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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	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	Q4 FY18
Revenue from operations	1,212	1,143	991	964	1,193	1,018	842	900	1,222	924	930	922	1,042	881	880	742	1,025	1,016	950	823	558	689	660	600	599	809	543	681	800	774	819	768	885
Other income	57	52	70.4	26	39.3	37.5	35.6	42.4	36	27.7	65	39.8	36.1	119	141	139	88.9	123	55.4	65.9	53.6	107	49.8	72.6	31.6	104	10.6	34.4	5	35.8	28.6	34.6	28.8
Total expenses	789	870	665	746	697	731	486	582	727	678	647	736	664	703	668	653	727	773	700	646	535	580	540	520	500	717	482	583	639	625	610	591	639
EBITDA	527	371	443	315	588	382	450	414	590	382	410	359	536	347	399	271	463	403	408	338	178	260	273	241	282	238	215	259	316	303	374	343	413
EBITDA margin	43.4%	32.5%	44.7%	32.7%	49.3%	37.5%	53.4%	45.9%	48.3%	41.3%	44.1%	38.9%	51.4%	39.4%	45.4%	36.5%	45.1%	39.6%	43.0%	41.1%	31.9%	37.8%	41.4%	40.2%	47.1%	29.4%	39.5%	38.0%	39.5%	39.2%	45.7%	44.7%	46.6%
Finance costs	2.5	7.1	0.8	2.8	1.3	4.7	6	6.5	8.6	52.8	46.4	95.3	80.1	90.7	110	108	89.3	82.7	84.2	88.5	82.7	78.3	78.1	85.5	106	74.4	77.7	84.1	80.4	79.4	91.4	93.9	90
Depreciation	101	90.8	116	94.3	90.5	90.1	87.8	88.4	86.1	82.5	80.6	78	77.7	78.3	78.1	74.7	75.1	76.3	74.4	72.6	72.1	73	74.9	75.4	76.4	71	75.9	76.7	74.9	75.6	74.2	72.2	76.4
Profit before tax	480	325	397	244	536	324	392	361	531	274	464	226	415	297	353	227	387	413	274	126	77	215	170	155	131	196	71.7	132	166	184	237	212	275
Tax	146	189	70.5	66.3	137	21.1	35.2	31.4	85	18.7	−1.3	32.9	72.8	−46.4	−9.5	51.6	48.3	57.8	83.6	144	38.1	51.6	8.6	21.7	35.2	13.5	16.9	33.1	43.7	105	107	71.4	62.4
Net profit	333	136	326	177	399	303	353	332	446	255	465	193	343	341	363	178	339	360	191	−15.7	38.5	159	162	134	95.4	185	54.9	99.1	122	79	130	141	212
Net margin	27.5%	11.9%	32.9%	18.4%	33.4%	29.7%	41.9%	36.9%	36.5%	27.6%	50.0%	21.0%	32.9%	38.7%	41.2%	24.1%	33.1%	35.4%	20.1%	-1.9%	6.9%	23.1%	24.5%	22.3%	15.9%	22.9%	10.1%	14.6%	15.3%	10.2%	15.9%	18.3%	24.0%
EPS (₹)	9.81	4.50	7.86	4.59	10.90	8.11	8.73	17.16	24.53	14.23	22.63	10.17	17.92	17.14	16.82	9.25	20.57	18.44	11.55	1.98	3.16	8.65	7.21	6.17	4.25	8.57	2.69	4.16	5.78	4.27	6.28	5.86	9.87
Net profit YoY	−16.6%	−55.0%	−7.8%	−46.5%	−10.5%	+18.7%	−24.0%	+71.8%	+30.1%	−25.3%	+28.2%	+8.3%	+1.1%	−5.1%	+90.0%	+1232.9%	+781.6%	+125.6%	+18.0%	−111.7%	−59.7%	−13.9%	+194.9%	+35.2%	−22.1%	+134.3%	−57.8%	−29.4%	–	−62.8%	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	4,291	3,984	3,818	3,528	3,348	2,549	2,759	3,103	2,348
Other income	188	152	137	400	298	249	122	91.7	69.4
Total expenses	2,977	2,527	2,692	2,664	2,662	2,127	2,288	2,418	2,030
EBITDA	1,717	1,835	1,719	1,568	1,319	1,069	1,078	1,328	793
EBITDA margin	40.0%	46.1%	45.0%	44.4%	39.4%	42.0%	39.1%	42.8%	33.8%
Finance costs	11.9	25.9	275	397	338	348	319	351	246
Depreciation	391	352	319	306	295	300	289	292	228
Profit before tax	1,502	1,608	1,378	1,264	889	672	593	777	388
Tax	462	173	123	44	323	117	59.7	312	110
Net profit	1,039	1,434	1,256	1,222	573	551	531	465	278
Net margin	24.2%	36.0%	32.9%	34.6%	17.1%	21.6%	19.2%	15.0%	11.8%
EPS (₹)	27.85	37.69	64.99	63.83	35.14	26.23	24.25	21.56	13.54
Net profit YoY	−27.6%	+14.2%	+2.8%	+113.1%	+4.1%	+3.8%	+14.2%	+67.2%	–

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	FY23	FY22
Operating cash flow	2,312	2,173	3,174	1,223	608
Investing cash flow	−2,014	−1,286	−240	17.8	−222
Financing cash flow	645	−163	−3,066	−1,184	−415
Capital expenditure	1,807	852	166	−100	62.7
Free cash flow (CFO − capex)	505	1,321	3,008	1,123	545

Net profit trend

annual, ₹ crore

FY21

₹551

FY22

₹573+4%

FY23

₹1,222+113%

FY24

₹1,256+3%

FY25

₹1,434+14%

FY26

₹1,039−28%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	14 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	14 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	15 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	15 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	5 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	5 Feb 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	14 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	14 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2611.54 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)16.1×

P/B1.79×

ROEFY26, on average equity12.7%

Net margin24.2%

Debt / equity0.25×

Revenue CAGR (3Y)6.7%

Profit CAGR (3Y)-5.3%

EPS (TTM)₹34.34

Market cap₹15,613 Cr

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

Balance sheet 31 Mar 2026

Total assets₹14,372 Cr+28%

Net worth₹8,745 Cr+15%

Total borrowings₹2,221 Cr+150%

Cash & bank balances₹2,099 Cr+112%

Investments₹1,408 Cr+35%

Inventories₹666 Cr−19%

Trade receivables₹949 Cr−33%

Trade payables₹285 Cr+69%

Change vs the same date a year earlier.

Revenue mix FY26

Energy69.0%result ₹1,409 Cr

Ferro Alloys22.1%result ₹31.1 Cr

Mining8.8%result ₹110 Cr

Other0.1%result ₹−25.2 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	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	50.03	50.11	50.10	50.13	50.13	50.13	50.13	48.89	48.85	48.85	48.84	48.84
FII	10.21	10.61	10.35	10.37	10.25	9.74	9.74	11.08	11.02	9.31	8.86	9.17
DII	0.56	0.53	0.38	0.47	0.41	0.20	0.20	0.16	0.17	0.23	0.16	0.09
of which MF	0.39	0.36	0.31	0.40	0.29	–	–	–	–	–	–	–
Retail	31.55	31.01	31.53	31.90	32.08	32.74	32.74	33.07	32.83	34.02	34.55	34.81
Other public	7.65	7.74	7.64	7.13	7.13	7.19	7.19	6.80	7.13	7.59	7.59	7.09

61,856 shareholders · NSE shareholding pattern filings.