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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 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18
Revenue from operations	24,205	24,609	23,369	39,868	37,824	40,455	39,115	37,634	35,764	35,509	35,541	38,945	33,733	37,930	33,691	36,654	38,251	39,822	34,097	30,401	28,105	27,874	22,498	20,804	15,687	19,513	21,360	21,958	21,374	23,468	23,669	22,705	22,206	27,630
Other income	542	418	492	596	985	761	680	1,300	934	584	779	640	546	705	1,127	697	1,104	611	577	673	1,046	1,191	1,123	940	1,311	869	647	856	380	1,628	1,398	592	418	993
Total expenses	17,558	19,119	18,916	33,449	32,756	34,560	33,134	33,169	30,772	31,899	32,215	32,631	31,973	33,041	31,327	33,221	32,095	29,901	26,845	23,222	21,847	22,549	18,211	17,826	14,965	18,519	18,369	21,270	19,672	20,992	21,589	20,999	19,264	22,900
EBITDA	8,501	7,559	6,866	11,397	9,918	11,466	11,104	9,828	9,945	8,768	8,531	11,479	6,420	9,459	6,656	7,699	9,826	13,633	10,742	10,363	9,564	8,705	7,520	6,228	3,707	4,310	6,514	4,423	5,198	6,135	5,645	5,208	6,284	7,837
EBITDA margin	35.1%	30.7%	29.4%	28.6%	26.2%	28.3%	28.4%	26.1%	27.8%	24.7%	24.0%	29.5%	19.0%	24.9%	19.8%	21.0%	25.7%	34.2%	31.5%	34.1%	34.0%	31.2%	33.4%	29.9%	23.6%	22.1%	30.5%	20.1%	24.3%	26.1%	23.8%	22.9%	28.3%	28.4%
Finance costs	662	737	989	2,110	2,026	2,583	2,442	2,667	2,222	2,415	2,417	2,523	2,110	1,805	1,572	1,642	1,206	1,333	1,216	1,066	1,182	1,325	1,321	1,312	1,252	1,064	1,232	1,340	1,341	1,401	1,358	1,571	1,546	1,424
Depreciation	1,192	1,332	1,424	2,868	2,824	2,988	2,681	2,696	2,731	2,743	2,788	2,642	2,550	2,765	2,720	2,624	2,464	2,379	2,274	2,118	2,124	2,055	1,912	1,938	1,733	2,252	2,291	2,395	2,155	2,258	2,207	1,931	1,796	1,683
Profit before tax	7,189	5,908	4,746	4,948	6,053	6,656	6,661	7,633	5,926	3,993	4,105	8,177	4,086	4,258	4,394	4,364	7,260	10,196	7,792	7,806	7,170	5,743	5,410	4,013	2,033	−15,269	3,806	1,122	2,082	4,104	3,478	2,618	3,360	8,592
Tax	1,895	1,658	1,074	1,468	1,596	1,696	1,785	2,030	831	1,720	1,237	9,092	778	1,126	1,302	1,674	1,668	2,935	2,438	1,994	1,888	−1,886	1,186	2,369	511	−3,186	1,141	−1,609	138	886	1,146	718	1,112	2,917
Net profit	7,918	9,352	7,807	3,479	4,457	4,961	4,876	5,603	5,095	2,275	2,868	−915	3,308	3,132	3,091	2,687	5,593	7,261	5,354	5,812	5,283	7,628	4,224	1,644	1,522	−12,083	2,665	2,730	1,944	3,218	2,332	1,900	2,248	5,675
Net margin	32.7%	38.0%	33.4%	8.7%	11.8%	12.3%	12.5%	14.9%	14.2%	6.4%	8.1%	-2.3%	9.8%	8.3%	9.2%	7.3%	14.6%	18.2%	15.7%	19.1%	18.8%	27.4%	18.8%	7.9%	9.7%	-61.9%	12.5%	12.4%	9.1%	13.7%	9.9%	8.4%	10.1%	20.5%
EPS (₹)	7.95	5.95	5.45	4.61	8.15	8.92	9.09	11.26	9.72	3.69	5.42	-4.80	7.11	5.07	6.64	4.88	11.92	15.66	11.24	12.46	11.40	17.37	8.91	2.22	2.79	-33.82	6.34	5.83	3.65	7.06	4.25	3.62	4.13	12.95
Net profit YoY	+77.7%	+88.5%	+60.1%	−37.9%	−12.5%	+118.1%	+70.0%	+712.3%	+54.0%	−27.4%	−7.2%	−134.1%	−40.9%	−56.9%	−42.3%	−53.8%	+5.9%	−4.8%	+26.8%	+253.5%	+247.1%	+163.1%	+58.5%	−39.8%	−21.7%	−475.5%	+14.3%	+43.7%	−13.5%	−43.3%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	78,437	1,52,968	1,43,727	1,47,308	1,32,732	86,863	83,545	92,048	92,923
Other income	1,550	3,675	2,550	2,851	2,600	4,579	3,412	4,018	3,574
Total expenses	62,880	1,31,635	1,28,717	1,29,666	1,01,600	73,551	77,830	82,826	79,825
EBITDA	23,184	42,343	35,198	34,422	44,824	26,160	19,785	23,103	25,164
EBITDA margin	29.6%	27.7%	24.5%	23.4%	33.8%	30.1%	23.7%	25.1%	27.1%
Finance costs	2,817	9,914	9,465	6,225	4,797	5,210	4,977	5,689	5,783
Depreciation	4,810	11,096	10,723	10,555	8,895	7,638	9,093	8,192	6,283
Profit before tax	17,127	26,876	20,363	20,276	32,964	17,213	−8,259	13,560	19,569
Tax	4,646	6,342	12,826	5,770	9,255	2,180	−3,516	3,862	5,877
Net profit	25,096	20,535	7,539	14,503	23,710	15,032	−4,744	9,698	13,692
Net margin	32.0%	13.4%	5.2%	9.8%	17.9%	17.3%	-5.7%	10.5%	14.7%
EPS (₹)	18.09	38.97	11.42	28.50	50.73	31.32	-18.00	19.07	28.30
Net profit YoY	+22.2%	+172.4%	−48.0%	−38.8%	+57.7%	+416.9%	−148.9%	−29.2%	–

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	39,499	39,562	35,654	33,065	34,963
Investing cash flow	−24,338	−19,190	−13,686	−693	−2,253
Financing cash flow	−13,549	−19,223	−26,092	−34,142	−28,903
Capital expenditure	20,876	17,005	16,752	13,787	10,630
Free cash flow (CFO − capex)	18,623	22,557	18,902	19,278	24,333

Net profit trend

annual, ₹ crore

FY21

₹15,032

FY22

₹23,710+58%

FY23

₹14,503−39%

FY24

₹7,539−48%

FY25

₹20,535+172%

FY26

₹25,096+22%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	30 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	30 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	29 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	29 Apr 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	29 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	29 Jan 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	31 Oct 2025	PDF XBRL
Q2 FY26	Standalone	31 Oct 2025	PDF XBRL
Q1 FY26	Consolidated	31 Jul 2025	PDF on NSE XBRL
Q1 FY26	Standalone	31 Jul 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY269.64 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 3.8×3.6×

P/B5Y avg 1.42×2.10×

ROEFY26, on average equity55.2%

Net margin32.0%

Debt / equity0.54×

Revenue CAGR (3Y)-18.9%

Profit CAGR (3Y)20.1%

EPS (TTM)₹73.03

Market cap₹1.04L Cr

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

P/B vs history

2.10×

vs 8-point avg 1.42× (+48%)

0.73× low1.42× avg2.10× high

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

Balance sheet 31 Mar 2026

Total assets₹2.33L Cr+15%

Net worth₹49,652 Cr+20%

Total borrowings₹26,995 Cr−63%

Cash & bank balances₹1,370 Cr−66%

Investments₹15,387 Cr+6%

Inventories₹5,414 Cr−63%

Trade receivables₹1,305 Cr−64%

Trade payables₹7,250 Cr−29%

Change vs the same date a year earlier.

Revenue mix FY26

Aluminium36.9%result ₹23,482 Cr

Zinc,Lead and Silver21.9%result ₹18,258 Cr

Copper17.4%result ₹−102 Cr

Others7.1%result ₹−252 Cr

Oil & Gas5.4%result ₹2,466 Cr

Power5.1%result ₹1,042 Cr

Iron Ore3.6%result ₹760 Cr

Zinc-International2.7%result ₹548 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	Dec 24	Sept 24	Jul 24	Jun 24	Mar 24	Dec 23
Promoter	54.72	56.38	56.38	56.38	56.38	56.38	56.38	56.38	56.38	59.32	61.95	63.71
FII	15.77	13.93	12.15	11.08	10.60	11.15	12.02	11.45	12.61	10.23	8.78	7.74
DII	10.83	13.43	15.30	16.24	16.47	16.38	15.49	16.39	15.85	14.78	13.15	11.19
of which MF	4.60	6.90	8.43	8.83	8.19	–	–	–	–	–	–	–
Retail	14.11	11.62	11.65	11.83	12.02	11.71	11.70	11.32	10.74	11.26	11.84	13.17
Other public	4.41	4.49	4.46	4.34	4.40	4.25	4.29	4.29	4.25	4.24	4.10	4.12

26,01,130 shareholders · NSE shareholding pattern filings.