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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY17

₹ 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	Q4 FY17
Revenue from operations	547	424	416	445	450	523	447	525	555	527	492	542	523	431	508	572	621	583	541	477	397	387	318	268	113	281	245	269	316	324	363	331
Other income	3.3	8.3	4	8.4	2.2	7.8	0.2	9.3	3.3	3.9	4.4	6.5	4.6	11.2	10.5	6.2	3.2	2.8	3.2	4.5	2.3	1.7	1.7	0.7	3.7	9.6	1.9	7.2	0.7	2.5	4.2	1.4
Total expenses	589	463	475	498	517	542	497	525	547	549	525	553	510	455	505	531	543	465	444	414	313	288	262	242	144	287	246	260	292	310	287	271
EBITDA	32.6	6.2	−15.1	−3.7	−26.7	14.8	−20.2	23.5	30.7	3.8	−6	15.4	37.8	−0.7	28.8	60.6	96.5	138	116	83.2	102	117	73.4	42.7	−13.4	11.4	14.5	22.9	37	26.3	88	70
EBITDA margin	6.0%	1.5%	-3.6%	-0.8%	-5.9%	2.8%	-4.5%	4.5%	5.5%	0.7%	-1.2%	2.8%	7.2%	-0.2%	5.7%	10.6%	15.5%	23.7%	21.4%	17.4%	25.7%	30.3%	23.1%	15.9%	-11.8%	4.1%	5.9%	8.5%	11.7%	8.1%	24.2%	21.2%
Finance costs	52	23.6	21.5	25.7	18.2	15.3	14.4	10.3	9.3	9.9	11.7	10.2	10	7.3	11.4	6.5	6.1	6	4.8	5.2	4.5	6.1	5.3	4.6	5	5.4	4.6	3.7	4.2	4.1	2.4	1.3
Depreciation	23	21.3	22.7	22.8	21.6	18.4	15.5	13.4	13.8	16.5	15.4	15.8	15.5	16	13.8	13.3	12.6	15	13.9	14.7	13.1	12.2	12.5	12.5	12.4	12.1	11.6	11	9.3	8.3	9.3	9.1
Profit before tax	−39.1	−38.4	−55.3	−43.8	−64.4	−11	−49.9	9.2	10.9	−18.7	−28.6	−4.1	16.9	−12.8	14.2	47	81.1	120	100	67.9	86.8	101	57.2	26.4	−27	3.5	0.2	15.3	24.2	16.5	80.4	61
Tax	4.6	−10.4	−8.7	−10.4	−4.4	3.1	−7.9	4.3	5.8	1.8	−5.7	1.9	6.2	0	5.9	12.7	21	30.2	25	17.3	21.7	15.8	20.6	9.8	−6.9	1.1	1.5	5.4	6.4	5	27.3	21.3
Net profit	−43.7	−28	−46.6	−33.4	−60	−14.1	−42	4.9	5.1	−20.5	−23	−6	10.7	−12.8	8.3	34.3	60.1	90.1	75.5	50.6	65.1	84.7	36.6	16.5	−20.1	2.4	−1.3	9.9	17.7	11.4	53.1	39.7
Net margin	-8.0%	-6.6%	-11.2%	-7.5%	-13.3%	-2.7%	-9.4%	0.9%	0.9%	-3.9%	-4.7%	-1.1%	2.0%	-3.0%	1.6%	6.0%	9.7%	15.5%	13.9%	10.6%	16.4%	21.9%	11.5%	6.2%	-17.7%	0.9%	-0.5%	3.7%	5.6%	3.5%	14.6%	12.0%
EPS (₹)	-3.62	-2.32	-3.92	-3.07	-5.86	-1.37	-4.10	0.48	0.50	-2.00	-2.24	-0.59	1.04	-1.25	0.81	3.35	5.86	8.80	7.37	4.94	6.36	8.27	3.57	1.61	-1.96	0.24	-0.13	0.97	1.73	1.12	5.19	38.77
Net profit YoY	+27.2%	−99.1%	−10.8%	−782.6%	−1278.0%	+31.3%	−82.9%	+181.5%	−52.2%	−59.4%	−376.7%	−117.5%	−82.3%	−114.3%	−89.0%	−32.2%	−7.8%	+6.4%	+106.2%	+206.1%	+423.9%	+3384.4%	+2936.4%	+66.3%	–	−86.3%	−111.3%	−81.3%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY17
Revenue from operations	1,736	2,050	2,083	2,132	1,998	1,086	1,085	1,261	1,338
Other income	18.7	20.6	19.3	30.2	11.6	6.9	21	11.5	6.8
Total expenses	1,948	2,111	2,137	2,033	1,634	935	1,068	1,104	1,091
EBITDA	−35.2	48.8	51	186	441	221	78.1	206	290
EBITDA margin	-2.0%	2.4%	2.4%	8.7%	22.1%	20.3%	7.2%	16.3%	21.7%
Finance costs	89	49.2	41.7	31.3	20.4	20.9	16.8	12.2	12.8
Depreciation	88.4	61.1	63.2	55.7	56.6	49.5	44.1	36.4	30.6
Profit before tax	−202	−40.9	−34.6	129	375	157	38.2	169	253
Tax	−33.9	5.3	4.2	39.6	94.1	39.4	15	55.3	82.6
Net profit	−168	−46.1	−38.8	89.8	281	118	23.2	114	170
Net margin	-9.7%	-2.2%	-1.9%	4.2%	14.1%	10.8%	2.1%	9.0%	12.7%
EPS (₹)	-14.91	-4.50	-3.79	8.77	27.47	11.49	2.26	11.09	166.46
Net profit YoY	−264.2%	−18.8%	−143.2%	−68.1%	+139.0%	+407.9%	−79.6%	–	–

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	−131	−66	237	54.1	402
Investing cash flow	−600	−542	−823	−359	−139
Financing cash flow	603	375	643	206	−70
Capital expenditure	599	613	811	363	73.6
Free cash flow (CFO − capex)	−730	−679	−574	−309	329

Net profit trend

annual, ₹ crore

FY21

₹118

FY22

₹281+139%

FY23

₹89.8−68%

FY24

₹−38.8−143%

FY25

₹−46.1−19%

FY26

₹−168−264%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	4 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	4 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	31 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	31 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	14 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	14 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	8 Nov 2025	PDF XBRL
Q2 FY26	Standalone	8 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	14 Aug 2025	PDF XBRL
Q1 FY26	Standalone	14 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY2612.03 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 23.1×-12.8×

P/B5Y avg 2.22×1.24×

ROEFY26, on average equity-12.3%

Net margin-9.7%

Debt / equity1.34×

Revenue CAGR (3Y)-6.6%

Profit CAGR (3Y)–

EPS (TTM)₹-12.57

Market cap₹1,941 Cr

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

P/B vs history

1.24×

vs 8-point avg 2.22× (−44%)

1.24× low2.22× avg3.22× high

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

Balance sheet 31 Mar 2026

Total assets₹4,737 Cr+24%

Net worth₹1,564 Cr+35%

Total borrowings₹2,093 Cr+23%

Cash & bank balances₹64 Cr−65%

Investments₹154 Cr−23%

Inventories₹185 Cr−25%

Trade receivables₹197 Cr−1%

Trade payables₹287 Cr−36%

Change vs the same date a year earlier.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Dec 25	Sept 25	Aug 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24
Promoter	37.13	37.13	37.13	37.13	36.13	36.13	41.87	41.89	41.92	41.92	41.95	41.95
FII	1.46	2.06	1.97	1.97	2.15	2.09	1.88	1.97	2.77	2.86	2.51	2.17
DII	10.07	9.94	9.47	9.43	9.32	9.13	1.06	1.12	1.27	1.37	1.35	0.63
of which MF	9.06	8.91	8.46	8.42	8.11	7.91	0.73	–	–	–	–	–
Retail	37.93	38.93	38.93	38.91	40.08	40.48	43.88	44.83	43.19	43.99	44.29	44.68
Other public	13.41	11.94	12.50	12.56	12.32	12.17	11.31	10.19	10.85	9.86	9.90	10.57

57,101 shareholders · NSE shareholding pattern filings.