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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	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	Q4 FY18
Revenue from operations	5,207	4,499	4,082	5,177	5,143	3,189	2,439	3,238	2,879	2,756	2,543	3,259	2,928	2,670	2,248	2,387	2,441	1,894	2,087	1,728	1,570	1,609	1,939	1,805	1,793	1,949	2,119	2,412	1,925	2,422	2,431	2,361	1,775
Other income	229	352	173	184	268	308	201	222	163	123	119	128	85.4	136	102	209	214	90.8	150	132	44.5	50.4	61	81.6	54.2	67.6	113	51.8	93.6	70.1	137	67.3	104
Total expenses	4,743	4,666	4,366	4,408	4,399	3,142	2,495	2,463	2,348	2,547	2,353	2,301	2,589	2,449	2,132	1,997	1,687	1,579	1,633	1,607	1,488	1,487	1,514	1,590	1,756	1,865	1,750	2,164	2,011	2,271	2,171	2,187	1,915
EBITDA	2,873	2,250	2,030	2,996	2,789	1,204	914	1,685	1,418	1,169	1,111	1,880	1,222	745	625	890	1,132	791	930	698	633	604	924	746	575	638	935	809	477	739	861	776	422
EBITDA margin	55.2%	50.0%	49.7%	57.9%	54.2%	37.8%	37.5%	52.0%	49.2%	42.4%	43.7%	57.7%	41.7%	27.9%	27.8%	37.3%	46.4%	41.8%	44.5%	40.4%	40.3%	37.6%	47.7%	41.3%	32.1%	32.7%	44.1%	33.5%	24.8%	30.5%	35.4%	32.9%	23.7%
Finance costs	1,519	1,608	1,485	1,418	1,306	675	565	518	511	533	521	514	486	233	214	204	100	195	191	290	257	191	207	240	248	261	272	270	276	295	308	313	323
Depreciation	890	809	829	809	739	482	406	392	375	427	400	409	398	291	295	294	277	281	284	288	294	292	292	290	289	293	294	291	287	293	293	290	238
Profit before tax	694	185	−176	954	1,012	355	145	997	694	332	309	1,086	424	357	218	600	968	405	604	252	126	172	486	297	91.7	213	482	300	6.8	221	397	241	−454
Tax	163	−386	−702	131	180	−53.8	−7.4	128	164	−6.4	77.9	235	136	126	48	148	91.5	86.7	270	46.6	27	33.8	136	78.7	2.6	−192	134	88.3	12.6	63.8	112	23.6	1.9
Net profit	533	574	529	824	836	415	157	877	534	345	232	857	290	282	187	457	877	321	337	209	105	142	356	220	89.9	404	350	237	5.8	147	302	230	−480
Net margin	10.2%	12.7%	13.0%	15.9%	16.3%	13.0%	6.5%	27.1%	18.6%	12.5%	9.1%	26.3%	9.9%	10.6%	8.3%	19.1%	36.0%	16.9%	16.1%	12.1%	6.7%	8.8%	18.4%	12.2%	5.0%	20.7%	16.5%	9.8%	0.3%	6.1%	12.4%	9.7%	-27.0%
EPS (₹)	2.64	2.12	2.41	4.04	4.26	2.34	0.96	4.90	3.00	2.14	1.41	5.18	1.77	1.66	1.09	2.85	5.25	1.95	2.07	1.22	0.65	0.75	2.14	1.30	0.66	2.40	2.15	1.49	0.02	0.89	1.93	1.40	-2.95
Net profit YoY	−36.3%	+38.4%	+235.8%	−6.0%	+56.5%	+20.1%	−32.2%	+2.3%	+84.0%	+22.4%	+24.4%	+87.7%	–	−67.9%	−41.8%	+35.6%	+737.7%	+125.8%	−5.5%	−5.0%	+16.5%	−64.9%	+1.9%	−7.5%	+1452.7%	+174.9%	+15.8%	+3.4%	+101.2%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	18,901	11,745	11,486	10,332	8,167	6,922	8,273	9,138	8,049
Other income	977	894	455	535	569	237	287	368	465
Total expenses	17,838	10,448	9,791	9,064	6,506	6,078	7,535	8,641	7,708
EBITDA	10,064	5,221	5,382	3,282	3,569	2,907	2,957	2,853	2,763
EBITDA margin	53.2%	44.4%	46.9%	31.8%	43.7%	42.0%	35.7%	31.2%	34.3%
Finance costs	5,816	2,269	2,053	844	777	896	1,051	1,192	1,456
Depreciation	3,185	1,655	1,633	1,169	1,131	1,167	1,168	1,164	966
Profit before tax	1,974	2,191	2,150	1,924	2,230	1,081	1,086	865	388
Tax	−777	231	442	477	495	276	33	212	253
Net profit	2,762	1,983	1,725	1,480	1,743	823	1,081	684	84.9
Net margin	14.6%	16.9%	15.0%	14.3%	21.3%	11.9%	13.1%	7.5%	1.1%
EPS (₹)	12.82	11.19	10.50	9.01	10.52	4.84	6.70	4.24	0.48
Net profit YoY	+39.3%	+15.0%	+16.5%	−15.1%	+111.9%	−23.9%	+58.0%	+706.1%	–

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	9,898	3,838	6,234	2,084	2,952
Investing cash flow	−20,271	−23,613	−8,318	−7,009	−1,392
Financing cash flow	10,617	20,223	1,798	7,560	−781
Capital expenditure	10,310	6,709	8,033	4,236	2,294
Free cash flow (CFO − capex)	−412	−2,870	−1,799	−2,152	658

Net profit trend

annual, ₹ crore

FY21

₹823

FY22

₹1,743+112%

FY23

₹1,480−15%

FY24

₹1,725+17%

FY25

₹1,983+15%

FY26

₹2,762+39%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	22 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	22 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	11 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	23 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	23 Jan 2026	PDF on NSE XBRL
Q2 FY26	Consolidated · audited	17 Oct 2025	PDF on NSE XBRL
Q2 FY26	Standalone	17 Oct 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	1 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	1 Aug 2025	PDF on NSE XBRL
Q4 FY25	Consolidated	15 May 2025	PDF XBRL

Annual reports

NSE archive

FY2615.96 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 40.0×36.2×

P/B5Y avg 3.44×2.89×

ROEFY26, on average equity9.5%

Net margin14.6%

Debt / equity2.47×

Revenue CAGR (3Y)22.3%

Profit CAGR (3Y)23.1%

EPS (TTM)₹14.00

Market cap₹88,959 Cr

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

P/B vs history

2.89×

vs 8-point avg 3.44× (−16%)

2.27× low3.44× avg4.60× high

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

Balance sheet 31 Mar 2026

Total assets₹1.24L Cr+38%

Net worth₹30,752 Cr+12%

Total borrowings₹75,846 Cr+53%

Cash & bank balances₹4,142 Cr+28%

Investments₹11,272 Cr+17%

Inventories₹961 Cr+6%

Trade receivables₹2,973 Cr+14%

Trade payables₹1,423 Cr+1%

Change vs the same date a year earlier.

Revenue mix FY26

Thermal70.1%result ₹4,367 Cr

Renewable29.9%result ₹3,055 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	May 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Apr 24	Mar 24
Promoter	66.53	66.53	69.41	69.27	69.27	69.27	69.26	69.32	69.32	69.32	69.32	73.67
FII	11.41	11.31	9.74	9.50	12.13	12.36	13.43	14.56	14.92	15.37	13.34	8.37
DII	16.20	16.18	14.33	14.43	11.56	11.44	10.94	10.04	9.78	9.21	9.51	9.51
of which MF	7.42	7.34	5.31	5.94	4.52	4.07	–	–	–	–	–	–
Retail	3.49	3.59	3.93	4.18	4.16	4.06	3.58	3.37	3.20	3.28	3.56	3.78
Other public	2.31	2.33	2.52	2.56	2.81	2.73	2.64	2.56	2.63	2.63	4.07	4.46

5,55,401 shareholders · NSE shareholding pattern filings.