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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY18

₹ crore	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	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	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18
Revenue from operations	265	289	209	173	152	195	156	156	151	189	154	162	149	149	153	168	180	188	165	135	80.3	118	92.6	61.5	12.8	54.9	81.4	83.1	96.9	116	105	122	109	118
Other income	1.1	2.9	0.9	1	1.2	1.6	1.1	1.2	0.7	1	0.6	0.5	0.4	1.3	0.6	0.3	0.2	0.3	0.5	0.2	0.6	0.3	0.3	0.6	0.4	0.6	0.5	1.1	0.4	1	1.1	0.1	0.2	8.9
Total expenses	265	277	205	172	153	188	153	153	147	185	150	158	148	152	150	171	178	180	163	135	90	122	104	74.7	28.2	72.3	98.7	98.8	111	125	122	133	123	129
EBITDA	19.2	28.5	19.7	17	13.6	20.4	16.8	15.3	15.9	15.3	12.5	12.3	10.5	6.7	13	6.7	12.2	19.7	12.8	11.8	2	9.9	1.8	0.3	−3.5	−4.1	−4.3	−2.9	−1.3	8.8	−3.8	2.5	−0.1	5
EBITDA margin	7.2%	9.8%	9.4%	9.8%	8.9%	10.5%	10.7%	9.8%	10.5%	8.1%	8.1%	7.6%	7.0%	4.5%	8.5%	4.0%	6.8%	10.5%	7.8%	8.7%	2.5%	8.4%	2.0%	0.4%	-27.2%	-7.4%	-5.3%	-3.4%	-1.4%	7.6%	-3.6%	2.1%	-0.1%	4.2%
Finance costs	11.6	10.4	10.4	10	9.3	8.8	8.8	7.3	7.3	7.2	4.9	5.2	5.7	6	5.1	5.2	5.7	6.7	6.4	6	6.6	9.3	7.7	8.3	6.7	8.1	7.8	7.5	7.9	12.6	8.6	8.3	8	10.6
Depreciation	6.7	6.1	5.3	5.3	5.2	4.8	4.6	4.3	4.1	3.5	3.4	3.5	3.5	3.5	4.1	5.1	5	5.1	5	5	5.1	5	5.1	5.2	5.1	5.2	5.2	5.3	5.3	5.1	5.2	5.5	5.5	5.5
Profit before tax	1.9	30.5	4.9	2.8	6.5	8.3	1	4.9	5.3	7.2	4.2	3.5	1.3	−5.9	4.5	10.3	1.7	9.3	1.9	1	−4.4	−3.7	−10.7	−12.6	−14.9	−16.7	−16.8	−18.3	−14.1	36.2	−16.4	−11.2	−13.4	−2.3
Tax	0	0	0.1	0.1	6	0.8	−0	0	0	0.1	0.1	0.2	0.1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.1	0	0	0	0.1
Net profit	1.9	30.4	4.8	2.8	0.5	7.4	1.1	4.9	5.3	7.1	4.2	3.3	1.3	−6	4.5	10.3	1.7	9.3	1.9	1	−4.4	−3.7	−10.7	−12.6	−14.9	−16.7	−16.8	−18.3	−14.1	36.1	−16.4	−11.2	−13.4	−2.4
Net margin	0.7%	10.5%	2.3%	1.6%	0.3%	3.8%	0.7%	3.1%	3.5%	3.7%	2.7%	2.0%	0.8%	-4.0%	2.9%	6.1%	1.0%	4.9%	1.1%	0.7%	-5.5%	-3.2%	-11.5%	-20.4%	-116.5%	-30.5%	-20.7%	-22.0%	-14.6%	31.1%	-15.7%	-9.2%	-12.3%	-2.0%
EPS (₹)	0.41	6.70	1.07	0.62	0.12	1.73	0.27	1.26	1.36	1.82	1.08	0.85	0.32	-1.53	1.15	2.65	0.45	2.44	0.53	0.37	-1.34	0.97	-3.50	-4.49	-5.52	-6.19	-6.23	-6.78	-5.22	16.11	-7.82	-5.32	-6.39	-1.14
Net profit YoY	+268.6%	+308.7%	+361.0%	−43.3%	−90.4%	+5.1%	−74.9%	+48.0%	+319.8%	+218.6%	−6.5%	−67.9%	−26.7%	−164.3%	+140.9%	+930.0%	+138.7%	+349.5%	+117.4%	+108.0%	+70.2%	+77.8%	+36.6%	+31.4%	−5.7%	−146.4%	−2.5%	−63.8%	−5.2%	+1603.3%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	824	659	654	650	568	285	316	452	395
Other income	6	4.1	2.5	2.5	1.6	1.7	2.5	2.5	9.9
Total expenses	807	640	640	651	568	329	381	503	457
EBITDA	78.7	68.5	50.6	38.6	46.3	8.5	−12.6	7.4	−3
EBITDA margin	9.6%	10.4%	7.7%	5.9%	8.1%	3.0%	-4.0%	1.6%	-0.8%
Finance costs	40	32.1	23	22	25.7	32	31.3	37.5	36.9
Depreciation	21.8	17.8	13.8	17.6	20.1	20.4	21	21.2	22.3
Profit before tax	44.7	19.1	16.3	10.6	7.7	−41.9	−66	−4.9	−52.3
Tax	6.2	1	0.4	0	0	0	0	0.1	0.1
Net profit	38.5	17.5	15.9	10.5	7.7	−41.9	−66	−5	−52.4
Net margin	4.7%	2.7%	2.4%	1.6%	1.4%	-14.7%	-20.9%	-1.1%	-13.3%
EPS (₹)	8.59	4.19	4.07	2.72	2.09	-14.48	-24.43	-2.32	-29.05
Net profit YoY	+119.6%	+10.6%	+50.4%	+37.1%	+118.4%	+36.6%	−1234.1%	+90.5%	–

EPS is as filed for each period and is not restated for later bonus issues or splits.

Cash flow

annual · ₹ crore

₹ crore	FY26	FY25	FY24	FY23	FY22
Operating cash flow	9.5	74.3	19.2	76.4	−53.2
Investing cash flow	−26.4	−111	−54.5	2.3	5.1
Financing cash flow	16.6	61.6	35.4	−78.7	47.9
Capital expenditure	77	151	0	11.7	7.6
Free cash flow (CFO − capex)	−67.5	−76.7	19.2	64.7	−60.7

Net profit trend

annual, ₹ crore

FY21

₹−41.9

FY22

₹7.7+118%

FY23

₹10.5+37%

FY24

₹15.9+50%

FY25

₹17.5+11%

FY26

₹38.5+120%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	13 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	13 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	16 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone	16 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone	–	PDF on NSE XBRL
Q3 FY26	Consolidated	7 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	7 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	10 Nov 2025	PDF XBRL
Q2 FY26	Standalone	10 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	–	PDF on NSE XBRL

Annual reports

NSE archive

FY2610.64 MB FY254.19 MB FY24 FY23 FY22 FY20 FY19 FY18 FY17 FY16

Key ratios

P/E (TTM)5Y avg 21.8×9.3×

P/B5Y avg 3.60×1.88×

ROEFY26, on average equity22.0%

Net margin4.7%

Debt / equity1.60×

Revenue CAGR (3Y)8.2%

Profit CAGR (3Y)54.0%

EPS (TTM)₹8.79

Market cap₹371 Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

1.88×

vs 8-point avg 3.60× (−48%)

1.13× low3.60× avg5.90× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹749 Cr−1%

Net worth₹197 Cr+29%

Total borrowings₹316 Cr

Cash & bank balances₹0 Cr−99%

Investments₹2 Cr+0%

Inventories₹108 Cr+60%

Trade receivables₹186 Cr+47%

Trade payables₹120 Cr+36%

Change vs the same date a year earlier.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Dec 24	Sept 24	Jun 24	Mar 24	Jan 24
Promoter	32.60	32.60	32.60	32.60	32.60	29.17	30.14	30.14	33.39	33.39	33.39	33.39
FII	0.60	0.34	0.29	0.20	0.14	0.08	0.02	0.02	0.04	0.06	0.15	0.00
DII	0.00	6.25	16.20	16.20	16.30	17.13	17.13	17.13	19.24	19.24	19.52	19.24
Retail	38.89	37.45	31.63	31.51	30.74	32.74	31.86	31.86	29.31	29.64	29.85	30.28
Other public	27.91	23.36	19.28	19.49	20.22	20.88	20.85	20.85	18.02	17.67	17.09	17.09

29,624 shareholders · NSE shareholding pattern filings.