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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 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
Revenue from operations	1,310	1,667	1,371	1,262	1,254	1,288	1,135	1,110	1,092	1,154	802	772	555	657	445	462	416	553	400	479	275	497	460	404	221	439	300	313	339	0
Other income	4.4	1.5	1.7	4.1	3.3	9.1	3.7	3.4	3.4	3	2.3	1.9	1.5	1.8	1.2	1.2	1.2	1.1	1.1	1	0.9	2.4	1	0.4	0.3	0.3	1.2	0.2	0.3	0
Total expenses	1,239	1,569	1,307	1,204	1,197	1,238	1,091	1,068	1,053	1,110	777	747	535	629	437	456	417	529	388	475	290	487	444	385	240	441	295	311	327	0
EBITDA	140	173	141	180	127	124	111	112	105	109	77.1	73.7	60.1	71.6	45.3	39.8	35.8	61.7	47.5	41.9	16.7	42.8	44.1	47.8	9	27.2	34.7	34.6	42.6	0
EBITDA margin	10.7%	10.4%	10.3%	14.2%	10.1%	9.6%	9.8%	10.1%	9.6%	9.4%	9.6%	9.5%	10.8%	10.9%	10.2%	8.6%	8.6%	11.2%	11.9%	8.7%	6.1%	8.6%	9.6%	11.8%	4.1%	6.2%	11.6%	11.0%	12.6%	–
Finance costs	46.7	54.5	56.1	68.1	53	56.3	49.7	55.5	51.2	51.5	39.5	34.9	28.1	31.7	25.7	22.5	24	25.4	22.8	25	19.8	21	16.9	17.2	17.3	19.9	20.1	23.2	21.6	0
Depreciation	22.2	21.5	21.6	53.6	17.7	17.2	16.6	14.9	14.5	13.7	13.5	12.9	12.4	11.4	11.4	11.4	12.6	12.2	12.2	12.2	11.9	11.6	11	12	10.6	9.7	9.6	9.5	9.4	0
Profit before tax	75.7	98.9	65.4	51.5	59.8	59.2	48.3	45.4	42.3	46.3	26.4	27.8	21.1	30.3	9.4	7	0.3	25.1	13.6	5.8	−14.2	12.6	17.1	19	−18.6	−2	6.2	2	12	0
Tax	19.2	23.3	15.3	14.6	15.1	14.8	12.3	11.5	10.7	22.4	8.6	8.8	7	9.4	2.3	2.5	0.1	−0	5.2	1.4	−4.8	3.5	5.7	6.5	−6.7	−29.4	1.8	0.6	3.8	0
Net profit	56.8	78.1	52.8	37	45.3	47.9	36.1	32.9	32.4	25.2	20.5	19.8	16.3	23.7	9.5	3	−0.6	24.6	7.3	3.2	−10	9	11.5	12.5	−11.6	28.1	4.6	0.6	7.9	0
Net margin	4.3%	4.7%	3.9%	2.9%	3.6%	3.7%	3.2%	3.0%	3.0%	2.2%	2.6%	2.6%	2.9%	3.6%	2.1%	0.6%	-0.2%	4.4%	1.8%	0.7%	-3.6%	1.8%	2.5%	3.1%	-5.3%	6.4%	1.5%	0.2%	2.3%	–
EPS (₹)	5.03	6.96	4.63	3.28	4.01	4.30	3.35	3.13	3.08	2.37	1.99	1.93	1.58	2.31	0.92	0.29	-0.06	2.39	0.72	0.31	-0.97	0.88	1.12	1.22	-1.13	2.74	0.45	0.06	0.77	0.00
Net profit YoY	+25.5%	+62.9%	+46.3%	+12.4%	+39.6%	+90.4%	+76.3%	+66.5%	+99.5%	+6.1%	+115.3%	+561.2%	+2612.2%	−3.4%	+29.6%	−6.8%	+93.5%	+172.0%	−36.0%	−74.4%	+14.1%	−67.9%	+147.4%	+1854.4%	−247.5%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from operations	5,553	4,624	3,282	1,980	1,707	1,582	1,391	1,871
Other income	10.6	19.5	8.6	5.3	4	4	2	1.4
Total expenses	5,277	4,449	3,169	1,939	1,681	1,555	1,374	1,829
EBITDA	573	452	319	193	168	144	139	181
EBITDA margin	10.3%	9.8%	9.7%	9.7%	9.8%	9.1%	10.0%	9.7%
Finance costs	217	213	154	104	93	72.4	84.8	102
Depreciation	79.8	63.3	52.5	46.8	48.5	45.3	38.1	37.9
Profit before tax	276	195	122	47.1	30.3	30.1	18.2	43
Tax	68.3	49.3	46.8	14.4	1.7	9	−23.3	11.8
Net profit	213	149	81.7	35.6	25.1	21.4	41.3	31.2
Net margin	3.8%	3.2%	2.5%	1.8%	1.5%	1.4%	3.0%	1.7%
EPS (₹)	18.88	13.86	7.66	3.46	2.45	2.09	4.02	3.04
Net profit YoY	+42.7%	+82.9%	+129.6%	+41.4%	+17.3%	−48.0%	+32.2%	–

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	277	153	199	284	17.3
Investing cash flow	−272	−201	−187	−97.9	−48.2
Financing cash flow	−8	51.2	−12.5	−185	31.1
Capital expenditure	366	238	102	84.9	42.1
Free cash flow (CFO − capex)	−89	−84.6	97.2	199	−24.8

Net profit trend

annual, ₹ crore

FY21

₹21.4

FY22

₹25.1+17%

FY23

₹35.6+41%

FY24

₹81.7+130%

FY25

₹149+83%

FY26

₹213+43%

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 · audited	28 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	28 Apr 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	29 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	29 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
Q1 FY26	Consolidated	31 Jul 2025	PDF XBRL
Q1 FY26	Standalone	31 Jul 2025	PDF XBRL

Annual reports

NSE archive

FY269.78 MB FY2511.93 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 31.3×27.7×

P/B5Y avg 3.29×4.17×

ROEFY26, on average equity15.9%

Net margin3.8%

Debt / equity0.62×

Revenue CAGR (3Y)41.0%

Profit CAGR (3Y)81.6%

EPS (TTM)₹19.90

Market cap₹6,222 Cr

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

P/B vs history

4.17×

vs 8-point avg 3.29× (+27%)

1.09× low3.29× avg5.53× high

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

Balance sheet 31 Mar 2026

Total assets₹4,533 Cr+33%

Net worth₹1,491 Cr+25%

Total borrowings₹922 Cr+31%

Cash & bank balances₹3 Cr−49%

Investments₹26 Cr+29%

Inventories₹1,059 Cr−12%

Trade receivables₹1,485 Cr+112%

Trade payables₹1,713 Cr+40%

Change vs the same date a year earlier.

Revenue mix FY26

Engineering Products78.5%result ₹517 Cr

Infrastructure Projects12.4%result ₹37.1 Cr

Polymer Products9.1%result ₹16.2 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 31 Jul 2026

%	Jul 26	Jun 26	Mar 26	Dec 25	Sept 25	Sept 25	Jun 25	Jun 25	Mar 25	Dec 24	Nov 24	Sept 24
Promoter	61.48	66.50	66.50	66.48	66.48	66.48	66.48	66.48	66.48	66.48	66.48	66.48
FII	10.65	4.11	6.07	6.37	6.55	6.66	5.42	5.37	5.13	4.82	4.46	4.39
DII	2.23	1.92	1.66	0.80	0.49	0.40	0.25	0.31	0.31	0.48	0.27	0.24
of which MF	1.89	1.59	1.42	0.55	0.12	0.12	0.11	–	–	–	–	–
Retail	15.87	16.95	16.18	16.64	17.49	17.53	18.81	18.81	18.69	18.75	18.40	17.88
Other public	9.77	10.52	9.59	9.71	8.99	8.93	9.04	9.03	9.39	9.47	10.39	11.01

88,286 shareholders · NSE shareholding pattern filings.