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Quarterly results

standalone · 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	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	Q1 FY19
Revenue from operations	2,107	1,974	1,727	1,781	1,649	1,675	1,657	1,230	1,438	1,411	1,556	1,501	1,465	1,469	1,686	1,661	1,527	1,592	1,375	1,597	1,394	1,342	1,146	906	312	799	882	842	1,109	964	1,086	1,167	1,010
Other income	11.7	4.6	−0.1	3.8	4.9	2.7	3.2	2.1	4.7	2.9	9.8	1.6	4.1	2.8	5	10.9	3.5	0.3	2.7	1.5	13	1.2	2.6	1	1.6	4.1	1	0.5	2.9	8.3	0.7	6.7	1.7
Total expenses	1,853	1,742	1,618	1,642	1,529	1,541	1,608	1,277	1,483	1,388	1,447	1,379	1,428	1,460	1,590	1,731	1,498	1,089	1,531	1,486	1,273	1,275	1,191	1,102	702	1,048	1,131	1,086	1,311	1,107	1,211	1,260	1,110
EBITDA	396	376	310	327	315	342	264	170	165	233	290	296	208	188	276	110	208	290	145	431	433	372	250	95.5	−107	38.1	36.3	32.8	92.3	104	123	155	141
EBITDA margin	18.8%	19.0%	18.0%	18.4%	19.1%	20.4%	15.9%	13.8%	11.5%	16.5%	18.7%	19.7%	14.2%	12.8%	16.3%	6.6%	13.6%	18.2%	10.6%	27.0%	31.1%	27.7%	21.8%	10.5%	-34.4%	4.8%	4.1%	3.9%	8.3%	10.8%	11.3%	13.3%	14.0%
Finance costs	65.5	69	126	112	119	134	140	145	144	142	115	107	105	111	114	114	113	−273	234	252	245	240	228	224	216	219	214	208	227	179	179	179	173
Depreciation	76.9	74.8	75.8	75.7	74.7	74	74.4	71.4	66.9	66.9	66.7	66.6	65.7	67.8	66.4	66.3	65.2	59.7	67.4	67.3	66.6	65.8	67.3	67.2	66.5	68	71.6	68.7	68	67.1	68.7	68.8	68.1
Profit before tax	265	236	98.9	143	125	137	52.6	−45.1	−40.9	8	119	124	40.5	11.6	49.5	−59.4	32.5	2,217	−153	113	134	67.8	−43.2	−195	−389	−813	−248	−244	−199	−134	−124	−86.7	−98.6
Tax	71.1	45.6	24.8	37.6	32.4	35	−24.4	−10.9	−9.2	6	29.9	32.3	12.9	6.4	−8.2	−200	9.2	64.1	−0.2	−0.2	−0.2	−1.1	0.1	0.2	0.1	0.8	−0.1	−0.1	−0.1	1.3	−0.5	−0.5	−0.4
Net profit	194	191	74.1	105	93	102	76.9	−34.2	−31.7	2	88.8	91.6	27.6	5.2	57.7	141	23.2	2,153	−153	113	134	68.9	−43.3	−195	−389	−814	−248	−244	−199	−136	−124	−86.2	−98.2
Net margin	9.2%	9.7%	4.3%	5.9%	5.6%	6.1%	4.6%	-2.8%	-2.2%	0.1%	5.7%	6.1%	1.9%	0.4%	3.4%	8.5%	1.5%	135.2%	-11.1%	7.1%	9.6%	5.1%	-3.8%	-21.6%	-124.6%	-101.8%	-28.1%	-29.0%	-18.0%	-14.1%	-11.4%	-7.4%	-9.7%
EPS (₹)	2.00	1.97	0.76	1.08	0.96	1.05	0.79	-0.35	-0.33	0.02	0.91	0.94	0.28	0.05	0.59	1.45	0.24	22.17	-1.75	1.77	2.10	1.08	-0.68	-3.06	-6.09	-12.74	-3.88	-3.82	-3.12	-2.12	-1.94	-1.35	-1.54
Net profit YoY	+108.5%	+87.8%	−3.7%	+407.3%	+393.6%	+4906.9%	−13.3%	−137.3%	−214.8%	−61.0%	+53.9%	−34.9%	+18.7%	−99.8%	+137.7%	+24.7%	−82.7%	+3023.9%	−253.2%	+157.8%	+134.6%	+108.5%	+82.5%	+19.9%	−95.1%	−500.3%	−100.0%	−182.8%	−102.9%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from operations	7,132	6,000	5,934	6,343	5,959	3,705	3,632	4,227
Other income	13.1	12.6	18.5	22.1	6.3	6.4	8.5	17.4
Total expenses	6,531	5,909	5,642	6,280	5,378	4,270	4,576	4,688
EBITDA	1,328	940	1,027	782	1,300	610	199	523
EBITDA margin	18.6%	15.7%	17.3%	12.3%	21.8%	16.5%	5.5%	12.4%
Finance costs	426	562	469	453	459	909	867	711
Depreciation	301	287	266	266	261	267	276	273
Profit before tax	603	103	291	34.1	2,311	−559	−1,504	−444
Tax	140	−9.5	81.1	−193	63.6	−0.7	0.6	−0.2
Net profit	463	113	210	227	2,247	−558	−1,504	−444
Net margin	6.5%	1.9%	3.5%	3.6%	37.7%	-15.1%	-41.4%	-10.5%
EPS (₹)	4.77	1.16	2.16	2.34	28.40	-8.74	-23.56	-6.95
Net profit YoY	+311.0%	−46.3%	−7.4%	−89.9%	+502.5%	+62.9%	−238.9%	–

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	1,367	1,388	681	739	860
Investing cash flow	−113	−236	−177	−56.6	−25.9
Financing cash flow	−1,284	−1,086	−486	−792	−943
Capital expenditure	116	244	190	66.1	30.3
Free cash flow (CFO − capex)	1,251	1,144	491	673	830

Net profit trend

annual, ₹ crore

FY21

₹−558

FY22

₹2,247+503%

FY23

₹227−90%

FY24

₹210−7%

FY25

₹113−46%

FY26

₹463+311%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Standalone	17 Jul 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	24 Apr 2026	PDF on NSE XBRL
Q3 FY26	Standalone	17 Jan 2026	PDF on NSE XBRL
Q2 FY26	Standalone	17 Oct 2025	PDF on NSE XBRL
Q1 FY26	Standalone	23 Jul 2025	PDF on NSE XBRL
Q4 FY25	Standalone · audited	25 Apr 2025	PDF on NSE XBRL
Q3 FY25	Standalone	23 Jan 2025	PDF on NSE XBRL
Q2 FY25	Standalone	26 Oct 2024	PDF on NSE XBRL
Q1 FY25	Standalone	15 Aug 2024	PDF on NSE XBRL
Q4 FY24	Standalone · audited	30 Apr 2024	PDF on NSE XBRL

Annual reports

NSE archive

FY268.66 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)15.2×

P/B3.03×

ROEFY26, on average equity17.8%

Net margin6.5%

Debt / equity0.74×

Revenue CAGR (3Y)4.0%

Profit CAGR (3Y)26.9%

EPS (TTM)₹5.81

Market cap₹8,598 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₹5,970 Cr+4%

Net worth₹2,841 Cr+20%

Total borrowings₹2,097 Cr−23%

Cash & bank balances₹126 Cr−19%

Investments₹2 Cr+23900%

Inventories₹1,395 Cr+15%

Trade receivables₹469 Cr+17%

Trade payables₹424 Cr+79%

Change vs the same date a year earlier.

Revenue mix FY26

Steel92.6%result ₹1,043 Cr

Iron and Steel Castings7.3%result ₹10.6 Cr

Others0.1%result ₹−0.1 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	55.15	55.15	55.15	55.15	55.15	55.15	54.47	54.47	54.47	54.47	54.47	49.48
FII	1.32	0.90	1.29	1.07	0.04	0.02	0.02	0.02	0.01	0.10	0.05	0.00
DII	0.77	0.30	0.21	0.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
of which MF	0.15	0.14	0.00	0.19	0.00	–	0.00	0.00	0.00	0.00	0.00	0.00
Retail	22.03	21.83	21.86	21.09	5.83	5.37	6.06	6.03	6.06	5.97	6.04	6.04
Other public	20.73	21.82	21.49	22.18	38.98	39.46	39.45	39.48	39.46	39.46	39.44	44.48

98,451 shareholders · NSE shareholding pattern filings.