Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q1 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 | Q1 FY22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,784 | 2,500 | 2,308 | 1,602 | 1,988 | 2,276 | 1,695 | 1,394 | 2,030 | 2,485 | 2,134 | 1,883 | 2,478 | 2,461 | 2,192 | 2,136 | 2,692 | 2,396 | 1,980 | 1,882 | 2,264 |
| Other income | 45.1 | 30.3 | 34.9 | 24 | 39.5 | 50.3 | 103 | 21.3 | 21 | 30.4 | 24.6 | 26.4 | 21.3 | 30.8 | 17.4 | 25.3 | 13.8 | 18.2 | 20.5 | 17.9 | 10 |
| Total expenses | 2,411 | 2,245 | 2,001 | 1,366 | 1,706 | 1,844 | 1,447 | 1,171 | 1,780 | 2,128 | 1,842 | 1,622 | 2,068 | 1,971 | 1,775 | 1,705 | 2,165 | 2,057 | 1,800 | 1,652 | 1,981 |
| EBITDA | 522 | 415 | 510 | 413 | 451 | 610 | 421 | 399 | 416 | 547 | 508 | 467 | 607 | 670 | 595 | 601 | 687 | 509 | 366 | 390 | 470 |
| EBITDA margin | 18.8% | 16.6% | 22.1% | 25.8% | 22.7% | 26.8% | 24.9% | 28.6% | 20.5% | 22.0% | 23.8% | 24.8% | 24.5% | 27.2% | 27.1% | 28.1% | 25.5% | 21.2% | 18.5% | 20.7% | 20.8% |
| Finance costs | 103 | 112 | 153 | 126 | 117 | 121 | 113 | 112 | 103 | 128 | 155 | 145 | 137 | 121 | 117 | 108 | 96.9 | 108 | 104 | 88.7 | 120 |
| Depreciation | 46 | 46.6 | 49 | 50.9 | 52.3 | 57.2 | 61.1 | 63.1 | 63.2 | 61.2 | 61 | 61.7 | 60.2 | 59 | 61.2 | 62 | 63.4 | 61.7 | 82.3 | 71 | 66.6 |
| Profit before tax | 480 | 320 | 356 | 260 | 321 | 504 | 350 | 260 | 222 | 694 | 316 | 287 | 432 | 521 | 434 | 457 | 540 | 357 | 199 | 249 | 294 |
| Tax | 122 | 110 | 97.7 | 70.8 | 76.7 | 101 | 87.8 | 66.4 | 66.3 | 141 | 73.4 | 69.9 | 122 | 132 | 110 | 121 | 136 | 80.9 | 53.8 | 59.9 | 72.4 |
| Net profit | 358 | 210 | 259 | 190 | 244 | 403 | 263 | 194 | 156 | 553 | 243 | 217 | 310 | 390 | 324 | 336 | 405 | 277 | 145 | 189 | 221 |
| Net margin | 12.9% | 8.4% | 11.2% | 11.8% | 12.3% | 17.7% | 15.5% | 13.9% | 7.7% | 22.3% | 11.4% | 11.5% | 12.5% | 15.8% | 14.8% | 15.7% | 15.0% | 11.5% | 7.3% | 10.0% | 9.8% |
| EPS (₹) | 36.93 | 21.39 | 26.79 | 19.91 | 25.23 | 41.75 | 27.06 | 19.99 | 16.08 | 57.29 | 25.10 | 22.46 | 32.05 | 40.30 | 33.47 | 34.77 | 41.87 | 28.60 | 15.05 | 19.51 | 22.88 |
| Net profit YoY | +46.4% | −47.9% | −1.5% | −2.1% | +56.6% | −27.1% | +8.1% | −10.9% | −49.6% | +41.9% | −25.0% | −35.4% | −23.5% | +40.9% | +122.5% | +78.3% | +83.0% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue from operations | 8,399 | 7,395 | 8,980 | 9,482 | 8,458 |
| Other income | 129 | 195 | 103 | 87.3 | 66.6 |
| Total expenses | 7,317 | 6,241 | 7,660 | 7,616 | 7,425 |
| EBITDA | 1,788 | 1,846 | 2,129 | 2,554 | 1,735 |
| EBITDA margin | 21.3% | 25.0% | 23.7% | 26.9% | 20.5% |
| Finance costs | 508 | 448 | 565 | 443 | 420 |
| Depreciation | 199 | 245 | 244 | 246 | 282 |
| Profit before tax | 1,258 | 1,337 | 1,729 | 1,952 | 1,099 |
| Tax | 355 | 321 | 406 | 498 | 267 |
| Net profit | 903 | 1,015 | 1,323 | 1,454 | 832 |
| Net margin | 10.7% | 13.7% | 14.7% | 15.3% | 9.8% |
| EPS (₹) | 93.31 | 104.88 | 136.90 | 150.42 | 86.04 |
| Net profit YoY | −11.1% | −23.2% | −9.0% | +74.8% | – |
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 | −2,811 | −2,032 | −1,592 | 184 | 148 |
| Investing cash flow | 1,623 | 433 | 795 | −557 | −257 |
| Financing cash flow | 1,523 | 1,724 | 1,120 | −20.3 | 329 |
| Capital expenditure | 232 | 156 | 118 | 297 | 435 |
| Free cash flow (CFO − capex) | −3,043 | −2,187 | −1,711 | −113 | −287 |
Net profit trend
annual, ₹ croreFY22
₹832
FY23
₹1,454+75%
FY24
₹1,323−9%
FY25
₹1,015−23%
FY26
₹903−11%
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 | 11 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 11 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 | 11 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 11 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 1 Aug 2025 | PDF XBRL |
| Q1 FY26 | Standalone | 1 Aug 2025 | PDF XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 8.7×7.7×
P/B5Y avg 1.56×0.84×
ROEFY26, on average equity10.1%
Net margin10.7%
Debt / equity0.52×
Revenue CAGR (3Y)-4.0%
Profit CAGR (3Y)-14.7%
EPS (TTM)₹105.00
Market cap₹7,861 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.84×
vs 8-point avg 1.56× (−46%)
0.82× low1.56× avg2.14× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹16,048 Cr+7%
Net worth₹9,380 Cr+10%
Total borrowings₹4,845 Cr−2%
Cash & bank balances₹983 Cr+49%
Investments₹279 Cr−16%
Inventories₹986 Cr+83%
Trade receivables₹745 Cr+232%
Trade payables₹1,105 Cr+26%
Change vs the same date a year earlier.
Revenue mix FY26
Build, Operate and Transfer (BOT)/ Annuity Projects65.2%result ₹1,181 Cr
Engineering, Procurement and Construction (EPC)27.7%result ₹293 Cr
Others7.1%result ₹109 Cr
Segment revenue as reported, before inter-segment eliminations.