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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	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18
Revenue from operations	192	339	344	252	188	206	162	169	316	427	42.4	24.9	70.6	48.9	89.3	80.7	144	156	128	136	92.7	205	143	60.7	91.6	194	135	175	270	195	180	211	207
Other income	10.5	9.8	11.9	9.8	13.2	11.8	13	13	11.7	8.1	18.5	11.3	17.8	8	8.1	7	5.2	8.2	3.3	6.1	3.4	4	5.3	8.2	7.5	5.4	6.2	4.6	11	10.4	17.2	13.9	5
Total expenses	150	266	278	198	159	152	125	145	299	295	76.8	57.1	97.1	89.4	93.1	90.7	120	177	115	119	91.2	179	132	62.5	95.2	156	106	124	191	125	113	110	110
EBITDA	67	96.7	81.5	77.8	47.7	68.7	48.4	37.4	31.4	153	−14.8	−14.1	−7.5	−9.1	18	10	45.2	3.4	34.7	36.5	20.6	44.7	31	10.1	9.2	50.2	41.4	60.9	88.8	81.4	78	112	107
EBITDA margin	35.0%	28.5%	23.7%	30.8%	25.4%	33.3%	29.9%	22.1%	9.9%	35.9%	-34.9%	-56.7%	-10.6%	-18.6%	20.2%	12.4%	31.5%	2.2%	27.1%	26.8%	22.2%	21.9%	21.7%	16.6%	10.1%	25.9%	30.7%	34.9%	32.9%	41.8%	43.3%	52.9%	52.0%
Finance costs	21.6	20.2	11.7	19.4	14.9	11.9	8.7	9.9	10.3	18.2	17.1	15.8	17.3	28.9	19.6	17.6	19.8	22.3	19.6	18	17.7	18.2	19	10.6	11.7	11	11.4	9.1	9.2	10.9	10.4	10.3	9.8
Depreciation	3.9	3.8	3.7	3.6	3.4	2.8	3.1	3.6	3.4	3.1	2.4	2.2	1.8	2.5	2.2	2.3	2.1	2.5	1.9	1.6	1.3	1.2	1.2	1.2	1.2	0.9	0.8	0.7	0.6	0.7	0.5	0.4	0.4
Profit before tax	52	82.6	78	64.6	42.6	65.8	49.5	36.8	29.5	140	−15.8	−20.9	−8.7	−32.5	4.4	−2.9	31.1	−7.7	16.6	23	4.9	29.4	16.1	6.4	3.9	43.6	35.4	55.6	90	80.2	84.4	115	102
Tax	10.5	19.7	21.2	15.9	9.2	17	6.9	2.2	7	38.6	−5.5	−6.4	−2.7	−6.2	4.2	−1	6.2	−3.4	4.2	6.1	0.6	8.4	1.4	3.5	2.4	9.8	5.5	20.2	29.4	28.9	30.5	39.7	40
Net profit	42	62.8	56.8	49	33.4	50.4	42.5	34.6	22.8	101	−9.7	−13.9	−6.7	−27.9	2.1	2.3	24.9	−4.3	11.1	15.3	3	22.1	13.9	3.1	1	33.6	30.2	36.3	63.4	49	54.7	74	61.6
Net margin	21.9%	18.5%	16.5%	19.4%	17.8%	24.5%	26.3%	20.5%	7.2%	23.7%	-22.9%	-55.9%	-9.5%	-57.2%	2.3%	2.9%	17.4%	-2.8%	8.7%	11.2%	3.3%	10.8%	9.7%	5.0%	1.0%	17.3%	22.4%	20.8%	23.5%	25.2%	30.3%	35.1%	29.8%
EPS (₹)	2.88	4.34	3.97	3.34	2.28	3.44	2.90	2.36	1.56	6.92	-0.69	-0.99	-0.48	-1.99	0.15	0.17	1.78	-0.31	0.79	1.09	0.22	1.58	0.99	0.22	0.35	2.35	2.07	2.37	4.60	3.13	3.63	4.86	4.21
Net profit YoY	+25.5%	+24.7%	+33.7%	+41.4%	+46.7%	−50.3%	+537.1%	+348.3%	+438.2%	+462.7%	−570.1%	−697.5%	−127.0%	−547.7%	−81.4%	−84.7%	+723.5%	–	−49.8%	+10.0%	−1.1%	−34.2%	−54.1%	−91.6%	−98.5%	−31.3%	−44.7%	−51.0%	+3.0%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY20	FY19	FY18
Revenue from operations	1,124	853	565	362	513	608	857	888
Other income	44.8	49.5	55.5	28.4	20.9	23.7	34.3	9.3
Total expenses	901	721	525	393	503	493	522	560
EBITDA	305	186	117	64.2	95.3	162	378	372
EBITDA margin	27.1%	21.8%	20.8%	17.7%	18.6%	26.6%	44.1%	41.9%
Finance costs	67.3	40.9	68.4	85.9	77.6	43.5	40.8	42.1
Depreciation	14.5	12.9	9.5	9.2	7.3	3.6	2.2	1.7
Profit before tax	268	182	94.9	−2.5	32.5	138	369	338
Tax	65.9	33.1	24	3.1	7.5	37.8	128	108
Net profit	202	150	70.9	1.4	25.1	101	241	224
Net margin	18.0%	17.6%	12.6%	0.4%	4.9%	16.6%	28.1%	25.2%
EPS (₹)	13.94	10.26	4.99	0.10	1.79	7.14	16.22	16.74
Net profit YoY	+34.4%	+111.9%	+4934.3%	−94.4%	–	−58.1%	+7.7%	–

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	−433	190	109	262	−30.9
Investing cash flow	−174	−36.7	251	−16.2	33.3
Financing cash flow	538	−103	−353	−261	45.9
Capital expenditure	157	32.5	63.1	18.1	18.3
Free cash flow (CFO − capex)	−589	157	45.8	244	−49.2

Net profit trend

annual, ₹ crore

FY20

₹101

FY22

₹25.1−75%

FY23

₹1.4−94%

FY24

₹70.9+4934%

FY25

₹150+112%

FY26

₹202+34%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	21 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	21 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	21 Apr 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	21 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q3 FY26	Consolidated	27 Jan 2026	PDF on NSE XBRL

Annual reports

NSE archive

FY2614.51 MB FY2511.62 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 776.4×19.7×

P/B5Y avg 1.91×1.15×

ROEFY26, on average equity5.9%

Net margin18.0%

Debt / equity0.21×

Revenue CAGR (3Y)45.8%

Profit CAGR (3Y)423.4%

EPS (TTM)₹14.34

Market cap₹4,156 Cr

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

P/B vs history

1.15×

vs 8-point avg 1.91× (−40%)

1.11× low1.91× avg2.70× high

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

Balance sheet 31 Mar 2026

Total assets₹9,913 Cr+19%

Net worth₹3,611 Cr+11%

Total borrowings₹774 Cr+100%

Cash & bank balances₹54 Cr−67%

Investments₹4 Cr+78%

Inventories₹7,896 Cr+27%

Trade receivables₹113 Cr−4%

Trade payables₹276 Cr−1%

Change vs the same date a year earlier.

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	Sept 23
Promoter	63.15	63.15	63.30	63.30	63.30	63.28	63.24	63.24	63.24	63.24	63.25	67.22
FII	18.11	20.59	19.70	19.35	19.40	19.34	19.76	19.41	18.53	18.34	20.28	16.67
DII	5.30	5.62	5.99	6.41	7.48	8.22	8.25	8.61	9.29	9.11	7.25	6.98
of which MF	1.20	1.17	1.46	1.78	2.82	–	–	–	–	–	–	–
Retail	10.02	7.90	8.36	8.27	7.56	6.85	6.48	6.38	6.67	7.05	5.21	5.26
Other public	3.42	2.74	2.65	2.67	2.26	2.31	2.27	2.36	2.27	2.26	4.01	3.87

60,554 shareholders · NSE shareholding pattern filings.