Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q4 FY21
| ₹ 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 | Q4 FY22 | Q2 FY22 | Q1 FY22 | Q4 FY21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 5,455 | 5,240 | 4,421 | 4,457 | 4,419 | 4,139 | 3,753 | 3,634 | 3,612 | 3,606 | 3,315 | 2,941 | 3,307 | 3,380 | 2,922 | 3,085 | 2,857 | 2,494 | 2,465 | 2,351 |
| Other income | 47.1 | 29.2 | 51.7 | 69.1 | 53.6 | 54.2 | 50.9 | 74.6 | 50.9 | 51 | 39.9 | 38.2 | 33 | 30.9 | 37.6 | 21.7 | 15 | 20.7 | 7.8 | 9.3 |
| Total expenses | 5,033 | 4,813 | 4,203 | 4,179 | 4,084 | 3,896 | 3,540 | 3,402 | 3,288 | 3,325 | 3,130 | 2,846 | 3,058 | 3,131 | 2,864 | 2,967 | 2,291 | 1,935 | 1,845 | 1,811 |
| EBITDA | 765 | 727 | 487 | 539 | 580 | 515 | 456 | 407 | 488 | 442 | 407 | 307 | 405 | 413 | 222 | 244 | 663 | 624 | 688 | 627 |
| EBITDA margin | 14.0% | 13.9% | 11.0% | 12.1% | 13.1% | 12.4% | 12.2% | 11.2% | 13.5% | 12.2% | 12.3% | 10.4% | 12.2% | 12.2% | 7.6% | 7.9% | 23.2% | 25.0% | 27.9% | 26.7% |
| Finance costs | 78.3 | 51.3 | 50.8 | 50.3 | 39.8 | 43.6 | 41.2 | 30.5 | 28.7 | 21.6 | 39.6 | 35.4 | 36.7 | 38.6 | 32.8 | 14.9 | 6.1 | 4.6 | 6.7 | 6.6 |
| Depreciation | 265 | 249 | 218 | 211 | 205 | 229 | 203 | 144 | 136 | 139 | 182 | 177 | 119 | 126 | 132 | 110 | 90.8 | 60.6 | 61.4 | 80.4 |
| Profit before tax | 469 | 456 | 270 | 347 | 389 | 297 | 263 | 307 | 374 | 332 | 226 | 133 | 282 | 280 | 95 | 140 | 581 | 580 | 627 | 549 |
| Tax | 119 | 145 | 72.5 | 86.6 | 98.3 | 77 | 65.8 | 91.1 | 98 | 112 | 99.8 | −349 | 47 | 21 | 30.3 | 29 | 148 | 169 | 169 | 161 |
| Net profit | 351 | 312 | 198 | 260 | 291 | 220 | 197 | 216 | 276 | 220 | 126 | 482 | 235 | 259 | 64.8 | 111 | 433 | 410 | 458 | 388 |
| Net margin | 6.4% | 5.9% | 4.5% | 5.8% | 6.6% | 5.3% | 5.3% | 5.9% | 7.6% | 6.1% | 3.8% | 16.4% | 7.1% | 7.7% | 2.2% | 3.6% | 15.2% | 16.4% | 18.6% | 16.5% |
| EPS (₹) | 12.60 | 11.20 | 7.10 | 9.36 | 10.45 | 7.92 | 7.10 | 7.76 | 9.93 | 7.94 | 4.93 | 18.89 | 9.22 | 10.15 | 2.54 | 0.00 | 17.00 | 16.08 | 19.43 | 16.60 |
| Net profit YoY | +20.7% | +41.5% | +0.1% | +20.8% | +5.3% | +0.1% | +56.8% | −55.3% | +17.4% | −15.0% | +94.2% | +334.6% | – | −40.2% | – | −73.0% | +11.7% | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Revenue from operations | 18,552 | 15,138 | 13,195 | 12,610 | 10,394 | 6,297 |
| Other income | 204 | 231 | 159 | 112 | 60 | 23.7 |
| Total expenses | 17,294 | 14,127 | 12,415 | 11,681 | 8,090 | 5,266 |
| EBITDA | 2,333 | 1,866 | 1,570 | 1,486 | 2,600 | 1,394 |
| EBITDA margin | 12.6% | 12.3% | 11.9% | 11.8% | 25.0% | 22.1% |
| Finance costs | 192 | 144 | 133 | 93.1 | 23.2 | 62.5 |
| Depreciation | 882 | 711 | 656 | 463 | 272 | 300 |
| Profit before tax | 1,462 | 1,241 | 940 | 1,042 | 2,364 | 1,055 |
| Tax | 402 | 332 | −89.2 | 193 | 640 | 211 |
| Net profit | 1,060 | 909 | 1,029 | 848 | 1,724 | 844 |
| Net margin | 5.7% | 6.0% | 7.8% | 6.7% | 16.6% | 13.4% |
| EPS (₹) | 38.10 | 32.70 | 39.54 | 33.26 | 68.91 | 36.10 |
| Net profit YoY | +16.6% | −11.6% | +21.3% | −50.8% | +104.4% | – |
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 | 2,024 | 1,964 | 1,794 | 1,507 | 1,690 |
| Investing cash flow | −1,939 | −1,904 | −2,762 | −1,955 | −1,927 |
| Financing cash flow | −50.3 | −36 | 916 | 431 | 165 |
| Capital expenditure | 2,637 | 2,148 | 1,888 | 1,579 | 1,071 |
| Free cash flow (CFO − capex) | −614 | −184 | −93.4 | −72.1 | 618 |
Net profit trend
annual, ₹ croreFY21
₹844
FY22
₹1,724+104%
FY23
₹848−51%
FY24
₹1,029+21%
FY25
₹909−12%
FY26
₹1,060+17%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 20 Jul 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 20 Jul 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | – | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 11 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | – | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 11 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 24 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 24 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 7 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 7 Nov 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 17.7×27.0×
P/B5Y avg 1.79×2.62×
ROEFY26, on average equity9.6%
Net margin5.7%
Debt / equity0.09×
Revenue CAGR (3Y)13.7%
Profit CAGR (3Y)7.7%
EPS (TTM)₹40.25
Market cap₹30,211 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
2.62×
vs 8-point avg 1.79× (+47%)
1.02× low1.79× avg2.62× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹20,061 Cr+23%
Net worth₹11,523 Cr+9%
Total borrowings₹981 Cr+26%
Cash & bank balances₹97 Cr+54%
Investments₹1,582 Cr−25%
Inventories₹4,501 Cr+51%
Trade receivables₹905 Cr+14%
Trade payables₹4,865 Cr+67%
Change vs the same date a year earlier.
Revenue mix FY21
Iron & Steel100.0%result ₹1,117 Cr
Segment revenue as reported, before inter-segment eliminations.