Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q3 FY20
| ₹ 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 | Q2 FY23 | Q1 FY23 | Q4 FY22 | Q3 FY22 | Q2 FY22 | Q1 FY22 | Q4 FY21 | Q3 FY21 | Q2 FY21 | Q1 FY21 | Q4 FY20 | Q3 FY20 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 694 | 614 | 701 | 644 | 571 | 592 | 606 | 634 | 653 | 630 | 706 | 711 | 721 | 686 | 588 | 534 | 644 | 507 | 519 | 441 | 475 | 370 | 248 | 377 | 413 |
| Other income | 5.8 | 5.9 | 4.4 | 3.5 | 4.3 | 13 | 19.3 | 16.5 | 19.1 | 18.3 | 21.9 | 18.5 | 18.3 | 34.8 | 10.6 | 14 | 21.5 | 10.7 | 18.3 | 4.1 | 2.5 | 10.7 | 2.9 | 16.5 | 1.8 |
| Total expenses | 562 | 505 | 511 | 421 | 433 | 444 | 471 | 510 | 523 | 507 | 572 | 589 | 607 | 587 | 500 | 449 | 543 | 423 | 429 | 355 | 393 | 327 | 221 | 337 | 380 |
| EBITDA | 201 | 173 | 257 | 282 | 197 | 210 | 192 | 179 | 184 | 179 | 186 | 174 | 164 | 144 | 135 | 132 | 148 | 130 | 136 | 132 | 130 | 86.9 | 71.1 | 86.9 | 99.9 |
| EBITDA margin | 28.9% | 28.1% | 36.6% | 43.8% | 34.5% | 35.5% | 31.7% | 28.2% | 28.2% | 28.3% | 26.4% | 24.4% | 22.7% | 21.0% | 22.9% | 24.7% | 23.0% | 25.7% | 26.2% | 29.9% | 27.3% | 23.5% | 28.6% | 23.0% | 24.2% |
| Finance costs | 5.9 | 2.7 | 5.5 | 3.1 | 3.2 | 6.5 | 1.6 | 2.2 | 2.3 | 3.8 | 1.2 | 1.2 | 1.2 | 1.1 | 1.1 | 1.1 | 1 | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 | 1.9 | 3 | 17.6 |
| Depreciation | 62.4 | 60.8 | 61.7 | 56.4 | 56 | 55.5 | 55.2 | 51.7 | 51.4 | 51.7 | 50.6 | 49.7 | 48.9 | 43.7 | 45.8 | 45.7 | 46.3 | 45 | 45 | 45.1 | 47.2 | 43.1 | 41.7 | 43.9 | 49.2 |
| Profit before tax | 138 | 115 | 194 | 226 | 142 | 161 | 155 | 141 | 150 | 141 | 156 | 141 | 132 | 134 | 98.4 | 98.8 | 103 | 95.3 | 109 | 385 | 86.3 | 53.7 | 30.3 | 56.6 | 876 |
| Tax | 35.1 | 38.6 | 51.5 | 57.3 | 37.1 | 42.9 | 40.7 | 37 | 38.2 | 37.1 | 39.1 | 34.6 | 34 | 46.1 | −73.6 | 35 | 37.3 | 33 | 38.3 | 82.2 | 30.1 | 19 | 10.8 | 17.6 | 241 |
| Net profit | 105 | 77.4 | 193 | 171 | 107 | 118 | 116 | 106 | 114 | 105 | 120 | 109 | 99.9 | 90.9 | 172 | 66 | 67.8 | 63.7 | 72.5 | 303 | 56.8 | 35.5 | 19.8 | 39 | 635 |
| Net margin | 15.1% | 12.6% | 27.6% | 26.5% | 18.8% | 20.0% | 19.2% | 16.8% | 17.4% | 16.7% | 17.0% | 15.3% | 13.9% | 13.3% | 29.2% | 12.3% | 10.5% | 12.5% | 14.0% | 68.7% | 11.9% | 9.6% | 8.0% | 10.3% | 153.7% |
| EPS (₹) | 12.26 | 9.08 | 22.67 | 20.05 | 12.57 | 13.88 | 13.64 | 12.48 | 13.33 | 12.36 | 14.08 | 12.75 | 11.71 | 10.66 | 20.15 | 7.74 | 7.95 | 7.46 | 8.50 | 35.56 | 6.66 | 4.16 | 2.32 | 4.58 | 74.40 |
| Net profit YoY | −2.4% | −34.6% | +66.2% | +60.7% | −5.7% | +12.3% | −3.1% | −2.1% | +13.8% | – | – | +19.6% | −41.9% | +42.9% | +137.1% | −78.2% | +19.4% | +79.5% | +266.0% | +676.9% | −91.0% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Revenue from operations | 2,531 | 2,485 | 2,769 | 2,112 | 1,471 | 1,762 |
| Other income | 18.2 | 67.8 | 77 | 54.7 | 32.6 | 18.8 |
| Total expenses | 1,871 | 1,947 | 2,275 | 1,750 | 1,279 | 1,608 |
| EBITDA | 909 | 765 | 702 | 547 | 375 | 417 |
| EBITDA margin | 35.9% | 30.8% | 25.4% | 25.9% | 25.5% | 23.7% |
| Finance costs | 14.5 | 12.6 | 7.3 | 3.1 | 6.2 | 86.3 |
| Depreciation | 235 | 214 | 201 | 181 | 176 | 177 |
| Profit before tax | 678 | 606 | 571 | 692 | 227 | 1,013 |
| Tax | 185 | 159 | 145 | 191 | 77.6 | 286 |
| Net profit | 549 | 455 | 434 | 507 | 151 | 727 |
| Net margin | 21.7% | 18.3% | 15.7% | 24.0% | 10.3% | 41.3% |
| EPS (₹) | 64.37 | 53.33 | 50.90 | 59.47 | 17.72 | 85.27 |
| Net profit YoY | +20.7% | +4.8% | – | +235.7% | −79.2% | – |
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 | FY22 |
|---|---|---|---|---|
| Operating cash flow | 786 | 584 | 437 | 589 |
| Investing cash flow | −705 | −1,265 | −498 | 98.4 |
| Financing cash flow | −116 | −152 | −146 | −28.2 |
| Capital expenditure | 766 | 1,331 | 572 | 116 |
| Free cash flow (CFO − capex) | 19.3 | −747 | −135 | 473 |
Net profit trend
annual, ₹ croreFY20
₹727
FY21
₹151−79%
FY22
₹507+236%
FY24
₹434−14%
FY25
₹455+5%
FY26
₹549+21%
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 | 30 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone | 30 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 9 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 9 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 6 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 6 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 7 Aug 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 7 Aug 2025 | PDF XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 116.5×95.9×
P/B5Y avg 14.60×12.28×
ROEFY26, on average equity13.6%
Net margin21.7%
Debt / equity0.00×
Revenue CAGR (3Y)6.2%
Profit CAGR (3Y)2.7%
EPS (TTM)₹64.06
Market cap₹52,386 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
12.28×
vs 7-point avg 14.60× (−16%)
9.63× low14.60× avg20.18× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹5,808 Cr+13%
Net worth₹4,267 Cr+12%
Total borrowings₹0 Cr
Cash & bank balances₹110 Cr−24%
Investments₹82 Cr+42%
Inventories₹123 Cr+15%
Trade receivables₹508 Cr+32%
Trade payables₹575 Cr+6%
Change vs the same date a year earlier.
Revenue mix FY26
Gases, related products & services68.5%result ₹642 Cr
Project engineering31.5%result ₹119 Cr
Segment revenue as reported, before inter-segment eliminations.