Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q2 FY22
| ₹ 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 | Q4 FY22 | Q2 FY22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 128 | 171 | 106 | 106 | 93.2 | 108 | 85.8 | 87.1 | 83.6 | 79.7 | 64.2 | 61.3 | 48.3 | 65.1 | 60.9 | 55.7 | 61.2 | 50.5 |
| Other income | 1.9 | 9.1 | 2.3 | 2.3 | 2.4 | 4.1 | 1.6 | 1.7 | 0.6 | 5.5 | 0.8 | 1.1 | 0.9 | 0.8 | 5.5 | 1 | 1.4 | 0.2 |
| Total expenses | 102 | 135 | 85.4 | 81.4 | 76.1 | 85.6 | 68.1 | 70.6 | 64.6 | 73.1 | 56.6 | 50.2 | 41.3 | 53 | 53.4 | 45 | 48.3 | 39.9 |
| EBITDA | 31.9 | 42.6 | 26.2 | 29.7 | 22 | 28.3 | 22.1 | 22.8 | 24.1 | 12.3 | 12.4 | 15.5 | 10.8 | 17.2 | 14.2 | 14.1 | 17.6 | 15.3 |
| EBITDA margin | 24.9% | 24.9% | 24.7% | 28.1% | 23.6% | 26.1% | 25.7% | 26.1% | 28.9% | 15.4% | 19.4% | 25.3% | 22.4% | 26.4% | 23.3% | 25.3% | 28.8% | 30.3% |
| Finance costs | 1.3 | 1.7 | 0.9 | 1.2 | 0.8 | 1.9 | 0.6 | 2.6 | 1.5 | 2.3 | 1.5 | 1 | 0.7 | 2.1 | 3.8 | 0.6 | 2 | 2.2 |
| Depreciation | 4.5 | 4.4 | 4.4 | 4.2 | 4 | 3.8 | 3.8 | 3.7 | 3.7 | 3.4 | 3.3 | 3.5 | 3.1 | 3 | 2.9 | 2.8 | 2.7 | 2.5 |
| Profit before tax | 28 | 48.4 | 23.2 | 26.6 | 19.5 | 26.6 | 19.3 | 18.2 | 19.5 | 12.1 | 8.3 | 12.2 | 7.9 | 12.9 | 13 | 11.7 | 14.3 | 10.8 |
| Tax | 7.3 | 9.6 | 6.4 | 7.1 | 5.2 | 5.9 | 5.4 | 5.5 | 5.4 | 2.5 | 2.5 | 3.4 | 2 | 1 | 3.8 | 3.5 | 4 | 2.7 |
| Net profit | 20.7 | 38.9 | 16.9 | 19.5 | 14.3 | 20.8 | 13.9 | 12.7 | 14.1 | 9.6 | 5.9 | 8.8 | 5.8 | 11.8 | 9.2 | 8.1 | 10.4 | 8.1 |
| Net margin | 16.2% | 22.7% | 15.8% | 18.4% | 15.3% | 19.2% | 16.1% | 14.6% | 16.9% | 12.0% | 9.1% | 14.3% | 12.0% | 18.2% | 15.1% | 14.6% | 16.9% | 16.0% |
| EPS (₹) | 2.63 | 4.27 | 2.26 | 2.56 | 3.69 | 4.89 | 3.74 | 3.55 | 3.81 | 2.56 | 1.71 | 2.42 | 1.54 | 2.76 | 2.50 | 2.17 | 2.66 | 2.60 |
| Net profit YoY | +45.3% | +86.7% | +21.7% | +53.2% | +1.1% | +117.0% | +136.3% | +45.0% | +142.9% | −18.9% | −36.1% | +7.7% | – | +14.4% | – | +0.7% | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue from operations | 477 | 365 | 254 | 222 | 183 |
| Other income | 16 | 7.9 | 8.3 | 8.2 | 3 |
| Total expenses | 378 | 289 | 221 | 184 | 149 |
| EBITDA | 120 | 97.2 | 51.1 | 56.8 | 51.9 |
| EBITDA margin | 25.3% | 26.7% | 20.1% | 25.5% | 28.4% |
| Finance costs | 4.7 | 6.6 | 5.4 | 6.7 | 7.8 |
| Depreciation | 17 | 14.9 | 13.4 | 11.3 | 10.4 |
| Profit before tax | 118 | 83.6 | 40.5 | 47 | 36.6 |
| Tax | 28.2 | 22.1 | 10.4 | 10.9 | 9.5 |
| Net profit | 89.5 | 61.5 | 30 | 36 | 27.1 |
| Net margin | 18.8% | 16.9% | 11.8% | 16.2% | 14.8% |
| EPS (₹) | 10.93 | 16.02 | 8.22 | 9.25 | 7.78 |
| Net profit YoY | +45.5% | +104.8% | −16.5% | +32.8% | – |
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 | 24.6 | 44.8 | −45.6 | 45.8 | 11.5 |
| Investing cash flow | −17.2 | −87 | −1.7 | 9.6 | −77.1 |
| Financing cash flow | −16.6 | 73.7 | 33.1 | −40.4 | 63.1 |
| Capital expenditure | 37.8 | 35.2 | 26 | 25.3 | 8.6 |
| Free cash flow (CFO − capex) | −13.2 | 9.6 | −71.6 | 20.4 | 2.9 |
Net profit trend
annual, ₹ croreFY22
₹27.1
FY23
₹36+33%
FY24
₹30−16%
FY25
₹61.5+105%
FY26
₹89.5+45%
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 | 13 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 13 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 23 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 23 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 13 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 13 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 25 Jul 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 25 Jul 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 62.8×111.0×
P/B5Y avg 6.78×14.67×
ROEFY26, on average equity13.1%
Net margin18.8%
Debt / equity0.04×
Revenue CAGR (3Y)28.9%
Profit CAGR (3Y)35.5%
EPS (TTM)₹11.90
Market cap₹10,645 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
14.67×
vs 8-point avg 6.78× (+116%)
4.59× low6.78× avg14.67× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹965 Cr+13%
Net worth₹725 Cr+13%
Total borrowings₹27 Cr+15%
Cash & bank balances₹25 Cr−26%
Investments₹33 Cr+17%
Inventories₹160 Cr+6%
Trade receivables₹363 Cr+23%
Trade payables₹57 Cr+5%
Change vs the same date a year earlier.
Revenue mix FY26
Defence Engineering58.2%result ₹56.7 Cr
Optics and Optronic Systems41.8%result ₹88.1 Cr
Segment revenue as reported, before inter-segment eliminations.