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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	Q4 FY18
Revenue from operations	3,281	3,442	3,175	5,801	2,878	2,753	2,516	2,413	2,228	2,192	1,979	2,002	1,874	1,903	1,775	1,696	1,665	1,507	1,551	1,454	1,050	1,118	820	664	363	616	1,178	1,542	1,774	1,989	1,720	1,650	1,792
Other income	83.6	77.1	76.4	91.6	28.3	71.4	33.6	29.1	33.2	48.1	28	17.5	22.2	14.3	34.5	10.7	9.3	8.3	7.9	14.8	12.2	16.8	8.8	9.6	66.8	20.4	12.2	6.9	8.6	17	11.5	4.5	0.2
Total expenses	2,942	3,028	2,832	5,141	2,543	2,441	2,214	2,148	1,925	1,933	1,742	1,716	1,634	1,655	1,528	1,466	1,503	1,376	1,385	1,325	988	1,115	764	711	592	842	1,357	1,616	1,838	2,080	1,680	1,583	1,739
EBITDA	397	466	397	761	381	347	331	295	327	284	261	309	265	275	276	260	192	171	208	171	107	61.3	103	60.8	−108	−103	−36.6	58.2	73.1	99.5	148	162	143
EBITDA margin	12.1%	13.6%	12.5%	13.1%	13.2%	12.6%	13.2%	12.2%	14.7%	13.0%	13.2%	15.4%	14.2%	14.5%	15.5%	15.3%	11.5%	11.3%	13.4%	11.8%	10.2%	5.5%	12.5%	9.2%	-29.8%	-16.7%	-3.1%	3.8%	4.1%	5.0%	8.6%	9.8%	8.0%
Finance costs	3.5	3.8	3.5	4.9	2.2	2.8	1.4	2.4	0.6	0.9	0.6	0.4	0.7	2.5	3.8	4.9	5.5	16.8	17.5	17.3	16.6	26.3	13.6	75.6	81.7	83	80	80.1	81	142	70.8	57.4	52.2
Depreciation	54.5	49.4	50.7	95.6	43.5	31.9	28.4	27.6	24	24.1	23.7	22.9	24.3	24.7	24.8	24.8	24.2	23.2	24.6	25	28.4	32.6	33.9	32.2	39.6	40.6	62	52.1	56.8	49.2	37.9	37.9	38.4
Profit before tax	423	490	384	752	364	384	335	294	336	301	264	330	263	281	313	242	173	139	590	236	71.4	−265	−952	116	−237	−379	−220	−1,600	−79.3	−227	−65.5	58.4	−362
Tax	115	129	100	201	96.9	109	97	74.2	94.4	67.1	67.9	86.3	66.1	21.2	82.7	62.4	43	27.1	44.3	48.1	23.1	−560	−418	6.9	25.5	−88.9	−10	−12.4	−7.3	−49.6	3.2	20.3	28.5
Net profit	308	363	284	551	267	274	238	220	241	234	748	242	204	426	228	179	130	112	545	188	48	294	−535	109	−263	−288	−210	−1,595	−73.6	−189	−150	−26.4	−582
Net margin	9.4%	10.6%	8.9%	9.5%	9.3%	10.0%	9.5%	9.1%	10.8%	10.7%	37.8%	12.1%	10.9%	22.4%	12.8%	10.6%	7.8%	7.4%	35.1%	12.9%	4.6%	26.3%	-65.2%	16.5%	-72.5%	-46.7%	-17.8%	-103.5%	-4.1%	-9.5%	-8.7%	-1.6%	-32.5%
EPS (₹)	1.99	2.31	1.81	3.58	1.76	1.78	1.57	1.45	1.58	1.53	1.29	1.59	1.29	1.70	1.50	1.17	0.88	0.80	4.03	1.40	0.36	2.20	-6.09	1.76	-3.87	-4.55	-3.26	-25.41	-1.12	-2.65	-1.11	0.59	-6.22
Net profit YoY	+15.5%	+32.5%	+19.4%	+151.0%	+10.6%	+17.3%	−68.2%	−9.4%	+18.3%	−45.1%	+228.1%	+35.4%	+56.9%	+281.7%	−58.2%	−4.9%	+170.7%	−62.0%	+202.0%	+72.0%	+118.3%	+202.1%	−154.5%	+106.9%	−257.2%	−52.2%	−39.9%	−5947.0%	–	+67.5%	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	12,418	8,046	6,973	5,561	2,964	5,110	7,998	6,288
Other income	244	106	67.8	41.7	102	48.1	50.9	39.5
Total expenses	11,000	7,015	6,090	5,075	3,182	5,649	8,341	6,201
EBITDA	1,625	1,128	993	655	117	−3.1	265	455
EBITDA margin	13.1%	14.0%	14.2%	11.8%	3.9%	-0.1%	3.3%	7.2%
Finance costs	12.2	2.5	16.2	68.2	197	324	383	219
Depreciation	196	94.9	94.5	101	138	211	225	149
Profit before tax	1,626	1,158	1,002	1,036	−1,339	−2,278	−459	−317
Tax	430	287	206	122	−945	−118	32.6	74.9
Net profit	1,199	1,428	963	913	−394	−2,167	−507	−1,166
Net margin	9.7%	17.7%	13.8%	16.4%	-13.3%	-42.4%	-6.3%	-18.5%
EPS (₹)	7.71	5.70	5.25	6.72	-4.36	-34.34	-7.78	-6.28
Net profit YoY	–	+48.3%	+5.5%	+331.8%	+81.8%	−327.3%	+56.5%	–

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

Cash flow

annual · ₹ crore

₹ crore	FY26	FY24	FY23	FY22
Operating cash flow	701	397	947	485
Investing cash flow	−3,605	−662	−20.7	227
Financing cash flow	2,794	−246	−612	−800
Capital expenditure	705	206	68.7	60.2
Free cash flow (CFO − capex)	−4.4	191	878	424

Net profit trend

annual, ₹ crore

FY20

₹−2,167

FY21

₹−394+82%

FY22

₹913+332%

FY23

₹963+5%

FY24

₹1,428+48%

FY26

₹1,199−16%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	25 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	25 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	–	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	–	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	6 May 2026	PDF XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	6 May 2026	PDF XBRL
Q3 FY26	Consolidated	27 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	27 Jan 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	29 Oct 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2610.59 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 64.9×92.6×

P/B5Y avg 25.26×17.51×

ROEFY26, on average equity21.8%

Net margin9.7%

Debt / equity0.00×

Revenue CAGR (3Y)30.7%

Profit CAGR (3Y)9.5%

EPS (TTM)₹9.57

Market cap₹1.4L Cr

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

P/B vs history

17.51×

vs 8-point avg 25.26× (−31%)

12.94× low25.26× avg33.99× high

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

Balance sheet 31 Mar 2026

Total assets₹12,668 Cr+71%

Net worth₹7,970 Cr+107%

Total borrowings₹0 Cr−24%

Cash & bank balances₹301 Cr−27%

Investments₹453 Cr+4%

Inventories₹1,584 Cr+39%

Trade receivables₹2,924 Cr+46%

Trade payables₹2,468 Cr+32%

Change vs the same date a year earlier.

Revenue mix FY26

Industrial Systems54.3%result ₹625 Cr

Power Systems41.4%result ₹1,123 Cr

Semiconductors4.0%result ₹−108 Cr

Others0.3%result ₹6.2 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jul 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	56.36	56.36	56.36	56.37	56.38	58.05	58.06	58.06	58.07	58.09	58.11	58.11
FII	11.97	12.03	12.02	13.02	12.68	12.69	12.97	14.30	14.59	14.65	15.18	16.05
DII	18.30	18.08	17.56	16.26	16.33	14.23	13.59	11.91	11.44	11.08	10.10	9.16
of which MF	9.93	9.45	9.47	9.81	10.33	8.93	–	–	–	–	–	–
Retail	11.21	11.36	11.80	11.99	12.08	12.42	12.66	12.84	12.92	13.01	13.06	13.15
Other public	2.16	2.17	2.26	2.36	2.53	2.61	2.72	2.89	2.98	3.17	3.55	3.53

5,33,530 shareholders · NSE shareholding pattern filings.