ran ₹141 Cr over the last 3 years. At FY26 sales of ₹954 Cr each day of that cycle holds about ₹2.6 Cr, so roughly ₹329 Cr sits inside the business at any moment.

FY26: debtors at 68 days, inventory at 102 days — roughly 3.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 126 days, looser than FY21's 78.

The full loop: cash goes out to suppliers and production on day 0; stock waits 102 days to sell; customers pay about 68 days after that; and suppliers themselves are paid at 44 days — netting out to the 126-day cycle.

In money terms: at FY26 sales of ₹954 Cr, each day of the cycle holds about ₹2.6 Cr — so the 126-day loop keeps roughly ₹329 Cr sitting inside the business at any moment.

FY26: a 126-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+48 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
159127956230days126d102d68d44dFY14FY17FY20FY23FY26
159127956230days126d102d68d44dFY14FY20FY26

On the investment side: capital spending of ₹141 Cr over the last 3 fiscal years against ₹53.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹13.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹37.0 Cr, work-in-progress ₹13.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
947047230₹ Cr₹37₹13FY16FY18FY21FY23FY26
947047230₹ Cr₹37₹13FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

11 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

20 Microns Ltd earns a ROCE of 17% in FY26. That is up from a trough of 9% in FY15. Return on invested capital clears the cost of that capital by +1.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 7.0% net margin on 1.26× asset turns.

FY26 ROCE is 17%, recovered from a FY15 trough of 9% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 7.0% net margin × 1.26× asset turns × 1.56× balance-sheet leverage ≈ 13.8% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 13.4% − 12.0% = a +1.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

FY26: ROCE 17% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY15's 9%
ROCEROIC (annual)WACC
23%19%16%12%8.0%%17%13.3%FY14FY20FY26
23%19%16%12%8.0%%17%13.3%FY14FY20FY26
Q4 FY26: ROCE 19.1% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 11 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
24%21%18%14%11%%19.1%13.9%Q2 FY24Q3 FY25Q4 FY26
24%21%18%14%11%%19.1%13.9%Q2 FY24Q3 FY25Q4 FY26
12 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

20 Microns Ltd carries total debt of ₹156 Cr against shareholder equity of ₹487 Cr as of Mar 26, a debt-to-equity of 0.32. On the annual view that ratio went from 0.49 in FY22 to 0.32 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹156 Cr against shareholder equity of ₹487 Cr — a debt-to-equity of 0.32. On the annual view, debt-to-equity went from 0.49 (FY22) to 0.32 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹156 Cr at 0.32× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
1780.50×1340.45×890.40×450.36×00.31×₹ Cr×₹1560.32×FY22FY24FY26
1780.50×1340.45×890.40×450.36×00.31×₹ Cr×₹1560.32×FY22FY24FY26
Mar 26: debt ₹156 Cr, debt-to-equity 0.32 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
1780.38×1340.37×890.35×450.33×00.32×₹ Cr×₹1560.32×Jun 23Sep 24Mar 26
1780.38×1340.37×890.35×450.33×00.32×₹ Cr×₹1560.32×Jun 23Sep 24Mar 26
13 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of 20 Microns Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.1 points over the same window, to 45.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −0.4 points over 8 quarters to 0.4%; Promoters: +0.1 points over 8 quarters to 45.0%; Domestic institutions: +0.0 points over 8 quarters to 0.1%.

Fiscal-year ends: promoters +0.1 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
59%43%27%11%−4.4%%45.0%0.4%0.1%54.4%Mar 24Mar 25Mar 26
59%43%27%11%−4.4%%45.0%0.4%0.1%54.4%Mar 24Mar 25Mar 26
A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
59%43%27%11%−4.4%%45.0%0.4%0.1%54.5%Jun 23Dec 24Jun 26
59%43%27%11%−4.4%%45.0%0.4%0.1%54.5%Jun 23Dec 24Jun 26
14 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

20 Microns Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

15 · Related companies · Mining/Minerals
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1South West Pinnacle Exploration LtdSOUTHWEST 73.2/100Favorable setup87% evidence ASLEEP 30.3/35 Revenue 39.2% · PAT 100% · OPM change 9.8 pp 95% evidence 19.0/25 ROCE 20% · OPM 24.2% 95% evidence 12.0/20 P/E 17.4× · PEG — 50% evidence 11.9/20 RS sector 1.9% · RS bench 6.1% · 1Y 48.2%0 of 12 weeks ahead 100% evidence
Exact sum: 30.3 + 19 + 12 + 11.9 = 73.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Vedanta LtdVEDL 57.0/100Mixed-positive evidence82% evidence ASLEEP 20.2/35 Revenue 2% · PAT 43.5% · OPM change 8 pp 95% evidence 15.4/25 ROCE 16.1% · OPM 35% 76% evidence 8.7/20 P/E 9.4× · PEG — 50% evidence 12.7/20 RS sector 4.5% · RS bench 8.6% · 1Y 63.6%2 of 12 weeks ahead 100% evidence
Exact sum: 20.2 + 15.4 + 8.7 + 12.7 = 57 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Ashapura Minechem LtdASHAPURMIN 55.1/100Mixed-positive evidence76% evidence ASLEEP 20.2/35 Revenue 62.6% · PAT 19.5% · OPM change -2 pp 95% evidence 18.0/25 ROCE 20.7% · OPM 11% 76% evidence 11.5/20 P/E 12.6× · PEG — 50% evidence 5.4/20 RS sector -20.6% · RS bench -15.8% · 1Y -3.4%4 of 10 weeks ahead 70% evidence
Exact sum: 20.2 + 18 + 11.5 + 5.4 = 55.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Indian Metals & Ferro Alloys LtdIMFA 55.0/100Mixed-positive evidence100% evidence ASLEEP 22.5/35 Revenue 23.6% · PAT 46.6% · OPM change 9 pp 100% evidence 16.4/25 ROCE 18.4% · OPM 29% 100% evidence 9.9/20 P/E 12.8× · PEG 1.4 100% evidence 6.2/20 RS sector -9.5% · RS bench -5.1% · 1Y 27.4%0 of 12 weeks ahead 100% evidence
Exact sum: 22.5 + 16.4 + 9.9 + 6.2 = 55 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Coal India LtdCOALINDIA 53.1/100Mixed-positive evidence82% evidence ASLEEP 6.8/35 Revenue 6.1% · PAT -5.9% · OPM change -3 pp 95% evidence 20.7/25 ROCE 35% · OPM 26% 76% evidence 11.3/20 P/E 8.4× · PEG — 50% evidence 14.3/20 RS sector -2.7% · RS bench 2.1% · 1Y 8.6%0 of 12 weeks ahead 100% evidence
Exact sum: 6.8 + 20.7 + 11.3 + 14.3 = 53.1 · Decision use: Price leads the evidence: RS versus the benchmark is 2.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6Deccan Gold Mines LtdDECNGOLD 51.1/100Thin evidence · provisional54% evidence BREAKING OUT 26.2/35 Revenue 100% · PAT 58.7% · OPM change 4414.3 pp 71% evidence 5.3/25 ROCE -13.1% · OPM — 61% evidence 10.0/20 P/E — · PEG — 0% evidence 9.6/20 RS sector -23% · RS bench 63.1% · 1Y 86.6%10 of 10 weeks ahead 70% evidence
Exact sum: 26.2 + 5.3 + 10 + 9.6 = 51.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
720 Microns Ltdthis page20MICRONS 50.3/100Mixed-positive evidence81% evidence BREAKING OUT 13.1/35 Revenue 2.5% · PAT 11.5% · OPM change 0 pp 95% evidence 17.6/25 ROCE 17.3% · OPM 13% 95% evidence 11.9/20 P/E 10.8× · PEG — 50% evidence 7.7/20 RS sector -40.9% · RS bench 10.3% · 1Y -10.2%9 of 10 weeks ahead 70% evidence
Exact sum: 13.1 + 17.6 + 11.9 + 7.7 = 50.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Midwest Energy Ltd526570 49.3/100Thin evidence · provisional58% evidence ASLEEP 22.3/35 Revenue 100% · PAT -80% · OPM change 547.7 pp 71% evidence 4.1/25 ROCE -2.5% · OPM -7.4% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 12.9/20 RS sector 97.8% · RS bench -7.6% · 1Y 77.9%0 of 10 weeks ahead 70% evidence
Exact sum: 22.3 + 4.1 + 10 + 12.9 = 49.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9MOIL LtdMOIL 46.1/100Mixed-negative evidence100% evidence ASLEEP 12.9/35 Revenue 4.9% · PAT 7.8% · OPM change 14 pp 100% evidence 13.1/25 ROCE 12.4% · OPM 37% 100% evidence 14.4/20 P/E 16.4× · PEG 0.68 100% evidence 5.7/20 RS sector -25.3% · RS bench -20.8% · 1Y -30.4%0 of 12 weeks ahead 100% evidence
Exact sum: 12.9 + 13.1 + 14.4 + 5.7 = 46.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10KIOCL LtdKIOCL 43.0/100Mixed-negative evidence68% evidence ASLEEP 24.0/35 Revenue 27.5% · PAT 100% · OPM change 29 pp 74% evidence 3.7/25 ROCE 1.4% · OPM -17% 100% evidence 8.5/20 P/E 556× · PEG — 15% evidence 6.8/20 RS sector -15.2% · RS bench -5.8% · 1Y -21.2%1 of 10 weeks ahead 70% evidence
Exact sum: 24 + 3.7 + 8.5 + 6.8 = 43 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -15.2% and the one-year return is -21.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
11Gujarat Mineral Development Corporation LtdGMDCLTD 41.2/100Mixed-negative evidence100% evidence ASLEEP 13.4/35 Revenue 2.3% · PAT 43.5% · OPM change -2 pp 100% evidence 10.8/25 ROCE 10.8% · OPM 21% 100% evidence 7.6/20 P/E 32.1× · PEG 1.28 100% evidence 9.4/20 RS sector -5.9% · RS bench -1.2% · 1Y 13%0 of 12 weeks ahead 100% evidence
Exact sum: 13.4 + 10.8 + 7.6 + 9.4 = 41.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12Orissa Minerals Development Company LtdORISSAMINE 39.0/100Thin evidence · provisional59% evidence ASLEEP 17.1/35 Revenue 45.7% · PAT 92.8% · OPM change 511.5 pp 62% evidence 7.8/25 ROCE 9.6% · OPM -32.2% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 4.1/20 RS sector -39.8% · RS bench -9.1% · 1Y -18.2%4 of 10 weeks ahead 70% evidence
Exact sum: 17.1 + 7.8 + 10 + 4.1 = 39 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13Bharat Coking Coal LtdBHARATCOAL 37.2/100Thin evidence · provisional35% evidence ASLEEP 10.7/35 Revenue — · PAT — · OPM change -6.8 pp 45% evidence 6.5/25 ROCE 4% · OPM -1.8% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 10.0/20 RS sector — · RS bench — · 1Y —3 of 12 weeks ahead 0% evidence
Exact sum: 10.7 + 6.5 + 10 + 10 = 37.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

16 · Frequently asked questions

Frequently asked questions

What is 20 Microns Ltd's share price today?

20 Microns Ltd trades at ₹208, −8.3% over the past year. The company is valued at ₹733 Cr. The stock sits at 82% of its 52-week range of ₹141–₹222, +6.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 8 weeks in. — as of 11 September 2026.

What were 20 Microns Ltd's latest quarterly results?

20 Microns Ltd reported revenue of ₹245 Cr and net profit of ₹18.0 Cr for the Jun 26 quarter. Revenue fell 0.8% and profit rose 5.9% year on year. Earnings per share were ₹5.04. The operating margin was 13.0%, 0.0 pp higher than a year earlier. — as of 11 September 2026.

What is 20 Microns Ltd's revenue?

20 Microns Ltd reported revenue of ₹245 Cr in the Jun 26 quarter, −0.8% year on year. For the full FY26 fiscal year, revenue was ₹954 Cr (+4.5%). Over the last 10 years revenue compounded at 10.3% a year. — as of 11 September 2026.

What is 20 Microns Ltd's profit?

20 Microns Ltd earned ₹18.0 Cr of net profit in the Jun 26 quarter, +5.9% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹67.0 Cr. The operating margin ran 13.0% in the latest quarter. — as of 11 September 2026.

What is 20 Microns Ltd's market cap?

20 Microns Ltd's market capitalisation is ₹733 Cr at a share price of ₹208. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.

What is 20 Microns Ltd's P/E ratio?

20 Microns Ltd trades at a P/E of 10.8×, at the 61st percentile of its own 10-year range, against a long-run median of 10.0×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.

Does 20 Microns Ltd pay a dividend?

Yes — 20 Microns Ltd's dividend payout was 7% of profit in FY26, and it recorded a payout in 6 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.

Is 20 Microns Ltd overvalued?

On its own history, 20 Microns Ltd looks mid-range: its P/E of 10.8× sits at the 61st percentile of its 10-year range (long-run median 10.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.

Is 20 Microns Ltd growing?

Yes — 20 Microns Ltd is growing: latest-quarter revenue −0.8% year on year, profit +5.9%, and the margin +0.0 pp at 13.0%. The 10-year compound rates are 10.3% (revenue) and 19.8% (profit). The earnings engine currently reads: improving — as of 11 September 2026.

How is 20 Microns Ltd performing?

20 Microns Ltd is in a confirmed uptrend, 8 weeks in. Its latest quarter's revenue fell 0.8% and profit rose 5.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 11 September 2026.

What stage is 20 Microns Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 17.0% and holding. The read comes from the last 12 quarters of growth (revenue growth +2.5% latest, profit growth +11.5% latest, eps growth +10.4% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.

Is 20 Microns Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 8 of stage 2), trading +6.3% versus its 200-day average and at 82% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.

Is 20 Microns Ltd beating the market?

On recent form, yes — 20 Microns Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +686% against the NIFTY 500's +267% — ahead of the index over the full window. — as of 11 September 2026.

Will 20 Microns Ltd's share price go up?

This page publishes no price forecast for 20 Microns Ltd. What it measures instead: the share price is ₹208, the price is in a confirmed uptrend 8 weeks in. Its P/E of 10.8× sits at the 61st percentile of its own 10-year range. — as of 11 September 2026.

Who owns 20 Microns Ltd?

Promoters hold 45.0% of 20 Microns Ltd, foreign institutions 0.4%, domestic institutions 0.1% and the public 54.5% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 11 September 2026.

Does 20 Microns Ltd have too much debt?

It is moderate — 20 Microns Ltd's debt-to-equity is 0.32, and operating profit covers the interest bill 7×. FY26 borrowings were ₹156 Cr against equity of ₹484 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.

What is 20 Microns Ltd's capex?

20 Microns Ltd spent ₹141 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹37.0 Cr, with ₹13.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.

What is 20 Microns Ltd's cash flow?

20 Microns Ltd generated ₹104 Cr of operating cash flow in FY26 and ₹67.0 Cr of free cash flow after ₹37.0 Cr of capital spending. Reported profit that year was ₹67.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.

Is 20 Microns Ltd's profit real cash?

Yes — over the last 3 fiscal years, 103% of 20 Microns Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹104 Cr against reported profit of ₹67.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.

Where is 20 Microns Ltd in its business cycle?

20 Microns Ltd's FY26 operating margin was 13.0%, against a 13-year band of 8.0%–14.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 13.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.

What growth does 20 Microns Ltd's price assume?

At its price on 13 June 2026, 20 Microns Ltd was priced for profit growth of about 2.6% a year. Profit itself has compounded 19.8% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.

What could break the 20 Microns Ltd story?

Biggest watch item: the price is already 8 weeks into its uptrend — timing risk, not thesis risk. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.

Is 20 Microns Ltd a stock worth studying right now?

This is not investment advice. The machine read: 20 Microns Ltd's earnings have outrun its stock. EPS grew +7.1% in a year against a −8.3% price move. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.

Sector Alpha — machine-written from the numbers · Data as of 2026-09-11. Every chart on this page is drawn by deterministic code from the raw series — no forecasts, no price opinions, and nothing here is investment advice.

Not SEBI Registered !! Not Investment advice !!

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