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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY19

₹ 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	Q4 FY19
Revenue from operations	250	247	220	209	187	203	201	193	180	200	164	162	165	204	186	148	148	157	133	113	84.6	92.7	85.2	82	76.6	82.3	82.3	0
Other income	3.9	1	2.1	1.9	1.2	0.6	1.1	0.8	1.6	2.2	1.6	1.9	1.8	1.7	1.4	0.4	0.9	0.9	0	0.2	0	0	0	0	0	0	0	0
Total expenses	231	232	216	205	174	186	187	179	166	179	160	153	153	185	167	135	133	139	119	99.1	74.5	79.5	73.4	71.9	67.9	71.1	70.9	0
EBITDA	48.2	43.9	31.9	30	31.5	36.4	34.6	34.5	30.8	35.8	20.3	25.9	28.1	32.6	30.1	24.3	24.7	26.6	23.8	20.5	15.6	18.5	16.8	15.4	13.6	15.8	16	0
EBITDA margin	19.3%	17.8%	14.5%	14.4%	16.9%	17.9%	17.2%	17.8%	17.1%	17.9%	12.3%	16.0%	17.0%	16.0%	16.2%	16.4%	16.7%	17.0%	18.0%	18.1%	18.5%	20.0%	19.8%	18.8%	17.7%	19.2%	19.4%	–
Finance costs	20.8	21.5	21.5	19.5	12.7	12.5	13.4	12.8	9.8	9.7	10.5	11.1	10.8	9.3	6.7	6.9	6.1	5	6.4	4.1	3.6	3.5	3.3	3.7	3.3	2.9	3.2	0
Depreciation	8.2	7.6	6.8	7.3	5.8	6.8	7.1	7.1	6.8	5.9	5.7	5.8	5.5	4.3	4.1	3.9	3.9	3.8	3.7	2.3	1.8	1.9	1.8	1.7	1.6	1.7	1.4	0
Profit before tax	23.1	15.9	5.7	5.1	14.2	3.6	15.2	15.4	15.7	22.5	5.6	10.9	13.6	20.7	20.7	13.9	15.6	18.7	13.8	14.3	10.2	13.2	11.9	10.1	8.7	11.2	11.4	0
Tax	6.2	4.5	2.1	1.8	4	1.3	5.2	4.5	4.3	5.5	4.6	3.1	3.9	6.4	6	4.1	4.5	3.1	3.3	3.2	2.9	3.9	3.4	2.9	2.7	3.9	3.3	0
Net profit	17.1	11.4	3.7	3.4	10.3	2.4	10	11	11.5	16.9	1.1	7.9	9.8	14.3	14.7	9.9	11.1	15.6	10.5	11.2	7.4	9.3	8.5	7.4	6.1	7.3	8.2	0
Net margin	6.8%	4.6%	1.7%	1.6%	5.5%	1.2%	5.0%	5.7%	6.4%	8.5%	0.6%	4.9%	5.9%	7.0%	7.9%	6.7%	7.5%	10.0%	7.9%	9.9%	8.7%	10.1%	10.0%	9.0%	8.0%	8.9%	10.0%	–
EPS (₹)	6.29	4.32	1.40	1.28	3.89	0.91	3.80	4.15	4.35	6.42	0.41	3.17	3.92	5.74	5.89	3.95	4.45	5.50	4.49	4.79	3.15	3.99	3.66	3.16	2.62	3.13	3.46	0.00
Net profit YoY	+66.8%	+372.6%	−63.1%	−69.3%	−10.5%	−85.8%	+844.3%	+38.4%	+17.6%	+18.3%	−92.8%	−19.8%	−12.2%	−8.5%	+40.4%	−11.6%	+50.9%	+67.8%	+22.9%	+51.4%	+20.2%	+27.6%	+3.9%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from operations	862	778	691	686	487	336	306	239
Other income	6.1	4	7.5	4.5	1.1	0.1	0.1	0.5
Total expenses	827	718	646	620	431	293	265	210
EBITDA	138	136	110	112	86.6	64.4	58.1	43.4
EBITDA margin	16.0%	17.5%	15.9%	16.3%	17.8%	19.1%	19.0%	18.2%
Finance costs	75.1	48.5	42.1	28.9	19.1	13.8	11.9	11.9
Depreciation	27.5	27.8	22.9	16.2	11.7	6.9	5.2	2.8
Profit before tax	41.1	50	52.6	70.9	56.9	43.8	41.1	29.3
Tax	12.3	15.3	17.1	21.1	12.4	12.9	12.4	8.3
Net profit	28.8	34.8	35.7	50	44.6	31.3	28.7	20.9
Net margin	3.3%	4.5%	5.2%	7.3%	9.2%	9.3%	9.4%	8.8%
EPS (₹)	10.90	13.20	13.96	20.03	18.70	13.45	12.28	10.43
Net profit YoY	−17.5%	−2.3%	−28.7%	+12.0%	+42.4%	+9.3%	+36.8%	–

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	−231	196	−29.2	−30.4	1.4
Investing cash flow	−410	−317	−216	−94.5	−146
Financing cash flow	642	113	237	100	188
Capital expenditure	556	318	303	102	170
Free cash flow (CFO − capex)	−787	−122	−332	−133	−169

Net profit trend

annual, ₹ crore

FY21

₹31.3

FY22

₹44.6+42%

FY23

₹50+12%

FY24

₹35.7−29%

FY25

₹34.8−2%

FY26

₹28.8−17%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	24 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	24 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	16 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	16 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	11 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	11 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	8 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	8 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	2 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	2 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY269.17 MB FY259.30 MB FY24 FY23 FY22 FY21 FY20 FY19

Key ratios

P/E (TTM)5Y avg 93.8×176.9×

P/B5Y avg 6.23×7.71×

ROEFY26, on average equity3.6%

Net margin3.3%

Debt / equity1.63×

Revenue CAGR (3Y)7.9%

Profit CAGR (3Y)-16.8%

EPS (TTM)₹13.48

Market cap₹6,292 Cr

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

P/B vs history

7.71×

vs 8-point avg 6.23× (+24%)

3.59× low6.23× avg9.32× high

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

Balance sheet 31 Mar 2026

Total assets₹2,902 Cr+66%

Net worth₹816 Cr+3%

Total borrowings₹1,330 Cr+135%

Cash & bank balances₹5 Cr−0%

Investments₹0 Cr+0%

Inventories₹568 Cr+84%

Trade receivables₹380 Cr+90%

Trade payables₹442 Cr+68%

Change vs the same date a year earlier.

Shareholding 16 Sept 2026

%	Sept 26	Jun 26	Apr 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24
Promoter	53.01	53.01	51.23	51.23	51.23	51.23	51.23	51.23	51.23	51.23	56.89	56.89
FII	3.87	4.11	4.45	4.46	4.57	5.15	7.36	7.79	7.73	8.17	4.65	4.56
DII	17.08	19.60	22.48	22.64	21.99	25.23	22.96	22.75	22.53	22.48	22.54	22.14
of which MF	12.42	15.77	18.98	19.22	19.82	22.76	20.42	–	–	–	–	–
Retail	19.44	16.43	15.23	15.11	15.30	12.64	12.97	12.88	13.22	12.99	11.82	12.51
Other public	6.60	6.85	6.61	6.56	6.91	5.75	5.48	5.35	5.29	5.13	4.10	3.90

68,402 shareholders · NSE shareholding pattern filings.