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 | 1,427 | 1,398 | 1,291 | 1,298 | 1,219 | 1,217 | 1,255 | 1,224 | 1,198 | 1,201 | 1,151 | 1,146 | 1,203 | 1,200 | 1,187 | 1,128 | 1,140 | 869 | 899 | 845 | 712 | 757 | 734 | 692 | 450 | 594 | 649 | 684 | 671 | 702 | 693 | 660 | 634 | 650 |
| Other income | 44.7 | 22.7 | 13.3 | 16.9 | 18.7 | 6.3 | 16.4 | 11.3 | 7 | 12.5 | 13.6 | 19.6 | 30.9 | 19.8 | 24 | 8 | 24.9 | 12.4 | 9 | 8.8 | 9.7 | 10 | 5 | 10 | 6.5 | 29.4 | 4.4 | 6.3 | 4.9 | 1.5 | 6.6 | 8.7 | 10.5 | 4.6 |
| Total expenses | 1,363 | 1,325 | 1,199 | 1,208 | 1,160 | 1,130 | 1,135 | 1,085 | 1,059 | 1,046 | 1,012 | 1,030 | 1,085 | 1,069 | 1,070 | 1,014 | 1,060 | 795 | 771 | 722 | 620 | 626 | 629 | 583 | 430 | 518 | 581 | 608 | 604 | 611 | 619 | 581 | 557 | 564 |
| EBITDA | 135 | 144 | 157 | 156 | 121 | 146 | 177 | 195 | 194 | 209 | 192 | 168 | 169 | 190 | 171 | 163 | 127 | 111 | 158 | 150 | 118 | 158 | 130 | 134 | 43.4 | 102 | 96.5 | 104 | 95.2 | 119 | 103 | 108 | 107 | 116 |
| EBITDA margin | 9.5% | 10.3% | 12.2% | 12.0% | 9.9% | 12.0% | 14.1% | 15.9% | 16.2% | 17.4% | 16.7% | 14.6% | 14.1% | 15.9% | 14.4% | 14.5% | 11.2% | 12.8% | 17.5% | 17.8% | 16.6% | 20.9% | 17.7% | 19.4% | 9.6% | 17.3% | 14.9% | 15.3% | 14.2% | 17.0% | 14.9% | 16.4% | 16.9% | 17.8% |
| Finance costs | 5.8 | 6.3 | 4.6 | 4.4 | 3.5 | 3.1 | 3.9 | 3.7 | 3.3 | 3.6 | 4.7 | 4.9 | 5.2 | 7.2 | 6.8 | 5.1 | 4.5 | 2.4 | 1.5 | 1.1 | 0.8 | 0.9 | 0.7 | 1 | 1 | 1.6 | 1.2 | 1.5 | 1.9 | 2.6 | 1.9 | 2.1 | 1.9 | 2.4 |
| Depreciation | 65.5 | 64.5 | 61.1 | 62.2 | 58.9 | 56.1 | 52.6 | 52 | 51.4 | 51 | 48.2 | 45.9 | 45.7 | 52.7 | 47.3 | 44.5 | 42.8 | 34.3 | 27.9 | 26.8 | 25.6 | 27.4 | 24.7 | 24.1 | 23.3 | 25.2 | 26.6 | 26.3 | 26.4 | 25.9 | 27 | 27.4 | 28 | 27.6 |
| Profit before tax | 108 | −38.5 | 105 | 107 | 77.6 | 93.4 | 32.8 | 151 | 146 | 167 | 153 | 136 | 149 | 175 | 141 | 122 | 105 | 86.6 | 137 | 131 | 102 | 126 | 109 | 119 | 25.6 | 105 | 73 | 82.9 | 71.8 | 92.2 | 81 | 87.6 | 88.1 | 90.4 |
| Tax | 38.9 | 10.2 | 40 | 38.3 | 25.4 | 74.6 | 5.8 | 45.8 | 42.9 | 37.1 | 51.4 | 43.7 | 41.8 | 40.8 | 34 | 37.4 | 26.1 | 34.3 | 30.3 | 33.9 | 28 | 35.8 | 27.1 | 31.5 | 7.2 | 11.8 | 18.1 | 19.3 | 26.3 | 33.8 | 26.9 | 31.1 | 29.3 | 31.4 |
| Net profit | 80.3 | −40 | 73.2 | 74.3 | 60.4 | 30.1 | 37.6 | 116 | 115 | 143 | 112 | 104 | 118 | 149 | 113 | 93.7 | 86 | 58.4 | 111 | 103 | 78 | 96.2 | 86.6 | 91 | 19.3 | 93.9 | 61.4 | 68.3 | 51.4 | 61 | 58.6 | 62.7 | 65.3 | 62.9 |
| Net margin | 5.6% | -2.9% | 5.7% | 5.7% | 5.0% | 2.5% | 3.0% | 9.5% | 9.6% | 11.9% | 9.7% | 9.1% | 9.8% | 12.4% | 9.5% | 8.3% | 7.5% | 6.7% | 12.3% | 12.2% | 11.0% | 12.7% | 11.8% | 13.2% | 4.3% | 15.8% | 9.4% | 10.0% | 7.7% | 8.7% | 8.5% | 9.5% | 10.3% | 9.7% |
| EPS (₹) | 4.04 | -0.93 | 4.02 | 3.94 | 3.28 | 1.73 | 1.83 | 6.09 | 5.94 | 7.10 | 5.86 | 5.36 | 5.96 | 7.22 | 5.75 | 4.69 | 4.15 | 3.01 | 5.35 | 5.15 | 4.07 | 4.78 | 4.63 | 4.56 | 1.04 | 4.88 | 3.32 | 3.41 | 2.79 | 3.27 | 3.07 | 3.43 | 3.33 | 3.49 |
| Net profit YoY | +33.0% | −232.9% | +94.5% | −36.1% | −47.4% | −78.9% | −66.4% | +11.8% | −2.5% | −4.2% | −1.1% | +10.9% | +36.9% | +154.7% | +2.1% | −8.8% | +10.2% | −39.3% | +28.0% | +12.8% | +305.2% | +2.4% | +41.2% | +33.2% | −62.5% | +54.0% | +4.7% | +8.9% | −21.3% | −3.0% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 5,206 | 4,894 | 4,702 | 4,654 | 3,325 | 2,632 | 2,599 | 2,689 | 2,395 |
| Other income | 71.7 | 41 | 76.7 | 76.7 | 39.8 | 31.4 | 45 | 27.3 | 22.9 |
| Total expenses | 4,893 | 4,408 | 4,172 | 4,213 | 2,908 | 2,269 | 2,311 | 2,367 | 2,111 |
| EBITDA | 579 | 712 | 739 | 652 | 537 | 466 | 399 | 438 | 399 |
| EBITDA margin | 11.1% | 14.5% | 15.7% | 14.0% | 16.1% | 17.7% | 15.3% | 16.3% | 16.6% |
| Finance costs | 18.8 | 14 | 18.3 | 23.5 | 5.6 | 3.6 | 6.3 | 8.5 | 8.6 |
| Depreciation | 247 | 212 | 191 | 187 | 115 | 99.5 | 105 | 108 | 106 |
| Profit before tax | 250 | 423 | 606 | 543 | 456 | 380 | 333 | 349 | 307 |
| Tax | 114 | 169 | 174 | 138 | 127 | 102 | 75.6 | 121 | 102 |
| Net profit | 168 | 299 | 476 | 442 | 350 | 293 | 275 | 248 | 220 |
| Net margin | 3.2% | 6.1% | 10.1% | 9.5% | 10.5% | 11.1% | 10.6% | 9.2% | 9.2% |
| EPS (₹) | 10.30 | 15.58 | 24.27 | 21.80 | 17.57 | 15.01 | 14.39 | 13.10 | 11.42 |
| Net profit YoY | −43.8% | −37.3% | +7.8% | +26.2% | +19.4% | +6.6% | +11.1% | +12.8% | – |
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 | 367 | 304 | 602 | 430 | 245 |
| Investing cash flow | −217 | −383 | −186 | −257 | −460 |
| Financing cash flow | 119 | −110 | −214 | −133 | 89.4 |
| Capital expenditure | 300 | 274 | 219 | 293 | 163 |
| Free cash flow (CFO − capex) | 67.1 | 30.2 | 382 | 137 | 81.3 |
Net profit trend
annual, ₹ croreFY21
₹293
FY22
₹350+19%
FY23
₹442+26%
FY24
₹476+8%
FY25
₹299−37%
FY26
₹168−44%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 7 Aug 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 7 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 14 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 14 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 29 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 29 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 30 Oct 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 30 Oct 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 7 Aug 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 7 Aug 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 61.5×129.7×
P/B5Y avg 6.37×6.25×
ROEFY26, on average equity4.5%
Net margin3.2%
Debt / equity0.08×
Revenue CAGR (3Y)3.8%
Profit CAGR (3Y)-27.6%
EPS (TTM)₹9.86
Market cap₹24,355 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
6.25×
vs 8-point avg 6.37× (−2%)
3.79× low6.37× avg8.56× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹5,291 Cr+14%
Net worth₹3,900 Cr+11%
Total borrowings₹305 Cr+154%
Cash & bank balances₹698 Cr+85%
Investments₹2 Cr−74%
Inventories₹1,117 Cr+6%
Trade receivables₹891 Cr+16%
Trade payables₹422 Cr+21%
Change vs the same date a year earlier.
Revenue mix FY26
Abrasives42.5%result ₹96.6 Cr
Electrominerals30.5%result ₹90.9 Cr
Ceramics23.7%result ₹256 Cr
Others3.3%result ₹−1.8 Cr
Segment revenue as reported, before inter-segment eliminations.