Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q3 FY23
| ₹ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 457 | 474 | 409 | 378 | 365 | 373 | 339 | 353 | 343 | 380 | 324 | 339 | 348 | 344 | 301 |
| Other income | 5.1 | 10.5 | 6.8 | 10.5 | 10.7 | 11 | 6.7 | 12.1 | 7.9 | 7.8 | 11.1 | 6.7 | 4 | 5.8 | 13.5 |
| Total expenses | 410 | 419 | 369 | 339 | 323 | 349 | 308 | 324 | 301 | 339 | 298 | 316 | 318 | 305 | 271 |
| EBITDA | 67.5 | 73.4 | 57.3 | 53.5 | 55.4 | 35.2 | 42.8 | 41.8 | 55.2 | 54.5 | 39.8 | 35.2 | 41.8 | 50.8 | 41 |
| EBITDA margin | 14.7% | 15.5% | 14.0% | 14.1% | 15.2% | 9.4% | 12.6% | 11.9% | 16.1% | 14.3% | 12.3% | 10.4% | 12.0% | 14.8% | 13.6% |
| Finance costs | 5.8 | 5.8 | 4.8 | 3.1 | 2.6 | 1.5 | 2.1 | 2.6 | 2.6 | 2.8 | 2.8 | 2.5 | 2.6 | 2.6 | 2.3 |
| Depreciation | 13.8 | 12.8 | 12 | 11.3 | 10.5 | 9.9 | 10.1 | 10.4 | 10.2 | 10 | 10 | 9.8 | 9.6 | 9.2 | 9.2 |
| Profit before tax | 53 | 65.4 | 47.2 | 49.6 | 53.1 | 7.2 | 37.3 | 40.9 | 50.3 | 49.5 | 38 | 29.7 | 33.6 | 44.9 | 43 |
| Tax | 15.6 | 18.2 | 13.6 | 13.1 | 15.1 | 9.6 | 10.6 | 12 | 14.3 | 12.7 | 8.3 | 9.3 | 9.1 | 12.3 | 11.3 |
| Net profit | 37.4 | 47.2 | 33.6 | 36.4 | 37.9 | −2.4 | 26.7 | 29 | 36.1 | 36.8 | 29.7 | 20.4 | 24.6 | 32.6 | 31.7 |
| Net margin | 8.2% | 10.0% | 8.2% | 9.6% | 10.4% | -0.6% | 7.9% | 8.2% | 10.5% | 9.7% | 9.1% | 6.0% | 7.1% | 9.5% | 10.6% |
| EPS (₹) | 4.11 | 5.19 | 3.69 | 4.00 | 4.17 | -0.26 | 2.93 | 3.18 | 3.96 | 4.04 | 3.26 | 2.24 | 2.70 | 3.58 | 3.45 |
| Net profit YoY | −1.5% | +2076.2% | +25.9% | +25.8% | +5.2% | −106.5% | −10.1% | +42.0% | +46.7% | +12.8% | −6.5% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue from operations | 1,627 | 1,408 | 1,392 | 1,364 |
| Other income | 38.5 | 37.7 | 29.5 | 29.8 |
| Total expenses | 1,450 | 1,282 | 1,271 | 1,227 |
| EBITDA | 240 | 175 | 171 | 189 |
| EBITDA margin | 14.7% | 12.4% | 12.3% | 13.9% |
| Finance costs | 16.3 | 8.8 | 10.8 | 15.8 |
| Depreciation | 46.7 | 40.5 | 39.3 | 36.1 |
| Profit before tax | 215 | 136 | 151 | 167 |
| Tax | 60.1 | 46.4 | 39.3 | 43.8 |
| Net profit | 155 | 89.3 | 111 | 123 |
| Net margin | 9.5% | 6.3% | 8.0% | 9.0% |
| EPS (₹) | 17.05 | 9.81 | 12.24 | 14.59 |
| Net profit YoY | +73.8% | −19.9% | −9.6% | – |
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 | 68.5 | 206 | 136 | 133 |
| Investing cash flow | −197 | −212 | −158 | −308 |
| Financing cash flow | 146 | 5.9 | −25.4 | 216 |
| Capital expenditure | 120 | 209 | 74.5 | 76.4 |
| Free cash flow (CFO − capex) | −51.5 | −3 | 61.3 | 56.3 |
Net profit trend
annual, ₹ croreFY23
₹123
FY24
₹111−10%
FY25
₹89.3−20%
FY26
₹155+74%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 11 Aug 2026 | PDF XBRL |
| Q1 FY27 | Standalone | 11 Aug 2026 | PDF XBRL |
| Q4 FY26 | Consolidated · audited | 7 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | – | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 7 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 5 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 5 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 6 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 6 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 6 Aug 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 28.5×27.2×
P/B5Y avg 2.94×3.00×
ROEFY26, on average equity11.7%
Net margin9.5%
Debt / equity0.26×
Revenue CAGR (3Y)6.0%
Profit CAGR (3Y)8.0%
EPS (TTM)₹16.99
Market cap₹4,207 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
3.00×
vs 7-point avg 2.94× (+2%)
2.04× low2.94× avg3.73× high
History points are balance-sheet dates (2023 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹2,067 Cr+22%
Net worth₹1,402 Cr+12%
Total borrowings₹371 Cr+87%
Cash & bank balances₹33 Cr+114%
Investments₹473 Cr+55%
Inventories₹394 Cr+18%
Trade receivables₹378 Cr+25%
Trade payables₹193 Cr+31%
Change vs the same date a year earlier.
Revenue mix FY26
Engineering & Others88.7%result ₹201 Cr
Solar-EPC and O&M11.3%result ₹14.1 Cr
Segment revenue as reported, before inter-segment eliminations.