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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 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	Q1 FY20	Q4 FY18
Revenue from operations	2,642	2,790	2,103	2,387	2,507	1,349	666	696	634	764	566	601	608	691	528	528	554	627	602	498	474	577	506	429	352	449	424	400	396	0
Other income	19	10.4	14.2	28.8	25.8	20.4	4.5	5	3.5	3	4.3	5.7	4.1	1.5	1	1.4	0.8	1.7	1.6	1	0.7	2.3	2.6	1.8	0.3	1	1.4	1.1	3.4	0
Total expenses	2,517	2,654	2,202	2,396	2,458	1,301	635	647	596	689	548	580	583	652	528	522	545	571	555	471	438	515	453	388	325	420	382	357	354	0
EBITDA	259	227	37.9	132	192	127	79	94.5	80.6	119	61.9	65.6	69.9	84.7	41.6	42.9	41.4	86.1	73.9	52.9	62	87.5	79.6	67.7	53	54	62.9	63	62.1	0
EBITDA margin	9.8%	8.2%	1.8%	5.5%	7.7%	9.4%	11.9%	13.6%	12.7%	15.6%	10.9%	10.9%	11.5%	12.3%	7.9%	8.1%	7.5%	13.7%	12.3%	10.6%	13.1%	15.2%	15.7%	15.8%	15.0%	12.0%	14.9%	15.7%	15.7%	–
Finance costs	40.5	40.8	36.4	43.6	44.1	21	11.4	8.9	7	8.4	8.6	9.6	10.3	15	11	9.3	6.1	5.5	4.8	4.4	4.7	4.2	4.6	5.1	3.9	3	3.8	3.3	3.3	0
Depreciation	93.1	50.4	101	97.2	99	57.1	36.5	36.6	35.9	35.7	35.5	35.4	34.6	30.6	30.9	27	25.8	24.8	21.9	21.6	21	21.4	21.7	21.9	21.6	21.6	17.8	16.9	16.9	0
Profit before tax	144	162	−130	20.2	75.1	7.7	4.7	42.8	41.1	78	22.1	26.2	344	40.6	0.7	8	10.4	57.5	48.8	27.9	36.9	64.2	55.9	42.5	27.8	30.3	40.6	43.9	64.7	0
Tax	54	85.2	−6.8	10.2	27.2	10.3	4.2	12.9	11.7	20	7.5	8.4	77.2	8.1	0.1	3.5	3.3	12.9	12.4	5.1	10.8	10.8	16.8	12.1	9.6	3	12.3	0.6	19.3	0
Net profit	103	82.5	−116	19.3	55	0.3	0.5	29.9	29.4	58	14.6	17.9	267	32.6	0.6	4.5	7.1	44.7	36.4	22.8	26.2	53.4	39.2	30.3	18.2	27.3	28.3	46.2	42.7	0
Net margin	3.9%	3.0%	-5.5%	0.8%	2.2%	0.0%	0.1%	4.3%	4.6%	7.6%	2.6%	3.0%	43.9%	4.7%	0.1%	0.9%	1.3%	7.1%	6.0%	4.6%	5.5%	9.3%	7.7%	7.1%	5.2%	6.1%	6.7%	11.5%	10.8%	–
EPS (₹)	12.30	10.00	-14.70	1.50	6.00	7.60	0.10	4.30	4.30	8.40	2.10	2.60	38.60	4.70	0.10	0.70	1.00	6.50	5.30	3.30	3.80	7.70	5.70	4.40	2.60	3.90	4.10	6.30	6.60	0.00
Net profit YoY	+88.0%	+26257.8%	−22668.1%	−35.5%	+86.9%	−99.5%	−96.5%	+67.4%	−89.0%	+78.2%	+2398.6%	+293.5%	+3672.3%	−27.1%	−98.4%	−80.1%	−73.0%	−16.4%	−7.1%	−25.0%	+43.8%	+95.6%	+38.3%	−34.4%	−57.4%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY18
Revenue from operations	9,787	3,346	2,539	2,302	2,201	1,864	1,708	1,479
Other income	79.2	33.4	17.1	4.8	5	7	4.7	10.3
Total expenses	9,709	3,179	2,400	2,247	2,035	1,681	1,550	1,371
EBITDA	590	381	316	211	275	288	246	193
EBITDA margin	6.0%	11.4%	12.5%	9.2%	12.5%	15.4%	14.4%	13.1%
Finance costs	165	48.3	36.9	41.5	19.4	17.9	14.2	27.2
Depreciation	347	166	141	114	89.3	86.5	73.5	58.6
Profit before tax	127	96.3	471	59.7	171	190	180	118
Tax	116	39	113	15	41.2	49.3	35.3	39.5
Net profit	40.8	60.2	357	44.8	130	141	145	84.7
Net margin	0.4%	1.8%	14.1%	1.9%	5.9%	7.6%	8.5%	5.7%
EPS (₹)	2.80	22.50	51.60	6.50	18.80	20.40	21.00	11.30
Net profit YoY	−32.2%	−83.2%	+698.4%	−65.6%	−7.9%	−2.4%	–	–

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	344	37	193	287	178
Investing cash flow	165	−1,548	279	−189	−307
Financing cash flow	−680	2,596	−446	−103	138
Capital expenditure	270	94.6	78.5	192	310
Free cash flow (CFO − capex)	73.6	−57.5	115	94.6	−132

Net profit trend

annual, ₹ crore

FY21

₹141

FY22

₹130−8%

FY23

₹44.8−66%

FY24

₹357+698%

FY25

₹60.2−83%

FY26

₹40.8−32%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	12 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	12 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	25 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	25 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	12 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	12 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	12 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	12 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	23 Sept 2025	PDF on NSE XBRL
Q1 FY26	Standalone	23 Sept 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2615.00 MB FY258.60 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 88.8×107.3×

P/B5Y avg 3.69×2.77×

ROEFY26, on average equity1.2%

Net margin0.4%

Debt / equity0.61×

Revenue CAGR (3Y)62.0%

Profit CAGR (3Y)-3.0%

EPS (TTM)₹11.36

Market cap₹9,568 Cr

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

P/B vs history

2.77×

vs 8-point avg 3.69× (−25%)

1.70× low3.69× avg7.24× high

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

Balance sheet 31 Mar 2026

Total assets₹9,723 Cr−0%

Net worth₹3,450 Cr+0%

Total borrowings₹2,119 Cr+2%

Cash & bank balances₹933 Cr−16%

Investments₹335 Cr−1%

Inventories₹2,444 Cr−1%

Trade receivables₹1,679 Cr+37%

Trade payables₹1,534 Cr+10%

Change vs the same date a year earlier.

Revenue mix FY26

Pigments97.3%result ₹582 Cr

Others2.7%result ₹8.1 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	Jan 25	Jan 25	Dec 24	Sept 24	Jun 24	Mar 24
Promoter	8.19	8.19	8.19	8.19	16.40	23.89	24.28	26.83	27.55	30.55	30.55	33.22
FII	8.47	7.96	8.20	8.54	8.51	7.95	8.72	8.43	8.70	8.34	6.71	4.49
DII	26.42	24.90	24.61	24.19	23.52	23.57	23.17	18.35	18.65	19.82	20.93	17.49
of which MF	25.17	23.30	23.02	22.60	21.63	–	–	–	–	–	–	–
Retail	44.53	47.43	47.71	47.94	40.30	33.54	32.31	36.64	35.30	34.65	35.05	37.99
Other public	12.39	11.52	11.29	11.14	11.27	11.05	11.52	9.75	9.80	6.64	6.76	6.81

57,744 shareholders · NSE shareholding pattern filings.