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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	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY17
Revenue from operations	1,253	1,484	1,568	1,629	1,043	1,053	949	1,449	600	1,062	1,097	1,663	1,233	1,249	1,722	1,935	1,693	1,208	782	742	821	839	1,047	552	708	779	931	486	591	534	344	446
Other income	34	34	39.2	51.3	51.8	59.9	57	48.2	51.4	53.7	54.1	50.4	44.9	51.9	35.6	25.4	35.3	31.8	26.5	24	22.4	17.9	13.6	13.7	14.8	979	4.2	29.5	6.7	6.2	414	32.8
Total expenses	1,352	1,512	1,681	1,659	1,087	1,042	992	1,481	724	1,097	1,121	1,597	1,154	1,135	1,540	1,768	1,464	1,167	742	726	694	720	977	583	657	775	929	565	648	592	444	512
EBITDA	−29.8	48.7	−42.9	39.5	24	84.8	31.5	35.1	−56.6	37.2	43	132	147	184	251	237	297	110	105	84.6	197	185	136	34.4	119	95.8	75.8	5.3	13.1	13	−22	17.4
EBITDA margin	-2.4%	3.3%	-2.7%	2.4%	2.3%	8.1%	3.3%	2.4%	-9.4%	3.5%	3.9%	8.0%	11.9%	14.7%	14.6%	12.2%	17.6%	9.1%	13.4%	11.4%	24.0%	22.0%	13.0%	6.2%	16.7%	12.3%	8.1%	1.1%	2.2%	2.4%	-6.4%	3.9%
Finance costs	62	64.3	61.8	61.9	61.7	60.3	61.8	61.4	62	61.5	61.6	61.2	62.6	61.3	62	62.5	59.7	61.9	61.6	61.2	62.1	61.2	61.3	60.7	62.4	87.2	69.2	74.6	65.4	66.7	73.9	78.6
Depreciation	6.7	12.5	8.6	7.7	7	12.8	12.1	6.4	5.3	10.8	5.3	5.3	5.3	9.2	7.1	6.9	8.7	7	3.8	7.6	7.9	4.9	4.9	5	4.5	4.5	4.5	9.8	4.2	4.4	4.2	4.9
Profit before tax	−64.5	5.9	−74.1	21.2	7.1	88	14.7	15.4	−64.3	−164	30.3	105	71.8	166	166	145	233	43.6	36.5	39.8	150	137	83.1	−17.6	66.5	983	6.3	−49.6	−49.8	−51.9	314	−33.3
Tax	−2.6	2.7	−6.2	0.4	2.8	17.2	6.7	4.2	−15.7	−103	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net profit	−61.9	3.2	−67.9	20.9	4.3	70.7	8	11.2	−48.7	−61.2	30.3	105	71.8	166	166	145	233	43.6	36.5	39.8	150	137	83.1	−17.6	66.5	983	6.3	−49.6	−49.8	−51.9	314	−33.3
Net margin	-4.9%	0.2%	-4.3%	1.3%	0.4%	6.7%	0.8%	0.8%	-8.1%	-5.8%	2.8%	6.3%	5.8%	13.3%	9.6%	7.5%	13.8%	3.6%	4.7%	5.4%	18.2%	16.3%	7.9%	-3.2%	9.4%	126.1%	0.7%	-10.2%	-8.4%	-9.7%	91.4%	-7.5%
EPS (₹)	-0.96	0.05	-1.05	0.32	0.07	1.09	0.12	0.17	0.75	-0.95	0.47	1.63	1.11	2.56	2.56	2.23	3.61	0.67	0.56	0.62	2.31	2.11	1.28	-0.27	1.03	15.19	0.10	-0.77	-0.77	-0.80	4.86	-0.51
Net profit YoY	−1547.2%	−95.5%	−948.8%	+86.6%	+108.8%	+215.6%	−73.6%	−89.4%	−167.8%	−137.0%	−81.7%	−27.2%	–	−29.1%	+280.3%	+296.7%	+55.9%	−68.1%	−56.1%	+326.7%	+125.1%	−86.1%	+1227.0%	–	+234.2%	+2075.0%	+112.1%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY17
Revenue from operations	5,724	4,051	5,055	6,198	4,425	3,259	2,770	1,955	378
Other income	176	216	203	136	118	67.6	31.5	457	7.2
Total expenses	5,940	4,238	4,969	5,721	4,100	2,974	2,798	2,249	465
EBITDA	69.2	94.8	359	755	596	552	279	9.5	−1.1
EBITDA margin	1.2%	2.3%	7.1%	12.2%	13.5%	16.9%	10.1%	0.5%	-0.3%
Finance costs	250	246	247	247	244	245	289	281	80.7
Depreciation	35.7	36.6	26.6	30.1	27.1	22.7	17.9	22.5	5
Profit before tax	−39.9	53.7	43.5	613	353	352	976	163	−79.6
Tax	−0.3	12.5	−103	0	0	0	0	0	0
Net profit	−39.6	41.2	146	613	353	352	976	163	−79.6
Net margin	-0.7%	1.0%	2.9%	9.9%	8.0%	10.8%	35.2%	8.3%	-21.1%
EPS (₹)	0.61	0.64	2.26	9.47	5.46	5.44	15.08	2.52	-1.23
Net profit YoY	−196.0%	−71.8%	−76.2%	+73.5%	+0.4%	−63.9%	+498.0%	–	–

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	−996	140	278	647	152
Investing cash flow	952	−282	214	−775	−158
Financing cash flow	−6	−75.1	−106	−4.5	8.5
Capital expenditure	111	153	172	92.7	64.5
Free cash flow (CFO − capex)	−1,107	−13.4	106	554	88

Net profit trend

annual, ₹ crore

FY21

₹352

FY22

₹353+0%

FY23

₹613+74%

FY24

₹146−76%

FY25

₹41.2−72%

FY26

₹−39.6−196%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Standalone	14 Aug 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	29 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	28 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	28 Jan 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	31 Oct 2025	PDF on NSE XBRL
Q2 FY26	Standalone	31 Oct 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	13 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	13 Aug 2025	PDF on NSE XBRL
Q4 FY25	Consolidated · audited	27 May 2025	PDF on NSE XBRL
Q4 FY25	Standalone · audited	27 May 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY264.97 MB FY2512.48 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 434.5×-475.7×

P/B5Y avg 29.39×37.28×

ROEFY26, on average equity-2.9%

Net margin-0.7%

Debt / equity2.95×

Revenue CAGR (3Y)-2.6%

Profit CAGR (3Y)–

EPS (TTM)₹-1.64

Market cap₹50,336 Cr

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

P/B vs history

37.28×

vs 8-point avg 29.39× (+27%)

10.43× low29.39× avg47.85× high

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

Balance sheet 31 Mar 2026

Total assets₹5,967 Cr−0%

Net worth₹1,350 Cr−1%

Total borrowings₹3,985 Cr+125%

Cash & bank balances₹169 Cr−23%

Investments₹185 Cr+17%

Inventories₹1,237 Cr+31%

Trade receivables₹352 Cr+24%

Trade payables₹241 Cr−48%

Change vs the same date a year earlier.

Revenue mix FY26

Fertiliser100.0%result ₹339 Cr

Petrochemical0.0%result ₹−41.8 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	90.00	90.00	90.00	90.00	90.00	90.00	90.00	90.00	90.00	90.00	90.00	90.00
FII	0.16	0.21	0.21	0.21	0.20	0.14	0.10	0.07	0.12	0.11	0.11	0.07
DII	0.07	0.06	0.05	0.05	8.61	8.59	8.61	8.60	8.60	8.61	8.59	8.58
of which MF	0.06	0.05	0.04	0.04	0.04	–	–	–	–	–	–	–
Retail	0.75	0.71	0.72	0.71	0.72	0.79	0.82	0.86	0.79	0.78	0.79	0.83
Other public	9.02	9.02	9.02	9.03	0.47	0.48	0.47	0.47	0.49	0.50	0.51	0.52

67,027 shareholders · NSE shareholding pattern filings.