Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q4 FY17
| ₹ crore | Q1 FY27 | Q4 FY26 | Q3 FY26 | Q2 FY26 | Q1 FY26 | Q4 FY25 | Q3 FY25 | Q2 FY25 | Q3 FY23 | Q2 FY23 | Q1 FY23 | Q4 FY22 | Q3 FY22 | Q2 FY22 | Q1 FY22 | Q4 FY21 | Q3 FY21 | Q2 FY21 | Q1 FY21 | Q4 FY20 | Q3 FY20 | Q2 FY20 | Q1 FY20 | Q4 FY19 | Q4 FY17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 309 | 319 | 288 | 281 | 252 | 310 | 274 | 269 | 199 | 185 | 158 | 200 | 174 | 160 | 128 | 162 | 135 | 96 | 54.9 | 140 | 128 | 129 | 130 | 0 | 0 |
| Other income | 7 | 5.4 | 11.9 | 4.3 | 5 | 5.1 | 3.7 | 5.1 | 1.8 | 1.6 | 2 | 1.4 | 1.2 | 1.4 | 1.6 | 2.4 | 1.8 | 0.6 | 2.7 | 1.6 | 2.6 | 3.1 | 2.8 | 0 | 0 |
| Total expenses | 280 | 277 | 258 | 252 | 262 | 285 | 256 | 255 | 178 | 173 | 145 | 186 | 161 | 150 | 120 | 150 | 132 | 105 | 57.4 | 134 | 121 | 123 | 125 | 0 | 0 |
| EBITDA | 35.7 | 47.2 | 35.3 | 34.8 | −4.4 | 31.1 | 23.3 | 20.1 | 24 | 15.2 | 16.3 | 17.7 | 16.4 | 13 | 11.1 | 15.6 | 7.2 | −4.8 | 2.6 | 10.6 | 12 | 10.9 | 9.4 | 0 | 0 |
| EBITDA margin | 11.5% | 14.8% | 12.3% | 12.4% | -1.7% | 10.0% | 8.5% | 7.5% | 12.1% | 8.2% | 10.3% | 8.8% | 9.4% | 8.2% | 8.7% | 9.6% | 5.3% | -5.0% | 4.6% | 7.6% | 9.4% | 8.4% | 7.2% | – | – |
| Finance costs | 0.8 | 0.4 | 0.3 | 0.6 | 0.8 | 0.9 | 1.1 | 1.4 | 0.8 | 0.5 | 0.4 | 0.7 | 0.9 | 1.2 | 0.9 | 1.5 | 1.2 | 1.5 | 2.2 | 2.2 | 2.2 | 2.2 | 2 | 0 | 0 |
| Depreciation | 5 | 5 | 5 | 4.8 | 4.8 | 4.8 | 4.6 | 4.5 | 2.9 | 2.9 | 2.8 | 2.8 | 2.7 | 2.7 | 2.7 | 2.8 | 2.8 | 2.8 | 2.8 | 2.9 | 2.7 | 2.6 | 2.6 | 0 | 0 |
| Profit before tax | 36.9 | 50.3 | 36.1 | 33.7 | −5 | 29.1 | 21.3 | 9.3 | 22 | 13.3 | 13.9 | 17.2 | 14.2 | 17.7 | 9.1 | −10.3 | 5 | −8.6 | 0.2 | 7.3 | 9.7 | 9.1 | 7.6 | 0 | 0 |
| Tax | 9.3 | 16.1 | 9.3 | 8.7 | −1.1 | 11 | 5.9 | 2.6 | 5.6 | 3.4 | 3.4 | 4 | 3.6 | 3.1 | 2.3 | −2.3 | 1.6 | −3 | −0 | 0.4 | 2.7 | −1.3 | 3.1 | 0 | 0 |
| Net profit | 27.6 | 34.2 | 26.7 | 25 | −4 | 18.1 | 15.4 | 6.7 | 16.4 | 10 | 10.4 | 13.2 | 10.6 | 14.6 | 6.8 | −8 | 3.5 | −5.6 | 0.3 | 6.9 | 7 | 10.4 | 4.5 | 0 | 0 |
| Net margin | 8.9% | 10.7% | 9.3% | 8.9% | -1.6% | 5.8% | 5.6% | 2.5% | 8.2% | 5.4% | 6.6% | 6.6% | 6.1% | 9.2% | 5.3% | -5.0% | 2.6% | -5.9% | 0.5% | 4.9% | 5.5% | 8.1% | 3.4% | – | – |
| EPS (₹) | 15.86 | 19.65 | 15.35 | 14.37 | -2.27 | 10.40 | 8.86 | 4.92 | 12.03 | 7.34 | 7.65 | 9.70 | 7.78 | 10.76 | 4.96 | -5.89 | 2.54 | -4.15 | 0.18 | 5.06 | 5.16 | 7.64 | 3.29 | 0.00 | 0.00 |
| Net profit YoY | +798.7% | +89.2% | +73.4% | +273.3% | – | – | – | – | +54.6% | −31.8% | +54.2% | +264.7% | +206.7% | +359.6% | +2600.0% | −216.4% | −50.9% | −154.3% | −94.4% | – | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,140 | 1,123 | 661 | 448 | 527 | 513 | 465 |
| Other income | 18.2 | 18.8 | 5.5 | 7.4 | 10.1 | 10.4 | 9.6 |
| Total expenses | 1,040 | 1,044 | 618 | 445 | 503 | 488 | 447 |
| EBITDA | 121 | 102 | 58.4 | 20.1 | 43 | 43.9 | 34 |
| EBITDA margin | 10.6% | 9.1% | 8.8% | 4.5% | 8.2% | 8.6% | 7.3% |
| Finance costs | 2.2 | 4.5 | 3.7 | 6.4 | 8.6 | 9.1 | 5.3 |
| Depreciation | 19.5 | 18.2 | 10.9 | 11.2 | 10.8 | 9.7 | 10.2 |
| Profit before tax | 115 | 86.6 | 58.2 | −14.1 | 33.7 | 35.5 | 28.1 |
| Tax | 33 | 26.5 | 13.1 | −3.7 | 5 | 11 | 9.7 |
| Net profit | 82 | 60.1 | 45.2 | −10.4 | 28.8 | 24.5 | 18.4 |
| Net margin | 7.2% | 5.3% | 6.8% | -2.3% | 5.5% | 4.8% | 4.0% |
| EPS (₹) | 47.11 | 34.51 | 33.21 | -7.63 | 21.15 | 18.04 | 13.54 |
| Net profit YoY | +36.5% | – | +535.1% | −136.1% | +17.2% | – | – |
EPS is as filed for each period and is not restated for later bonus issues or splits.
Cash flow
annual · ₹ crore| ₹ crore | FY26 | FY25 | FY22 |
|---|---|---|---|
| Operating cash flow | 116 | 137 | 26.4 |
| Investing cash flow | −65.9 | −17.4 | −5.5 |
| Financing cash flow | −37.9 | −93.5 | −31.4 |
| Capital expenditure | 22.2 | 41.3 | 17.3 |
| Free cash flow (CFO − capex) | 93.7 | 95.8 | 9.1 |
Net profit trend
annual, ₹ croreFY19
₹24.5
FY20
₹28.8+17%
FY21
₹−10.4−136%
FY22
₹45.2+535%
FY25
₹60.1+33%
FY26
₹82+37%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 21 Jul 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 21 Jul 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 29 Apr 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 29 Apr 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 16 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 16 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 15 Oct 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 15 Oct 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 13 Aug 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 13 Aug 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 21.4×25.1×
P/B5Y avg 3.93×5.14×
ROEFY26, on average equity15.4%
Net margin7.2%
Debt / equity0.00×
Revenue CAGR (3Y)36.6%
Profit CAGR (3Y)–
EPS (TTM)₹65.26
Market cap₹2,852 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
5.14×
vs 5-point avg 3.93× (+31%)
2.76× low3.93× avg5.58× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹832 Cr+20%
Net worth₹554 Cr+9%
Total borrowings₹1 Cr−22%
Cash & bank balances₹42 Cr+40%
Investments₹47 Cr+48%
Inventories₹152 Cr+20%
Trade receivables₹232 Cr+20%
Trade payables₹194 Cr+55%
Change vs the same date a year earlier.
Revenue mix FY26
Welding95.0%result ₹162 Cr
Flares and Process equipment5.0%result ₹−23.3 Cr
Segment revenue as reported, before inter-segment eliminations.