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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	Q1 FY19	Q4 FY18
Revenue from operations	842	816	642	729	665	666	523	643	728	720	690	793	747	815	701	825	866	84,400	880	692	610	565	499	485	409	602	643	882	967	1,693	1,855	2,345	1,965	0
Other income	97	39	108	89	150	57	19	168	194	72	63	91	78	5	33	111	31	7,100	66	79	78	56	142	50	68	23	43	51	57	70	66	44	30	0
Total expenses	725	996	626	713	648	654	556	559	638	754	728	846	862	772	645	742	854	77,200	759	596	484	502	586	578	555	645	1,147	760	690	856	788	721	544	0
EBITDA	144	−139	42	43	43	39	−8	110	113	−9	−13	−30	−91	62	72	102	28	8,800	137	109	141	78	−74	−78	−131	−26	−488	140	295	864	1,083	1,640	1,436	0
EBITDA margin	17.1%	-17.0%	6.5%	5.9%	6.5%	5.9%	-1.5%	17.1%	15.5%	-1.3%	-1.9%	-3.8%	-12.2%	7.6%	10.3%	12.4%	3.2%	10.4%	15.6%	15.8%	23.1%	13.8%	-14.8%	-16.1%	-32.0%	-4.3%	-75.9%	15.9%	30.5%	51.0%	58.4%	69.9%	73.1%	–
Finance costs	4	18	2	3	2	2	2	4	3	3	4	4	6	4	3	4	2	200	2	0	1	1	1	2	2	4	4	5	5	4	3	3	2	0
Depreciation	23	23	24	24	24	25	23	22	20	22	21	19	18	15	13	15	14	1,400	14	13	14	14	12	13	13	13	12	13	13	23	13	13	13	0
Profit before tax	214	−125	97	105	167	69	−14	252	284	38	25	992	−37	48	81	149	43	14,300	187	175	204	119	55	−43	−78	−20	−461	173	334	852	1,133	1,668	1,451	0
Tax	43	−20	30	29	34	20	7	58	48	21	8	190	−7	19	28	57	19	4,600	52	43	47	52	29	−4	−2	−16	−110	−13	113	288	368	555	494	0
Net profit	171	−105	67	76	133	49	−21	194	236	17	17	802	−30	29	53	92	24	9,500	132	128	150	64	23	−41	−78	−7	−353	185	220	562	764	1,113	957	0
Net margin	20.3%	-12.9%	10.4%	10.4%	20.0%	7.4%	-4.0%	30.2%	32.4%	2.4%	2.5%	101.1%	-4.0%	3.6%	7.6%	11.2%	2.8%	11.3%	15.0%	18.5%	24.6%	11.3%	4.6%	-8.5%	-19.1%	-1.2%	-54.9%	21.0%	22.8%	33.2%	41.2%	47.5%	48.7%	–
EPS (₹)	8.82	-5.31	3.50	3.91	6.87	2.57	-1.03	10.00	12.11	0.85	0.99	41.13	-1.56	1.58	2.66	4.72	1.23	4.82	6.75	6.55	7.70	3.29	1.19	-2.09	-4.04	-0.37	-18.08	9.51	11.24	30.33	39.11	56.87	49.08	0.00
Net profit YoY	+28.6%	−314.3%	+419.0%	−60.8%	−43.6%	+188.2%	−223.5%	−75.8%	+886.7%	−41.4%	−67.9%	+771.7%	−225.0%	−99.7%	−59.8%	−28.1%	−84.0%	+14743.8%	+473.9%	+412.2%	+292.3%	+1014.3%	+106.5%	−122.2%	−135.5%	−101.2%	−146.2%	−83.4%	−77.0%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	2,852	2,560	2,950	3,181	3,02,600	1,958	3,094	7,858	3,291
Other income	174	438	304	133	29,400	316	174	210	88.5
Total expenses	2,771	2,407	3,190	2,939	2,61,100	2,221	3,242	2,909	1,907
EBITDA	201	254	−143	312	47,500	−205	−79	5,023	1,444
EBITDA margin	7.0%	9.9%	-4.8%	9.8%	15.7%	-10.5%	-2.6%	63.9%	43.9%
Finance costs	25	11	17	13	500	6	18	12	8.1
Depreciation	95	90	80	57	5,500	52	51	62	51.6
Profit before tax	244	591	1,018	322	70,900	53	26	5,104	1,473
Tax	73	133	212	123	18,800	75	−26	1,705	441
Net profit	171	458	806	199	50,500	−32	45	3,396	1,032
Net margin	6.0%	17.9%	27.3%	6.3%	16.7%	-1.6%	1.5%	43.2%	31.4%
EPS (₹)	8.97	23.65	41.41	10.19	25.82	-1.64	2.30	175.39	52.81
Net profit YoY	−62.7%	−43.2%	+305.0%	−99.6%	+157912.5%	−171.1%	−98.7%	+229.1%	–

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	82	500	682	−161	−48,900
Investing cash flow	−123	−202	−240	329	22,100
Financing cash flow	−47	−226	−428	−212	10,500
Capital expenditure	251	168	260	170	9,200
Free cash flow (CFO − capex)	−169	332	422	−331	−58,100

Net profit trend

annual, ₹ crore

FY21

₹−32

FY22

₹50,500+157913%

FY23

₹199−100%

FY24

₹806+305%

FY25

₹458−43%

FY26

₹171−63%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	4 Aug 2026	PDF XBRL
Q1 FY27	Standalone	4 Aug 2026	PDF XBRL
Q4 FY26	Consolidated · audited	28 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	28 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	9 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	9 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	–	PDF on NSE XBRL
Q2 FY26	Consolidated	10 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	10 Nov 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY263.21 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 32.8×76.6×

P/B5Y avg 1.72×2.73×

ROEFY26, on average equity2.9%

Net margin6.0%

Debt / equity0.06×

Revenue CAGR (3Y)-3.6%

Profit CAGR (3Y)-4.9%

EPS (TTM)₹10.72

Market cap₹16,004 Cr

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

P/B vs history

2.73×

vs 8-point avg 1.72× (+59%)

1.03× low1.72× avg2.73× high

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

Balance sheet 31 Mar 2026

Total assets₹7,580 Cr+5%

Net worth₹5,859 Cr−0%

Total borrowings₹367 Cr+113%

Cash & bank balances₹22 Cr−80%

Investments₹4,063 Cr+1%

Inventories₹1,188 Cr+0%

Trade receivables₹667 Cr+43%

Trade payables₹297 Cr+13%

Change vs the same date a year earlier.

Revenue mix FY26

Graphite and Carbon90.9%result ₹164 Cr

Steel9.0%result ₹42 Cr

Others0.1%result ₹−24 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	65.34	65.34	65.34	65.34	65.34	65.34	65.34	65.34	65.34	65.34	65.34	65.34
FII	6.03	6.69	6.43	6.60	5.00	5.46	5.05	4.59	4.40	4.56	4.28	4.39
DII	10.24	10.48	10.02	9.58	10.09	10.51	9.93	10.03	11.42	12.20	10.63	9.49
of which MF	8.80	8.61	7.88	7.49	7.94	–	–	–	–	–	–	–
Retail	14.89	14.18	14.67	14.91	15.99	15.27	16.08	15.96	15.14	14.26	15.82	16.75
Other public	3.50	3.31	3.54	3.57	3.58	3.42	3.60	4.08	3.70	3.64	3.93	4.03

1,96,575 shareholders · NSE shareholding pattern filings.