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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	Q4 FY18
Revenue from operations	877	927	875	825	725	699	639	505	401	48.5	40.1	449	67.7	173	854	898	547	189	611	560	247	868	1,467	430	60.9	915	1,668	1,212	1,411	0	0
Other income	2.2	18.9	25.1	69.7	83	1.1	44	43.6	38.6	11.1	3.4	45.1	4.9	−2	28.5	60.6	76.2	38.9	2.2	−3.2	15	3	3.1	−8.2	26.2	24.1	35.4	15.3	5.7	0	0
Total expenses	654	793	710	689	644	604	535	425	355	184	244	631	242	324	950	879	591	500	704	634	328	844	1,348	488	163	989	1,641	1,180	1,352	0	0
EBITDA	242	164	202	178	127	145	112	85.8	51.6	−1.6	−73.1	−53.7	−43	−20.2	36.4	147	84.5	−190	36.1	39.9	18.4	128	227	53.9	3.6	26.3	135	132	158	0	0
EBITDA margin	27.5%	17.7%	23.0%	21.5%	17.6%	20.7%	17.5%	17.0%	12.9%	-3.3%	-182.4%	-11.9%	-63.5%	-11.7%	4.3%	16.4%	15.4%	-100.8%	5.9%	7.1%	7.4%	14.8%	15.5%	12.5%	5.9%	2.9%	8.1%	10.9%	11.2%	–	–
Finance costs	13.5	24.7	30.3	36.3	41.6	44.8	3.1	1.6	1.8	130	126	124	125	124	125	122	122	114	123	108	92.6	95.1	99.1	103	97	93.3	96.9	91	88	0	0
Depreciation	5.5	5.2	5.4	5.2	5.1	4.9	5	4.3	3.8	4.1	4.8	4.9	6.6	6.7	7.1	6.9	6.6	6.9	6.6	6.8	7.4	8.3	8.5	8.9	9.2	7.2	10.4	8.7	11.1	0	0
Profit before tax	225	154	190	206	164	96.5	148	123	84.6	−124	−201	−137	−170	−152	−67.2	79.2	32.6	−273	−90.9	−77.9	−66.7	27.8	122	−65.8	−76.5	−50.2	62.8	47.7	65	0	0
Tax	2.9	0.7	0.2	−3.5	1.7	1.7	0.1	−55.5	−71.4	−2.6	−2.7	1	1.9	150	−6.1	−6.7	−41.9	−99.6	−17.4	1	−1.1	−31.8	−7.3	−12.1	−2.9	−12	27.2	1.4	25.8	0	0
Net profit	222	153	190	210	162	94.8	148	179	156	−122	−198	−138	−172	−302	−61.1	85.9	74.4	−173	−73.6	−78.9	−65.6	59.6	130	−53.7	−73.6	−38.2	35.6	46.4	39.2	0	0
Net margin	25.3%	16.5%	21.7%	25.4%	22.3%	13.6%	23.1%	35.4%	38.9%	-250.9%	-494.2%	-30.8%	-253.6%	-174.4%	-7.2%	9.6%	13.6%	-91.7%	-12.0%	-14.1%	-26.6%	6.9%	8.8%	-12.5%	-120.8%	-4.2%	2.1%	3.8%	2.8%	–	–
EPS (₹)	0.23	0.20	0.26	0.30	0.25	0.16	0.29	3.84	3.35	-2.61	-4.25	-2.97	-3.69	-6.50	-1.31	1.85	1.60	-3.72	-0.16	-0.17	-1.41	1.47	3.28	-1.36	-1.86	-0.97	0.90	1.18	1.04	0.00	0.00
Net profit YoY	+37.0%	+61.3%	+28.5%	+17.1%	+3.8%	+177.9%	+174.7%	+229.5%	+190.9%	+59.8%	−223.9%	−260.8%	−330.6%	−74.8%	+16.9%	+208.9%	+213.5%	−390.3%	−156.7%	−47.0%	+10.8%	+256.2%	+264.1%	−215.7%	−287.6%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	3,353	2,245	605	2,473	1,606	2,826	5,207	8,680	9,615
Other income	197	127	64.5	163	52.8	24.1	80.4	84.3	91.1
Total expenses	2,835	1,919	1,302	2,744	2,167	2,843	5,162	8,762	8,970
EBITDA	671	395	−171	248	−95.7	412	451	282	971
EBITDA margin	20.0%	17.6%	-28.3%	10.0%	-6.0%	14.6%	8.7%	3.2%	10.1%
Finance costs	133	51.3	505	492	437	394	369	346	304
Depreciation	20.8	18	20.4	27.2	27.8	34.9	37.4	18.9	21.5
Profit before tax	713	453	−632	−108	−508	7.8	125	2	737
Tax	−1	−125	−2.4	95.3	−117	−54.2	42.3	1.4	201
Net profit	714	578	−629	−203	−391	62	83	0.6	536
Net margin	21.3%	25.7%	-104.0%	-8.2%	-24.3%	2.2%	1.6%	0.0%	5.6%
EPS (₹)	1.00	1.13	-13.52	-4.37	-8.40	1.53	2.10	0.02	14.07
Net profit YoY	+23.7%	+191.8%	−209.7%	+48.0%	−730.6%	−25.3%	+13513.1%	−99.9%	–

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	−77.5	−633	63.9	99	−719
Investing cash flow	3	2.5	7.1	30.5	115
Financing cash flow	147	688	−108	−111	570
Capital expenditure	3.3	0.6	0.1	2.4	3.7
Free cash flow (CFO − capex)	−80.8	−633	63.7	96.6	−723

Net profit trend

annual, ₹ crore

FY21

₹62

FY22

₹−391−731%

FY23

₹−203+48%

FY24

₹−629−210%

FY25

₹578+192%

FY26

₹714+24%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	10 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	10 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	27 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	27 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	27 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	27 Jan 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	11 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	11 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	1 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	1 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY265.63 MB FY257.68 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 14.4×15.8×

P/B5Y avg 1.66×1.49×

ROEFY26, on average equity9.9%

Net margin21.3%

Debt / equity0.13×

Revenue CAGR (3Y)10.7%

Profit CAGR (3Y)–

EPS (TTM)₹0.90

Market cap₹12,204 Cr

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

P/B vs history

1.49×

vs 8-point avg 1.66× (−10%)

0.63× low1.66× avg4.50× high

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

Balance sheet 31 Mar 2026

Total assets₹9,425 Cr+12%

Net worth₹8,174 Cr+32%

Total borrowings₹1,073 Cr−48%

Cash & bank balances₹134 Cr+116%

Investments₹0 Cr+0%

Inventories₹7,214 Cr+8%

Trade receivables₹636 Cr+81%

Trade payables₹16 Cr+15%

Change vs the same date a year earlier.

Revenue mix FY22

Domestic87.7%result ₹85.5 Cr

Exports12.3%result ₹−146 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Apr 26	Mar 26	Mar 26	Mar 26	Jan 26	Dec 25	Sept 25	Sept 25	Jul 25	Jun 25	Apr 25
Promoter	38.49	38.49	40.72	41.10	39.83	40.94	37.19	37.60	37.60	39.38	40.08	39.80
FII	12.15	13.28	10.40	9.52	9.61	5.59	6.30	6.46	7.40	6.29	4.92	4.90
DII	4.32	4.75	5.42	5.45	5.66	6.28	7.08	8.24	8.24	8.65	9.07	9.10
of which MF	0.10	0.12	0.14	0.12	0.12	0.14	0.16	0.11	0.12	0.11	0.12	–
Retail	31.05	29.13	30.13	30.37	30.94	32.15	35.39	28.37	26.55	27.49	27.18	26.96
Other public	13.99	14.35	13.33	13.56	13.96	15.04	14.04	19.33	20.21	18.19	18.75	19.24

8,69,669 shareholders · NSE shareholding pattern filings.