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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	Q4 FY18
Revenue from operations	20.1	105	94.5	88.6	87.1	89.2	81.8	77	77.2	78.6	71.7	71.7	75.7	78	69.4	62	73.3	66.7	66.3	50.4	49.3	58.3	51.3	44.5	30.5	41.6	43.8	42.9	49.9	0	0
Other income	0	0.4	0	0	0	8.8	0	0.2	0.1	0.2	0	0.6	0.1	0.2	0	0	0.5	0.1	0.1	0.2	0.1	0	0	6.1	0.1	0.1	0.1	0.2	0.1	0	0
Total expenses	18.5	91.7	82.7	81.1	76.3	75.5	68.3	66.7	66.2	68.8	63.2	60.6	63.5	67.4	63	59	61.6	61.7	55	45.9	45.7	52.6	45.5	39.6	28.2	39.4	41.1	41	46.7	0	0
EBITDA	2.5	16.3	14.8	10.5	13.8	16.2	16.1	12.9	13.5	12.3	11	13.5	14.5	12.7	8.8	5.3	13.9	7.2	13.5	6.6	5.7	7.9	8	7.2	4.6	4.6	5.1	4.3	5.5	0	0
EBITDA margin	12.7%	15.6%	15.7%	11.9%	15.8%	18.2%	19.7%	16.8%	17.6%	15.6%	15.4%	18.8%	19.2%	16.3%	12.6%	8.5%	19.0%	10.7%	20.3%	13.1%	11.7%	13.5%	15.5%	16.2%	15.1%	11.2%	11.7%	9.9%	11.1%	–	–
Finance costs	0	0.1	0.1	0.1	0.1	0	0	0	0	0	0	0	0	0	0	0.1	0	0	0	0	0	0	0.1	0	0.1	0.1	0	0.1	0.1	0	0
Depreciation	1	3.2	3	2.9	2.9	2.6	2.6	2.6	2.5	2.5	2.5	2.3	2.2	2.1	2.3	2.2	2.2	2.1	2.2	2.2	2.1	2.2	2.2	2.3	2.3	2.4	2.4	2.4	2.3	0	0
Profit before tax	1.6	13.5	8.9	7.5	10.8	9.7	13.5	10.5	11.1	10	8.5	11.8	12.3	10.8	6.5	3	12.2	5.1	11.3	4.6	3.7	5.7	5.7	11	2.4	2.2	2.8	2.1	3.2	0	0
Tax	−0.4	1.8	2.2	2.3	3.3	3.6	2.5	1.2	2.4	2.1	2	1.8	2.3	1.3	1.1	0.4	2.4	0.7	1.3	1	0.2	0.2	0.6	3	0	−0.5	−0.6	−0.5	−0.1	0	0
Net profit	8.7	11.7	6.7	5.3	7.5	6.1	11	9.3	8.7	8	6.5	9.9	10	9.5	5.4	2.7	9.9	4.4	10.1	3.7	3.5	5.4	4.9	7.6	1.9	2.3	3.1	2.1	3	0	0
Net margin	43.3%	11.2%	7.1%	6.0%	8.6%	6.8%	13.4%	12.1%	11.2%	10.1%	9.0%	13.9%	13.3%	12.2%	7.8%	4.3%	13.5%	6.6%	15.2%	7.2%	7.0%	9.2%	9.5%	17.1%	6.1%	5.6%	7.0%	5.0%	5.9%	–	–
EPS (₹)	1.31	7.92	4.52	3.58	5.05	4.11	7.43	6.29	5.87	5.40	4.37	6.73	6.80	6.43	3.68	1.80	6.69	2.98	6.83	2.47	2.35	3.64	3.30	5.15	1.27	1.57	2.07	1.44	2.00	0.00	0.00
Net profit YoY	+16.4%	+92.8%	−39.2%	−43.2%	−14.0%	−23.8%	+69.8%	−6.5%	−13.6%	−16.1%	+19.0%	+273.7%	+1.6%	+115.9%	−46.1%	−27.1%	+184.7%	−18.2%	+107.0%	−52.0%	+85.6%	+131.9%	+59.2%	+256.8%	−36.8%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	375	325	298	283	233	185	178	197	203
Other income	0.4	9.1	0.9	0.9	0.4	6.2	0.5	2.2	0.5
Total expenses	332	277	256	251	208	166	168	181	176
EBITDA	55.5	58.8	51.3	40.6	33	27.7	19.5	25	36.8
EBITDA margin	14.8%	18.1%	17.2%	14.4%	14.2%	15.0%	11.0%	12.7%	18.1%
Finance costs	0.3	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.3
Depreciation	12	10.3	9.5	8.7	8.6	8.9	9.5	8.8	8.6
Profit before tax	40.7	44.7	42.6	32.6	24.7	24.8	10.3	18.2	28.3
Tax	9.6	9.7	8.2	5.1	3.1	3.8	−1.7	−0.8	2.9
Net profit	31.1	35	34.4	27.5	21.6	19.7	10.5	17.6	23
Net margin	8.3%	10.8%	11.6%	9.7%	9.3%	10.7%	5.9%	8.9%	11.3%
EPS (₹)	21.06	23.70	23.30	18.60	14.63	13.35	7.09	11.88	15.58
Net profit YoY	−11.1%	+1.7%	+25.3%	+27.2%	+9.5%	+88.3%	−40.3%	−23.7%	–

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	21.1	29.9	40.3	15.7	4.9
Investing cash flow	−29.5	−17.9	−34.9	−21	4.8
Financing cash flow	−4.1	−3.1	−3.9	−2.4	−3.1
Capital expenditure	22.3	20.7	36.5	7.1	7.1
Free cash flow (CFO − capex)	−1.1	9.2	3.8	8.6	−2.2

Net profit trend

annual, ₹ crore

FY21

₹19.7

FY22

₹21.6+10%

FY23

₹27.5+27%

FY24

₹34.4+25%

FY25

₹35+2%

FY26

₹31.1−11%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	23 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	23 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	23 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	23 Apr 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	12 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	12 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	8 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	8 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY252.18 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16

Key ratios

P/E (TTM)5Y avg 16.2×17.7×

P/B5Y avg 0.57×0.50×

ROEFY26, on average equity2.8%

Net margin8.3%

Debt / equity0.00×

Revenue CAGR (3Y)9.9%

Profit CAGR (3Y)4.2%

EPS (TTM)₹21.90

Market cap₹572 Cr

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

P/B vs history

0.50×

vs 8-point avg 0.57× (−13%)

0.40× low0.57× avg0.77× high

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

Balance sheet 31 Mar 2026

Total assets₹1,264 Cr+6%

Net worth₹1,145 Cr+6%

Total borrowings₹0 Cr−100%

Cash & bank balances₹2 Cr−46%

Investments₹1,006 Cr+5%

Inventories₹21 Cr+82%

Trade receivables₹63 Cr+24%

Trade payables₹53 Cr+2%

Change vs the same date a year earlier.

Revenue mix FY26

Composite Products84.0%result ₹40.3 Cr

Investment10.6%result ₹22.1 Cr

Trading in Commodity5.4%result ₹0.4 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	74.98	74.98	74.98	74.98	74.98	74.98	74.98	74.97	74.97	74.97	74.97	74.97
FII	0.02	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.04
DII	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Retail	13.72	13.78	13.77	13.97	13.93	13.98	13.95	14.37	14.46	14.52	16.19	16.22
Other public	11.27	11.23	11.24	11.04	11.08	11.03	11.06	10.65	10.56	10.50	8.80	8.76

14,936 shareholders · NSE shareholding pattern filings.