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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	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	Q1 FY19	Q4 FY18
Revenue from operations	173	185	178	176	161	155	157	143	137	131	128	127	140	126	127	119	124	126	141	140	150	171	160	145	133	147	149	140	141	144	131	126	119
Other income	2.2	0.9	1.5	1.3	3.5	2.4	1	0.9	1.3	1.1	0.6	1.9	0.4	2.1	1.2	1.2	1.3	1.6	3.9	2.4	3.1	2.8	5.3	3.4	2.6	2.1	2.2	2.2	2.4	1.9	3.3	2.1	2.7
Total expenses	172	164	158	160	156	150	167	150	157	153	156	276	188	185	180	182	154	155	156	149	138	138	136	121	134	138	138	135	130	143	122	114	110
EBITDA	25.5	45.1	44.9	39.4	29.1	41.5	14.1	16.6	3.4	2.1	−4.4	−127	−25.5	−35.8	−28.6	−40.4	−10.4	−8.3	5.2	11.6	30.3	52.2	43.8	45	18.7	29.2	31.1	24	25.4	15.1	22.9	24.5	20.9
EBITDA margin	14.7%	24.3%	25.2%	22.4%	18.0%	26.7%	9.0%	11.7%	2.5%	1.6%	-3.5%	-99.8%	-18.2%	-28.4%	-22.4%	-34.1%	-8.4%	-6.6%	3.7%	8.2%	20.3%	30.4%	27.4%	31.0%	14.1%	19.8%	20.8%	17.2%	18.0%	10.5%	17.4%	19.5%	17.6%
Finance costs	1	0.9	1	1	1.1	1.1	1.2	1.2	1.4	1.5	1.6	1.5	1.6	2.9	3.3	2.3	1.3	1.3	1.4	1.4	1.5	1.8	2.7	2.9	2.9	3.2	3.2	3	1.2	1.4	0.9	0.8	0.4
Depreciation	23.2	23.1	23.1	22.9	22.2	35.5	22.9	22.9	21.5	22.7	21.3	21.5	21.7	20.4	20.8	20.4	18.7	18.9	19	18.6	17.2	17.1	17.4	17.4	16.7	16.9	16.4	16.5	12.6	13	13	12.5	12.3
Profit before tax	3.4	22	0.8	16.8	9.3	7.3	−9.1	−6.6	−18.2	−21	−26.8	−148	−48.3	−57	−51.4	−61.9	−29.2	−26.9	−11.3	−6	14.7	36.1	29	28.1	1.8	11.2	13.7	6.8	14	2.7	12.3	13.3	10.9
Tax	2.9	−3.1	−2.4	4.2	8.2	2.3	1	3.1	1.3	2.1	−0.7	−2	−1.5	−11.6	−1.1	−1.5	−2.6	−1.9	1.4	2.7	7.3	18	12.1	13.9	7.5	5.3	6.2	3.9	5.1	5.6	8.3	6.6	6.7
Net profit	0.6	25.2	3.2	12.6	1.1	5.1	−10.1	−9.6	−19.6	−23	−26.1	−146	−46.8	−45.4	−50.3	−60.4	−26.5	−25	−12.7	−8.7	7.5	18.1	16.9	14.2	−5.5	5.9	7.5	2.9	9	−2.9	4.1	6.8	4.3
Net margin	0.3%	13.6%	1.8%	7.2%	0.7%	3.3%	-6.4%	-6.8%	-14.3%	-17.5%	-20.4%	-114.9%	-33.5%	-36.0%	-39.4%	-51.0%	-21.3%	-19.9%	-9.0%	-6.2%	5.0%	10.6%	10.6%	9.8%	-4.1%	4.0%	5.0%	2.1%	6.3%	-2.0%	3.1%	5.4%	3.6%
EPS (₹)	0.16	6.70	0.87	3.37	0.25	1.45	-2.79	-2.70	-5.54	-6.52	-7.47	-41.35	-13.27	-14.45	-16.31	-19.57	-8.58	-8.19	-4.20	-2.91	2.40	5.84	5.46	4.51	-1.91	1.89	2.42	0.93	2.86	-0.97	1.28	2.20	1.39
Net profit YoY	−48.1%	+395.1%	+131.8%	+230.6%	+105.5%	+122.1%	+61.4%	+93.4%	+58.2%	+49.4%	+48.1%	−141.2%	–	−71.7%	−100.9%	−375.0%	−454.8%	−238.1%	−175.1%	−161.5%	+236.7%	+205.4%	+126.1%	+381.3%	−160.8%	+304.5%	+83.6%	−56.5%	+108.4%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	701	591	526	492	531	626	569	542	469
Other income	7.2	5.5	4.1	5.5	9.3	14.6	9.2	9.7	9.7
Total expenses	638	623	774	718	614	533	545	509	445
EBITDA	158	75.6	−154	−135	−1.9	171	103	88	75.8
EBITDA margin	22.6%	12.8%	-29.4%	-27.5%	-0.4%	27.3%	18.1%	16.2%	16.2%
Finance costs	4	4.9	6.2	10	5.4	8.8	12.2	4.2	1.3
Depreciation	91.4	103	87.2	80.8	75.3	69.1	66.5	51.1	50.1
Profit before tax	48.9	−26.5	−244	−221	−73.4	108	33.5	42.3	34.1
Tax	6.9	7.7	−2.1	−13.8	−0.4	51.2	22.8	25.5	22.7
Net profit	42.1	−34.2	−242	−207	−72.9	56.7	10.9	16.9	11.6
Net margin	6.0%	-5.8%	-46.0%	-42.0%	-13.7%	9.1%	1.9%	3.1%	2.5%
EPS (₹)	11.19	-9.35	-68.51	-65.60	-23.87	18.20	3.32	5.36	3.70
Net profit YoY	+223.0%	+85.8%	−16.8%	−183.6%	−228.6%	+419.3%	−35.4%	+46.2%	–

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	134	113	104	40.3	91.8
Investing cash flow	−46.2	−106	−76.7	−127	−85.1
Financing cash flow	−18.9	12.8	−56.2	148	−9.5
Capital expenditure	0	0.3	0	0	0
Free cash flow (CFO − capex)	134	113	104	40.3	91.8

Net profit trend

annual, ₹ crore

FY21

₹56.7

FY22

₹−72.9−229%

FY23

₹−207−184%

FY24

₹−242−17%

FY25

₹−34.2+86%

FY26

₹42.1+223%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	23 Jul 2026	PDF XBRL
Q1 FY27	Standalone	23 Jul 2026	PDF XBRL
Q4 FY26	Consolidated · audited	22 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	22 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q3 FY26	Consolidated	28 Jan 2026	PDF XBRL
Q3 FY26	Standalone	28 Jan 2026	PDF XBRL
Q2 FY26	Consolidated	4 Nov 2025	PDF XBRL
Q2 FY26	Standalone	4 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	8 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY2614.69 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 30.7×52.4×

P/B5Y avg 3.51×6.22×

ROEFY26, on average equity12.6%

Net margin6.0%

Debt / equity0.00×

Revenue CAGR (3Y)12.5%

Profit CAGR (3Y)–

EPS (TTM)₹11.08

Market cap₹2,176 Cr

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

P/B vs history

6.22×

vs 8-point avg 3.51× (+77%)

1.34× low3.51× avg6.22× high

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

Balance sheet 31 Mar 2026

Total assets₹745 Cr+11%

Net worth₹350 Cr+11%

Total borrowings₹0 Cr

Cash & bank balances₹123 Cr+178%

Investments₹0 Cr−100%

Inventories₹0 Cr

Trade receivables₹112 Cr+21%

Trade payables₹65 Cr+14%

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	Jul 24	Jun 24	Mar 24	Dec 23
Promoter	55.51	55.68	53.03	53.10	53.17	53.21	53.37	53.44	53.59	51.79	51.89	51.95
FII	11.48	10.02	9.95	9.88	9.89	9.60	9.69	9.65	9.61	10.00	10.06	10.09
DII	1.76	2.03	5.77	5.77	5.61	5.62	5.64	5.64	5.66	5.91	5.92	5.93
of which MF	1.52	1.79	5.45	5.54	5.55	–	–	–	–	–	–	–
Retail	26.54	26.46	25.55	25.42	25.55	25.92	25.49	25.66	25.37	26.60	26.38	26.27
Other public	4.71	5.81	5.70	5.83	5.78	5.65	5.81	5.61	5.77	5.70	5.75	5.76

32,100 shareholders · NSE shareholding pattern filings.