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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	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	1,776	1,386	1,156	1,438	1,583	1,341	1,140	1,226	1,755	1,515	2,190	1,350	1,708	1,37,988	1,385	1,820	1,406	1,401	902	915	957	988	779	689	739	835	791	1,079	0	0
Other income	30.8	84.4	55.9	40.2	47.7	25.8	116	78.8	24.4	349	23.4	9.4	6.9	553	116	9	126	51.4	46.6	11.4	106	6.1	6.1	10.7	8.2	45.8	6.4	6.1	0	0
Total expenses	1,236	1,469	1,193	1,186	1,196	1,166	1,064	1,071	1,191	1,013	1,835	1,172	1,421	1,40,477	1,384	1,457	1,393	1,294	942	919	938	949	720	663	772	564	1,046	1,243	0	0
EBITDA	759	121	174	471	601	388	290	386	790	727	577	411	521	22,669	256	628	275	365	218	256	278	327	345	311	250	178	265	345	0	0
EBITDA margin	42.7%	8.8%	15.0%	32.7%	38.0%	29.0%	25.4%	31.5%	45.0%	48.0%	26.4%	30.4%	30.5%	16.4%	18.5%	34.5%	19.5%	26.0%	24.1%	28.0%	29.1%	33.1%	44.3%	45.2%	33.8%	21.3%	33.5%	32.0%	–	–
Finance costs	102	86.9	91.4	99.8	96.9	97.4	97.4	110	109	109	105	117	119	13,691	138	150	143	136	137	141	140	154	152	152	150	−227	386	377	0	0
Depreciation	117	117	119	119	117	116	116	120	118	116	117	116	115	11,467	117	116	119	121	121	120	119	134	134	133	132	134	134	132	0	0
Profit before tax	377	2	18.6	292	435	201	193	234	588	548	299	108	294	−2,604	117	372	139	158	6	7.2	236	45.2	64.9	36.8	−87.4	−815	−248	−158	0	0
Tax	−92	15.4	14.9	110	157	45.3	65.8	51.8	239	−40.6	126	39.2	102	1,795	41.5	130	141	51.6	7.4	2.8	35.5	50.8	16.4	5.1	−26.5	1,001	−83.2	−62.5	0	0
Net profit	469	−13.4	3.8	182	278	156	127	183	349	589	173	68.7	192	−4,399	75.4	242	−2.3	107	−1.4	4.3	215	−8.6	48.1	26.6	−70.9	−1,816	−165	−95.5	0	0
Net margin	26.4%	-1.0%	0.3%	12.7%	17.6%	11.6%	11.1%	14.9%	19.9%	38.9%	7.9%	5.1%	11.2%	-3.2%	5.4%	13.3%	-0.2%	7.6%	-0.2%	0.5%	22.5%	-0.9%	6.2%	3.9%	-9.6%	-217.6%	-20.8%	-8.9%	–	–
EPS (₹)	0.52	-0.02	0.00	0.20	0.31	0.15	0.14	0.21	0.40	0.69	0.16	0.06	0.18	-0.04	0.07	0.23	0.00	0.10	0.00	0.00	0.18	-0.01	0.04	0.02	-0.10	2.99	-0.28	-0.16	0.00	0.00
Net profit YoY	+68.6%	−108.6%	−97.0%	−0.3%	−20.2%	−73.6%	−26.7%	+166.0%	+81.9%	+113.4%	–	−9.0%	−20.8%	−193688.5%	+5411.3%	+5475.1%	−101.1%	+1340.8%	−103.0%	−83.7%	+403.7%	+99.5%	+129.2%	+127.8%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	5,563	5,462	6,763	5,78,667	4,625	3,302	3,443	3,892	4,877
Other income	228	245	389	13,548	235	127	66.5	113	354
Total expenses	5,044	4,492	5,441	5,69,005	4,549	3,203	3,624	4,565	6,785
EBITDA	1,367	1,855	2,236	1,12,055	1,113	1,157	1,038	1,329	1,525
EBITDA margin	24.6%	34.0%	33.1%	19.4%	24.1%	35.1%	30.1%	34.1%	31.3%
Finance costs	375	414	449	55,973	556	579	686	1,474	2,614
Depreciation	473	470	465	46,420	481	480	533	528	819
Profit before tax	747	1,216	1,249	22,542	310	337	−1,308	−507	−1,867
Tax	297	402	227	17,000	203	110	829	−150	−176
Net profit	451	814	1,022	5,542	107	281	−2,147	−357	−1,690
Net margin	8.1%	14.9%	15.1%	1.0%	2.3%	8.5%	-62.4%	-9.2%	-34.7%
EPS (₹)	0.49	0.89	1.09	0.05	0.10	0.21	-3.01	-0.62	-2.82
Net profit YoY	−44.6%	−20.4%	−81.6%	+5056.3%	−61.8%	+113.1%	−501.4%	+78.9%	–

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	1,301	1,714	1,927	76,744	845
Investing cash flow	−676	39.1	−991	10,889	−113
Financing cash flow	−762	−892	−964	−87,966	−711
Capital expenditure	7.9	0	199	−17	−0.3
Free cash flow (CFO − capex)	1,293	1,714	1,729	76,727	845

Net profit trend

annual, ₹ crore

FY21

₹281

FY22

₹107−62%

FY23

₹5,542+5056%

FY24

₹1,022−82%

FY25

₹814−20%

FY26

₹451−45%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	20 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	20 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	4 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	4 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	4 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	4 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	18 Oct 2025	PDF XBRL
Q2 FY26	Standalone	18 Oct 2025	PDF XBRL
Q1 FY26	Consolidated	30 Jul 2025	PDF on NSE XBRL
Q1 FY26	Standalone	30 Jul 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY263.62 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 11.1×17.0×

P/B5Y avg 0.70×0.85×

ROEFY26, on average equity3.6%

Net margin8.1%

Debt / equity0.27×

Revenue CAGR (3Y)-78.7%

Profit CAGR (3Y)-56.7%

EPS (TTM)₹0.94

Market cap₹10,876 Cr

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

P/B vs history

0.85×

vs 8-point avg 0.70× (+23%)

0.00× low0.70× avg1.04× high

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

Balance sheet 31 Mar 2026

Total assets₹17,958 Cr+1%

Net worth₹12,732 Cr+4%

Total borrowings₹3,380 Cr−10%

Cash & bank balances₹755 Cr−15%

Investments₹0 Cr

Inventories₹489 Cr−16%

Trade receivables₹1,091 Cr+16%

Trade payables₹277 Cr+25%

Change vs the same date a year earlier.

Revenue mix FY26

Power87.2%result ₹1,606 Cr

Coal12.8%result ₹31.1 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	24.00	24.00	24.00	24.00	24.00	24.00	24.00	24.00	24.00	24.00	24.00	24.00
FII	6.76	6.59	6.51	6.33	6.29	6.31	6.25	7.78	7.59	6.06	5.14	4.65
DII	11.16	17.03	17.04	17.19	17.28	17.52	17.48	18.35	18.27	18.57	20.55	21.71
of which MF	0.48	0.41	0.34	0.32	0.30	–	–	–	–	–	–	–
Retail	44.51	40.70	40.52	40.19	39.14	38.85	38.80	37.62	37.47	37.92	37.39	37.12
Other public	13.57	11.68	11.93	12.29	13.29	13.32	13.47	12.25	12.67	13.45	12.92	12.52

24,47,396 shareholders · NSE shareholding pattern filings.