Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q4 FY22
| ₹ crore | Q1 FY27 | Q4 FY26 | Q3 FY26 | Q2 FY26 | Q1 FY26 | Q4 FY25 | Q3 FY25 | Q2 FY25 | Q1 FY25 | Q4 FY24 | Q2 FY24 | Q1 FY24 | Q4 FY23 | Q3 FY23 | Q4 FY22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 462 | 414 | 469 | 383 | 346 | 681 | 370 | 297 | 273 | 253 | 235 | 230 | 208 | 230 | 159 |
| Other income | 13.3 | 13.3 | 15.5 | 11.6 | 5.8 | 11.8 | 5.7 | 6.1 | 6.4 | 8.4 | 4.3 | 4.7 | 5 | 3.7 | 1.9 |
| Total expenses | 434 | 395 | 440 | 362 | 325 | 621 | 335 | 275 | 249 | 233 | 215 | 211 | 195 | 206 | 150 |
| EBITDA | 61.5 | 51.3 | 61.4 | 48.9 | 46.1 | 105 | 57 | 42.2 | 43.3 | 36 | 37.3 | 33.9 | 25.5 | 35.9 | 21.1 |
| EBITDA margin | 13.3% | 12.4% | 13.1% | 12.8% | 13.3% | 15.4% | 15.4% | 14.2% | 15.8% | 14.2% | 15.8% | 14.7% | 12.3% | 15.6% | 13.3% |
| Finance costs | 8 | 7.4 | 7.6 | 6.5 | 5.7 | 10.4 | 5.2 | 4.5 | 4.5 | 4 | 4.1 | 3.8 | 3.5 | 3.1 | 4.5 |
| Depreciation | 26.1 | 24.7 | 24.8 | 21 | 19 | 33.7 | 16.7 | 15 | 14.3 | 12.7 | 12.7 | 10.7 | 9.5 | 8.8 | 8 |
| Profit before tax | 40.8 | 32.6 | 42.7 | 33 | 27.2 | 72.4 | 40.9 | 28.7 | 30.8 | 27.6 | 24.7 | 24.1 | 17.5 | 27.6 | 10.5 |
| Tax | 10.5 | 8.2 | 11.5 | 7.9 | 7.1 | 18.5 | 11.1 | 7.4 | 7.9 | 6.7 | 6.3 | 6.1 | 4.5 | 7 | 2.7 |
| Net profit | 28.7 | 22.8 | 30.6 | 23.8 | 19 | 52.2 | 29.5 | 21.2 | 22.8 | 21 | 18.6 | 18.2 | 13.3 | 20.7 | 7.8 |
| Net margin | 6.2% | 5.5% | 6.5% | 6.2% | 5.5% | 7.7% | 8.0% | 7.2% | 8.3% | 8.3% | 7.9% | 7.9% | 6.4% | 9.0% | 4.9% |
| EPS (₹) | 10.51 | 8.20 | 11.46 | 9.14 | 7.77 | 21.34 | 12.05 | 8.68 | 9.32 | 8.83 | 7.96 | 7.78 | 0.00 | 9.54 | 0.00 |
| Net profit YoY | +50.7% | −56.4% | +3.7% | +12.0% | −16.6% | +148.4% | – | +14.3% | +25.6% | +58.3% | – | – | +69.5% | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue from operations | 1,612 | 1,252 | 999 | 789 | 577 |
| Other income | 46.2 | 24.3 | 23.6 | 14.6 | 12.8 |
| Total expenses | 1,521 | 1,144 | 912 | 723 | 559 |
| EBITDA | 208 | 190 | 152 | 114 | 66.9 |
| EBITDA margin | 12.9% | 15.2% | 15.2% | 14.5% | 11.6% |
| Finance costs | 27.2 | 19.4 | 16 | 14.2 | 16.7 |
| Depreciation | 89.5 | 63 | 48.7 | 34.6 | 31.5 |
| Profit before tax | 135 | 132 | 111 | 80.2 | 31.5 |
| Tax | 34.7 | 33.8 | 28 | 20.4 | 8.1 |
| Net profit | 96.1 | 96.3 | 83.3 | 60.3 | 23.4 |
| Net margin | 6.0% | 7.7% | 8.3% | 7.6% | 4.1% |
| EPS (₹) | 36.21 | 39.33 | 34.98 | 0.00 | 0.00 |
| Net profit YoY | −0.2% | +15.6% | +38.1% | +157.8% | – |
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 | 89.6 | −20.3 | 30.8 | −2.1 | 16.6 |
| Investing cash flow | −476 | 46.6 | −123 | −256 | −23.8 |
| Financing cash flow | 502 | −58.4 | 125 | 249 | 26.5 |
| Capital expenditure | 71.3 | 79.3 | 39.4 | 56.6 | 23.7 |
| Free cash flow (CFO − capex) | 18.3 | −99.6 | −8.6 | −58.8 | −7.1 |
Net profit trend
annual, ₹ croreFY22
₹23.4
FY23
₹60.3+158%
FY24
₹83.3+38%
FY25
₹96.3+16%
FY26
₹96.1−0%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 3 Aug 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 3 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 12 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 12 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 6 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 6 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | – | PDF XBRL |
| Q2 FY26 | Consolidated | 8 Nov 2025 | PDF XBRL |
| Q2 FY26 | Standalone | 8 Nov 2025 | PDF XBRL |
| Q2 FY26 | Standalone | – | PDF XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 62.2×64.6×
P/B5Y avg 6.15×4.59×
ROEFY26, on average equity7.8%
Net margin6.0%
Debt / equity0.00×
Revenue CAGR (3Y)26.9%
Profit CAGR (3Y)16.8%
EPS (TTM)₹39.53
Market cap₹6,831 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
4.59×
vs 7-point avg 6.15× (−25%)
3.93× low6.15× avg9.59× high
History points are balance-sheet dates (2023 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹2,197 Cr+56%
Net worth₹1,488 Cr+51%
Total borrowings₹0 Cr−100%
Cash & bank balances₹144 Cr+406%
Investments₹2 Cr+7%
Inventories₹695 Cr+17%
Trade receivables₹17 Cr−4%
Trade payables₹142 Cr+60%
Change vs the same date a year earlier.
Revenue mix FY22
Watch and Watch Accessories99.2%result ₹45.1 Cr
Marketing Support and other Services0.6%result ₹1 Cr
Luxury cars0.2%result ₹0 Cr
Segment revenue as reported, before inter-segment eliminations.