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 FY19 | Q3 FY19 | Q2 FY19 | Q1 FY19 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 8,124 | 6,406 | 6,778 | 7,876 | 7,906 | 6,456 | 6,499 | 7,176 | 9,034 | 6,529 | 6,366 | 6,961 | 7,328 | 6,038 | 6,443 | 6,703 | 6,510 | 3,744 | 3,767 | 3,648 | 3,099 | 3,084 | 2,953 | 3,129 | 3,007 | 2,984 | 3,079 | 3,842 | 3,736 | 2,925 | 3,254 | 3,445 | 3,528 | 2,810 |
| Other income | 80.7 | 70.9 | 69.2 | 77.9 | 105 | 114 | 172 | 125 | 76.3 | 96.9 | 53.6 | 108 | 85.7 | 95.8 | 83.7 | 94.1 | 108 | 96.9 | 65.7 | 36.1 | 36.3 | 32.4 | 37.4 | 37.4 | 34.7 | 37.3 | 36.5 | 49.3 | 54.5 | 39.9 | 53.3 | 44.1 | 52.3 | 98.8 |
| Total expenses | 7,280 | 5,930 | 6,042 | 6,975 | 7,026 | 5,951 | 6,041 | 6,612 | 7,795 | 6,008 | 5,906 | 6,328 | 6,702 | 5,465 | 5,549 | 6,073 | 5,948 | 3,244 | 3,324 | 3,198 | 2,862 | 2,661 | 2,591 | 2,936 | 2,574 | 2,714 | 2,800 | 3,358 | 3,471 | 2,744 | 3,053 | 2,987 | 3,293 | 2,634 |
| EBITDA | 1,538 | 1,149 | 1,403 | 1,506 | 1,483 | 1,130 | 1,112 | 1,207 | 1,858 | 1,109 | 1,044 | 1,221 | 1,185 | 1,090 | 1,444 | 1,164 | 1,060 | 991 | 934 | 938 | 728 | 914 | 870 | 711 | 969 | 827 | 840 | 1,055 | 834 | 710 | 736 | 987 | 766 | 690 |
| EBITDA margin | 18.9% | 17.9% | 20.7% | 19.1% | 18.8% | 17.5% | 17.1% | 16.8% | 20.6% | 17.0% | 16.4% | 17.5% | 16.2% | 18.1% | 22.4% | 17.4% | 16.3% | 26.5% | 24.8% | 25.7% | 23.5% | 29.7% | 29.5% | 22.7% | 32.2% | 27.7% | 27.3% | 27.5% | 22.3% | 24.3% | 22.6% | 28.6% | 21.7% | 24.6% |
| Finance costs | 293 | 252 | 255 | 216 | 212 | 236 | 276 | 272 | 260 | 233 | 235 | 247 | 227 | 189 | 228 | 215 | 186 | 151 | 157 | 157 | 163 | 164 | 190 | 202 | 220 | 222 | 235 | 249 | 248 | 216 | 229 | 225 | 229 | 210 |
| Depreciation | 400 | 421 | 413 | 389 | 390 | 389 | 378 | 371 | 359 | 355 | 349 | 342 | 332 | 329 | 322 | 319 | 312 | 340 | 334 | 332 | 329 | 328 | 319 | 317 | 316 | 335 | 327 | 322 | 321 | 313 | 307 | 304 | 302 | 303 |
| Profit before tax | 925 | 547 | 805 | 979 | 985 | 619 | 630 | 689 | 1,315 | 617 | 513 | 741 | 711 | 668 | 977 | 725 | 671 | −703 | 509 | 485 | 273 | 455 | 399 | 230 | 468 | −693 | 315 | 533 | 320 | 220 | 254 | 502 | 288 | 275 |
| Tax | 263 | 216 | 150 | 238 | 244 | −458 | 141 | 193 | 318 | 170 | 139 | 198 | 179 | 184 | 283 | 240 | 169 | −216 | 140 | 116 | 65.2 | 57.2 | 77 | 27.8 | 94 | −419 | −105 | −223 | 43.3 | 196 | 15.5 | 88.4 | 60.4 | 54 |
| Net profit | 662 | 331 | 655 | 742 | 742 | 1,077 | 489 | 496 | 996 | 447 | 374 | 543 | 532 | 484 | 695 | 484 | 502 | −487 | 369 | 369 | 208 | 398 | 322 | 202 | 374 | −274 | 421 | 756 | 277 | 24.8 | 238 | 414 | 227 | 221 |
| Net margin | 8.1% | 5.2% | 9.7% | 9.4% | 9.4% | 16.7% | 7.5% | 6.9% | 11.0% | 6.8% | 5.9% | 7.8% | 7.3% | 8.0% | 10.8% | 7.2% | 7.7% | -13.0% | 9.8% | 10.1% | 6.7% | 12.9% | 10.9% | 6.5% | 12.4% | -9.2% | 13.7% | 19.7% | 7.4% | 0.8% | 7.3% | 12.0% | 6.4% | 7.9% |
| EPS (₹) | 12.68 | 6.31 | 12.76 | 14.36 | 14.52 | 21.03 | 9.76 | 10.01 | 20.23 | 8.95 | 7.49 | 10.94 | 10.76 | 9.34 | 14.24 | 10.02 | 10.45 | -10.15 | 7.66 | 7.64 | 4.30 | 8.26 | 6.67 | 4.18 | 7.75 | -5.72 | 8.73 | 15.70 | 5.73 | 0.50 | 4.93 | 8.58 | 4.70 | 4.51 |
| Net profit YoY | −10.8% | −69.2% | +33.8% | +49.6% | −25.6% | +141.0% | +30.8% | −8.6% | +87.2% | −7.6% | −46.1% | +12.1% | +6.0% | +199.3% | +88.0% | +31.3% | +141.6% | −222.4% | +14.8% | +82.4% | −44.4% | +245.3% | −23.5% | −73.2% | +35.2% | −1204.6% | +76.6% | +82.7% | +21.7% | −88.8% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 28,966 | 29,165 | 27,183 | 25,694 | 14,258 | 12,173 | 13,641 | 13,151 | 11,512 |
| Other income | 323 | 487 | 344 | 382 | 235 | 142 | 178 | 190 | 264 |
| Total expenses | 25,972 | 26,400 | 24,945 | 23,035 | 12,629 | 10,763 | 12,343 | 12,077 | 10,375 |
| EBITDA | 5,541 | 5,307 | 4,559 | 4,759 | 3,591 | 3,465 | 3,556 | 3,199 | 3,117 |
| EBITDA margin | 19.1% | 18.2% | 16.8% | 18.5% | 25.2% | 28.5% | 26.1% | 24.3% | 27.1% |
| Finance costs | 934 | 1,045 | 943 | 818 | 628 | 776 | 955 | 899 | 848 |
| Depreciation | 1,613 | 1,497 | 1,378 | 1,281 | 1,334 | 1,280 | 1,304 | 1,227 | 1,132 |
| Profit before tax | 3,317 | 3,253 | 2,583 | 3,041 | 564 | 1,552 | 475 | 1,264 | 1,401 |
| Tax | 847 | 194 | 687 | 877 | 105 | 256 | −704 | 360 | 449 |
| Net profit | 2,469 | 3,059 | 1,896 | 2,165 | 459 | 1,296 | 1,179 | 904 | 952 |
| Net margin | 8.5% | 10.5% | 7.0% | 8.4% | 3.2% | 10.6% | 8.6% | 6.9% | 8.3% |
| EPS (₹) | 47.95 | 61.23 | 38.14 | 44.06 | 9.45 | 26.86 | 24.43 | 18.70 | 19.61 |
| Net profit YoY | −19.3% | +61.3% | −12.4% | +371.9% | −64.6% | +9.9% | +30.4% | −5.1% | – |
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 | 5,464 | 4,805 | 4,258 | 3,456 | 3,167 |
| Investing cash flow | −8,088 | −3,650 | −3,544 | −3,216 | −2,483 |
| Financing cash flow | 3,101 | −1,216 | −551 | −341 | −502 |
| Capital expenditure | 7,705 | 4,330 | 3,656 | 2,816 | 1,809 |
| Free cash flow (CFO − capex) | −2,240 | 475 | 602 | 640 | 1,358 |
Net profit trend
annual, ₹ croreFY21
₹1,296
FY22
₹459−65%
FY23
₹2,165+372%
FY24
₹1,896−12%
FY25
₹3,059+61%
FY26
₹2,469−19%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 3 Aug 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 3 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated | 12 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone | 12 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 10 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 10 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 11 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 11 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 5 Aug 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 5 Aug 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 24.8×26.5×
P/B5Y avg 3.93×3.31×
ROEFY26, on average equity13.5%
Net margin8.5%
Debt / equity0.72×
Revenue CAGR (3Y)4.1%
Profit CAGR (3Y)4.5%
EPS (TTM)₹47.42
Market cap₹63,219 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
3.31×
vs 8-point avg 3.93× (−16%)
2.24× low3.93× avg7.11× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹45,193 Cr+24%
Net worth₹19,075 Cr+8%
Total borrowings₹13,733 Cr+57%
Cash & bank balances₹767 Cr+165%
Investments₹1,531 Cr+71%
Inventories₹507 Cr−23%
Trade receivables₹2,330 Cr−1%
Trade payables₹1,879 Cr+3%
Change vs the same date a year earlier.
Revenue mix FY26
Transmission and Distribution73.7%result ₹2,940 Cr
Generation22.6%result ₹1,034 Cr
Renewables3.7%result ₹542 Cr
Segment revenue as reported, before inter-segment eliminations.