Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q2 FY22
| ₹ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,125 | 1,256 | 835 | 1,033 | 1,100 | 1,151 | 1,058 | 993 | 1,145 | 1,051 | 888 | 988 | 996 | 1,147 | 1,189 | 1,194 | 1,411 | 1,807 | 1,452 | 1,673 |
| Other income | 2.5 | 6.8 | 5.4 | 7 | 9 | 13.9 | 10.8 | 10.9 | 11.5 | 12.6 | 12.7 | 37.2 | 18 | 30.9 | 16.5 | 16.7 | 15.8 | 8.8 | 13.1 | 21.8 |
| Total expenses | 1,359 | 1,173 | 1,003 | 1,102 | 1,195 | 1,238 | 1,131 | 1,069 | 1,124 | 1,127 | 979 | 1,016 | 1,108 | 1,121 | 1,185 | 1,169 | 1,294 | 1,536 | 1,169 | 1,509 |
| EBITDA | −115 | 194 | −56.8 | 43.3 | 17.1 | 36.7 | 32.1 | 25.8 | 124 | 21 | −6.6 | 46 | −34.5 | 97.4 | 78.2 | 98.4 | 194 | 346 | 353 | 346 |
| EBITDA margin | -10.2% | 15.5% | -6.8% | 4.2% | 1.6% | 3.2% | 3.0% | 2.6% | 10.8% | 2.0% | -0.7% | 4.7% | -3.5% | 8.5% | 6.6% | 8.2% | 13.8% | 19.2% | 24.3% | 20.7% |
| Finance costs | 59.2 | 57.6 | 58.2 | 60.3 | 59.2 | 61.7 | 58.8 | 56.8 | 58.7 | 51 | 46.8 | 38.6 | 44.2 | 38.4 | 39.5 | 40 | 36.2 | 34.9 | 37.4 | 149 |
| Depreciation | 61 | 54.6 | 53.2 | 52.1 | 53.3 | 61.9 | 47.1 | 45.3 | 44.7 | 46 | 37.6 | 35.3 | 32.5 | 33.5 | 34.6 | 33.4 | 40.6 | 40.2 | 33 | 33.1 |
| Profit before tax | −232 | −61 | −163 | −62.2 | −86.4 | −72.9 | −63 | −65.5 | 32.2 | −63.3 | −78.3 | 9.3 | −93.2 | 56.5 | 20.6 | 41.8 | 52.7 | 280 | 295 | 186 |
| Tax | −56.7 | −15.6 | −43.6 | −11.2 | −22.2 | −18.7 | −14.2 | −34.2 | 8.3 | −32.2 | 11 | −16.8 | −29.2 | 10.4 | −6.6 | 3.3 | 12.1 | 48.5 | 58.6 | 34.9 |
| Net profit | −176 | −45.4 | −119 | −51 | −64.3 | −54.2 | −48.8 | −31.3 | 23.9 | −31.1 | −89.4 | 26.1 | −64 | 46.1 | 27.1 | 38.5 | 40.6 | 232 | 237 | 151 |
| Net margin | -15.6% | -3.6% | -14.3% | -4.9% | -5.8% | -4.7% | -4.6% | -3.2% | 2.1% | -3.0% | -10.1% | 2.6% | -6.4% | 4.0% | 2.3% | 3.2% | 2.9% | 12.8% | 16.3% | 9.0% |
| EPS (₹) | -11.10 | -2.87 | -7.45 | -3.21 | -4.02 | -3.39 | -3.06 | -1.95 | 1.51 | -1.97 | -5.65 | 1.65 | -4.05 | 2.91 | 1.72 | 2.44 | 2.57 | 14.65 | 14.98 | 10.51 |
| Net profit YoY | −173.3% | +16.2% | −144.2% | −63.2% | −368.9% | −74.0% | +45.4% | −220.1% | +137.3% | −167.6% | −429.3% | −32.4% | −257.6% | −80.1% | −88.5% | −74.5% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue from operations | 4,224 | 4,346 | 3,923 | 4,941 | 5,892 |
| Other income | 28.1 | 47.1 | 80.5 | 79.9 | 57.5 |
| Total expenses | 4,474 | 4,562 | 4,229 | 4,769 | 5,154 |
| EBITDA | 198 | 219 | 25.8 | 468 | 1,197 |
| EBITDA margin | 4.7% | 5.0% | 0.7% | 9.5% | 20.3% |
| Finance costs | 235 | 236 | 181 | 154 | 322 |
| Depreciation | 213 | 199 | 151 | 142 | 137 |
| Profit before tax | −372 | −169 | −226 | 172 | 796 |
| Tax | −92.5 | −58.7 | −67.1 | 19.2 | 147 |
| Net profit | −280 | −110 | −158 | 152 | 649 |
| Net margin | -6.6% | -2.5% | -4.0% | 3.1% | 11.0% |
| EPS (₹) | -17.70 | -6.92 | -10.02 | 9.64 | 43.66 |
| Net profit YoY | −153.6% | +30.3% | −204.0% | −76.5% | – |
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 | 294 | 172 | −245 | 355 | 901 |
| Investing cash flow | −232 | −407 | −524 | −217 | 108 |
| Financing cash flow | −187 | 66.1 | 382 | −27 | −313 |
| Capital expenditure | 316 | 382 | 619 | 420 | 112 |
| Free cash flow (CFO − capex) | −21.8 | −211 | −864 | −64.2 | 788 |
Net profit trend
annual, ₹ croreFY22
₹649
FY23
₹152−77%
FY24
₹−158−204%
FY25
₹−110+30%
FY26
₹−280−154%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 6 Aug 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 6 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 25 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 25 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 7 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 7 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 13 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 13 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 28 Jul 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 28 Jul 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 36.1×-8.0×
P/B5Y avg 3.57×1.78×
ROEFY26, on average equity-14.6%
Net margin-6.6%
Debt / equity1.11×
Revenue CAGR (3Y)-5.1%
Profit CAGR (3Y)–
EPS (TTM)₹-24.74
Market cap₹3,122 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
1.78×
vs 8-point avg 3.57× (−50%)
1.78× low3.57× avg4.68× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹6,315 Cr−3%
Net worth₹1,755 Cr−15%
Total borrowings₹1,952 Cr+6%
Cash & bank balances₹430 Cr−22%
Investments₹8 Cr+19025%
Inventories₹602 Cr−8%
Trade receivables₹92 Cr−41%
Trade payables₹1,637 Cr−2%
Change vs the same date a year earlier.
Revenue mix FY26
Commodity51.0%result ₹−104 Cr
Specialities49.0%result ₹−33.7 Cr
Segment revenue as reported, before inter-segment eliminations.