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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	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	1,750	1,610	1,139	1,308	1,323	1,468	1,298	1,268	1,342	1,530	1,309	1,291	1,326	1,317	1,463	1,307	1,666	1,607	1,274	1,126	1,262	1,132	967	711	790	837	828	834	894	903	804	720	743
Other income	33.3	25.3	27	19.5	22.5	24.8	18.4	22.8	29.9	40.2	15.8	23.2	18.8	25.7	36.1	26.2	16.1	8.1	2.7	1	1.4	0.8	0.7	1.1	−2.3	3.8	1.6	1.7	3	1.1	1	0.9	3.9
Total expenses	1,487	1,239	967	1,100	1,058	1,205	1,126	1,074	987	1,261	1,029	975	1,063	1,087	1,330	1,110	1,237	1,161	882	589	831	857	812	636	719	793	752	748	803	784	698	633	634
EBITDA	334	439	230	260	324	318	221	247	408	329	331	361	305	268	173	231	461	493	436	573	490	347	234	158	156	129	166	175	188	214	204	184	207
EBITDA margin	19.1%	27.3%	20.2%	19.9%	24.5%	21.7%	17.0%	19.5%	30.4%	21.5%	25.3%	28.0%	23.0%	20.4%	11.8%	17.7%	27.7%	30.7%	34.2%	50.9%	38.8%	30.7%	24.3%	22.2%	19.7%	15.4%	20.0%	20.9%	21.0%	23.7%	25.4%	25.5%	27.9%
Finance costs	20.3	19.5	12.5	11.2	15.3	15	12.7	13.5	14.2	23.7	15.8	10.2	8.3	6.4	7.3	2.7	4	12.3	11.6	10.6	27.6	36.4	43.4	46.6	49.7	51.6	54.8	55.8	62.7	62.1	64.8	63.1	66.2
Depreciation	50.1	48.4	44.8	41.3	43.9	40.5	37	39.5	38.3	36.7	35.5	34.8	34.3	32.2	33	30.7	27.6	34.5	32.6	25.2	30.7	35.9	36.3	35.6	35.2	33.5	34.9	33.4	33.4	32.7	33.6	33.2	32.5
Profit before tax	297	378	200	227	287	288	190	217	385	308	295	340	299	240	169	224	445	454	357	538	433	276	156	76.6	58.1	47.2	77.5	87	94.7	120	107	88.2	93.4
Tax	79.5	109	44.2	68.9	74.1	73.5	46.7	58.4	100	91	67.3	86.1	76	73.8	45.6	52	118	117	89.8	135	129	109	51.8	26.2	23.9	16.9	24.5	30.1	35.7	46.3	39	32	−9.4
Net profit	222	280	143	162	216	222	145	159	287	219	229	257	231	170	128	169	327	346	292	437	327	170	106	52	34.6	31.3	53.3	58	60.9	73.6	68	58.2	104
Net margin	12.7%	17.4%	12.6%	12.4%	16.4%	15.1%	11.2%	12.6%	21.4%	14.3%	17.5%	19.9%	17.4%	12.9%	8.7%	12.9%	19.6%	21.5%	22.9%	38.8%	25.9%	15.0%	11.0%	7.3%	4.4%	3.7%	6.4%	7.0%	6.8%	8.2%	8.4%	8.1%	14.0%
EPS (₹)	3.59	4.56	2.33	2.63	3.52	3.61	2.36	12.98	22.97	17.60	18.38	20.60	18.51	13.07	9.88	12.99	25.21	24.95	84.20	121.23	92.79	45.64	29.55	13.19	9.47	8.41	13.00	16.45	17.28	19.32	18.90	17.02	29.54
Net profit YoY	+2.8%	+26.4%	−1.1%	+1.4%	−24.6%	+1.3%	−36.7%	−37.9%	+24.3%	+29.1%	+79.1%	+52.2%	−29.4%	–	−63.0%	−42.2%	−25.2%	+104.0%	+175.2%	+741.2%	+844.5%	+441.3%	+98.9%	−10.3%	−43.2%	−57.4%	−21.5%	−0.4%	−41.5%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY21	FY20	FY19	FY18
Revenue from operations	5,381	5,376	5,455	5,753	4,072	3,289	3,322	2,589
Other income	94.1	96	97.9	104	4	4.7	5.9	8.7
Total expenses	4,364	4,393	4,328	4,764	3,135	3,013	2,918	2,387
EBITDA	1,253	1,194	1,328	1,133	1,229	624	789	597
EBITDA margin	23.3%	22.2%	24.3%	19.7%	30.2%	19.0%	23.8%	23.1%
Finance costs	58.5	55.4	59.6	20.4	154	212	253	263
Depreciation	178	155	141	124	138	137	133	132
Profit before tax	1,092	1,080	1,243	1,078	941	270	410	205
Tax	297	279	320	289	316	95.4	153	−6.4
Net profit	802	813	936	793	655	177	261	215
Net margin	14.9%	15.1%	17.1%	13.8%	16.1%	5.4%	7.8%	8.3%
EPS (₹)	13.05	13.24	75.09	30.88	181.17	47.33	71.55	58.92
Net profit YoY	−1.4%	−13.1%	+17.9%	–	+269.3%	−32.0%	+21.4%	–

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
Operating cash flow	1,157	895	1,044	962
Investing cash flow	−1,337	−436	−754	−229
Financing cash flow	156	−250	−679	−246
Capital expenditure	1,042	535	423	456
Free cash flow (CFO − capex)	115	360	622	507

Net profit trend

annual, ₹ crore

FY20

₹177

FY21

₹655+269%

FY23

₹793+21%

FY24

₹936+18%

FY25

₹813−13%

FY26

₹802−1%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	7 Aug 2026	PDF XBRL
Q1 FY27	Standalone	7 Aug 2026	PDF XBRL
Q4 FY26	Consolidated · audited	19 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	19 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	14 Nov 2025	PDF XBRL
Q2 FY26	Standalone	14 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	5 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	5 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2618.17 MB FY259.56 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 12.4×17.5×

P/B5Y avg 2.13×2.43×

ROEFY26, on average equity15.0%

Net margin14.9%

Debt / equity0.07×

Revenue CAGR (3Y)-2.2%

Profit CAGR (3Y)0.4%

EPS (TTM)₹13.13

Market cap₹14,116 Cr

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

P/B vs history

2.43×

vs 8-point avg 2.13× (+14%)

0.95× low2.13× avg3.02× high

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

Balance sheet 31 Mar 2026

Total assets₹7,296 Cr+18%

Net worth₹5,808 Cr+18%

Total borrowings₹427 Cr+38%

Cash & bank balances₹306 Cr−7%

Investments₹99 Cr+588%

Inventories₹926 Cr−1%

Trade receivables₹132 Cr−1%

Trade payables₹443 Cr−4%

Change vs the same date a year earlier.

Revenue mix FY21

Steel97.2%result ₹1,033 Cr

Power2.8%result ₹61.2 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	63.18	63.34	63.49	63.51	63.48	63.51	63.51	63.49	63.26	63.26	63.26	63.26
FII	6.00	5.94	5.90	6.62	6.51	6.58	7.11	7.39	7.50	5.54	5.41	4.66
DII	3.10	2.64	2.53	2.44	2.67	2.44	1.90	1.57	1.96	2.08	2.09	1.52
of which MF	2.35	1.78	1.84	1.68	1.73	–	–	–	–	–	–	–
Retail	21.43	22.00	22.63	22.12	22.10	21.98	21.91	22.30	22.04	23.53	23.83	24.38
Other public	6.29	6.08	5.45	5.31	5.24	5.49	5.57	5.25	5.24	5.59	5.41	6.18

1,50,509 shareholders · NSE shareholding pattern filings.