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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 FY18
Revenue from operations	681	603	656	699	617	542	478	568	571	547	562	614	671	617	530	598	722	673	597	518	414	380	320	323	233	374	394	564	817	0
Other income	43.6	39.9	102	112	66.9	48	112	43	20.4	64.3	23.2	28	26.1	31.4	36.9	19.6	21.3	17.4	14.7	25.4	22.1	25.1	25.4	16.4	46	42.3	27.3	35	39.2	0
Total expenses	590	815	577	644	573	664	458	528	589	563	533	559	567	534	431	449	563	539	467	395	361	405	341	386	268	899	415	453	496	0
EBITDA	151	−148	142	118	105	−55.5	79.9	96.6	38.7	42.8	86.6	102	151	123	132	179	184	157	156	142	72.4	−4.7	−1.3	−41.9	−11.3	−497	4.7	139	348	0
EBITDA margin	22.1%	-24.6%	21.7%	16.9%	17.1%	-10.2%	16.7%	17.0%	6.8%	7.8%	15.4%	16.6%	22.5%	20.0%	24.9%	29.9%	25.5%	23.3%	26.1%	27.4%	17.5%	-1.2%	-0.4%	-13.0%	-4.8%	-132.8%	1.2%	24.6%	42.6%	–
Finance costs	10	10.7	9.4	8.9	8.2	12	9.4	9.3	8.5	8.6	9.7	8.5	8.9	7.3	7.8	6.9	4	1	4.2	1.2	1.2	1.1	1.3	3	6	8.6	8.7	10	9.3	0
Depreciation	49.6	52.6	53.9	53.8	53.1	54.6	50.6	47.9	47.5	50.4	47.4	38.5	38.3	33.1	25	23.2	21	21.4	21.1	18.1	18.7	18.5	18.5	18.3	17.8	18.9	17.8	17.8	17.7	0
Profit before tax	135	−172	181	168	111	−74.1	132	82.3	3.2	48	52.7	82.9	130	114	136	168	180	152	146	148	74.6	0.9	4.3	−46.8	11	−483	5.5	146	360	0
Tax	42.7	−26.1	39.2	31.9	22.6	−10.9	35.2	20.4	0.7	13.5	15.8	21.7	32.8	25.4	34.4	38.4	46.8	38.7	37	35	18.8	7.7	−0.4	−12.9	0.2	−117	−0.4	−32.7	126	0
Net profit	122	−114	207	143	105	−73.7	83.4	82.3	23	32.9	43.7	96	139	99.7	105	169	159	129	113	132	56.8	−16.1	−0.8	−15.4	14.3	−377	−1.2	202	243	0
Net margin	18.0%	-18.9%	31.5%	20.5%	17.0%	-13.6%	17.4%	14.5%	4.0%	6.0%	7.8%	15.6%	20.7%	16.2%	19.7%	28.2%	22.0%	19.2%	19.0%	25.4%	13.7%	-4.2%	-0.3%	-4.8%	6.1%	-100.7%	-0.3%	35.8%	29.8%	–
EPS (₹)	6.34	-6.16	10.72	7.43	5.43	-3.82	4.32	4.26	5.97	8.53	11.32	24.87	36.05	25.84	27.13	43.77	41.20	33.49	29.40	34.07	14.71	-4.17	-0.21	-3.98	3.71	-97.67	-0.32	52.42	63.09	0.00
Net profit YoY	+16.7%	−54.4%	+148.2%	+74.2%	+355.1%	−323.9%	+91.0%	−14.3%	−83.4%	−67.0%	−58.3%	−43.2%	−12.5%	−22.9%	−7.7%	+28.5%	+180.1%	+903.9%	+14285.0%	+956.2%	+296.2%	+95.7%	+35.0%	−107.6%	−94.1%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY18
Revenue from operations	2,569	2,160	2,395	2,467	2,202	1,256	2,149	2,758
Other income	141	128	142	109	79.6	113	144	12.4
Total expenses	2,421	2,144	2,223	1,977	1,761	1,400	2,263	1,166
EBITDA	398	255	382	618	527	−59.2	−5.8	1,722
EBITDA margin	15.5%	11.8%	16.0%	25.1%	23.9%	-4.7%	-0.3%	62.4%
Finance costs	37.2	39.2	35.7	26	7.5	11.4	36.5	56.7
Depreciation	213	201	175	102	79.3	73.1	72.1	72.6
Profit before tax	289	143	314	599	520	−30.8	29.3	1,605
Tax	66.4	45.3	83.7	145	129	−5.5	−24.1	523
Net profit	341	115	312	532	431	−17.9	67.6	1,099
Net margin	13.3%	5.3%	13.0%	21.6%	19.6%	-1.4%	3.1%	39.9%
EPS (₹)	17.51	5.96	80.75	137.93	111.68	-4.65	17.52	275.13
Net profit YoY	+196.7%	−63.1%	−41.5%	+23.5%	+2502.7%	−126.5%	–	–

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	213	280	612	113	−141
Investing cash flow	−320	−208	−186	−21.1	−183
Financing cash flow	96.9	−159	−323	−100	344
Capital expenditure	253	182	403	480	360
Free cash flow (CFO − capex)	−39.5	97.5	209	−366	−500

Net profit trend

annual, ₹ crore

FY21

₹−17.9

FY22

₹431+2503%

FY23

₹532+24%

FY24

₹312−41%

FY25

₹115−63%

FY26

₹341+197%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	22 Jul 2026	PDF XBRL
Q1 FY27	Standalone	22 Jul 2026	PDF XBRL
Q4 FY26	Consolidated · audited	29 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	29 Apr 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	10 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	10 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	10 Nov 2025	PDF XBRL
Q2 FY26	Standalone	10 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	30 Jul 2025	PDF XBRL
Q1 FY26	Standalone	30 Jul 2025	PDF XBRL

Annual reports

NSE archive

FY2610.86 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 12.6×13.1×

P/B5Y avg 0.60×0.99×

ROEFY26, on average equity7.4%

Net margin13.3%

Debt / equity0.17×

Revenue CAGR (3Y)1.3%

Profit CAGR (3Y)-13.8%

EPS (TTM)₹18.59

Market cap₹4,716 Cr

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

P/B vs history

0.99×

vs 8-point avg 0.60× (+64%)

0.30× low0.60× avg0.99× high

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

Balance sheet 31 Mar 2026

Total assets₹6,166 Cr+9%

Net worth₹4,758 Cr+7%

Total borrowings₹793 Cr+35%

Cash & bank balances₹41 Cr−20%

Investments₹736 Cr−9%

Inventories₹1,134 Cr−10%

Trade receivables₹500 Cr+12%

Trade payables₹401 Cr+0%

Change vs the same date a year earlier.

Revenue mix FY26

Graphite98.6%result ₹270 Cr

Power1.1%result ₹14.7 Cr

Others0.3%result ₹−0.7 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 8 Sept 2026

%	Sept 26	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	60.72	56.28	56.28	56.13	55.78	55.78	55.78	55.78	55.78	55.78	55.78	55.78
FII	5.30	8.47	10.24	8.53	7.96	7.30	7.19	7.08	6.92	6.05	6.86	6.86
DII	12.76	9.26	8.62	12.14	11.98	11.60	11.65	12.09	12.81	13.10	10.39	8.87
of which MF	4.27	7.58	6.79	9.68	9.33	8.92	–	–	–	–	–	–
Retail	11.78	17.81	16.57	15.37	15.99	16.95	17.33	17.04	16.10	16.61	18.15	19.21
Other public	9.44	8.18	8.29	7.83	8.29	8.37	8.05	8.01	8.39	8.46	8.82	9.28

1,34,276 shareholders · NSE shareholding pattern filings.