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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q2 FY19

₹ 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	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	Q3 FY19	Q2 FY19
Revenue from operations	11,689	11,332	11,323	11,195	11,023	11,014	11,117	10,932	10,508	10,574	10,673	10,716	10,656	10,532	10,621	10,240	9,717	9,406	9,152	9,608	10,894	10,791	10,659	11,754	11,089	10,844	11,270	11,775	11,765	7,664
Other income	195	104	193	102	142	215	250	300	256	65.6	24.9	34.5	21.3	93.8	38	32.3	34.5	29.1	33.5	40.2	39.4	39.3	55.3	166	291	302	280	157	218	215
Total expenses	17,242	16,951	17,884	16,862	17,775	18,396	17,974	18,400	17,191	18,303	18,439	18,670	18,513	17,027	18,649	16,820	16,964	16,578	16,683	15,716	17,219	17,368	16,341	17,590	17,269	17,461	17,474	17,600	18,226	12,374
EBITDA	5,034	4,889	4,817	4,685	4,612	4,660	4,712	4,550	4,205	4,303	4,350	4,283	4,157	4,210	4,181	4,649	3,817	3,863	3,708	4,409	4,286	4,152	4,098	4,380	3,421	3,347	3,650	1,785	1,137	461
EBITDA margin	43.1%	43.1%	42.5%	41.9%	41.8%	42.3%	42.4%	41.6%	40.0%	40.7%	40.8%	40.0%	39.0%	40.0%	39.4%	45.4%	39.3%	41.1%	40.5%	45.9%	39.3%	38.5%	38.4%	37.3%	30.8%	30.9%	32.4%	15.2%	9.7%	6.0%
Finance costs	5,120	4,990	5,828	4,784	5,893	6,471	5,940	6,614	5,519	6,280	6,518	6,569	6,398	5,002	6,323	5,316	5,325	5,111	5,228	4,707	4,787	4,700	3,804	4,177	3,722	3,654	3,724	2,946	2,825	2,166
Depreciation	5,467	5,518	5,550	5,568	5,472	5,571	5,629	5,404	5,369	5,751	5,598	5,667	5,617	5,704	5,886	5,913	5,739	5,923	6,010	5,810	5,824	6,029	5,976	6,039	5,877	6,309	6,131	4,664	4,773	3,006
Profit before tax	−3,747	51,976	−5,290	−5,527	−6,611	−7,168	−6,607	−7,168	−6,427	−7,663	−6,986	−7,919	−7,836	−6,424	−7,990	−6,562	−7,226	−7,129	−7,319	−7,042	−4,589	−7,304	−25,549	−11,810	−6,521	−37,089	−6,732	−6,814	−7,044	−5,061
Tax	7	6	−4	−3.1	−3	0	2.5	7.8	5.5	8.7	−0.8	818	3	−4.7	0.3	1.8	5	4	0.5	−19.5	−0.3	−0.3	−0.2	−99.1	17.4	13,963	−1,800	−1,877	−2,000	−45.3
Net profit	−3,754	51,970	−5,286	−5,524	−6,608	−7,166	−6,609	−7,176	−6,432	−7,675	−6,986	−8,738	−7,840	−6,419	−7,990	−6,563	−7,231	−7,132	−7,319	−7,023	−4,532	−7,218	−25,460	−11,644	−6,439	−50,922	−4,874	−4,882	−5,005	−4,974
Net margin	-32.1%	458.6%	-46.7%	-49.3%	-60.0%	-65.1%	-59.5%	-65.6%	-61.2%	-72.6%	-65.5%	-81.5%	-73.6%	-60.9%	-75.2%	-64.1%	-74.4%	-75.8%	-80.0%	-73.1%	-41.6%	-66.9%	-238.9%	-99.1%	-58.1%	-469.6%	-43.2%	-41.5%	-42.5%	-64.9%
EPS (₹)	-0.35	4.80	-0.49	-0.51	-0.63	-1.01	-0.95	-1.03	-1.02	-1.57	-1.44	-1.79	-1.61	-1.53	-2.45	-2.28	-2.52	-2.48	-2.55	-2.44	-1.58	-2.51	-8.86	-4.05	-2.24	-17.72	-2.08	-5.60	-5.74	-8.54
Net profit YoY	+43.2%	+825.2%	+20.0%	+23.0%	−2.7%	+6.6%	+5.4%	+17.9%	+18.0%	−19.6%	+12.6%	–	–	+2.2%	−10.5%	+6.5%	−59.5%	+1.2%	+71.3%	+39.7%	+29.6%	+85.8%	−422.4%	−138.5%	−28.7%	−923.8%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from operations	44,873	43,571	42,555	42,177	38,516	41,952	44,958	37,093
Other income	541	1,021	210	311	129	174	1,039	731
Total expenses	69,473	71,961	73,925	71,764	67,045	66,643	69,793	57,048
EBITDA	19,003	18,127	17,029	16,817	16,036	16,946	14,913	4,043
EBITDA margin	42.3%	41.6%	40.0%	39.9%	41.6%	40.4%	33.2%	10.9%
Finance costs	21,495	24,543	25,766	23,354	20,981	17,998	15,392	9,463
Depreciation	22,108	21,973	22,634	23,050	23,584	23,639	24,356	14,536
Profit before tax	34,548	−27,369	−30,404	−29,298	−28,235	−44,485	−62,152	−18,372
Tax	−4	15.8	829	3.5	11.3	−20.3	12,081	−3,572
Net profit	34,552	−27,383	−31,238	−29,301	−28,245	−44,233	−73,878	−14,604
Net margin	77.0%	-62.8%	-73.4%	-69.5%	-73.3%	-105.4%	-164.3%	-39.4%
EPS (₹)	3.21	-4.01	-6.41	-8.43	-9.83	-15.40	-27.26	-21.16
Net profit YoY	+226.2%	+12.3%	−6.6%	−3.7%	+36.1%	+40.1%	−405.9%	–

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	19,411	9,291	20,826	18,869	17,387
Investing cash flow	−6,104	−16,248	−1,907	−5,414	−5,730
Financing cash flow	−11,458	7,047	−18,980	−14,680	−10,554
Capital expenditure	10,979	10,005	1,614	3,942	6,009
Free cash flow (CFO − capex)	8,432	−714	19,212	14,927	11,378

Net profit trend

annual, ₹ crore

FY21

₹−44,233

FY22

₹−28,245+36%

FY23

₹−29,301−4%

FY24

₹−31,238−7%

FY25

₹−27,383+12%

FY26

₹34,552+226%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	10 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	10 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	16 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	16 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	–	PDF on NSE XBRL
Q3 FY26	Consolidated	28 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	28 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	–	PDF on NSE XBRL
Q2 FY26	Consolidated	10 Nov 2025	PDF XBRL
Q2 FY26	Standalone	10 Nov 2025	PDF XBRL

Annual reports

NSE archive

FY266.95 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 2.7×4.1×

P/B-4.32×

ROEFY26, on average equity-65.1%

Net margin77.0%

Debt / equity-4.18×

Revenue CAGR (3Y)2.1%

Profit CAGR (3Y)–

EPS (TTM)₹3.45

Market cap₹1.54L Cr

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

Balance sheet 31 Mar 2026

Total assets₹1.92L Cr−3%

Net worth₹-35,758 Cr+49%

Total borrowings₹1.49L Cr−24%

Cash & bank balances₹2,106 Cr+720%

Investments₹107 Cr

Inventories₹21 Cr+1809%

Trade receivables₹1,969 Cr−2%

Trade payables₹8,826 Cr−18%

Change vs the same date a year earlier.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Apr 25	Mar 25	Jan 25	Dec 24	Sept 24	Jul 24	Jun 24
Promoter	25.64	25.64	25.57	25.57	25.57	25.57	38.80	38.80	37.32	37.32	37.17	38.17
FII	6.17	5.56	6.00	5.99	5.98	6.56	10.11	9.89	10.17	12.69	12.77	12.67
DII	6.07	6.21	5.61	4.75	4.16	3.43	4.93	4.20	4.31	4.90	6.99	7.47
of which MF	5.64	5.93	5.34	4.55	3.88	–	–	–	–	–	–	–
Retail	10.36	11.08	11.30	12.20	12.78	11.65	17.75	18.28	18.73	15.31	13.77	13.72
Other public	51.76	51.51	51.52	51.49	51.51	52.79	28.41	28.83	29.47	29.78	29.30	27.97

58,09,457 shareholders · NSE shareholding pattern filings.