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 | 4,674 | 4,888 | 3,071 | 2,347 | 3,939 | 4,768 | 3,105 | 2,619 | 4,921 | 4,203 | 2,626 | 2,293 | 3,360 | 2,957 | 2,006 | 1,768 | 2,768 | 2,667 | 1,794 | 1,689 | 1,785 | 2,628 | 1,995 | 1,613 | 1,271 | 2,090 | 1,493 | 1,422 | 2,654 | 2,063 | 1,492 | 1,421 | 2,148 | 2,048 |
| Other income | 91.2 | 42.6 | 48.8 | 64.6 | 82.1 | 79.7 | 59.1 | 105 | 80.3 | 54.4 | 57.9 | 71 | 70 | 46.7 | 30.7 | 64.4 | 26.8 | 37.2 | 28.8 | 48.3 | 75 | 55.4 | 51.6 | 38.3 | 93.6 | 60.5 | 54.3 | 72.6 | 43.3 | 57.2 | 54.8 | 46.1 | 28.2 | 43.8 |
| Total expenses | 4,442 | 4,710 | 2,945 | 2,321 | 3,792 | 4,472 | 2,941 | 2,487 | 4,520 | 4,045 | 2,624 | 2,246 | 3,196 | 2,761 | 1,947 | 1,684 | 2,603 | 2,428 | 1,651 | 1,576 | 1,662 | 2,340 | 1,860 | 1,529 | 1,245 | 1,912 | 1,409 | 1,329 | 2,375 | 1,935 | 1,396 | 1,325 | 1,914 | 1,806 |
| EBITDA | 266 | 221 | 177 | 70.4 | 179 | 333 | 197 | 162 | 424 | 191 | 28.4 | 70.3 | 185 | 218 | 76.4 | 101 | 177 | 261 | 156 | 129 | 136 | 307 | 146 | 98 | 40.6 | 192 | 97.6 | 106 | 291 | 144 | 116 | 109 | 243 | 253 |
| EBITDA margin | 5.7% | 4.5% | 5.8% | 3.0% | 4.5% | 7.0% | 6.4% | 6.2% | 8.6% | 4.5% | 1.1% | 3.1% | 5.5% | 7.4% | 3.8% | 5.7% | 6.4% | 9.8% | 8.7% | 7.6% | 7.6% | 11.7% | 7.3% | 6.1% | 3.2% | 9.2% | 6.5% | 7.4% | 11.0% | 7.0% | 7.8% | 7.6% | 11.3% | 12.4% |
| Finance costs | 12.8 | 22.2 | 31.1 | 20 | 13.5 | 23.3 | 15.5 | 13.6 | 9.8 | 20.8 | 13.5 | 11.5 | 10.1 | 12.4 | 6.4 | 6.7 | 4 | 12.5 | 3.6 | 6.2 | 3.5 | 10.4 | 3.2 | 5.8 | 6.7 | 6.1 | 5.7 | 4.9 | 4.4 | 10.6 | 13.2 | 6.4 | 2.7 | 4.3 |
| Depreciation | 21.3 | 20.6 | 20.6 | 24.4 | 18.5 | 14.1 | 17.9 | 16.4 | 13.4 | 11.8 | 12.8 | 11.7 | 11.3 | 10.4 | 11.1 | 9.7 | 8.5 | 9.5 | 9.7 | 9.5 | 8.6 | 8.9 | 8.4 | 8.4 | 8.2 | 8.2 | 8 | 8 | 7.7 | 5.9 | 6.2 | 6 | 5.9 | 6.1 |
| Profit before tax | 323 | 221 | 148 | 90.6 | 229 | 375 | 223 | 238 | 481 | 212 | 59.9 | 118 | 234 | 242 | −47.8 | 42.4 | 191 | 276 | 171 | 162 | 199 | 343 | 186 | 122 | 119 | 236 | 138 | 159 | 279 | 185 | 139 | 142 | 263 | 285 |
| Tax | 72.7 | 71.1 | 31.3 | 22.6 | 62.1 | 107 | 59.9 | 72.6 | 117 | 63.4 | 51.5 | 49.3 | 73.5 | 70.6 | 30 | 19.5 | 50.8 | 64.7 | 42.5 | 38.5 | 45.6 | 82.1 | 37.2 | 35.3 | 25.8 | 57.2 | 31.4 | 43 | 91.7 | 23.9 | 30.4 | 33.1 | 76.2 | 90 |
| Net profit | 213 | 113 | 84.5 | 31.5 | 141 | 236 | 131 | 133 | 335 | 111 | −27.6 | 35.7 | 129 | 143 | −110 | −6 | 110 | 183 | 96.6 | 104 | 122 | 239 | 129 | 79.7 | 81.8 | 160 | 88 | 107 | 166 | 142 | 78.1 | 107 | 187 | 194 |
| Net margin | 4.6% | 2.3% | 2.8% | 1.3% | 3.6% | 4.9% | 4.2% | 5.1% | 6.8% | 2.6% | -1.1% | 1.6% | 3.9% | 4.8% | -5.5% | -0.3% | 4.0% | 6.9% | 5.4% | 6.2% | 6.9% | 9.1% | 6.4% | 4.9% | 6.4% | 7.6% | 5.9% | 7.5% | 6.3% | 6.9% | 5.2% | 7.5% | 8.7% | 9.5% |
| EPS (₹) | 6.46 | 3.51 | 2.57 | 1.03 | 4.25 | 7.28 | 3.99 | 4.05 | 10.10 | 3.52 | -0.92 | 1.11 | 3.91 | 4.35 | -3.34 | -0.22 | 3.29 | 5.52 | 2.90 | 3.13 | 3.68 | 7.18 | 3.87 | 2.37 | 2.45 | 4.80 | 2.63 | 3.22 | 4.99 | 4.22 | 2.45 | 3.13 | 5.56 | 5.82 |
| Net profit YoY | +51.3% | −51.9% | −35.4% | −76.3% | −58.0% | +113.0% | +573.8% | +272.6% | +158.8% | −22.8% | +75.0% | +690.2% | +18.2% | −21.6% | −214.4% | −105.8% | −10.6% | −23.5% | −24.9% | +30.9% | +49.7% | +49.7% | +46.3% | −25.7% | −50.8% | +12.5% | +12.6% | +0.3% | −11.1% | −27.0% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 14,245 | 15,413 | 12,481 | 9,499 | 7,934 | 7,457 | 7,658 | 7,124 | 6,428 |
| Other income | 238 | 324 | 253 | 168 | 189 | 288 | 231 | 186 | 174 |
| Total expenses | 13,768 | 14,421 | 12,110 | 8,996 | 7,316 | 6,974 | 7,024 | 6,569 | 5,802 |
| EBITDA | 647 | 1,116 | 475 | 572 | 682 | 542 | 687 | 612 | 663 |
| EBITDA margin | 4.5% | 7.2% | 3.8% | 6.0% | 8.6% | 7.3% | 9.0% | 8.6% | 10.3% |
| Finance costs | 86.8 | 62.1 | 55.9 | 29.6 | 25.9 | 26.2 | 21.1 | 33 | 11.9 |
| Depreciation | 84.1 | 61.8 | 47.6 | 39.6 | 37.3 | 33.9 | 32 | 24 | 24.4 |
| Profit before tax | 688 | 1,317 | 624 | 428 | 808 | 770 | 813 | 729 | 801 |
| Tax | 187 | 356 | 238 | 171 | 191 | 180 | 223 | 164 | 227 |
| Net profit | 370 | 834 | 248 | 136 | 506 | 529 | 521 | 514 | 578 |
| Net margin | 2.6% | 5.4% | 2.0% | 1.4% | 6.4% | 7.1% | 6.8% | 7.2% | 9.0% |
| EPS (₹) | 11.36 | 25.43 | 7.62 | 4.08 | 15.23 | 7.18 | 15.63 | 15.35 | 17.30 |
| Net profit YoY | −55.7% | +236.3% | +82.1% | −73.1% | −4.3% | +1.5% | +1.4% | −11.1% | – |
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 | 71 | −224 | 762 | 159 | 695 |
| Investing cash flow | 282 | 158 | −522 | −81.6 | −365 |
| Financing cash flow | −262 | −99.7 | −116 | 55.1 | −107 |
| Capital expenditure | 133 | 208 | 293 | 180 | 48.2 |
| Free cash flow (CFO − capex) | −61.8 | −432 | 468 | −20.6 | 646 |
Net profit trend
annual, ₹ croreFY21
₹529
FY22
₹506−4%
FY23
₹136−73%
FY24
₹248+82%
FY25
₹834+236%
FY26
₹370−56%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 14 Aug 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 14 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 14 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 14 May 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 | 13 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 13 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 8 Aug 2025 | PDF XBRL |
| Q1 FY26 | Standalone | 8 Aug 2025 | PDF XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 129.4×83.7×
P/B5Y avg 6.55×5.80×
ROEFY26, on average equity5.7%
Net margin2.6%
Debt / equity0.15×
Revenue CAGR (3Y)14.5%
Profit CAGR (3Y)39.5%
EPS (TTM)₹13.37
Market cap₹36,990 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
5.80×
vs 8-point avg 6.55× (−11%)
4.96× low6.55× avg9.72× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹14,510 Cr+10%
Net worth₹6,376 Cr−2%
Total borrowings₹966 Cr+12%
Cash & bank balances₹755 Cr+16%
Investments₹2,584 Cr−15%
Inventories₹3,433 Cr+26%
Trade receivables₹3,035 Cr+21%
Trade payables₹5,228 Cr+34%
Change vs the same date a year earlier.
Revenue mix FY26
Segment - A ( Unitary Cooling Products )67.1%result ₹305 Cr
Segment - B ( Electro - Mechanical Projects and Services )28.6%result ₹299 Cr
Segment - C ( Engineering Products and Services )4.2%result ₹158 Cr
Segment revenue as reported, before inter-segment eliminations.