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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q2 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	Q4 FY19	Q3 FY19	Q2 FY19
Revenue from operations	402	333	307	262	202	1,907	2,642	2,811	1,563	1,327	560	396	188	299	275	220	126	127	107	173	144	202	135	110	80.1	54.6	86.7	87.4	273	184	207
Other income	9	10.3	7.5	6	9.6	8	13.7	10.6	13	12.3	15.2	18	19.5	21.3	21	20.1	18.7	14.4	16.4	4.2	8.4	3.9	8.6	8.1	4.3	13.5	6.2	6.9	6.9	9.3	10.9
Total expenses	682	624	617	741	509	1,960	2,445	2,411	1,454	1,107	624	432	273	348	301	229	157	237	156	174	144	187	134	114	94.2	195	108	102	243	169	182
EBITDA	−100	−118	−134	−294	−136	122	372	535	230	307	−7.5	13	−46.3	−8.2	8	21.5	−7.3	−88.1	−28.3	18.3	17.6	30	13.6	9.3	0.6	−118	0.1	6.4	52.7	36.3	44.6
EBITDA margin	-25.0%	-35.5%	-43.8%	-112.2%	-67.2%	6.4%	14.1%	19.0%	14.7%	23.1%	-1.3%	3.3%	-24.6%	-2.7%	2.9%	9.8%	-5.8%	-69.7%	-26.4%	10.6%	12.2%	14.9%	10.1%	8.4%	0.8%	-216.4%	0.1%	7.3%	19.3%	19.7%	21.6%
Finance costs	85.1	72	71.7	84.3	74.8	71.5	62.8	61	56.6	28	8.3	7	4.7	4.7	4.7	4.9	0.9	0.3	0.8	0.9	1.3	0.9	0.9	1	0.9	1.1	0.7	2.5	5.1	4.5	4.1
Depreciation	94.4	101	104	101	96.5	103	111	73.8	65	58.2	48.2	41.7	34.4	35.5	29.4	25.8	23.4	21.9	20.2	18.3	16.4	14.4	12.1	11.8	13.8	20.9	20.3	18.2	17.5	16.2	15
Profit before tax	−271	−281	−303	−473	−297	−45.1	211	411	122	233	−48.8	−17.7	−65.9	−27	−5.1	10.9	−12.9	−95.9	−32.9	3.3	8.3	18.5	9.2	4.5	−9.8	−127	−14.8	−7.5	37.1	24.9	36.4
Tax	−68.6	−69.5	−106	−166	−103	26.7	45.6	135	44.1	85.8	−3.9	−5.1	−39.6	−15.6	5.8	9.8	−6.3	−46.3	−8.6	−0.3	0.8	−15	0	0	0	0	97.3	−3.1	1.2	−7.9	2.9
Net profit	−202	−211	−197	−307	−194	−71.8	166	275	77.5	147	−44.9	−12.6	−26.3	−11.5	−10.9	1.1	−6.6	−49.6	−24.3	3.7	7.6	33.6	9.2	4.5	−9.8	−127	−112	−4.4	35.9	32.8	33.5
Net margin	-50.3%	-63.5%	-64.1%	-117.3%	-96.0%	-3.8%	6.3%	9.8%	5.0%	11.1%	-8.0%	-3.2%	-14.0%	-3.8%	-4.0%	0.5%	-5.3%	-39.2%	-22.7%	2.1%	5.2%	16.6%	6.8%	4.1%	-12.2%	-231.9%	-129.3%	-5.0%	13.1%	17.8%	16.2%
EPS (₹)	-11.37	-11.90	-11.09	-17.38	-10.99	-4.08	9.44	16.06	4.54	8.61	-2.64	-0.74	-1.56	-0.70	-0.71	0.07	-0.45	-4.34	-2.13	0.37	0.81	3.61	0.99	0.49	-1.06	-13.73	-12.16	0.47	3.92	3.59	3.67
Net profit YoY	−4.3%	−194.3%	−218.6%	−211.6%	−350.2%	−148.9%	+469.2%	+2277.1%	+394.7%	+1379.7%	−312.4%	−1281.3%	−295.9%	+76.9%	+55.2%	−70.8%	−187.9%	−247.9%	−363.3%	−19.2%	+177.4%	+126.5%	+108.2%	+203.4%	–	−452.5%	−441.2%	−113.1%	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from operations	1,103	8,923	2,471	920	551	527	391	900
Other income	33.4	45.4	64.7	81	43.3	24.9	33.7	36.7
Total expenses	2,491	8,270	2,435	1,043	711	529	563	787
EBITDA	−682	1,258	266	14	−80.5	53.5	−87.5	196
EBITDA margin	-61.8%	14.1%	10.8%	1.5%	-14.6%	10.2%	-22.4%	21.8%
Finance costs	303	252	47.9	15.2	3.2	3.7	7.7	17
Depreciation	403	353	182	123	76.8	52.1	77.1	65.9
Profit before tax	−1,354	698	100	−42.7	−117	22.5	−139	150
Tax	−445	252	37.2	−6.2	−54.4	−15	98.6	2.8
Net profit	−909	447	63	−36.4	−62.7	37.5	−237	147
Net margin	-82.4%	5.0%	2.5%	-4.0%	-11.4%	7.1%	-60.7%	16.4%
EPS (₹)	-51.35	25.75	3.71	-2.46	-5.97	4.05	-25.76	16.13
Net profit YoY	−303.5%	+609.0%	+273.0%	+41.9%	−267.0%	+115.8%	−261.0%	–

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	135	−491	−2,036	−380	−17.3
Investing cash flow	−764	−655	431	−581	−828
Financing cash flow	397	1,286	1,713	999	839
Capital expenditure	175	324	151	46.5	30.7
Free cash flow (CFO − capex)	−39.4	−815	−2,187	−427	−48.1

Net profit trend

annual, ₹ crore

FY21

₹37.5

FY22

₹−62.7−267%

FY23

₹−36.4+42%

FY24

₹63+273%

FY25

₹447+609%

FY26

₹−909−304%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	27 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	27 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	15 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone	15 Apr 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	9 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	9 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	14 Jul 2025	PDF on NSE XBRL
Q1 FY26	Standalone	14 Jul 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 109.7×-9.9×

P/B5Y avg 4.02×3.11×

ROEFY26, on average equity-26.8%

Net margin-82.4%

Debt / equity1.38×

Revenue CAGR (3Y)6.3%

Profit CAGR (3Y)–

EPS (TTM)₹-50.67

Market cap₹9,120 Cr

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

P/B vs history

3.11×

vs 8-point avg 4.02× (−23%)

2.39× low4.02× avg5.82× high

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

Balance sheet 31 Mar 2026

Total assets₹9,403 Cr−10%

Net worth₹2,931 Cr−24%

Total borrowings₹4,035 Cr+23%

Cash & bank balances₹103 Cr−69%

Investments₹365 Cr−24%

Inventories₹2,438 Cr+3%

Trade receivables₹3,256 Cr−27%

Trade payables₹478 Cr−60%

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	53.33	53.40	53.46	53.66	53.73	53.83	54.01	55.42	55.50	55.60	55.80	55.92
FII	5.82	5.29	5.94	6.24	6.14	7.08	8.04	9.58	10.19	11.34	11.26	11.11
DII	4.04	4.32	4.76	4.79	4.72	4.85	4.66	4.76	4.91	4.76	4.35	4.03
of which MF	3.11	3.52	3.96	3.95	4.22	–	–	–	–	–	–	–
Retail	27.89	29.47	27.99	27.04	26.77	23.55	21.66	19.97	18.89	18.02	18.21	18.26
Other public	8.81	7.39	7.65	7.89	8.17	10.06	10.99	10.27	10.51	10.28	10.38	10.68

3,44,573 shareholders · NSE shareholding pattern filings.