Your investments deserve an analyst, not a dashboard.

Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q1 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	Q2 FY23	Q1 FY23	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY19	Q2 FY19	Q1 FY19
Revenue from operations	364	347	346	357	344	373	373	345	390	474	306	313	299	285	281	294	314	282	284	265	278	334	334	322	319	320	312	229
Other income	2.9	0.1	0.1	0.3	0.2	2.5	0.4	7.1	4.8	3.5	0.7	0.1	0.3	4.1	0.4	0.4	0.4	10.6	0.2	0.5	0.9	0.7	5.7	0	1.5	0	3.7	0
Total expenses	355	771	338	346	815	362	362	334	365	439	288	284	258	212	243	238	248	273	232	315	625	304	294	272	884	210	217	178
EBITDA	159	−286	153	185	−279	211	211	206	237	240	200	202	204	233	184	212	224	143	199	96.9	−179	217	235	232	−374	262	240	167
EBITDA margin	43.8%	-82.5%	44.1%	51.8%	-81.2%	56.7%	56.6%	59.8%	60.9%	50.6%	65.2%	64.6%	68.1%	81.7%	65.4%	72.2%	71.4%	50.8%	69.8%	36.6%	-64.4%	65.0%	70.3%	71.9%	-117.2%	81.8%	76.9%	73.1%
Finance costs	144	132	137	167	185	193	193	188	203	195	172	165	154	150	135	146	148	125	137	139	159	179	186	173	182	147	140	112
Depreciation	6.4	6.3	7.6	7.7	7.3	7.7	7.2	7.9	9.3	9	8.7	7.7	7.9	9.2	10.2	10.2	9.9	9.2	8.7	8	8.4	8.3	9	7.9	8.1	4.8	4.3	4
Profit before tax	11.5	−424	8.3	10.5	705	12.5	11.5	17.9	29.7	39.2	19.1	29.7	41.6	77.3	38.6	56.3	66.4	19.6	53.1	−49.3	−346	30.7	45.4	50.5	−563	109	99.2	51.4
Tax	0	0	0	0	169	0	0	0	4.8	4	2.2	4.9	2.7	1.3	2	4.7	5.5	5	13.6	−12.4	−28.5	6.5	13.8	3.3	−142	38.1	35.2	20
Net profit	11.5	−424	8.3	10.5	546	36.2	27.7	31.7	24.9	35.3	16.9	24.8	38.9	76	36.7	51.6	60.9	14.5	39.4	−36.8	−317	24.2	31.6	47.2	−421	71.3	64	31.5
Net margin	3.2%	-122.3%	2.4%	2.9%	158.8%	9.7%	7.4%	9.2%	6.4%	7.4%	5.5%	7.9%	13.0%	26.6%	13.0%	17.5%	19.4%	5.2%	13.9%	-13.9%	-114.0%	7.2%	9.5%	14.6%	-132.0%	22.3%	20.5%	13.7%
EPS (₹)	0.71	-26.24	0.58	0.77	39.28	0.92	0.84	1.31	1.83	2.59	1.24	1.82	2.86	5.58	2.69	3.77	4.50	0.66	2.39	-3.76	-26.42	1.88	2.40	4.53	-45.66	7.79	7.15	3.62
Net profit YoY	−97.9%	−1271.4%	−70.1%	−66.9%	+2088.4%	+2.6%	+64.3%	+27.9%	−36.0%	−53.6%	−54.0%	−52.0%	−36.1%	–	+152.3%	+30.8%	+265.5%	−39.8%	+24.8%	−178.0%	+24.8%	–	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY21	FY20
Revenue from operations	1,393	1,404	1,393	1,174	1,280	1,528
Other income	0.7	5.5	4.6	5.3	7.4	1.5
Total expenses	2,270	1,357	1,268	941	1,506	1,966
EBITDA	−227	819	846	853	516	386
EBITDA margin	-16.3%	58.3%	60.7%	72.6%	40.3%	25.3%
Finance costs	621	741	687	580	709	794
Depreciation	28.9	30.6	33.2	39.6	33.5	30.1
Profit before tax	299	52.6	130	239	−219	−437
Tax	169	0.1	13.8	13.5	−4.8	−112
Net profit	140	121	116	225	−214	−325
Net margin	10.1%	8.6%	8.3%	19.2%	-16.7%	-21.2%
EPS (₹)	9.03	3.86	8.51	16.55	-20.83	-35.18
Net profit YoY	+16.5%	+4.0%	−48.5%	–	+34.0%	–

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	−989	−1,061	−2,208	899
Investing cash flow	2,259	−305	683	−259
Financing cash flow	−1,330	1,070	1,959	−540
Capital expenditure	8.7	21.6	12.9	7.2
Free cash flow (CFO − capex)	−998	−1,083	−2,221	891

Net profit trend

annual, ₹ crore

FY20

₹−325

FY21

₹−214+34%

FY23

₹225+205%

FY24

₹116−49%

FY25

₹121+4%

FY26

₹140+17%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	29 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	29 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	27 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	27 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	9 Feb 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	–	PDF on NSE XBRL
Q3 FY26	Standalone	9 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	31 Oct 2025	PDF XBRL
Q2 FY26	Standalone	31 Oct 2025	PDF XBRL
Q1 FY26	Consolidated	13 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2620.47 MB FY254.33 MB FY24 FY23 FY22 FY21 FY20 FY19

Key ratios

P/E (TTM)-9.0×

P/B0.93×

ROEFY26, on average equity3.8%

Net margin10.1%

Debt / equity0.64×

Revenue CAGR (3Y)5.9%

Profit CAGR (3Y)-14.6%

EPS (TTM)₹-24.37

Market cap₹3,532 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₹9,517 Cr−28%

Net worth₹3,783 Cr+4%

Total borrowings₹2,403 Cr−23%

Cash & bank balances₹36 Cr−62%

Investments₹982 Cr−46%

Inventories₹0 Cr

Trade receivables₹0 Cr

Change vs the same date a year earlier.

Revenue mix FY25

Commercial vehicles72.1%result ₹167 Cr

Discontinued operations23.5%result ₹90.9 Cr

SME3.0%result ₹17.1 Cr

Large corporate1.5%result ₹12.6 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Dec 25	Nov 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24
Promoter	70.36	70.38	70.39	70.39	67.59	72.96	72.98	73.29	73.59	73.60	73.60	75.00
FII	2.57	2.59	2.27	2.27	2.51	2.90	3.10	2.68	2.43	2.26	2.12	1.49
DII	2.20	2.17	2.09	2.09	2.29	2.49	2.39	2.29	1.86	1.82	1.78	1.77
of which MF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	–	–	–	–
Retail	12.93	12.29	12.89	12.92	14.07	15.13	14.38	13.36	13.59	14.21	14.75	14.14
Other public	11.94	12.57	12.36	12.33	13.54	6.52	7.15	8.38	8.53	8.11	7.75	7.60

59,070 shareholders · NSE shareholding pattern filings.