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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	Q3 FY19	Q2 FY19	Q4 FY18
Revenue from operations	849	1,502	1,069	644	524	542	318	496	658	920	574	368	323	3.9	392	239	215	296	221	256	181	310	256	212	182	370	517	612	630	646	545	477	288
Other income	28.4	39.1	34.8	18.5	14.2	22.1	16	24.1	17.2	26.9	22.2	13.2	12.6	0.6	18	13.4	82.5	24.6	25.1	16.6	361	29.3	47.4	8.3	8.2	20.3	11.1	12	15.5	21	20.5	22.1	35.3
Total expenses	851	1,396	1,025	719	629	674	451	532	654	943	487	393	363	4.8	381	274	249	343	244	254	247	327	282	233	213	382	502	580	580	604	524	466	295
EBITDA	189	302	219	104	66.7	30.5	18	112	130	113	199	86.8	63.7	0.2	111	45.5	57.1	40.3	60.5	87.5	25.6	84.4	68.2	72.3	58.9	80.7	105	121	144	135	122	89.1	60.2
EBITDA margin	22.2%	20.1%	20.5%	16.2%	12.7%	5.6%	5.7%	22.6%	19.8%	12.3%	34.7%	23.6%	19.7%	4.2%	28.3%	19.0%	26.6%	13.6%	27.4%	34.2%	14.1%	27.2%	26.6%	34.1%	32.3%	21.8%	20.2%	19.7%	22.9%	20.9%	22.3%	18.7%	20.9%
Finance costs	179	184	165	169	161	152	143	141	119	127	105	105	98.1	1	93.8	76.1	87.7	83.9	79.5	81.1	87.2	96.7	88.4	87.9	83.9	86.8	83.6	83.6	89.2	88.3	96.5	74.8	64.3
Depreciation	12.1	10.8	10.6	10.5	10.2	11.2	8.3	8	7.5	9.7	6.7	6.5	5.2	0	5.2	4.2	4	4.1	4.2	4.5	4.8	4.8	5.2	5.3	5.2	6.5	5.6	5.5	5.2	5	3.4	3.3	3.5
Profit before tax	26.1	145	78.7	−56.5	−90.1	−111	−116	−12.7	21.1	4.1	109	−11	−27	−0.3	29.9	−21.4	48	−23.2	1.9	18.5	294	12.2	22.1	−12.6	−22.1	7.7	26.6	43.5	65.5	62.8	42.1	33.1	27.8
Tax	0.8	35	20.3	−13.7	−21.5	−22.8	−25.6	12.3	6.7	9.4	28.5	−1.7	−10	−0.3	6.2	−4.9	13.1	−6.3	−0.3	5.6	139	3.5	7.9	−3.7	−5.9	6.9	9.6	15.1	20.5	23.4	14.5	11.5	1.1
Net profit	25.2	110	58.3	−43	−68.6	−88	−92.6	−17.1	14.8	−6.7	77.8	−11.2	−17.9	0.3	22.6	−17.2	34.4	−20.1	1.2	12.1	154	8.8	13.3	−9.8	−16.9	0.4	16.1	27.5	44.4	38.8	27.2	21.5	24.6
Net margin	3.0%	7.3%	5.5%	-6.7%	-13.1%	-16.2%	-29.1%	-3.4%	2.2%	-0.7%	13.6%	-3.0%	-5.5%	6.9%	5.7%	-7.2%	16.0%	-6.8%	0.6%	4.7%	85.2%	2.8%	5.2%	-4.6%	-9.3%	0.1%	3.1%	4.5%	7.0%	6.0%	5.0%	4.5%	8.5%
EPS (₹)	1.22	4.77	2.53	-1.76	-2.85	-3.62	-3.90	-0.71	0.64	-0.28	3.29	-0.47	-0.75	1.12	0.95	-0.72	1.45	-0.85	0.05	0.51	6.50	0.37	0.56	-0.41	-0.71	0.01	0.68	1.16	1.87	1.64	1.14	0.91	1.04
Net profit YoY	+136.8%	+224.9%	+163.0%	−152.0%	−563.8%	−1211.5%	−219.1%	−51.9%	+182.8%	−2608.4%	+245.0%	+34.8%	−151.9%	+101.3%	+1731.8%	−242.0%	−77.7%	−329.3%	−90.8%	+223.6%	+1010.5%	+2400.0%	−17.3%	−135.7%	−138.1%	−99.1%	−40.8%	+27.7%	–	+58.0%	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	3,740	2,014	2,185	12.4	955	961	2,128	2,050	1,415
Other income	107	79.5	74.8	1.7	427	93.1	58.9	76.2	90
Total expenses	3,769	2,312	2,185	13.8	1,091	1,054	2,044	1,953	1,374
EBITDA	692	291	463	2.3	214	284	450	440	307
EBITDA margin	18.5%	14.4%	21.2%	18.6%	22.4%	29.5%	21.2%	21.5%	21.7%
Finance costs	679	555	434	3.6	332	357	343	328	251
Depreciation	42	35	28.1	0.2	17.6	20.4	22.8	15.1	15
Profit before tax	77.5	−219	75.4	0.2	291	−0.4	143	173	131
Tax	20.1	−29.4	26.2	−0.1	138	1.8	52	57.4	36.1
Net profit	56.8	−183	42	0.7	148	−4.7	88.4	114	91.4
Net margin	1.5%	-9.1%	1.9%	5.4%	15.5%	-0.5%	4.2%	5.6%	6.5%
EPS (₹)	2.69	-7.59	1.78	2.80	6.22	-0.20	3.73	4.82	3.85
Net profit YoY	+131.0%	−535.5%	+6213.9%	−99.5%	+3259.7%	−105.3%	−22.7%	+25.1%	–

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	345	−531	896	1.5	134
Investing cash flow	−261	−73.6	12.9	0.9	525
Financing cash flow	506	354	−313	−1.4	−529
Capital expenditure	62.9	43	54.5	0.3	6.5
Free cash flow (CFO − capex)	282	−574	842	1.2	127

Net profit trend

annual, ₹ crore

FY21

₹−4.7

FY22

₹148+3260%

FY23

₹0.7−100%

FY24

₹42+6214%

FY25

₹−183−536%

FY26

₹56.8+131%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	14 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	14 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	18 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	18 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	12 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	12 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	7 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	–	PDF on NSE XBRL
Q2 FY26	Standalone	7 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	8 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2617.11 MB FY2521.10 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 838.8×33.7×

P/B5Y avg 12.23×2.84×

ROEFY26, on average equity3.2%

Net margin1.5%

Debt / equity3.12×

Revenue CAGR (3Y)571.4%

Profit CAGR (3Y)340.2%

EPS (TTM)₹6.35

Market cap₹5,072 Cr

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

P/B vs history

2.84×

vs 8-point avg 12.23× (−77%)

1.16× low12.23× avg78.01× high

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

Balance sheet 31 Mar 2026

Total assets₹17,258 Cr+21%

Net worth₹1,788 Cr+3%

Total borrowings₹5,572 Cr+30%

Cash & bank balances₹1,283 Cr+84%

Investments₹32 Cr−20%

Inventories₹11,490 Cr+8%

Trade receivables₹787 Cr+70%

Trade payables₹989 Cr+45%

Change vs the same date a year earlier.

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	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00
FII	16.62	16.73	17.18	17.23	17.26	17.33	17.25	17.17	16.99	16.65	16.49	16.35
DII	0.58	0.53	0.50	0.48	0.66	0.79	0.85	0.83	0.96	0.43	0.40	0.41
of which MF	0.07	0.08	0.09	0.09	–	–	–	–	–	–	–	–
Retail	5.85	5.70	5.57	5.76	5.54	5.37	5.55	5.61	5.73	6.68	6.58	6.08
Other public	1.95	2.04	1.75	1.53	1.54	1.51	1.35	1.39	1.32	1.24	1.53	2.16

43,565 shareholders · NSE shareholding pattern filings.