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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	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	Q4 FY18
Revenue from operations	993	992	925	961	1,091	1,374	1,007	1,407	1,816	1,773	1,474	1,833	2,565	3,094	2,035	2,499	2,921	2,671	2,787	2,454	2,354	2,406	18.1	1,676	2,335	2,338	2,287	2,456	0	0
Other income	62.1	25.3	36.2	22.5	27.3	18.5	59.4	25.5	19.7	39.9	37.8	38.2	16.7	13.5	11.9	16.4	24.6	25.2	60.8	49.4	44.2	11.4	0.2	13.9	41.9	10.7	15.3	16.9	0	0
Total expenses	982	931	986	939	1,045	1,078	1,310	1,350	1,835	2,073	1,412	1,863	2,531	3,078	2,421	2,424	2,884	2,608	2,750	2,579	2,618	2,293	20.9	1,990	2,366	2,322	2,311	2,459	0	0
EBITDA	105	171	67.2	148	179	429	−30.5	242	152	−118	239	254	314	315	−119	355	383	394	336	158	98.5	382	−0.3	−60.1	236	244	219	228	0	0
EBITDA margin	10.5%	17.2%	7.3%	15.4%	16.4%	31.3%	-3.0%	17.2%	8.4%	-6.6%	16.2%	13.8%	12.3%	10.2%	-5.8%	14.2%	13.1%	14.8%	12.0%	6.5%	4.2%	15.9%	-1.8%	-3.6%	10.1%	10.4%	9.6%	9.3%	–	–
Finance costs	86.8	105	123	120	122	111	183	159	146	165	146	256	250	266	236	248	294	285	260	248	330	234	2.1	222	237	189	202	189	0	0
Depreciation	6	5.2	4.9	5.9	11.6	22.3	89.5	26.4	25.8	17.9	30.4	27.8	30.3	32.4	32	32	52.8	46.6	38.6	35.7	32.8	35.5	0.4	31.2	31.1	38.4	40.9	41.4	0	0
Profit before tax	73.9	86.2	13.4	44.5	73.3	314	286	82.3	0.4	391	298	9.7	50.8	185	−344	315	60.8	87.7	204	−75.8	−167	124	−3.5	−542	−99.6	358	−8.6	13.8	0	0
Tax	23.3	33	7.3	−5.5	22.6	83.2	273	38.5	16.3	164	79.2	7.4	2	−2.5	−80.4	−5.6	31.2	22.4	57.9	−25.1	−33.2	5.8	−0.8	−149	−109	128	156	7.4	0	0
Net profit	51.1	58.9	8.1	47.8	50.7	90.1	−38.9	63.9	−2.5	246	182	−2.8	52.7	190	−258	319	15.9	64.4	139	180	157	119	−4.8	−409	311	209	−234	−17.4	0	0
Net margin	5.1%	5.9%	0.9%	5.0%	4.6%	6.6%	-3.9%	4.5%	-0.1%	13.9%	12.4%	-0.2%	2.1%	6.1%	-12.7%	12.8%	0.5%	2.4%	5.0%	7.3%	6.7%	4.9%	-26.3%	-24.4%	13.3%	8.9%	-10.2%	-0.7%	–	–
EPS (₹)	0.19	0.27	0.04	0.26	0.28	0.50	-0.23	0.38	-0.01	1.63	1.54	0.04	0.35	1.26	-1.71	2.13	0.20	0.43	0.92	1.19	1.04	0.78	-3.15	-2.70	2.06	1.38	-1.54	-0.12	0.00	0.00
Net profit YoY	+0.7%	−34.6%	+120.7%	−25.3%	+2162.2%	−63.4%	−121.3%	+2383.2%	−104.7%	+29.6%	+170.7%	−100.9%	–	+1092.0%	−500.2%	+129.1%	−89.9%	−45.7%	+3021.3%	+144.0%	−49.5%	−43.1%	+98.0%	−2246.7%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	3,970	5,603	7,007	9,857	10,670	8,248	9,437	10,322	10,132
Other income	111	123	133	55.7	152	86.6	84.8	75	56.1
Total expenses	3,901	5,573	7,254	10,421	10,646	8,994	9,569	10,544	11,090
EBITDA	565	794	671	577	1,193	391	837	764	770
EBITDA margin	14.2%	14.2%	9.6%	5.9%	11.2%	4.7%	8.9%	7.4%	7.6%
Finance costs	469	600	813	1,012	1,030	1,001	817	808	1,525
Depreciation	27.5	164	105	129	138	136	152	177	201
Profit before tax	217	683	736	−98.7	282	−933	174	−674	−1,061
Tax	57.5	411	248	−62.5	86.4	−257	165	−484	−10.2
Net profit	166	113	478	−27.8	400	−610	197	−341	−1,090
Net margin	4.2%	2.0%	6.8%	-0.3%	3.7%	-7.4%	2.1%	-3.3%	-10.8%
EPS (₹)	0.75	0.66	3.50	-0.18	2.77	-4.03	1.30	-2.98	-8.03
Net profit YoY	+47.0%	−76.4%	+1817.5%	−107.0%	+165.5%	−409.6%	+157.8%	+68.7%	–

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	892	134	90.7	16.9	946
Investing cash flow	−364	−35.5	825	425	−224
Financing cash flow	−697	73.1	−1,124	−603	−660
Capital expenditure	81.3	17.9	18.6	215	89.3
Free cash flow (CFO − capex)	811	116	72	−198	857

Net profit trend

annual, ₹ crore

FY21

₹−610

FY22

₹400+165%

FY23

₹−27.8−107%

FY24

₹478+1818%

FY25

₹113−76%

FY26

₹166+47%

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	14 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	14 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	12 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	12 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	7 Aug 2025	PDF XBRL
Q1 FY26	Standalone	7 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY262.61 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 29.0×33.6×

P/B5Y avg 12.15×2.62×

ROEFY26, on average equity10.9%

Net margin4.2%

Debt / equity0.48×

Revenue CAGR (3Y)-26.2%

Profit CAGR (3Y)–

EPS (TTM)₹0.63

Market cap₹5,569 Cr

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

P/B vs history

2.62×

vs 8-point avg 12.15× (−78%)

1.69× low12.15× avg35.15× high

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

Balance sheet 31 Mar 2026

Total assets₹8,492 Cr+5%

Net worth₹2,127 Cr+135%

Total borrowings₹1,019 Cr−39%

Cash & bank balances₹381 Cr−33%

Investments₹198 Cr+152%

Inventories₹133 Cr+4%

Trade receivables₹2,253 Cr−6%

Trade payables₹2,027 Cr−3%

Change vs the same date a year earlier.

Revenue mix FY26

Engineering and construction98.6%result ₹309 Cr

Infrastructure1.3%result ₹50.1 Cr

Others0.1%result ₹−136 Cr

Real estate0.0%result ₹0.3 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	Dec 24	Sept 24	Jun 24	Apr 24	Mar 24
Promoter	16.17	16.72	16.81	16.71	16.72	16.72	16.72	17.16	18.59	18.59	18.59	18.59
FII	11.39	10.92	10.42	9.59	9.83	10.57	13.35	14.78	9.73	9.63	9.25	9.19
DII	3.69	4.13	4.77	6.79	6.85	6.85	7.51	7.52	5.97	6.59	7.76	8.24
of which MF	0.24	0.26	0.14	0.66	0.65	–	–	–	–	–	–	–
Retail	56.25	56.38	55.61	55.65	55.43	55.21	51.67	50.63	55.71	54.76	53.35	53.42
Other public	12.50	11.85	12.39	11.26	11.17	10.65	10.75	9.91	10.00	10.43	11.05	10.56

7,26,389 shareholders · NSE shareholding pattern filings.