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 FY22 | Q2 FY22 | Q1 FY22 | Q4 FY21 | Q3 FY21 | Q2 FY21 | Q1 FY21 | Q4 FY20 | Q3 FY20 | Q2 FY20 | Q1 FY20 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 916 | 934 | 576 | 427 | 383 | 628 | 717 | 528 | 595 | 342 | 306 | 352 | 382 | 630 | 89.7 | 93.9 | 83.4 | 152 | 144 | 258 | 78 | 124 | 237 | 161 | 139 | 461 |
| Other income | 12.3 | 3.9 | 5.8 | 5.2 | 10.7 | 16.1 | 24.8 | 7.1 | 2.1 | 8 | 3.2 | 5.2 | 1.9 | 1.8 | 0.9 | 1.5 | 1.4 | 3.9 | 0 | 0.5 | 0.1 | 2.1 | 0 | 1.7 | 1 | 1.9 |
| Total expenses | 828 | 790 | 500 | 368 | 369 | 584 | 683 | 493 | 558 | 314 | 284 | 327 | 355 | 564 | 81.2 | 85.4 | 75.4 | 143 | 129 | 236 | 71 | 121 | 213 | 148 | 130 | 434 |
| EBITDA | 107 | 160 | 89.8 | 70.5 | 37.8 | 63.8 | 51.1 | 46.4 | 48.4 | 41.3 | 34.3 | 34.2 | 36.4 | 73.5 | 12.3 | 12.2 | 11.6 | 21.7 | 16.1 | 22.3 | 7.7 | 4.4 | 24.3 | 12.6 | 10 | 28.3 |
| EBITDA margin | 11.7% | 17.1% | 15.6% | 16.5% | 9.9% | 10.2% | 7.1% | 8.8% | 8.1% | 12.1% | 11.2% | 9.7% | 9.5% | 11.7% | 13.7% | 13.0% | 13.9% | 14.2% | 11.1% | 8.6% | 9.8% | 3.5% | 10.3% | 7.9% | 7.2% | 6.1% |
| Finance costs | 12.9 | 10.1 | 9.1 | 6.6 | 9.9 | 8.8 | 7.7 | 5.4 | 5.8 | 8.5 | 8.3 | 6.2 | 6.4 | 5.9 | 2.4 | 2.3 | 2.2 | 8.3 | 0.2 | 0.2 | 0.2 | 0.9 | 0 | 0.4 | 0 | 0.3 |
| Depreciation | 5.8 | 5.3 | 5 | 5.2 | 14.1 | 11.6 | 8.9 | 6.4 | 5.6 | 4.2 | 4 | 2.9 | 2.5 | 1.9 | 1.4 | 1.4 | 1.5 | 4.3 | 0.3 | 0.3 | 0.3 | 0.7 | 0.3 | −0.2 | 0.2 | 1 |
| Profit before tax | 101 | 148 | 81.4 | 63.9 | 24.4 | 59.5 | 59.3 | 42 | 39.1 | 36.6 | 25.2 | 30.3 | 29.2 | 67.9 | 9.5 | 10.1 | 9.4 | 12.9 | 15.5 | 22.3 | 7.1 | −0.9 | 24 | 14.1 | 10.8 | 28.9 |
| Tax | 26 | 42 | 20 | 18.6 | 3.9 | 11.6 | 9.3 | 11 | 9.7 | 3.2 | 8.3 | 8.9 | 7.9 | 17.2 | 2.6 | 2.6 | 2.3 | 5.3 | 3.5 | 6.2 | 1.9 | 3.7 | 6.8 | 3.1 | 2.1 | −2.8 |
| Net profit | 64.6 | 94.4 | 52.7 | 36.2 | 20.4 | 47.9 | 50.1 | 31.1 | 29.3 | 33.4 | 16.9 | 21.4 | 21.3 | 50.7 | 6.8 | 7.5 | 7 | 7.6 | 12 | 16 | 5.3 | −4.6 | 17.3 | 11 | 8.7 | 31.6 |
| Net margin | 7.0% | 10.1% | 9.2% | 8.5% | 5.3% | 7.6% | 7.0% | 5.9% | 4.9% | 9.7% | 5.5% | 6.1% | 5.6% | 8.0% | 7.6% | 8.0% | 8.5% | 5.0% | 8.3% | 6.2% | 6.8% | -3.7% | 7.3% | 6.8% | 6.2% | 6.9% |
| EPS (₹) | 5.38 | 7.46 | 4.57 | 3.50 | 1.59 | 3.71 | 3.99 | 2.60 | 2.54 | 3.02 | 7.64 | 9.70 | 9.62 | 22.92 | 3.26 | 3.57 | 3.36 | 3.62 | 5.74 | 7.62 | 3.42 | -3.02 | 0.00 | 7.08 | 5.62 | 20.44 |
| Net profit YoY | +216.9% | +97.1% | +5.3% | +16.5% | −30.6% | +43.6% | +196.3% | +44.9% | +38.0% | −34.1% | – | – | – | – | −43.2% | −53.2% | +33.4% | +264.1% | −30.2% | +46.0% | −39.2% | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY21 | FY20 | FY18 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,277 | 2,468 | 1,383 | 1,629 | 633 | 661 | 77.4 |
| Other income | 25.3 | 50.4 | 18.3 | 8.3 | 4.4 | 4.8 | 2 |
| Total expenses | 1,972 | 2,318 | 1,280 | 1,481 | 579 | 612 | 77.7 |
| EBITDA | 357 | 210 | 146 | 175 | 67.7 | 51.3 | 1.7 |
| EBITDA margin | 15.7% | 8.5% | 10.6% | 10.7% | 10.7% | 7.8% | 2.2% |
| Finance costs | 32.1 | 27.7 | 29.4 | 19.4 | 9 | 0.9 | 1.2 |
| Depreciation | 20 | 32.6 | 13.5 | 6.9 | 5.3 | 1.4 | 0.8 |
| Profit before tax | 330 | 200 | 121 | 156 | 57.9 | 48 | 1.7 |
| Tax | 88 | 41.5 | 28.4 | 40.3 | 16.9 | 14.9 | 0.8 |
| Net profit | 204 | 158 | 93 | 116 | 40.9 | 33.1 | 0.9 |
| Net margin | 8.9% | 6.4% | 6.7% | 7.1% | 6.5% | 5.0% | 1.2% |
| EPS (₹) | 18.18 | 12.93 | 8.40 | 53.89 | 21.73 | 21.37 | 0.61 |
| Net profit YoY | +28.6% | +70.3% | −19.9% | – | +23.6% | – | – |
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 |
|---|---|---|---|---|
| Operating cash flow | 107 | −265 | 2.9 | 27.6 |
| Investing cash flow | −268 | −89.7 | −41.9 | −77.6 |
| Financing cash flow | 65.4 | 603 | 61.9 | 59.9 |
| Capital expenditure | 0 | 0 | 37.7 | 72 |
| Free cash flow (CFO − capex) | 107 | −265 | −34.8 | −44.4 |
Net profit trend
annual, ₹ croreFY20
₹33.1
FY21
₹40.9+24%
FY23
₹116+184%
FY24
₹93−20%
FY25
₹158+70%
FY26
₹204+29%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 29 Jul 2026 | PDF XBRL |
| Q1 FY27 | Standalone | 29 Jul 2026 | PDF XBRL |
| Q4 FY26 | Consolidated · audited | – | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 26 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 26 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 21 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 21 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 4 Nov 2025 | PDF XBRL |
| Q2 FY26 | Standalone | – | PDF XBRL |
| Q2 FY26 | Standalone | 4 Nov 2025 | PDF XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)15.8×
P/B2.61×
ROEFY26, on average equity15.0%
Net margin8.9%
Debt / equity0.11×
Revenue CAGR (3Y)11.8%
Profit CAGR (3Y)20.6%
EPS (TTM)₹18.07
Market cap₹3,921 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
Balance sheet 31 Mar 2026
Total assets₹2,843 Cr+58%
Net worth₹1,504 Cr+24%
Total borrowings₹162 Cr−6%
Cash & bank balances₹184 Cr−35%
Investments₹0 Cr−100%
Inventories₹76 Cr+926%
Trade receivables₹886 Cr+31%
Trade payables₹464 Cr+170%
Change vs the same date a year earlier.
Revenue mix FY26
Ash & Coal Handling Business83.5%result ₹354 Cr
Windpower9.8%result ₹2.2 Cr
Green mobility4.1%result ₹−38.2 Cr
Refrigerant Gas- Manufacturing(Refilling) and Sales1.4%result ₹−1.3 Cr
Sale Of Service0.6%result ₹3.7 Cr
Solar Power - Generation and Related Activities0.4%result ₹4.4 Cr
Others0.1%result ₹0.1 Cr
Power Trading0.0%result ₹−0.4 Cr
Segment revenue as reported, before inter-segment eliminations.