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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY17

₹ 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 FY17
Revenue from operations	1,217	1,217	1,099	908	1,015	947	1,074	1,054	1,005	1,023	1,058	981	892	892	777	824	699	719	601	579	417	520	403	252	114	240	286	294	401	0
Other income	3.4	1.9	1.8	5.8	3.6	11.5	3.6	2.5	9	18.6	1.5	4.2	4.7	1.8	0.7	0.8	0.6	0	1.6	0.6	0.6	2.4	1.3	1	1	4.4	1.4	0.6	0.4	0
Total expenses	1,155	1,154	1,071	919	995	982	948	920	897	913	942	876	793	787	685	728	623	644	532	509	381	470	382	251	160	254	284	292	380	0
EBITDA	218	208	163	123	149	98.5	232	233	208	217	224	206	192	194	173	175	150	148	141	131	95.8	106	75.9	45.4	−4.8	36.2	49.2	48.7	73.6	0
EBITDA margin	18.0%	17.1%	14.9%	13.5%	14.6%	10.4%	21.6%	22.1%	20.7%	21.3%	21.2%	20.9%	21.5%	21.8%	22.2%	21.3%	21.4%	20.5%	23.5%	22.6%	23.0%	20.4%	18.8%	18.0%	-4.2%	15.1%	17.2%	16.6%	18.4%	–
Finance costs	57.1	57.3	51.1	53.3	48.6	48.6	42.2	38.5	37.8	35.7	41	39.1	35.9	33.5	31.2	29	26.5	27	27	21.4	20.5	19.1	21.9	19.8	19.1	20.3	18.9	18.9	20.7	0
Depreciation	99.4	88.4	84.4	80.4	79.7	84.7	63.8	60.4	62.5	71.9	67.6	60.9	57.1	55.8	49	49.7	47.1	45.7	45.1	39.6	38.9	36.7	32.7	24.8	22.4	30.2	29.2	28.5	32.7	0
Profit before tax	65.3	64	19.3	−10.3	17.3	−23.6	129	136	116	128	117	110	104	106	93.5	97.5	77	75	70.7	70.6	36.9	52.7	22.5	1.8	−45.3	−9.8	2.5	1.9	20.6	0
Tax	17.9	2.9	4.5	−0.8	5.5	−223	29.4	27.8	35.2	34.4	30.5	27.6	25.1	38	32.5	30.3	25.6	−8.9	25.3	26.6	12.2	18.8	7.7	0.4	−15.9	−2.7	0.3	0.7	6.8	0
Net profit	46.9	55.9	13.6	−9.5	11.8	200	99.6	190	80.9	93.8	86.9	82.2	78.5	68.5	61	67.2	51.4	83.9	45.4	44.1	24.7	33.9	14.8	1.5	−29.5	−7.2	2.3	1.2	13.8	0
Net margin	3.9%	4.6%	1.2%	-1.0%	1.2%	21.1%	9.3%	18.0%	8.0%	9.2%	8.2%	8.4%	8.8%	7.7%	7.9%	8.2%	7.3%	11.7%	7.5%	7.6%	5.9%	6.5%	3.7%	0.6%	-25.9%	-3.0%	0.8%	0.4%	3.4%	–
EPS (₹)	2.58	3.09	0.75	-0.53	0.65	11.04	5.51	5.98	4.48	5.19	5.02	5.14	4.91	4.28	3.82	4.20	3.22	5.31	14.18	13.78	7.73	10.61	4.64	0.45	-9.11	-2.32	0.70	0.37	4.23	0.00
Net profit YoY	+297.7%	−72.0%	−86.4%	−105.0%	−85.4%	+112.9%	+14.7%	+130.9%	+3.0%	+37.1%	+42.3%	+22.3%	+52.8%	−18.4%	+34.6%	+52.6%	+108.1%	+147.7%	+206.4%	+2935.0%	+183.8%	+572.5%	+549.3%	+21.3%	−313.7%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY17
Revenue from operations	4,238	4,034	3,955	3,193	2,320	1,289	1,216	1,509
Other income	13.1	26.4	28.9	4	1.5	5.6	6.8	4.4
Total expenses	4,139	3,912	3,524	2,822	2,069	1,263	1,208	1,378
EBITDA	643	560	840	692	517	223	207	288
EBITDA margin	15.2%	13.9%	21.2%	21.7%	22.3%	17.3%	17.0%	19.1%
Finance costs	210	166	152	120	95.9	79.8	78.7	72.5
Depreciation	333	271	258	202	169	117	121	84.7
Profit before tax	102	148	459	374	253	31.7	14.8	135
Tax	12.2	−184	118	126	55.2	11.1	5.1	40.1
Net profit	71.8	415	341	248	198	20.7	9.7	94.9
Net margin	1.7%	10.3%	8.6%	7.8%	8.5%	1.6%	0.8%	6.3%
EPS (₹)	3.97	18.33	20.27	15.52	12.43	6.44	2.97	30.23
Net profit YoY	−82.7%	+21.6%	+37.6%	+25.3%	+858.1%	+113.2%	–	–

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	840	32.5	621	745	43.1
Investing cash flow	−929	−916	−1,117	−299	−354
Financing cash flow	235	727	625	−438	280
Capital expenditure	924	977	589	357	300
Free cash flow (CFO − capex)	−83.9	−944	31.9	389	−257

Net profit trend

annual, ₹ crore

FY21

₹20.7

FY22

₹198+858%

FY23

₹248+25%

FY24

₹341+38%

FY25

₹415+22%

FY26

₹71.8−83%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	24 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	24 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	1 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	1 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	–	PDF on NSE XBRL
Q3 FY26	Consolidated	27 Jan 2026	PDF XBRL
Q3 FY26	Standalone	–	PDF on NSE XBRL
Q3 FY26	Standalone	27 Jan 2026	PDF XBRL
Q2 FY26	Consolidated	12 Nov 2025	PDF XBRL
Q2 FY26	Standalone	12 Nov 2025	PDF XBRL

Annual reports

NSE archive

FY266.44 MB FY252.51 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 52.3×119.6×

P/B5Y avg 4.48×3.88×

ROEFY26, on average equity2.3%

Net margin1.7%

Debt / equity0.71×

Revenue CAGR (3Y)9.9%

Profit CAGR (3Y)-33.9%

EPS (TTM)₹5.89

Market cap₹12,783 Cr

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

P/B vs history

3.88×

vs 8-point avg 4.48× (−13%)

2.57× low4.48× avg7.56× high

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

Balance sheet 31 Mar 2026

Total assets₹7,178 Cr+9%

Net worth₹3,290 Cr+8%

Total borrowings₹2,335 Cr+16%

Cash & bank balances₹162 Cr+912%

Investments₹4 Cr−64%

Inventories₹1,246 Cr−1%

Trade receivables₹795 Cr−18%

Trade payables₹1,145 Cr+6%

Change vs the same date a year earlier.

Revenue mix FY24

Forging Components93.7%result ₹594 Cr

Others6.3%result ₹17.4 Cr

Segment revenue as reported, before inter-segment eliminations.

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	Nov 23
Promoter	43.39	43.33	43.13	43.13	43.13	43.13	43.16	43.17	43.17	43.17	43.14	43.14
FII	20.43	21.74	21.05	22.71	24.45	24.47	24.04	24.25	23.76	24.54	23.59	23.67
DII	5.09	4.45	4.02	3.50	3.59	6.00	5.41	5.13	4.27	3.68	3.62	4.32
of which MF	1.91	1.33	0.98	1.09	1.65	–	–	–	–	–	–	–
Retail	19.94	20.04	21.56	20.52	18.93	17.71	18.53	18.47	19.16	18.95	19.58	19.30
Other public	10.95	10.32	10.12	10.02	9.77	8.56	8.84	8.97	9.56	9.58	9.98	9.48

1,05,810 shareholders · NSE shareholding pattern filings.