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Quarterly results

standalone · 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	172	282	644	572	419	494	421	474	404	421	768	600	431	656	932	510	427	462	714	447	373	372	453	410	326	478	432	439	261	283	362	238	243	180
Other income	6	27	5.4	6.7	3.9	21.5	1.4	1.6	1.1	2.4	1.5	1.5	1.2	2.3	1.6	1.5	33.9	2.4	1.2	1.2	0.7	2.7	4.7	0.9	0.8	1.4	1	0.8	0.7	2.4	0.8	1.2	2.4	4
Total expenses	193	294	577	513	398	460	378	422	395	392	670	529	412	582	866	474	423	423	672	417	368	352	416	377	310	438	387	409	254	262	338	197	241	183
EBITDA	−5.2	3.7	82.7	74.9	36.6	53	61.4	67.4	29.1	51	119	92.4	43.5	103	97.8	68.2	35.2	70.1	65.5	51.9	28	45.4	63.4	59	42.8	67.1	71	55.3	38	50.3	48.3	60.9	23	16.1
EBITDA margin	-3.0%	1.3%	12.8%	13.1%	8.7%	10.7%	14.6%	14.2%	7.2%	12.1%	15.6%	15.4%	10.1%	15.7%	10.5%	13.4%	8.2%	15.2%	9.2%	11.6%	7.5%	12.2%	14.0%	14.4%	13.1%	14.0%	16.5%	12.6%	14.6%	17.8%	13.3%	25.6%	9.5%	9.0%
Finance costs	0.4	0.4	0.3	0.6	1.1	3.3	4.1	1.9	6.5	7.6	6.9	6.9	10.2	10.4	12.9	13	13	9.4	7.5	6.6	8	8.8	10.1	9.7	10.8	10	9.9	9.3	15.1	13.1	7.6	3.9	5	2.7
Depreciation	14.9	15.4	15.3	15.4	15.1	16.4	14.2	14.1	13.9	14.7	14.4	14.4	14.1	18.5	18.8	18.7	18	22.1	15.4	15.3	15.1	16.4	16.5	16.6	16.2	16.5	16.3	16.2	15.9	16.5	17	16.7	16.5	17.1
Profit before tax	−14.5	14.9	72.5	65.7	24.3	54.8	44.6	53	9.8	31.1	99.7	72.6	20.4	76.5	67.7	38	38.1	41	43.8	31.2	5.7	22.9	41.5	33.6	16.6	42	45.8	30.6	7.6	23.1	24.5	41.4	3.8	0.3
Tax	−3.5	−26.7	24.1	23	9	19.7	15.8	18.8	3.4	9.3	31.7	23.8	6.8	26.6	26.8	11.1	12.4	16.7	14.3	10.1	0.7	1	9.5	8.1	3.8	10.7	9.7	7.9	2.1	1.1	4.3	10.7	0.8	−3.6
Net profit	−10.9	41.6	48.4	42.7	15.2	35.2	28.8	34.3	6.4	21.8	68.1	48.8	13.6	49.9	40.9	26.9	25.7	24.3	29.5	21.1	5	21.9	31.9	25.5	12.8	31.3	36.1	22.7	5.6	22	20.2	30.7	3	3.9
Net margin	-6.3%	14.7%	7.5%	7.5%	3.6%	7.1%	6.8%	7.2%	1.6%	5.2%	8.9%	8.1%	3.2%	7.6%	4.4%	5.3%	6.0%	5.3%	4.1%	4.7%	1.4%	5.9%	7.0%	6.2%	3.9%	6.5%	8.4%	5.2%	2.1%	7.8%	5.6%	12.9%	1.2%	2.2%
EPS (₹)	-8.70	33.15	38.59	34.05	12.16	28.04	22.98	27.33	5.13	17.41	54.28	38.93	10.84	39.81	32.58	21.47	20.49	19.36	23.56	16.84	4.02	17.43	25.46	20.37	10.22	24.98	28.77	18.08	4.43	17.55	16.11	24.51	2.39	3.10
Net profit YoY	−171.6%	+18.2%	+68.0%	+24.6%	+137.2%	+61.0%	−57.7%	−29.8%	−52.7%	−56.3%	+66.6%	+81.3%	−47.1%	+105.6%	+38.3%	+27.5%	+410.1%	+11.1%	−7.5%	−17.3%	−60.7%	−30.2%	−11.5%	+12.7%	+130.5%	+42.3%	+78.6%	−26.2%	+85.1%	+465.5%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	1,917	1,793	2,220	2,526	1,998	1,561	1,609	1,125	1,497
Other income	43	26.3	6.7	39.4	5.6	9	3.9	7.7	5.6
Total expenses	1,782	1,657	2,003	2,345	1,882	1,456	1,487	1,040	1,390
EBITDA	198	210	306	304	215	211	231	182	210
EBITDA margin	10.3%	11.7%	13.8%	12.0%	10.8%	13.5%	14.4%	16.1%	14.0%
Finance costs	2.1	15.8	31.6	49.3	31.4	39.3	44.3	29.6	33.8
Depreciation	61.1	58.5	57.6	74	67.9	65.7	64.9	66.8	69.6
Profit before tax	177	162	224	220	122	115	126	92.8	112
Tax	29.6	57.6	71.6	76.8	41.7	22.4	30.4	16.9	25.1
Net profit	148	105	152	143	80	92.1	95.6	75.9	87.3
Net margin	7.7%	5.8%	6.9%	5.7%	4.0%	5.9%	5.9%	6.8%	5.8%
EPS (₹)	117.96	83.47	121.46	114.35	63.78	73.48	76.27	60.56	69.60
Net profit YoY	+41.3%	−31.3%	+6.2%	+79.3%	−13.2%	−3.7%	+25.9%	−13.0%	–

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	514	430	274	502	32.2
Investing cash flow	−341	−65.1	−130	−56.6	−75.2
Financing cash flow	−161	−369	−144	−443	42.7
Capital expenditure	114	75.6	141	64.9	77.9
Free cash flow (CFO − capex)	400	354	133	437	−45.7

Net profit trend

annual, ₹ crore

FY21

₹92.1

FY22

₹80−13%

FY23

₹143+79%

FY24

₹152+6%

FY25

₹105−31%

FY26

₹148+41%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Standalone	14 Aug 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	27 May 2026	PDF on NSE XBRL
Q3 FY26	Standalone	6 Feb 2026	PDF on NSE XBRL
Q2 FY26	Standalone	7 Nov 2025	PDF XBRL
Q1 FY26	Standalone	6 Aug 2025	PDF XBRL
Q4 FY25	Standalone · audited	28 May 2025	PDF XBRL
Q3 FY25	Standalone	3 Feb 2025	PDF on NSE XBRL
Q2 FY25	Standalone	14 Nov 2024	PDF on NSE XBRL
Q1 FY25	Standalone	7 Aug 2024	PDF on NSE XBRL
Q4 FY24	Standalone · audited	24 May 2024	PDF on NSE XBRL

Annual reports

NSE archive

FY2656.69 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)35.0×

P/B2.23×

ROEFY26, on average equity8.0%

Net margin7.7%

Debt / equity0.00×

Revenue CAGR (3Y)-8.8%

Profit CAGR (3Y)1.0%

EPS (TTM)₹97.09

Market cap₹4,266 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₹2,157 Cr−3%

Net worth₹1,913 Cr+8%

Total borrowings₹9 Cr−94%

Cash & bank balances₹13 Cr+925%

Investments₹259 Cr+5752%

Inventories₹506 Cr−43%

Trade receivables₹32 Cr−52%

Trade payables₹33 Cr−62%

Change vs the same date a year earlier.

Revenue mix FY26

SUGAR75.9%result ₹95.7 Cr

POWER12.2%result ₹27 Cr

DISTILLERY11.2%result ₹44.5 Cr

GRANITE PRODUCTS0.6%result ₹−3.7 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	58.70	58.70	58.70	58.70	58.70	58.70	58.70	58.70	58.70	58.70	58.70	58.70
FII	0.27	0.27	0.27	0.28	0.28	0.27	0.27	0.27	0.25	0.25	0.26	0.26
Retail	21.94	21.92	21.90	22.05	22.27	22.68	22.88	23.11	23.17	23.18	23.24	23.35
Other public	19.09	19.11	19.13	18.97	18.75	18.35	18.15	17.92	17.88	17.87	17.80	17.69

6,366 shareholders · NSE shareholding pattern filings.