Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q1 FY22
| ₹ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 694 | 796 | 663 | 634 | 603 | 569 | 458 | 360 | 348 | 289 | 330 | 215 | 189 | 182 | 179 | 160 | 122 | 74.9 | 62.2 | 57.4 | 35.4 |
| Other income | 16 | 14.4 | 13.2 | 6.8 | 11.2 | 8.4 | 7.7 | 1.7 | 1.8 | 3.6 | 1.2 | 0.9 | 1.2 | 2 | 0.5 | 0.3 | 0.5 | 0.8 | 0.2 | 0.3 | 0.3 |
| Total expenses | 579 | 596 | 509 | 483 | 465 | 439 | 351 | 264 | 258 | 233 | 260 | 172 | 149 | 147 | 137 | 124 | 96.6 | 57.3 | 45.5 | 42.8 | 26.5 |
| EBITDA | 246 | 291 | 236 | 226 | 206 | 161 | 137 | 134 | 132 | 92.9 | 104 | 71.2 | 69.3 | 54.2 | 59.6 | 52.8 | 41.9 | 35.7 | 29 | 23.8 | 20.4 |
| EBITDA margin | 35.4% | 36.6% | 35.6% | 35.6% | 34.2% | 28.3% | 29.9% | 37.2% | 38.0% | 32.1% | 31.4% | 33.1% | 36.6% | 29.7% | 33.3% | 33.0% | 34.2% | 47.6% | 46.6% | 41.4% | 57.7% |
| Finance costs | 79.7 | 52.6 | 48.5 | 43 | 38.2 | 14.3 | 14.5 | 23.2 | 27.5 | 24.8 | 23.1 | 18.5 | 19.7 | 13.1 | 11.7 | 11.1 | 10.9 | 13.6 | 8.8 | 7.6 | 7 |
| Depreciation | 50.9 | 38.7 | 33 | 31.6 | 29.5 | 16.5 | 15.1 | 14.7 | 14.3 | 11.3 | 10 | 9.7 | 9.4 | 5.9 | 5.8 | 5.6 | 5.3 | 4.5 | 3.4 | 1.6 | 4.6 |
| Profit before tax | 131 | 214 | 170 | 158 | 149 | 139 | 115 | 96.6 | 90.7 | 60.1 | 71.8 | 43.9 | 41.3 | 36.7 | 42.5 | 36.4 | 26.2 | 18.3 | 16.9 | 14.9 | 9.2 |
| Tax | 36.2 | 58.5 | 44.2 | 41.1 | 37.9 | 34.5 | 29.8 | 26.7 | 24.6 | 17 | 21.2 | 9.1 | 8 | 5 | 8.1 | 15.2 | 4 | 8.4 | 3.8 | 2.7 | 1.2 |
| Net profit | 94.6 | 155 | 126 | 117 | 111 | 104 | 85.2 | 69.8 | 66.1 | 43 | 50.6 | 34.7 | 33.3 | 31.8 | 34.5 | 21.2 | 22.2 | 9.9 | 13.1 | 12.3 | 8 |
| Net margin | 13.6% | 19.5% | 19.0% | 18.4% | 18.5% | 18.3% | 18.6% | 19.4% | 19.0% | 14.9% | 15.3% | 16.2% | 17.6% | 17.4% | 19.2% | 13.2% | 18.2% | 13.2% | 21.1% | 21.3% | 22.6% |
| EPS (₹) | 4.34 | 7.36 | 5.97 | 5.53 | 5.28 | 5.04 | 6.44 | 5.55 | 10.97 | 7.15 | 13.73 | 9.62 | 9.20 | 8.79 | 19.07 | 11.71 | 12.31 | 5.46 | 7.27 | 6.78 | 4.42 |
| Net profit YoY | −15.0% | +49.2% | +47.7% | +67.0% | +68.4% | +142.0% | +68.3% | +101.0% | +98.8% | +35.4% | +46.9% | +64.2% | +49.6% | +222.2% | +162.2% | +72.6% | +178.4% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue from operations | 2,696 | 1,735 | 1,024 | 644 | 230 |
| Other income | 45.6 | 19.7 | 6.9 | 3.2 | 1.6 |
| Total expenses | 2,053 | 1,312 | 813 | 505 | 172 |
| EBITDA | 958 | 564 | 337 | 208 | 109 |
| EBITDA margin | 35.5% | 32.5% | 32.9% | 32.4% | 47.4% |
| Finance costs | 182 | 79.5 | 86.1 | 46.8 | 36.9 |
| Depreciation | 133 | 60.5 | 40.4 | 22.6 | 14.1 |
| Profit before tax | 691 | 441 | 217 | 142 | 59.4 |
| Tax | 182 | 116 | 55.4 | 32.2 | 16.1 |
| Net profit | 509 | 325 | 162 | 110 | 43.2 |
| Net margin | 18.9% | 18.7% | 15.8% | 17.0% | 18.8% |
| EPS (₹) | 24.13 | 16.23 | 28.17 | 30.33 | 23.94 |
| Net profit YoY | +56.6% | +101.2% | +47.5% | +153.5% | – |
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 | 424 | 208 | −57.4 | 159 | 102 |
| Investing cash flow | −4,071 | −1,587 | −387 | −309 | −189 |
| Financing cash flow | 3,643 | 1,807 | 562 | 177 | 91 |
| Capital expenditure | 3,035 | 1,505 | 86.4 | 312 | 191 |
| Free cash flow (CFO − capex) | −2,611 | −1,297 | −144 | −152 | −88.6 |
Net profit trend
annual, ₹ croreFY22
₹43.2
FY23
₹110+154%
FY24
₹162+47%
FY25
₹325+101%
FY26
₹509+57%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 11 Aug 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 11 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 6 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 6 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 21 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 21 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 7 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 7 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 5 Aug 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 5 Aug 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 5.4×2.5×
P/B5Y avg 1.25×0.40×
ROEFY26, on average equity18.0%
Net margin18.9%
Debt / equity1.49×
Revenue CAGR (3Y)61.2%
Profit CAGR (3Y)66.9%
EPS (TTM)₹136.31
Market cap₹1,228 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.40×
vs 8-point avg 1.25× (−68%)
0.40× low1.25× avg2.20× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹9,882 Cr+106%
Net worth₹3,034 Cr+16%
Total borrowings₹4,532 Cr+303%
Cash & bank balances₹116 Cr−3%
Investments₹199 Cr+4894%
Inventories₹1,449 Cr+211%
Trade receivables₹740 Cr+28%
Trade payables₹458 Cr+9%
Change vs the same date a year earlier.
Revenue mix FY26
Sales of Power & Solar Power plant100.0%result ₹786 Cr
Sales of Plot0.0%result ₹0.3 Cr
Segment revenue as reported, before inter-segment eliminations.