Quarterly results
standalone · 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 | 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 FY17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1.8 | 0.9 | 1.7 | 1 | 1.1 | 1.7 | 0.7 | 0 | 0.4 | 1.6 | 1.8 | 0.9 | 1.3 | 5.1 | 21.5 | 11.5 | 71.3 | 49.9 | 78.3 | 59.9 | 54.4 | 54.1 | 32.6 | 28.1 | 11.6 | 48.9 | 53.3 | 47.4 | 46.6 | 47.3 | 52 | 58.1 | 57.1 | 60 |
| Other income | 0 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.2 | 0 | 0.1 | 0.1 | 0.2 | 0.5 | 0.9 | 0.5 | 0.4 | 0.5 | 0.5 | 0.6 | 1.1 | −1.3 | 0.5 | −0.1 | 1.1 | 0 | 0 | 0.1 | 0 | 0.3 |
| Total expenses | 3.2 | 3.1 | 3.7 | 2.4 | 2.5 | 3.1 | 2.1 | 1.8 | 3.2 | 5.3 | 5.9 | 7 | 8.8 | 12 | 35.3 | 35.6 | 78.8 | 55.9 | 82.2 | 66.1 | 58.5 | 58.7 | 38.5 | 36.6 | 21.1 | 57.1 | 59.4 | 55.3 | 57.1 | 59.7 | 58.8 | 71.7 | 67.8 | 72.1 |
| EBITDA | −0.2 | −0.3 | −0.3 | −0.2 | −0.2 | −0.2 | −0.2 | −0.3 | −0.6 | −0.7 | −0.8 | −2.3 | −3.2 | −2.8 | −9.5 | −19.8 | −3.8 | −2.5 | −0.3 | −2.6 | −0.2 | 0.8 | −1.3 | −3.8 | −4.9 | −3.9 | −1.7 | −2.8 | −5 | −7.2 | −1.3 | −8.3 | −6 | −6.8 |
| EBITDA margin | -9.1% | -30.9% | -16.7% | -17.8% | -14.2% | -10.1% | -29.8% | – | -171.5% | -42.7% | -43.4% | -242.9% | -242.3% | -54.6% | -44.1% | -173.0% | -5.4% | -5.1% | -0.4% | -4.3% | -0.4% | 1.5% | -4.0% | -13.6% | -41.9% | -7.9% | -3.2% | -6.0% | -10.7% | -15.2% | -2.5% | -14.3% | -10.5% | -11.3% |
| Finance costs | 1.3 | 1.9 | 1.7 | 1.2 | 1.2 | 1.2 | 1.2 | 1.6 | 1.8 | 2.7 | 2.7 | 3.1 | 2.9 | 2.7 | 2.8 | 2.7 | 2.2 | 2 | 2.1 | 2.1 | 2.3 | 3.8 | 3 | 3.1 | 3.1 | 2.7 | 2.8 | 3.4 | 4 | 3.7 | 3.9 | 3.7 | 3.1 | 3.7 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.3 | 0.4 | 0.7 | 0.7 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.7 | 1.7 | 1.6 | 1.6 | 1.7 | 1.7 | 1.6 | 1.7 |
| Profit before tax | −1.4 | −2.1 | −2 | −1.3 | −1.4 | −1.4 | −1.4 | −1.8 | 6.1 | −28.9 | −4.1 | −51.9 | −7.2 | −7 | −13.7 | −24 | −7.4 | −5.5 | −3 | 7.8 | −3.7 | −4.1 | −5.3 | −7.9 | −8.4 | −9.5 | −5.7 | −8 | −9.5 | −12.5 | −6.9 | −13.6 | −10.7 | −11.8 |
| Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | −0 | 0 | −21.3 | 0.3 | 0.2 | 0 | −0.2 | −0.2 | 0.1 | 0.2 | −0.1 | 0 | 0.2 | 0.2 | −0 | −0.2 | 0.5 | 0.3 | 0.5 | 0.5 | 0.5 | −3 | 0.4 | 0.6 | 0.5 |
| Net profit | −1.8 | −2.8 | −0.2 | −1.8 | −1.8 | 7 | −1.8 | −3.1 | 6.1 | −28.9 | −4.1 | −30.6 | −7.5 | −7.2 | −13.7 | −23.8 | −7.1 | −5.6 | −3.3 | 7.9 | −3.8 | −4.3 | −5.6 | −7.9 | −8.2 | −10 | −6.1 | −8.5 | −10 | −13 | −3.9 | −14.1 | −11.3 | −12.3 |
| Net margin | -102.2% | -310.0% | -12.5% | -175.5% | -158.0% | 416.9% | -276.5% | – | 1625.8% | -1837.0% | -233.0% | -3265.3% | -577.1% | -141.7% | -63.9% | -207.6% | -10.0% | -11.2% | -4.2% | 13.3% | -6.9% | -7.9% | -17.0% | -28.0% | -70.2% | -20.5% | -11.4% | -17.9% | -21.5% | -27.4% | -7.5% | -24.2% | -19.9% | -20.5% |
| EPS (₹) | -0.45 | -0.66 | -0.63 | -0.42 | -0.43 | -0.43 | -0.44 | -0.56 | 2.19 | -26.91 | -3.83 | -28.50 | -7.00 | -6.71 | -12.78 | -22.16 | -6.65 | -5.21 | -3.03 | 7.39 | -3.52 | -3.97 | -5.17 | -7.33 | -7.60 | -9.33 | -5.65 | -7.90 | -9.30 | -12.06 | -3.62 | -13.09 | -10.56 | -11.43 |
| Net profit YoY | −1.9% | −139.6% | +88.2% | +42.7% | −128.7% | +124.1% | +56.0% | +89.8% | +181.6% | −300.9% | +70.1% | −28.6% | −5.2% | −28.9% | −321.9% | −400.0% | −89.2% | −31.1% | +41.4% | +200.7% | +53.7% | +57.4% | +8.6% | +7.2% | +18.3% | +22.7% | −56.1% | +39.7% | +11.9% | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4.7 | 2.3 | 5.6 | 109 | 242 | 126 | 196 | 214 | 47.2 |
| Other income | 0.1 | 0.1 | 0.4 | 0.1 | 2.2 | 2.8 | 0.2 | 0.1 | 1.3 |
| Total expenses | 11.7 | 9.1 | 27 | 161 | 263 | 155 | 229 | 258 | 53.5 |
| EBITDA | −0.9 | −0.9 | −6.9 | −35.7 | −5.6 | −9.2 | −13.4 | −22.8 | −2.9 |
| EBITDA margin | -19.0% | -37.0% | -123.2% | -32.7% | -2.3% | -7.3% | -6.9% | -10.6% | -6.2% |
| Finance costs | 6.1 | 5.9 | 11.4 | 10.3 | 8.5 | 12.9 | 12.9 | 14.4 | 2 |
| Depreciation | 0 | 0 | 3.2 | 6.1 | 6.2 | 6.3 | 6.6 | 6.6 | 1.3 |
| Profit before tax | −6.9 | −6.6 | −92.2 | −52 | −4.5 | −25.7 | −32.7 | −43.6 | −4.9 |
| Tax | 0 | 0 | −21.1 | −0.2 | 0.2 | 0.2 | 1.9 | −1.4 | 0.8 |
| Net profit | −6.5 | 8.2 | −71.1 | −51.9 | −4.7 | −25.8 | −34.6 | −42.2 | −5.7 |
| Net margin | -137.7% | 352.3% | -1275.5% | -47.5% | -1.9% | -20.4% | -17.6% | -19.7% | -12.1% |
| EPS (₹) | -2.14 | -2.13 | -66.24 | -48.30 | -4.36 | -24.07 | -32.18 | -39.33 | -5.31 |
| Net profit YoY | −179.6% | +111.5% | −37.1% | −1006.7% | +81.9% | +25.2% | +18.2% | – | – |
EPS is as filed for each period and is not restated for later bonus issues or splits.
Cash flow
annual · ₹ crore| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating cash flow | −1.6 | −4.1 | −8.4 | −19.6 | −54.5 |
| Investing cash flow | 0.1 | 23.9 | 11.9 | 2.1 | 18.5 |
| Financing cash flow | 0.9 | −19.3 | −3.5 | 17.8 | 4.8 |
| Capital expenditure | 0 | 0 | −0 | 0.1 | 0.7 |
| Free cash flow (CFO − capex) | −1.6 | −4.1 | −8.4 | −19.7 | −55.2 |
Net profit trend
annual, ₹ croreFY21
₹−25.8
FY22
₹−4.7+82%
FY23
₹−51.9−1007%
FY24
₹−71.1−37%
FY25
₹8.2+112%
FY26
₹−6.5−180%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Standalone | 12 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 22 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 7 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 14 Nov 2025 | PDF XBRL |
| Q1 FY26 | Standalone | 13 Aug 2025 | PDF XBRL |
| Q4 FY25 | Standalone · audited | 30 May 2025 | PDF XBRL |
| Q3 FY25 | Standalone | 11 Feb 2025 | PDF on NSE XBRL |
| Q2 FY25 | Standalone | 14 Nov 2024 | PDF on NSE XBRL |
| Q1 FY25 | Standalone | 14 Aug 2024 | PDF on NSE XBRL |
| Q4 FY24 | Standalone · audited | 13 May 2024 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 6.7×-7.9×
P/B-0.29×
ROEFY26, on average equity3.8%
Net margin-137.7%
Debt / equity-0.95×
Revenue CAGR (3Y)-64.9%
Profit CAGR (3Y)–
EPS (TTM)₹-2.03
Market cap₹52 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
Balance sheet 31 Mar 2026
Total assets₹18 Cr−6%
Net worth₹-175 Cr−4%
Total borrowings₹166 Cr+4%
Cash & bank balances₹0 Cr−76%
Investments₹1 Cr
Inventories₹0 Cr
Trade receivables₹0 Cr−57%
Trade payables₹1 Cr+608%
Change vs the same date a year earlier.
Revenue mix FY26
Paper and Paper Board100.0%result ₹−0.8 Cr
Segment revenue as reported, before inter-segment eliminations.