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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q2 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	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q3 FY19	Q4 FY18	Q2 FY18
Revenue from operations	41.7	38.7	36.4	34.8	32.7	27.5	23.8	21.1	20.2	19.1	17.1	17.7	17.5	16.2	13.6	14.2	13.8	12.5	12.5	12.7	10.4	8.9	7.9	6.4	0.5	5.3	5.6	6	4.3	3.9	4.7
Other income	0.3	0.3	0.2	0.3	0.2	5	0	0.1	0	0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.2	0.1	0.2	0.1	0.1	0	0.1	0.1	0.1	0.1	0	0.1
Total expenses	39.3	37.4	34.1	32.7	30.4	30	25.6	22.7	22.3	18.3	18	17.5	18.9	17.2	13.7	14.9	14.7	13.6	13.9	13.4	11.8	11.1	10.5	8.3	3.5	8.9	7.7	8.5	5.9	5.4	6.8
EBITDA	4.6	3.4	4.1	3.9	4	−0.7	−0	−0.1	−0.4	2.3	0.6	1.8	0.1	0.5	1.4	0.7	0.5	0.2	0.6	1.5	0.8	−0.1	−0.2	0.5	−0.8	−1.5	−0.1	−0.6	0.2	0.5	−0.4
EBITDA margin	11.0%	8.8%	11.2%	11.3%	12.3%	-2.7%	-0.1%	-0.3%	-1.8%	12.1%	3.2%	10.1%	0.7%	3.0%	10.0%	4.8%	3.8%	1.5%	4.9%	11.8%	7.3%	-0.7%	-2.4%	7.9%	-152.2%	-27.2%	-2.3%	-10.6%	5.6%	11.8%	-9.5%
Finance costs	0.6	0.5	0.3	0.3	0.3	0.3	0.3	0.1	0.3	0.2	0.2	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.8	1.1	1.1	1.2	1.2	1.3	1.1	1.1	0.9	0.8	0.6	0.6	0.5
Depreciation	1.6	1.6	1.4	1.5	1.4	1.4	1.4	1.4	1.4	1.3	1.3	1.2	1.2	1.2	1.2	1.2	1.2	1.1	1.2	1.1	1.1	1	1.1	1.1	1	1	1.1	1.1	1.2	1.4	1.1
Profit before tax	2.7	1.6	2.5	2.5	2.4	7.3	1.6	−1.5	−2.1	0.9	−0.8	0.4	−1.3	−0.9	−0	−0.6	−0.7	−0.9	−1.2	−0.5	−1.3	−4.2	−2.5	−1.8	−1.3	−3.5	−2	−2.4	−1.4	−1.5	−2
Tax	0.7	0.4	0.6	0.6	0.6	1.9	0.4	−0.4	−0.5	0.4	−0.2	0.1	−0.3	−0.2	−0	−0.2	−0.2	−0.2	−0.3	−0.1	−0.3	−1.1	−0.6	−0.1	−0.7	−0.1	−0.7	−0.6	−0.4	−0.2	−0.5
Net profit	2.1	1.2	1.9	1.9	1.8	5.5	1.2	−1.1	−1.5	0.4	−0.6	0.3	−1	−0.7	−0	−0.5	−0.5	−0.6	−0.9	−0.4	−1	−3.2	−1.9	−1.7	−0.6	−3.3	−1.3	−1.8	−1	−1.3	−1.5
Net margin	4.9%	3.1%	5.2%	5.3%	5.6%	19.8%	5.0%	-5.3%	-7.6%	2.3%	-3.5%	1.6%	-5.6%	-4.0%	-0.2%	-3.3%	-3.9%	-5.2%	-7.5%	-3.2%	-9.5%	-35.7%	-23.7%	-26.8%	-111.4%	-62.6%	-23.5%	-29.5%	-24.3%	-33.6%	-31.2%
EPS (₹)	0.42	0.25	0.39	0.38	0.45	1.34	0.29	-0.28	-0.38	0.11	-0.15	0.07	-0.24	-0.16	-0.01	-0.11	-0.13	-0.16	-0.23	-0.10	-0.24	-0.78	-0.46	-0.42	-0.14	-0.82	-0.32	-0.43	-0.26	-0.32	-0.36
Net profit YoY	+12.2%	−78.0%	+59.7%	+264.5%	+218.8%	+1141.0%	+296.0%	−505.2%	−57.3%	+167.2%	−1771.6%	+159.7%	−84.0%	−1.5%	+96.5%	−16.4%	+46.2%	+79.7%	+50.1%	+76.6%	−71.6%	+5.2%	−41.8%	+2.9%	–	–	−25.6%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY18
Revenue from operations	143	92.6	71.5	57.7	48	23.7	20.4	15.8
Other income	1	5.2	0.4	0.5	0.6	0.4	0.5	0.1
Total expenses	135	101	72.7	60.5	52.8	33.4	31.3	22.9
EBITDA	15.4	−1.2	4.8	3	3.1	−0.5	−2.9	−1.4
EBITDA margin	10.8%	-1.3%	6.7%	5.3%	6.4%	-2.2%	-14.1%	-9.1%
Finance costs	1.4	1	1	1	3.3	4.9	3.5	2.6
Depreciation	5.9	5.7	5	4.8	4.5	4.2	4.4	3.2
Profit before tax	9.1	5.4	−0.9	−2.2	−4	−9.8	−10.4	−7.1
Tax	2.3	1.4	−0	−0.6	−1	−2.5	−1.9	−1.9
Net profit	6.8	4	−0.9	−1.7	−3	−7.3	−8.5	−5.1
Net margin	4.8%	4.3%	-1.2%	-2.9%	-6.2%	-30.9%	-41.7%	-32.6%
EPS (₹)	1.39	0.98	-0.21	-0.41	-0.73	-1.80	-2.10	-1.27
Net profit YoY	+70.5%	+558.2%	+48.5%	+43.2%	+59.5%	+13.9%	–	–

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	−1.7	0.3	3.6	−0.8	2.5
Investing cash flow	−18.6	−6.6	−10.6	−3.5	−6.7
Financing cash flow	19.9	6.7	7	4.3	5.3
Capital expenditure	18.6	7.2	11.6	3.5	6.8
Free cash flow (CFO − capex)	−20.3	−7	−8	−4.3	−4.2

Net profit trend

annual, ₹ crore

FY21

₹−7.3

FY22

₹−3+60%

FY23

₹−1.7+43%

FY24

₹−0.9+49%

FY25

₹4+558%

FY26

₹6.8+71%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	29 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	29 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	25 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	25 Apr 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	23 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	23 Jan 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	17 Oct 2025	PDF on NSE XBRL
Q2 FY26	Standalone	17 Oct 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	23 Jul 2025	PDF XBRL
Q1 FY26	Standalone	23 Jul 2025	PDF XBRL

Annual reports

NSE archive

FY263.56 MB FY2513.63 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 24.8×17.1×

P/B5Y avg 15.88×2.63×

ROEFY26, on average equity21.3%

Net margin4.8%

Debt / equity2.11×

Revenue CAGR (3Y)35.2%

Profit CAGR (3Y)–

EPS (TTM)₹1.44

Market cap₹120 Cr

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

P/B vs history

2.63×

vs 8-point avg 15.88× (−83%)

2.60× low15.88× avg54.85× high

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

Balance sheet 31 Mar 2026

Total assets₹151 Cr+23%

Net worth₹46 Cr+153%

Total borrowings₹96 Cr+0%

Cash & bank balances₹0 Cr−81%

Investments₹1 Cr+4%

Inventories₹14 Cr+53%

Trade receivables₹13 Cr+15%

Trade payables₹7 Cr−10%

Change vs the same date a year earlier.

Revenue mix FY26

Reclaimed Rubber99.8%result ₹10.9 Cr

Non Conventional Energy0.2%result ₹−1.4 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 4 Aug 2026

%	Aug 26	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	40.39	40.66	40.66	40.66	40.66	40.50	40.50	40.50	40.50	40.50	40.50	40.50
FII	17.26	15.33	19.96	20.03	19.96	12.17	12.17	12.21	12.21	12.21	12.21	12.21
Retail	20.57	21.56	21.57	21.38	21.42	25.55	25.58	25.51	24.69	24.88	25.58	25.69
Other public	21.78	22.45	17.81	17.93	17.96	21.78	21.75	21.78	22.60	22.41	21.71	21.60

15,993 shareholders · NSE shareholding pattern filings.