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 | 547 | 767 | 568 | 473 | 465 | 619 | 514 | 394 | 375 | 587 | 424 | 420 | 441 | 430 | 388 | 324 | 277 | 349 | 323 | 305 | 288 | 290 | 222 | 146 | 72.5 | 260 | 247 | 197 | 225 | 273 | 225 | 238 | 197 | 223 |
| Other income | 10.9 | 9.9 | 9.2 | 11.7 | 10.3 | 13.5 | 9.1 | 11.3 | 9.6 | 12.1 | 9.6 | 6.9 | 9.7 | 8.4 | 7.1 | 6.6 | 7 | 9.4 | 4.6 | 5.7 | 4.3 | 9.9 | 5.3 | 6.3 | 5.3 | 9.1 | 7.6 | 6.8 | 6.6 | 8 | 5.4 | 5.9 | 10.3 | 7.1 |
| Total expenses | 532 | 724 | 544 | 448 | 438 | 564 | 469 | 380 | 353 | 536 | 394 | 390 | 418 | 401 | 365 | 308 | 263 | 343 | 306 | 292 | 274 | 283 | 204 | 143 | 90.8 | 248 | 233 | 194 | 215 | 267 | 212 | 233 | 188 | 218 |
| EBITDA | 28.8 | 55.2 | 34.3 | 34.8 | 33.6 | 63.4 | 52.8 | 21.7 | 29.5 | 61.8 | 39 | 38.5 | 32.7 | 38.7 | 32.6 | 24 | 22 | 14.3 | 24.8 | 22.5 | 22 | 14.2 | 24.4 | 9.3 | −11.4 | 20.3 | 21.2 | 10.4 | 16.1 | 12.6 | 18.9 | 10.5 | 15.6 | 12.4 |
| EBITDA margin | 5.3% | 7.2% | 6.0% | 7.4% | 7.2% | 10.2% | 10.3% | 5.5% | 7.9% | 10.5% | 9.2% | 9.2% | 7.4% | 9.0% | 8.4% | 7.4% | 7.9% | 4.1% | 7.7% | 7.4% | 7.6% | 4.9% | 11.0% | 6.4% | -15.8% | 7.8% | 8.6% | 5.3% | 7.2% | 4.6% | 8.4% | 4.4% | 7.9% | 5.6% |
| Finance costs | 7.8 | 6.4 | 4.9 | 3.9 | 2 | 3.8 | 3.3 | 2.8 | 2.7 | 4.8 | 5.3 | 5 | 5.5 | 6.9 | 5.8 | 4.7 | 4.6 | 4.8 | 5.2 | 5.7 | 5.4 | 4.5 | 4 | 3.9 | 4.7 | 5.3 | 5.5 | 5 | 4.5 | 4.6 | 4 | 3.4 | 4.9 | 5.4 |
| Depreciation | 5.8 | 6.2 | 5.4 | 5.2 | 4.9 | 5 | 4.8 | 4.9 | 4.6 | 5 | 3.6 | 3.5 | 3.4 | 3.3 | 3.3 | 3.3 | 3 | 3 | 3.1 | 3.1 | 2.8 | 2.7 | 2.5 | 2.3 | 2.2 | 2.5 | 2.2 | 2.2 | 2.1 | 1.8 | 2.1 | 2.2 | 2.2 | 2.3 |
| Profit before tax | 26.1 | 52.5 | 33.2 | 37.5 | 37 | 68.1 | 53.8 | 25.3 | 31.8 | 64 | 39.7 | 36.9 | 33.4 | 36.9 | 30.6 | 22.5 | 21.4 | 15.9 | 21.2 | 19.4 | 18.1 | 17.1 | 23.2 | 9.4 | −13 | 21.6 | 21.1 | 10.1 | 16.1 | 14.2 | 18.2 | 10.8 | 18.7 | 58.6 |
| Tax | 6.5 | 13.2 | 8.5 | 9.2 | 9.2 | 17.8 | 13.2 | 6.5 | 7.9 | 15.5 | 10 | 9.1 | 8.1 | 10 | 7.5 | 5.6 | 5.1 | 4.3 | 5.3 | 5 | 4.4 | 4 | 7.5 | 3.4 | −4.3 | 7.4 | 7.1 | 3.4 | 5.4 | 4.5 | 5.2 | 4.7 | 5.9 | 9.8 |
| Net profit | 19.6 | 39.3 | 24.7 | 28.2 | 27.9 | 50.3 | 40.6 | 18.8 | 23.9 | 48.5 | 29.7 | 27.9 | 25.3 | 26.9 | 23.1 | 16.9 | 16.3 | 11.6 | 15.9 | 14.4 | 13.7 | 13.1 | 15.7 | 6.1 | −8.7 | 14.2 | 14 | 6.8 | 10.7 | 9.6 | 13 | 6.1 | 12.8 | 48.9 |
| Net margin | 3.6% | 5.1% | 4.3% | 6.0% | 6.0% | 8.1% | 7.9% | 4.8% | 6.4% | 8.3% | 7.0% | 6.6% | 5.7% | 6.2% | 6.0% | 5.2% | 5.9% | 3.3% | 4.9% | 4.7% | 4.7% | 4.5% | 7.1% | 4.1% | -12.1% | 5.4% | 5.7% | 3.4% | 4.7% | 3.5% | 5.8% | 2.6% | 6.5% | 21.9% |
| EPS (₹) | 17.37 | 34.76 | 21.84 | 24.98 | 24.66 | 44.51 | 35.94 | 16.62 | 21.17 | 42.94 | 52.54 | 49.34 | 44.83 | 47.53 | 40.85 | 29.99 | 28.89 | 20.54 | 28.13 | 25.47 | 24.20 | 23.09 | 27.76 | 10.71 | -15.47 | 25.07 | 24.74 | 12.01 | 18.88 | 17.05 | 23.02 | 10.75 | 22.67 | 86.45 |
| Net profit YoY | −29.6% | −21.9% | −39.2% | +50.2% | +16.5% | +3.7% | +36.8% | −32.6% | −5.5% | +80.7% | +28.6% | +64.6% | +55.1% | +131.4% | +45.2% | +17.7% | +19.4% | −11.0% | +1.3% | +137.9% | +256.5% | −7.9% | +12.2% | −10.9% | −181.9% | +47.1% | +7.5% | +11.7% | −16.7% | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,274 | 1,902 | 1,872 | 1,419 | 1,266 | 731 | 929 | 932 | 252 |
| Other income | 41.1 | 43.5 | 38.3 | 29.1 | 24 | 26.8 | 30.1 | 29.6 | 6.2 |
| Total expenses | 2,155 | 1,766 | 1,737 | 1,336 | 1,215 | 721 | 890 | 900 | 249 |
| EBITDA | 158 | 167 | 172 | 117 | 83.6 | 36.5 | 68.1 | 57.6 | 10 |
| EBITDA margin | 6.9% | 8.8% | 9.2% | 8.3% | 6.6% | 5.0% | 7.3% | 6.2% | 4.0% |
| Finance costs | 17.2 | 12.5 | 20.6 | 22.1 | 21 | 17 | 20.3 | 16.9 | 4 |
| Depreciation | 21.7 | 19.3 | 15.4 | 12.9 | 12.1 | 9.7 | 9 | 8.4 | 2.5 |
| Profit before tax | 160 | 179 | 174 | 111 | 74.6 | 36.7 | 68.9 | 61.9 | 9.7 |
| Tax | 40.1 | 45.4 | 42.6 | 28.1 | 19 | 10.6 | 23.3 | 20.4 | 3 |
| Net profit | 120 | 134 | 131 | 83.2 | 55.6 | 26.1 | 45.6 | 41.5 | 6.7 |
| Net margin | 5.3% | 7.0% | 7.0% | 5.9% | 4.4% | 3.6% | 4.9% | 4.5% | 2.7% |
| EPS (₹) | 106.24 | 118.24 | 116.29 | 147.26 | 98.34 | 46.09 | 80.69 | 73.49 | 11.87 |
| Net profit YoY | −10.1% | +1.7% | +57.9% | +49.7% | +113.4% | −42.9% | +9.8% | – | – |
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 | −92.5 | 175 | 241 | 51.7 | −9.3 |
| Investing cash flow | −82.4 | −54.4 | −52.1 | −9.8 | −13.7 |
| Financing cash flow | 163 | −123 | −182 | −31.2 | 17.5 |
| Capital expenditure | 113 | 35.1 | 34 | 15.8 | 16.5 |
| Free cash flow (CFO − capex) | −206 | 140 | 207 | 35.9 | −25.8 |
Net profit trend
annual, ₹ croreFY21
₹26.1
FY22
₹55.6+113%
FY23
₹83.2+50%
FY24
₹131+58%
FY25
₹134+2%
FY26
₹120−10%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Standalone | 4 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 12 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 9 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 16 Oct 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 23 Jul 2025 | PDF on NSE XBRL |
| Q4 FY25 | Standalone · audited | 19 May 2025 | PDF on NSE XBRL |
| Q3 FY25 | Standalone | 5 Feb 2025 | PDF on NSE XBRL |
| Q2 FY25 | Standalone | 9 Nov 2024 | PDF on NSE XBRL |
| Q1 FY25 | Standalone | 19 Jul 2024 | PDF on NSE XBRL |
| Q4 FY24 | Standalone · audited | 18 May 2024 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 22.2×21.9×
P/B5Y avg 1.51×1.20×
ROEFY26, on average equity6.1%
Net margin5.3%
Debt / equity0.15×
Revenue CAGR (3Y)17.0%
Profit CAGR (3Y)13.0%
EPS (TTM)₹98.97
Market cap₹2,444 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
1.20×
vs 8-point avg 1.51× (−20%)
0.88× low1.51× avg2.41× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹3,112 Cr+19%
Net worth₹2,029 Cr+5%
Total borrowings₹301 Cr+269%
Cash & bank balances₹8 Cr−60%
Investments₹1,357 Cr+1%
Inventories₹474 Cr+61%
Trade receivables₹577 Cr+53%
Trade payables₹353 Cr+42%
Change vs the same date a year earlier.
Revenue mix FY26
Power systems60.9%result ₹166 Cr
Industrial systems39.1%result ₹58.8 Cr
Segment revenue as reported, before inter-segment eliminations.