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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q2 FY20

₹ 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
Revenue from operations	1,014	932	1,092	1,035	960	918	1,011	867	879	943	923	987	928	875	645	600	602	590	543	433	429	407	201	180	116	162	168	180
Other income	9.3	24.8	1.6	1.1	1.1	0.9	6.8	15.4	3	4.2	1.4	2.8	2.6	6.5	4.4	4	4.2	2	3.2	0.8	3.6	4.9	0.9	1.9	1.8	1.4	1.5	1.8
Total expenses	936	904	1,010	985	913	881	953	820	784	853	870	892	867	904	570	507	495	461	446	374	365	354	169	154	105	138	143	152
EBITDA	138	87.4	143	109	102	93	125	107	154	148	117	148	133	47	92.2	101	116	138	106	65.6	74.2	65.2	35.1	29.4	14.5	27.8	27.9	31.2
EBITDA margin	13.6%	9.4%	13.1%	10.6%	10.6%	10.1%	12.4%	12.4%	17.5%	15.7%	12.7%	15.0%	14.3%	5.4%	14.3%	16.8%	19.2%	23.3%	19.6%	15.2%	17.3%	16.0%	17.5%	16.3%	12.5%	17.1%	16.6%	17.3%
Finance costs	9.8	7.8	11.4	9.4	8.3	9.4	12.8	9.8	10.6	13.5	16.1	8.5	26	33.7	7.4	−1.5	−0.1	−0.3	0.8	−0.9	2.6	4.2	0	3.4	0	0	0	0
Depreciation	49.7	51.2	49.5	49.3	47.1	46.7	54.8	50.3	48.2	44.3	48.2	44.2	45.9	42.4	10	9.3	9.2	9.2	8.6	8.2	7.8	7.8	3.6	0	3.2	3	3	2.6
Profit before tax	87.4	−503	83.5	51.8	47.9	37.8	64.3	62.4	98.1	−231	53.9	97.9	63.7	−683	79.2	97	111	131	100	59.1	67.5	58.1	32.3	27.9	13.1	26.2	26.4	30.4
Tax	22.8	15.1	22	13.4	12.7	1.6	16.8	16.5	25.3	26.9	14.5	26.3	16.9	−4.3	20.5	24.7	28.5	30.9	24	16	17.5	15.5	7.9	7.2	3.4	7.6	6.6	4.3
Net profit	64.6	−518	61.6	38.3	35.3	36.2	47.5	45.9	72.9	−258	39.4	71.6	46.8	−679	58.7	72.2	82.3	99.8	76.1	43.1	50	42.5	24.4	20.7	9.6	18.5	19.8	26.1
Net margin	6.4%	-55.6%	5.6%	3.7%	3.7%	3.9%	4.7%	5.3%	8.3%	-27.3%	4.3%	7.3%	5.0%	-77.6%	9.1%	12.0%	13.7%	16.9%	14.0%	10.0%	11.6%	10.4%	12.1%	11.5%	8.3%	11.4%	11.7%	14.5%
EPS (₹)	3.13	-25.09	2.99	1.85	1.71	1.75	2.30	2.22	3.53	-12.49	1.92	3.46	2.30	-36.37	3.64	4.49	5.11	6.20	4.73	2.68	3.10	2.64	2.03	1.73	0.80	1.54	1.66	2.17
Net profit YoY	+83.2%	−1531.9%	+29.5%	−16.5%	−51.6%	+114.0%	+20.7%	−35.9%	+55.7%	+62.0%	−32.9%	−0.9%	−43.2%	−780.0%	−22.9%	+67.6%	+64.8%	+134.7%	+211.9%	+108.0%	+418.6%	+129.4%	+23.4%	−20.6%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Revenue from operations	4,020	3,674	3,781	2,726	1,995	1,370	700
Other income	28.6	26.1	11	14.9	9.7	12.3	6.6
Total expenses	3,812	3,438	3,482	2,477	1,647	1,198	589
EBITDA	442	479	546	360	384	209	122
EBITDA margin	11.0%	13.0%	14.4%	13.2%	19.2%	15.2%	17.4%
Finance costs	37	42.6	64.2	39.5	2.2	6.5	0
Depreciation	197	200	182	70.9	33.8	29.8	11.1
Profit before tax	−320	263	−15.5	−396	357	185	117
Tax	63.2	60.1	84.6	69.4	88.5	48	30.5
Net profit	−383	203	−100	−466	269	137	86.9
Net margin	-9.5%	5.5%	-2.6%	-17.1%	13.5%	10.0%	12.4%
EPS (₹)	-25.09	9.81	-4.88	-27.85	16.71	8.49	7.23
Net profit YoY	−289.1%	+302.3%	+78.5%	−273.1%	+96.9%	+57.3%	–

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	409	373	271	238	27.3
Investing cash flow	−339	−113	−312	−1,150	−69.9
Financing cash flow	−8.9	−213	−231	1,172	−50.3
Capital expenditure	136	119	82.1	45.2	62.4
Free cash flow (CFO − capex)	273	254	188	193	−35.2

Net profit trend

annual, ₹ crore

FY21

₹137

FY22

₹269+97%

FY23

₹−466−273%

FY24

₹−100+79%

FY25

₹203+302%

FY26

₹−383−289%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	11 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	11 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	29 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	29 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	14 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	14 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	10 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	10 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	8 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	8 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2525.67 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16

Key ratios

P/E (TTM)5Y avg 51.7×-22.6×

P/B5Y avg 4.18×2.24×

ROEFY26, on average equity-10.1%

Net margin-9.5%

Debt / equity0.09×

Revenue CAGR (3Y)13.8%

Profit CAGR (3Y)–

EPS (TTM)₹-17.12

Market cap₹7,980 Cr

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

P/B vs history

2.24×

vs 8-point avg 4.18× (−46%)

1.96× low4.18× avg12.10× high

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

Balance sheet 31 Mar 2026

Total assets₹4,861 Cr−6%

Net worth₹3,560 Cr−11%

Total borrowings₹322 Cr+31%

Cash & bank balances₹158 Cr+63%

Investments₹231 Cr+2381238%

Inventories₹1,099 Cr+2%

Trade receivables₹703 Cr−4%

Trade payables₹678 Cr+9%

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	56.07	56.07	56.07	56.07	56.07	56.07	56.07	56.07	56.07	56.07	56.07	56.07
FII	3.98	4.38	4.65	5.01	5.00	4.99	5.01	5.16	4.74	3.77	3.67	3.69
DII	14.35	13.47	12.78	12.39	12.55	12.97	12.65	12.37	12.81	13.31	13.77	13.61
of which MF	14.11	13.28	12.60	12.22	12.29	–	–	–	–	–	–	–
Retail	9.23	9.10	9.41	9.56	9.42	9.12	9.54	9.63	9.61	10.02	9.68	9.82
Other public	16.37	16.98	17.09	16.97	16.96	16.85	16.73	16.77	16.77	16.83	16.81	16.81

63,783 shareholders · NSE shareholding pattern filings.