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 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,888 | 4,148 | 2,943 | 1,647 | 3,449 | 3,754 | 2,133 | 1,685 | 2,401 | 2,805 | 1,295 | 927 | 1,702 | 3,003 | 1,348 | 750 | 1,826 | 1,937 | 974 | 587 | 708 | 1,598 | 765 | 408 | 259 | 1,315 | 788 | 623 | 1,236 | 0 | 0 |
| Other income | 47.5 | 20.1 | 54.8 | 15.6 | 29.7 | 19.1 | 16 | 17.8 | 20.7 | 18 | 5.2 | 12.7 | 19.3 | 18.7 | 8.9 | 12.2 | 12.8 | 9.4 | 8.6 | 8.1 | 7.1 | 8.5 | 9 | 12.6 | 3 | −0 | 2.2 | −0.1 | 6.1 | 0 | 0 |
| Total expenses | 3,769 | 3,953 | 2,867 | 1,703 | 3,318 | 3,572 | 2,087 | 1,676 | 2,312 | 2,683 | 1,300 | 949 | 1,659 | 2,875 | 1,335 | 770 | 1,780 | 1,860 | 940 | 586 | 699 | 1,490 | 734 | 421 | 298 | 1,245 | 766 | 618 | 1,151 | 0 | 0 |
| EBITDA | 312 | 358 | 246 | 91.3 | 257 | 295 | 159 | 114 | 196 | 222 | 78.5 | 59.6 | 132 | 204 | 78.5 | 36.7 | 99.2 | 125 | 73.6 | 34.3 | 42.2 | 141 | 63 | 21.6 | −5.5 | 102 | 54.3 | 36.7 | 116 | 0 | 0 |
| EBITDA margin | 8.0% | 8.6% | 8.4% | 5.5% | 7.4% | 7.9% | 7.4% | 6.8% | 8.2% | 7.9% | 6.1% | 6.4% | 7.8% | 6.8% | 5.8% | 4.9% | 5.4% | 6.5% | 7.6% | 5.8% | 6.0% | 8.8% | 8.2% | 5.3% | -2.1% | 7.7% | 6.9% | 5.9% | 9.4% | – | – |
| Finance costs | 84.7 | 64.7 | 79.4 | 76.9 | 63.4 | 54.6 | 53.7 | 48.6 | 51.8 | 48.3 | 36.9 | 36.6 | 45.3 | 37.5 | 28.9 | 24.4 | 21.1 | 18.6 | 12.3 | 6.4 | 9.1 | 10.5 | 8.6 | 11.7 | 10.2 | 9.8 | 10.5 | 10.6 | 11 | 0 | 0 |
| Depreciation | 108 | 99.3 | 91.2 | 70.2 | 61.8 | 58 | 58.8 | 56.6 | 54.9 | 51.5 | 46.6 | 45.2 | 43.3 | 38.8 | 36.3 | 31.8 | 32.2 | 30.2 | 27.1 | 26.2 | 24.4 | 22.7 | 23.5 | 23.2 | 22.9 | 22 | 21.5 | 21.3 | 20 | 0 | 0 |
| Profit before tax | 44 | 278 | 27.2 | −40.3 | 161 | 201 | 62.3 | 26.3 | 110 | 140 | 0.3 | −9.5 | 62.7 | 146 | 22.2 | −7.3 | 58.9 | 85.9 | 42.8 | 9.8 | 15.8 | 116 | 39.9 | −0.6 | −35.6 | 70.1 | 24.5 | 4.6 | 91.5 | 0 | 0 |
| Tax | 40.4 | 49.3 | 27.9 | −15.6 | 48.4 | 70.2 | 16.2 | 2.6 | 29.8 | 38.8 | 0.8 | −3.8 | 16.1 | 37.8 | 7.1 | −5 | 16 | 26.6 | 9.9 | 1.9 | 4.6 | 40 | 12 | −3.4 | −11.7 | 7.3 | −0.3 | −7.5 | 27.2 | 0 | 0 |
| Net profit | 3.1 | 162 | −9.3 | −32.1 | 106 | 118 | 37 | 21 | 74.7 | 99 | −0.5 | −5.7 | 46.6 | 108 | 15.1 | −2.3 | 42.9 | 59.3 | 32.9 | 7.9 | 11.2 | 76.5 | 27.9 | 2.8 | −23.9 | 62.8 | 24.8 | 12.2 | 64.3 | 0 | 0 |
| Net margin | 0.1% | 3.9% | -0.3% | -2.0% | 3.1% | 3.2% | 1.7% | 1.2% | 3.1% | 3.5% | -0.0% | -0.6% | 2.7% | 3.6% | 1.1% | -0.3% | 2.3% | 3.1% | 3.4% | 1.3% | 1.6% | 4.8% | 3.6% | 0.7% | -9.2% | 4.8% | 3.1% | 2.0% | 5.2% | – | – |
| EPS (₹) | 6.34 | 38.04 | -7.75 | -9.34 | 30.65 | 34.32 | 10.61 | 5.70 | 21.48 | 28.10 | -0.14 | -2.06 | 13.55 | 30.86 | 4.20 | -0.88 | 12.48 | 16.98 | 9.53 | 2.21 | 3.69 | 22.39 | 7.99 | 0.52 | -7.14 | 19.98 | 7.89 | 3.87 | 20.46 | 0.00 | 0.00 |
| Net profit YoY | −97.1% | +36.8% | −125.2% | −253.3% | +41.8% | +19.6% | +7285.0% | +470.9% | +60.3% | −8.4% | −103.4% | −146.8% | +8.7% | +82.3% | −54.2% | −129.0% | +283.1% | −22.5% | +18.2% | +177.6% | +146.8% | +21.7% | +12.4% | −76.7% | −137.2% | – | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 12,186 | 9,973 | 6,729 | 6,927 | 4,206 | 3,031 | 3,963 | 2,752 | 2,128 |
| Other income | 120 | 73.6 | 55.3 | 52.7 | 33.2 | 33.1 | 8.2 | 9.9 | 8.7 |
| Total expenses | 11,841 | 9,647 | 6,591 | 6,760 | 4,085 | 2,943 | 3,780 | 2,626 | 2,047 |
| EBITDA | 952 | 763 | 492 | 418 | 275 | 220 | 309 | 213 | 184 |
| EBITDA margin | 7.8% | 7.7% | 7.3% | 6.0% | 6.5% | 7.3% | 7.8% | 7.7% | 8.6% |
| Finance costs | 284 | 209 | 167 | 112 | 46.4 | 41 | 41.9 | 24.6 | 53.8 |
| Depreciation | 323 | 228 | 187 | 139 | 108 | 92.3 | 84.8 | 62.3 | 49 |
| Profit before tax | 426 | 400 | 194 | 220 | 154 | 120 | 191 | 136 | 89.4 |
| Tax | 110 | 119 | 51.9 | 55.9 | 42.9 | 36.9 | 26.6 | 41.2 | 27.1 |
| Net profit | 226 | 251 | 139 | 164 | 111 | 83.3 | 164 | 94.8 | 62.3 |
| Net margin | 1.9% | 2.5% | 2.1% | 2.4% | 2.6% | 2.7% | 4.1% | 3.4% | 2.9% |
| EPS (₹) | 50.48 | 72.01 | 39.44 | 46.66 | 32.41 | 24.96 | 52.20 | 30.14 | 19.81 |
| Net profit YoY | −9.8% | +80.1% | −14.8% | +47.1% | +33.7% | −49.3% | +73.2% | +52.1% | – |
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 | 240 | 711 | 965 | 321 | 250 |
| Investing cash flow | −3,074 | −953 | −1,035 | −489 | −698 |
| Financing cash flow | 2,683 | 323 | −122 | 193 | 555 |
| Capital expenditure | 1,295 | 575 | 412 | 662 | 414 |
| Free cash flow (CFO − capex) | −1,055 | 136 | 553 | −342 | −164 |
Net profit trend
annual, ₹ croreFY21
₹83.3
FY22
₹111+34%
FY23
₹164+47%
FY24
₹139−15%
FY25
₹251+80%
FY26
₹226−10%
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 | 16 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 16 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 | 6 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 6 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 29 Jul 2025 | PDF XBRL |
| Q1 FY26 | Standalone | 29 Jul 2025 | PDF XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 83.6×198.2×
P/B5Y avg 6.48×5.60×
ROEFY26, on average equity6.8%
Net margin1.9%
Debt / equity0.62×
Revenue CAGR (3Y)20.7%
Profit CAGR (3Y)11.4%
EPS (TTM)₹35.11
Market cap₹24,493 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
5.60×
vs 8-point avg 6.48× (−13%)
3.36× low6.48× avg11.10× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹13,767 Cr+63%
Net worth₹4,372 Cr+91%
Total borrowings₹2,702 Cr+39%
Cash & bank balances₹231 Cr+9%
Investments₹6 Cr−95%
Inventories₹2,452 Cr+48%
Trade receivables₹2,246 Cr+28%
Trade payables₹2,839 Cr−10%
Change vs the same date a year earlier.
Revenue mix FY26
Consumer Durables Division69.2%result ₹581 Cr
Electronics Division26.4%result ₹282 Cr
Railway Sub-system & Defense Division4.3%result ₹90.1 Cr
Segment revenue as reported, before inter-segment eliminations.