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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY17

₹ 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	Q4 FY17
Revenue from operations	642	776	440	514	293	328	398	311	440	385	393	418	363	407	269	294	221	256	236	258	201	245	245	241	205	192	204	186	0
Other income	8.5	12.5	8.1	1.8	7.9	7.5	3.9	4.3	4.8	5.4	2.1	3	2	8.1	0.9	0.2	0.5	0.6	1.9	0.3	2.1	14.6	0.2	0.6	0.7	1.8	1	0.6	0
Total expenses	452	501	393	387	283	297	330	266	335	298	290	299	282	305	231	241	208	232	220	231	191	235	214	213	186	176	189	174	0
EBITDA	223	307	77.1	156	34.5	51.1	86.6	62.2	123	107	121	137	96.9	120	54.1	69.3	28.6	38.9	32.4	42.8	25.7	25.5	46.6	40.9	33.8	30.1	28.2	24.9	0
EBITDA margin	34.7%	39.6%	17.5%	30.2%	11.8%	15.6%	21.8%	20.0%	28.1%	27.8%	30.9%	32.9%	26.7%	29.4%	20.1%	23.6%	12.9%	15.2%	13.7%	16.6%	12.8%	10.4%	19.0%	16.9%	16.5%	15.7%	13.8%	13.4%	–
Finance costs	7	7.2	6.8	5.4	4.6	2.3	2.2	1.1	2.7	3.6	3.7	4.4	2.2	4.3	2.7	3.2	2.9	2.8	3.3	3.6	3.8	4.6	4.4	3.5	5.4	7.1	5.7	4.8	0
Depreciation	26.6	25.1	23.9	22.5	20.2	16.9	16.3	16.1	16.3	16.5	15.1	14.5	13.6	13.5	13.3	13.2	12.8	12.5	12.8	12	11.8	11.1	10.4	9.3	8.9	7.6	7.8	8.3	0
Profit before tax	198	287	54.5	129	17.6	39.3	128	49.4	130	92.2	104	122	83.2	110	38.9	53.2	13.5	24.3	18.2	27.6	12.1	24.4	31.9	28.7	20.3	17.2	15.7	12.5	0
Tax	50.2	74.8	13.9	32.6	3.7	11.5	26.2	16.6	32	24.6	23.1	32.3	21.3	25.6	8.4	14.7	3.5	2.5	5.3	7.2	3.3	7.1	5.2	7.2	5.1	26.5	4.6	3.8	0
Net profit	148	213	40.6	96.9	13.9	27.8	102	32.8	97.9	67.6	81.4	89.2	61.9	84.5	30.5	38.5	10	21.8	12.9	20.4	8.7	17.3	26.7	21.4	15.2	−9.3	11.1	8.7	0
Net margin	23.0%	27.4%	9.2%	18.8%	4.7%	8.5%	25.5%	10.6%	22.3%	17.5%	20.7%	21.4%	17.0%	20.8%	11.3%	13.1%	4.5%	8.5%	5.5%	7.9%	4.3%	7.1%	10.9%	8.9%	7.4%	-4.9%	5.5%	4.7%	–
EPS (₹)	115.10	165.76	31.62	75.49	10.83	21.67	79.18	25.60	76.28	52.66	63.44	69.56	48.23	65.90	23.81	29.97	7.77	17.01	10.08	15.88	6.81	13.48	20.84	16.71	11.82	-7.25	8.66	6.77	0.00
Net profit YoY	+962.4%	+664.8%	−60.1%	+194.9%	−85.8%	−58.8%	+24.8%	−63.2%	+58.2%	−20.1%	+166.4%	+132.1%	+520.9%	+288.2%	+136.2%	+88.8%	+14.1%	+26.0%	−51.6%	−5.0%	−42.4%	+286.0%	+140.6%	+146.8%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY17
Revenue from operations	2,023	1,477	1,559	1,191	951	937	763	0
Other income	30.2	20.5	12.5	9.7	2.1	16.1	3.9	0
Total expenses	1,564	1,227	1,170	985	871	848	714	0
EBITDA	574	323	463	272	143	147	102	0
EBITDA margin	28.4%	21.9%	29.7%	22.8%	15.0%	15.7%	13.4%	–
Finance costs	23.9	8.3	14	13.1	13.5	17.9	21.6	0
Depreciation	91.7	65.5	59.7	52.8	49	39.7	31.3	0
Profit before tax	489	346	401	216	82.2	105	52.9	0
Tax	125	86.2	101	52.2	18.3	24.7	36.7	0
Net profit	364	260	300	164	63.8	80.6	16.2	0
Net margin	18.0%	17.6%	19.3%	13.7%	6.7%	8.6%	2.1%	–
EPS (₹)	283.71	202.74	233.89	127.45	49.74	62.85	12.63	0.00
Net profit YoY	+39.9%	−13.3%	+83.5%	+156.2%	−20.8%	+397.4%	–	–

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	347	317	261	237	58.6
Investing cash flow	−424	−298	−150	−61.5	−93.7
Financing cash flow	21	25	−69.3	−136	37.7
Capital expenditure	390	206	141	65.7	95.9
Free cash flow (CFO − capex)	−43.5	111	120	172	−37.3

Net profit trend

annual, ₹ crore

FY21

₹80.6

FY22

₹63.8−21%

FY23

₹164+156%

FY24

₹300+84%

FY25

₹260−13%

FY26

₹364+40%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	5 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	5 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	12 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	12 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	7 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	7 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	31 Jul 2025	PDF on NSE XBRL
Q1 FY26	Standalone	31 Jul 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2622.21 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 36.0×56.7×

P/B5Y avg 7.06×15.07×

ROEFY26, on average equity21.4%

Net margin18.0%

Debt / equity0.10×

Revenue CAGR (3Y)19.3%

Profit CAGR (3Y)30.6%

EPS (TTM)₹385.85

Market cap₹28,239 Cr

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

P/B vs history

15.07×

vs 8-point avg 7.06× (+113%)

1.99× low7.06× avg15.07× high

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

Balance sheet 31 Mar 2026

Total assets₹2,930 Cr+34%

Net worth₹1,874 Cr+23%

Total borrowings₹197 Cr+45%

Cash & bank balances₹77 Cr−42%

Investments₹2 Cr−98%

Inventories₹510 Cr+32%

Trade receivables₹541 Cr+71%

Trade payables₹269 Cr+7%

Change vs the same date a year earlier.

Revenue mix Q3 FY26

USA and North America43.6%result ₹0 Cr

Europe27.7%result ₹0 Cr

India20.8%result ₹0 Cr

Rest of the world7.8%result ₹0 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	32.62	32.63	32.63	32.64	32.68	32.68	32.68	32.64	32.72	32.74	32.80	35.97
FII	21.08	20.46	20.90	20.60	21.69	22.11	23.86	26.46	25.72	24.44	22.69	21.57
DII	16.51	15.84	14.71	13.54	11.57	10.97	9.08	6.38	6.39	6.54	6.03	6.99
of which MF	12.66	11.35	10.39	9.78	7.66	–	–	–	–	–	–	–
Retail	22.88	23.85	24.31	24.72	25.55	25.86	26.04	26.50	27.05	27.97	29.52	27.86
Other public	6.91	7.22	7.45	8.50	8.51	8.38	8.34	8.02	8.12	8.31	8.96	7.61

44,340 shareholders · NSE shareholding pattern filings.