Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q1 FY19
| ₹ 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 | Q1 FY19 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 6,344 | 4,001 | 4,297 | 6,235 | 5,908 | 4,108 | 5,033 | 7,258 | 7,193 | 4,686 | 4,657 | 7,137 | 5,565 | 4,159 | 4,086 | 6,229 | 6,172 | 4,160 | 4,202 | 5,713 | 4,336 | 4,179 | 3,832 | 5,161 | 3,533 | 3,626 | 3,955 | 5,822 | 5,467 | 4,013 | 4,116 | 5,751 | 7,617 |
| Other income | 64.2 | 153 | 66.1 | 74.6 | 128 | 160 | 96.5 | 87.5 | 63.4 | 97.3 | 59.8 | 237 | 80.7 | 55.2 | 139 | 182 | 177 | 308 | 79.5 | 47.1 | 287 | 432 | 179 | 95.9 | 254 | 387 | 572 | 535 | 607 | 221 | 445 | 1,457 | 611 |
| Total expenses | 7,253 | 5,420 | 4,076 | 5,272 | 6,470 | 4,828 | 4,963 | 6,450 | 6,799 | 5,287 | 5,069 | 7,101 | 6,372 | 5,357 | 4,841 | 6,395 | 6,714 | 3,987 | 4,829 | 5,903 | 5,209 | 5,240 | 4,951 | 5,605 | 4,749 | 4,942 | 4,889 | 5,835 | 5,766 | 4,493 | 4,811 | 5,797 | 7,963 |
| EBITDA | −153 | −721 | 1,036 | 1,775 | 222 | 14.3 | 895 | 1,636 | 1,211 | 317 | 545 | 1,033 | 134 | −189 | 269 | 766 | 334 | 1,031 | 208 | 634 | −44.4 | −35 | −17.8 | 514 | −221 | −270 | −27.8 | 883 | 636 | 888 | 691 | 1,508 | 1,812 |
| EBITDA margin | -2.4% | -18.0% | 24.1% | 28.5% | 3.8% | 0.3% | 17.8% | 22.5% | 16.8% | 6.8% | 11.7% | 14.5% | 2.4% | -4.6% | 6.6% | 12.3% | 5.4% | 24.8% | 4.9% | 11.1% | -1.0% | -0.8% | -0.5% | 10.0% | -6.3% | -7.5% | -0.7% | 15.2% | 11.6% | 22.1% | 16.8% | 26.2% | 23.8% |
| Finance costs | 413 | 348 | 442 | 444 | 409 | 375 | 468 | 472 | 470 | 552 | 578 | 610 | 571 | 643 | 657 | 567 | 527 | 527 | 504 | 516 | 513 | 702 | 746 | 616 | 662 | 675 | 566 | 560 | 595 | 1,009 | 1,065 | 1,236 | 1,638 |
| Depreciation | 342 | 350 | 373 | 368 | 375 | 360 | 359 | 355 | 348 | 366 | 379 | 387 | 371 | 366 | 368 | 365 | 350 | 331 | 330 | 308 | 315 | 324 | 355 | 342 | 331 | 370 | 340 | 337 | 339 | 360 | 321 | 318 | 520 |
| Profit before tax | −704 | −1,762 | 307 | 2,546 | −434 | −45.6 | −2,905 | 4,552 | 457 | −284 | −227 | 273 | −1,082 | −3,535 | −616 | 16.3 | −365 | 480 | −547 | −142 | −586 | −598 | −845 | −348 | −962 | −1,055 | −361 | 523 | 308 | −2,124 | −250 | −2,789 | 265 |
| Tax | −2.3 | −611 | −2.3 | −6.6 | −6.4 | −2.5 | 4.7 | 0.2 | −8.8 | 20.6 | 15 | 5.4 | −0.1 | −1.3 | 7.8 | −2.7 | 3.6 | 1.2 | 5.7 | 10.9 | 4.8 | −10.7 | −120 | −30.7 | −5.7 | −34 | −19.2 | 7.6 | −5.3 | 60.2 | −19 | 47 | −269 |
| Net profit | 768 | 1,640 | 317 | 2,575 | 305 | 8,262 | −3,186 | 4,195 | −92.8 | −97.6 | −301 | −182 | −567 | −2,484 | −127 | −24.7 | 91.6 | −565 | 91 | −248 | −85.5 | −20.3 | 430 | −256 | −288 | −121 | 371 | 326 | 332 | −3,234 | 346 | 277 | 294 |
| Net margin | 12.1% | 41.0% | 7.4% | 41.3% | 5.2% | 201.1% | -63.3% | 57.8% | -1.3% | -2.1% | -6.5% | -2.6% | -10.2% | -59.7% | -3.1% | -0.4% | 1.5% | -13.6% | 2.2% | -4.3% | -2.0% | -0.5% | 11.2% | -5.0% | -8.1% | -3.3% | 9.4% | 5.6% | 6.1% | -80.6% | 8.4% | 4.8% | 3.9% |
| EPS (₹) | 9.10 | 22.47 | 0.27 | 46.67 | 2.20 | 110.75 | -83.26 | 103.06 | -5.90 | -5.22 | -10.10 | -8.21 | -19.13 | -78.83 | -9.82 | -6.17 | -2.51 | -17.08 | -4.07 | -10.92 | -3.62 | -1.77 | 3.04 | -10.55 | -10.97 | -5.85 | 13.14 | 10.76 | 11.39 | -125.52 | 2.86 | -127.74 | 10.33 |
| Net profit YoY | +151.4% | −80.1% | +110.0% | −38.6% | +429.0% | +8562.5% | −958.6% | +2403.8% | +83.6% | +96.1% | −136.5% | −638.4% | −719.4% | −339.5% | −239.9% | +90.1% | +207.2% | −2682.3% | −78.8% | +3.1% | +70.3% | +83.2% | +15.7% | −178.6% | −186.7% | +96.3% | +7.3% | +17.5% | +13.0% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 20,441 | 23,592 | 22,067 | 20,646 | 18,411 | 16,705 | 18,870 | 19,279 |
| Other income | 422 | 407 | 452 | 515 | 721 | 960 | 2,102 | 2,729 |
| Total expenses | 22,563 | 23,041 | 23,829 | 23,269 | 19,927 | 20,544 | 21,432 | 21,007 |
| EBITDA | 1,004 | 3,756 | 2,051 | 1,219 | 1,828 | 240 | 1,221 | 4,162 |
| EBITDA margin | 4.9% | 15.9% | 9.3% | 5.9% | 9.9% | 1.4% | 6.5% | 21.6% |
| Finance costs | 1,660 | 1,784 | 2,310 | 2,393 | 2,060 | 2,727 | 2,396 | 4,571 |
| Depreciation | 1,466 | 1,421 | 1,503 | 1,449 | 1,283 | 1,352 | 1,387 | 1,318 |
| Profit before tax | −668 | 2,058 | −1,320 | −4,500 | −795 | −2,753 | −586 | −5,063 |
| Tax | −627 | −6.2 | 41 | 7.4 | 22.6 | −167 | −50.9 | −181 |
| Net profit | 4,838 | 9,177 | −1,148 | −2,564 | −808 | −134 | 908 | −2,323 |
| Net margin | 23.7% | 38.9% | -5.2% | -12.4% | -4.4% | -0.8% | 4.8% | -12.0% |
| EPS (₹) | 71.44 | 124.64 | -42.66 | -112.98 | -35.68 | -20.24 | 29.44 | -245.95 |
| Net profit YoY | −47.3% | +899.4% | +55.2% | −217.4% | −500.8% | −114.8% | +139.1% | – |
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 | 2,362 | 3,657 | 4,097 | 3,458 | 2,980 |
| Investing cash flow | −1,273 | −1,731 | 415 | −1,333 | −502 |
| Financing cash flow | −1,775 | −1,252 | −3,648 | −2,242 | −2,122 |
| Capital expenditure | 1,693 | 1,322 | 927 | 981 | 810 |
| Free cash flow (CFO − capex) | 669 | 2,335 | 3,171 | 2,477 | 2,170 |
Net profit trend
annual, ₹ croreFY21
₹−134
FY22
₹−808−501%
FY23
₹−2,564−217%
FY24
₹−1,148+55%
FY25
₹9,177+899%
FY26
₹4,838−47%
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 | 23 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 24 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 31 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 31 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | – | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 11 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | – | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 11 Nov 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 0.9×0.3×
P/B5Y avg 0.71×0.10×
ROEFY26, on average equity30.0%
Net margin23.7%
Debt / equity0.27×
Revenue CAGR (3Y)-0.3%
Profit CAGR (3Y)–
EPS (TTM)₹129.71
Market cap₹1,847 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.10×
vs 8-point avg 0.71× (−85%)
0.10× low0.71× avg1.27× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹71,160 Cr+8%
Net worth₹17,873 Cr+24%
Total borrowings₹4,804 Cr−24%
Cash & bank balances₹1,709 Cr−29%
Investments₹10,319 Cr+19%
Inventories₹152 Cr−15%
Trade receivables₹1,182 Cr−23%
Trade payables₹17,232 Cr+1%
Change vs the same date a year earlier.
Revenue mix FY26
Power Business91.5%result ₹6,388 Cr
Infrastructure Business5.6%result ₹145 Cr
Others1.9%result ₹41.4 Cr
Engineering and Construction Business0.9%result ₹3.1 Cr
Segment revenue as reported, before inter-segment eliminations.