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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 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	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
Revenue from operations	344	400	343	345	338	383	341	330	355	495	505	431	441	435	419	365	391	445	370	415	403	405	369	348	261	247
Other income	4.1	11.9	7.6	7.7	4.4	9	5.1	3.5	3.6	6.9	3.5	3.9	4.6	7	2.7	5.6	3.5	4.6	2.4	2.9	1.3	4.5	1.4	1.5	0.5	2.3
Total expenses	324	369	327	314	307	382	341	317	337	468	467	412	396	416	386	360	376	422	351	371	353	358	312	283	213	242
EBITDA	39.6	51	36.2	49.2	50.7	20.3	19.3	33.6	36.1	48	56.9	39.1	62.7	38.3	53.3	23.6	32.6	40.8	36.5	61.4	67.7	65.1	71.7	80.4	64.4	22.5
EBITDA margin	11.5%	12.8%	10.5%	14.2%	15.0%	5.3%	5.7%	10.2%	10.2%	9.7%	11.3%	9.1%	14.2%	8.8%	12.7%	6.5%	8.3%	9.2%	9.9%	14.8%	16.8%	16.1%	19.4%	23.1%	24.7%	9.1%
Finance costs	5.5	4.6	5.2	4.5	5.5	4.8	5.3	5.2	5.7	5.3	5.9	7	4.8	5.9	7.1	6.8	6.5	6	6.4	5.9	6	4.4	4.5	5.1	6.8	7.5
Depreciation	14.7	15.4	15.2	13.4	13.5	15.1	13.8	15	12.8	16.2	13.1	13.5	13.3	13.2	12.8	12.1	11	11.7	11.7	11.4	11.9	13.7	10.2	10.2	10	9.9
Profit before tax	23.5	43	23.3	29.1	36.1	9.4	5.3	6.8	21.2	33.5	41.3	22.5	49.2	26.2	36.2	10.2	18.6	27.7	20.9	47	51.1	51.5	58.5	66.5	48	7.4
Tax	6.1	−23.1	10.1	9.2	15.8	2.5	2.3	4.3	8.4	9.6	16.6	8.9	18.4	16.4	16.5	7.7	6.3	11.4	6.3	16.3	17.6	22.5	16.9	23.6	16.1	−0.3
Net profit	17.4	42	13.2	19.9	20.3	6.9	3	2.5	12.8	23.9	24.7	13.6	30.9	9.8	20.2	3	12.5	15.6	14.5	30.7	33.5	29	41.6	42.9	32	7.7
Net margin	5.1%	10.5%	3.9%	5.8%	6.0%	1.8%	0.9%	0.8%	3.6%	4.8%	4.9%	3.2%	7.0%	2.3%	4.8%	0.8%	3.2%	3.5%	3.9%	7.4%	8.3%	7.2%	11.3%	12.3%	12.2%	3.1%
EPS (₹)	3.84	15.14	2.93	4.40	4.48	1.48	0.66	0.56	2.82	5.19	5.47	3.01	6.82	1.78	5.04	0.66	2.77	3.29	3.21	6.80	7.62	6.91	9.20	9.48	7.06	1.72
Net profit YoY	−14.3%	+505.4%	+344.4%	+691.7%	+58.8%	−71.0%	−87.9%	−81.6%	−58.6%	+143.2%	+22.7%	+358.3%	+146.3%	−37.1%	+38.7%	−90.3%	−62.6%	−46.2%	−65.1%	−28.3%	+4.7%	+278.8%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Revenue from operations	1,422	1,411	1,871	1,610	1,633	1,384	938
Other income	31.6	21.2	18.9	18.8	11.1	7.9	2.6
Total expenses	1,307	1,379	1,744	1,537	1,498	1,167	871
EBITDA	190	109	207	148	206	282	139
EBITDA margin	13.4%	7.7%	11.0%	9.2%	12.6%	20.4%	14.9%
Finance costs	19	20.9	23	26.2	24.2	20.8	30.7
Depreciation	55.5	56.6	56.1	49.2	46.7	44.2	42.1
Profit before tax	137	42.8	147	91.2	147	225	69.2
Tax	13.5	17.6	53.4	46.9	51.7	79.1	18.3
Net profit	95.4	25.2	93.1	44.3	94.4	145	50.8
Net margin	6.7%	1.8%	5.0%	2.8%	5.8%	10.5%	5.4%
EPS (₹)	27.89	5.52	20.50	9.40	20.69	32.65	11.26
Net profit YoY	+278.6%	−72.9%	+110.3%	−53.1%	−35.1%	+186.1%	–

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	145	86.2	183	182	71.6
Investing cash flow	−108	−111	−59.1	−95.8	−139
Financing cash flow	−48.9	−4.8	−110	−56.6	10.1
Capital expenditure	110	118	61.9	103	140
Free cash flow (CFO − capex)	35.2	−31.7	121	78.8	−68.4

Net profit trend

annual, ₹ crore

FY21

₹145

FY22

₹94.4−35%

FY23

₹44.3−53%

FY24

₹93.1+110%

FY25

₹25.2−73%

FY26

₹95.4+279%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	7 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	7 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
Q3 FY26	Consolidated	13 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	13 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	14 Nov 2025	PDF XBRL
Q2 FY26	Consolidated	–	PDF on NSE XBRL
Q2 FY26	Standalone	14 Nov 2025	PDF XBRL
Q2 FY26	Standalone	–	PDF on NSE XBRL

Annual reports

NSE archive

FY264.26 MB FY258.94 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 16.7×8.8×

P/B5Y avg 1.02×0.86×

ROEFY26, on average equity10.6%

Net margin6.7%

Debt / equity0.25×

Revenue CAGR (3Y)-4.0%

Profit CAGR (3Y)29.1%

EPS (TTM)₹20.45

Market cap₹811 Cr

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

P/B vs history

0.86×

vs 8-point avg 1.02× (−16%)

0.71× low1.02× avg1.30× high

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

Balance sheet 31 Mar 2026

Total assets₹1,574 Cr−4%

Net worth₹940 Cr+10%

Total borrowings₹237 Cr−5%

Cash & bank balances₹3 Cr−78%

Investments₹0 Cr−100%

Inventories₹148 Cr−40%

Trade receivables₹118 Cr−13%

Trade payables₹63 Cr−58%

Change vs the same date a year earlier.

Revenue mix FY26

Cement Division83.3%result ₹140 Cr

Boards Division9.1%result ₹10.8 Cr

Ready mix concrete Division7.3%result ₹3.5 Cr

Energy Division0.4%result ₹3.4 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	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	41.67	41.56	40.95	40.92	41.01	42.27	42.11	42.08	42.31	43.71	44.48	44.48
FII	3.45	3.87	3.95	4.45	5.77	5.25	5.14	5.33	5.41	5.17	4.88	4.23
DII	0.03	0.19	0.16	0.08	0.09	0.03	0.03	0.03	0.39	0.03	0.03	0.03
of which MF	0.01	0.01	0.01	0.01	0.01	–	–	–	–	–	–	–
Retail	39.04	38.54	40.04	39.85	40.96	40.78	41.44	41.25	39.49	39.23	38.78	42.58
Other public	15.81	15.84	14.90	14.70	12.17	11.67	11.28	11.31	12.40	11.86	11.83	8.68

48,540 shareholders · NSE shareholding pattern filings.