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 | 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 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 128 | 103 | 118 | 164 | 142 | 122 | 114 | 201 | 144 | 152 | 142 | 209 | 128 | 153 | 595 | 482 | 484 | 445 | 590 | 393 | 252 | 313 | 381 | 272 | 83.1 | 249 | 398 | 306 | 308 | 287 | 307 | 296 | 262 | 226 |
| Other income | 0.6 | 0.9 | 0.9 | 0.6 | 0.5 | 0.5 | 0.5 | 0.3 | 0.2 | 0.6 | 1.5 | 3.2 | 1 | 4.6 | 1.3 | 3 | 2.1 | −11.4 | 5.4 | 10.8 | 0.9 | 0.3 | 0.2 | 0.5 | 0.1 | 0.8 | 0.6 | 0.2 | 0.1 | 1.7 | 0.3 | 0.1 | 0.1 | 0.3 |
| Total expenses | 133 | 118 | 129 | 162 | 140 | 127 | 123 | 194 | 143 | 152 | 137 | 205 | 126 | 155 | 519 | 440 | 431 | 391 | 533 | 370 | 237 | 300 | 365 | 267 | 107 | 243 | 367 | 295 | 293 | 278 | 295 | 271 | 234 | 200 |
| EBITDA | 3 | −6.8 | −1.3 | 12.7 | 12.7 | 5.6 | 3.1 | 16.9 | 10.5 | 12 | 15.4 | 12 | 10.9 | 6.5 | 99.5 | 64.1 | 76 | 70.4 | 79.9 | 48.5 | 35.8 | 40.2 | 46.9 | 32.2 | −1 | 34.3 | 58.7 | 45 | 33.8 | 28.3 | 29.7 | 42.6 | 43.2 | 41.4 |
| EBITDA margin | 2.4% | -6.6% | -1.1% | 7.7% | 8.9% | 4.6% | 2.7% | 8.4% | 7.3% | 7.9% | 10.9% | 5.8% | 8.6% | 4.2% | 16.7% | 13.3% | 15.7% | 15.8% | 13.6% | 12.3% | 14.2% | 12.9% | 12.3% | 11.8% | -1.2% | 13.7% | 14.8% | 14.7% | 11.0% | 9.9% | 9.7% | 14.4% | 16.5% | 18.3% |
| Finance costs | 0.8 | 1.3 | 1.9 | 2.3 | 2.3 | 2.6 | 3.7 | 2.6 | 1.6 | 3.5 | 3.9 | 2.4 | 2 | 1.9 | 6.5 | 6.3 | 5.3 | 6.7 | 6.5 | 7.3 | 6.5 | 7.4 | 12 | 11.3 | 10.3 | 10.4 | 11.5 | 13.6 | 10.1 | 9.1 | 8.8 | 9.1 | 7.3 | 7.1 |
| Depreciation | 7.3 | 7.5 | 7.7 | 7.9 | 8 | 7.6 | 7.8 | 7.3 | 8 | 7.7 | 7.2 | 6.4 | 7 | 6.1 | 17 | 16.4 | 17.5 | 10.2 | 17.3 | 18.1 | 14.6 | 20.1 | 18.3 | 15.7 | 12.5 | 17.5 | 16.4 | 20.8 | 8.8 | 9.9 | 9.2 | 8.5 | 7.9 | 8.9 |
| Profit before tax | −4.4 | −14.7 | −9.9 | 3.1 | 21.5 | −4.1 | −7.8 | 7.3 | 1.1 | 1.4 | 5.9 | 6.5 | 2.9 | 3.1 | 77.4 | 44.5 | 55.2 | 42.2 | 61.5 | 33.8 | 15.6 | 13 | 16.7 | 5.8 | −23.6 | 7.2 | 31.4 | 10.8 | 15 | 10.9 | 11.9 | 25.2 | 28 | 25.7 |
| Tax | −0.4 | −1.5 | −2.6 | 0.9 | 3.7 | 0.3 | −2.1 | 1.4 | 0.5 | 0.2 | 1.5 | 2.5 | 0.4 | 0.8 | 19.8 | 11.8 | 14.2 | 11.9 | 17.6 | 7.1 | 4 | 4.1 | 0.6 | −0.5 | −0.4 | −0 | 10 | 1.2 | 5.5 | 3.8 | 4.4 | 9 | 10 | 8 |
| Net profit | −4.1 | −13.2 | −7.3 | 2.1 | 17.8 | −4.4 | −5.7 | 5.9 | 0.6 | 1.2 | 4.4 | 4 | 2.4 | 2.3 | 57.6 | 32.7 | 41 | 30.2 | 43.9 | 26.8 | 11.6 | 8.9 | 16.1 | 6.3 | −23.2 | 7.2 | 21.4 | 9.6 | 9.5 | 7.1 | 7.5 | 16.1 | 18.1 | 17.7 |
| Net margin | -3.2% | -12.9% | -6.2% | 1.3% | 12.5% | -3.6% | -5.0% | 2.9% | 0.4% | 0.8% | 3.1% | 1.9% | 1.9% | 1.5% | 9.7% | 6.8% | 8.5% | 6.8% | 7.5% | 6.8% | 4.6% | 2.8% | 4.2% | 2.3% | -28.0% | 2.9% | 5.4% | 3.1% | 3.1% | 2.5% | 2.4% | 5.4% | 6.9% | 7.9% |
| EPS (₹) | -0.29 | -0.96 | -0.53 | 0.16 | 1.29 | -0.32 | -0.41 | 0.43 | 0.05 | 0.09 | 0.32 | 0.29 | 0.18 | 0.17 | 4.79 | 2.72 | 3.41 | 2.51 | 3.65 | 2.22 | 0.96 | 0.74 | 1.34 | 0.53 | -1.93 | 0.60 | 1.78 | 0.80 | 0.79 | 0.59 | 0.62 | 1.34 | 1.50 | 1.48 |
| Net profit YoY | −122.9% | −200.7% | −28.5% | −63.6% | +2674.3% | −469.8% | −229.4% | +47.0% | −73.7% | −48.4% | −92.4% | −87.7% | −94.0% | −92.4% | +31.1% | +22.4% | +254.4% | +240.2% | +173.3% | +323.5% | +149.8% | +23.9% | −25.0% | −34.0% | −343.6% | +0.4% | +185.8% | −40.5% | −47.2% | −59.7% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 527 | 581 | 630 | 653 | 1,679 | 1,049 | 1,261 | 1,152 | 972 |
| Other income | 2.2 | 1.5 | 8 | 5 | 5.7 | 1.2 | 1.7 | 2.1 | 0.4 |
| Total expenses | 548 | 586 | 622 | 622 | 1,531 | 1,038 | 1,198 | 1,078 | 855 |
| EBITDA | 17.9 | 36.1 | 48.7 | 66.3 | 235 | 118 | 172 | 144 | 174 |
| EBITDA margin | 3.4% | 6.2% | 7.7% | 10.2% | 14.0% | 11.3% | 13.6% | 12.5% | 17.9% |
| Finance costs | 7.8 | 10.6 | 11.8 | 9.8 | 27 | 41 | 45.6 | 34.3 | 25 |
| Depreciation | 31.1 | 30.6 | 28.3 | 25.6 | 60.3 | 66.5 | 63.4 | 35.5 | 31.6 |
| Profit before tax | −0.1 | −3.6 | 16.6 | 36 | 154 | 11.9 | 64.4 | 76 | 118 |
| Tax | 0.5 | −0 | 4.6 | 9.5 | 40.6 | 3.6 | 16.7 | 27.2 | 39.4 |
| Net profit | −0.6 | −3.5 | 12 | 26.4 | 113 | 8.3 | 47.7 | 48.8 | 78.4 |
| Net margin | -0.1% | -0.6% | 1.9% | 4.1% | 6.7% | 0.8% | 3.8% | 4.2% | 8.1% |
| EPS (₹) | -0.04 | -0.26 | 0.87 | 1.91 | 9.38 | 0.61 | 3.97 | 4.06 | 6.52 |
| Net profit YoY | +83.9% | −129.4% | −54.5% | −76.6% | +1254.2% | −82.5% | −2.2% | −37.8% | – |
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 | 43.9 | 28.2 | 49.7 | 46.9 | 193 |
| Investing cash flow | 9.7 | −28.9 | −29.4 | −53.5 | −80.7 |
| Financing cash flow | −41.1 | 1.3 | −16.8 | −32.4 | −102 |
| Capital expenditure | 16.7 | 46.6 | 33.7 | 49.5 | 85.2 |
| Free cash flow (CFO − capex) | 27.2 | −18.3 | 15.9 | −2.6 | 108 |
Net profit trend
annual, ₹ croreFY21
₹8.3
FY22
₹113+1254%
FY23
₹26.4−77%
FY24
₹12−54%
FY25
₹−3.5−129%
FY26
₹−0.6+84%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 6 Aug 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 6 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 29 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 29 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | – | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 7 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 7 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 8 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 8 Nov 2025 | PDF XBRL |
| Q1 FY26 | Consolidated | 2 Aug 2025 | PDF XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 33.7×-17.8×
P/B5Y avg 0.89×0.71×
ROEFY26, on average equity-0.1%
Net margin-0.1%
Debt / equity0.03×
Revenue CAGR (3Y)-6.9%
Profit CAGR (3Y)–
EPS (TTM)₹-1.62
Market cap₹400 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.71×
vs 8-point avg 0.89× (−20%)
0.62× low0.89× avg1.12× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹692 Cr−6%
Net worth₹563 Cr−0%
Total borrowings₹15 Cr−69%
Cash & bank balances₹32 Cr+64%
Investments₹9 Cr+7%
Inventories₹144 Cr−11%
Trade receivables₹69 Cr+4%
Trade payables₹61 Cr−11%
Change vs the same date a year earlier.
Revenue mix FY26
Footwear - Domestic & Export Sale80.4%result ₹8.1 Cr
Tannery - Domestic & Export Sale19.6%result ₹−10.1 Cr
Segment revenue as reported, before inter-segment eliminations.