Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q3 FY20
| ₹ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 189 | 144 | 121 | 121 | 150 | 153 | 134 | 142 | 134 | 126 | 102 | 95.3 | 103 | 124 | 94.1 | 128 | 163 | 123 | 100 | 94.9 | 97 | 90.5 | 72.5 | 62.3 | 57.8 | 71.8 | 58.5 |
| Other income | 0.8 | 3.5 | 0.1 | 1.7 | 1.5 | 0.6 | 1.6 | 1 | 0.8 | 0.9 | 0.5 | 0.8 | 0.7 | 2.1 | 0.1 | −0 | 0.2 | 0.5 | 0.2 | 0.1 | 0 | −1.1 | 1 | 0.3 | 0.2 | 0.3 | 0.2 |
| Total expenses | 164 | 132 | 118 | 119 | 147 | 144 | 131 | 137 | 129 | 125 | 104 | 96.7 | 111 | 140 | 104 | 127 | 158 | 120 | 96.5 | 88.6 | 90.5 | 79.9 | 61.9 | 52.9 | 49.5 | 63.7 | 53.9 |
| EBITDA | 31.8 | 19.5 | 10.3 | 9.5 | 10.5 | 17.1 | 11.9 | 13.5 | 13.7 | 8.8 | 5 | 5.4 | −0.9 | −8.5 | −2.1 | 7.5 | 11.8 | 8.1 | 7.9 | 10.3 | 10.3 | 13.5 | 13.2 | 12 | 10.8 | 11 | 7.5 |
| EBITDA margin | 16.8% | 13.6% | 8.5% | 7.9% | 7.0% | 11.2% | 8.9% | 9.5% | 10.2% | 7.0% | 4.9% | 5.7% | -0.9% | -6.9% | -2.2% | 5.9% | 7.2% | 6.6% | 7.9% | 10.9% | 10.6% | 15.0% | 18.2% | 19.2% | 18.8% | 15.3% | 12.8% |
| Finance costs | 2.6 | 3.3 | 3 | 2.8 | 3.1 | 3.8 | 4.4 | 4.3 | 4 | 3.7 | 2.7 | 3 | 3.2 | 3.9 | 3.8 | 3.5 | 2.8 | 1.4 | 1.3 | 1.1 | 0.9 | 0.6 | 0.4 | 0.4 | 0.5 | 0.8 | 0.8 |
| Depreciation | 4.7 | 4.7 | 4.7 | 4.7 | 4.6 | 4.7 | 4.8 | 4.8 | 4.5 | 4.5 | 4 | 3.8 | 3.8 | 3.8 | 3.7 | 3.7 | 3.6 | 3 | 3 | 3 | 3 | 2.3 | 2.2 | 2.1 | 2.1 | 2.1 | 2.1 |
| Profit before tax | 25.4 | 15.1 | 2.7 | 3.6 | 4.2 | 9.2 | 4.4 | 5.4 | 6 | 1.3 | −1.3 | 25.2 | −7.2 | −14.1 | −9.5 | 0.3 | 5.5 | 4.2 | 3.8 | 6.4 | 6.5 | 9.4 | 11.6 | 10.4 | 12.2 | 8.3 | 4.7 |
| Tax | 6.3 | 4.2 | 0.4 | 1.5 | 1.6 | 2.3 | 2.1 | 2.1 | 1.7 | 0.4 | 0.8 | 2.5 | −1.4 | −2.4 | −0.5 | 1.3 | 2.4 | 0.9 | 1.6 | 1.8 | 1.9 | 3.3 | 3.1 | 2.6 | 2.7 | 2.2 | 1.2 |
| Net profit | 19 | 10.8 | 2.3 | 2.1 | 2.6 | 6.9 | 2.3 | 3.3 | 4.4 | 0.9 | −2.1 | 22.7 | −5.9 | −11.7 | −9 | −1 | 3.2 | 3.3 | 2.3 | 4.5 | 4.6 | 6.2 | 8.5 | 7.7 | 9.5 | 6.1 | 3.5 |
| Net margin | 10.1% | 7.5% | 1.9% | 1.7% | 1.7% | 4.5% | 1.7% | 2.3% | 3.3% | 0.7% | -2.1% | 23.8% | -5.7% | -9.4% | -9.5% | -0.8% | 2.0% | 2.7% | 2.3% | 4.8% | 4.7% | 6.8% | 11.8% | 12.4% | 16.5% | 8.5% | 6.0% |
| EPS (₹) | 16.32 | 9.22 | 2.11 | 1.91 | 2.68 | 6.48 | 2.63 | 3.26 | 4.39 | 1.83 | -0.87 | 20.00 | -2.29 | -8.68 | -6.24 | 1.00 | 3.96 | 3.89 | 2.76 | 4.73 | 3.79 | 5.06 | 6.95 | 6.30 | 7.77 | 4.97 | 2.86 |
| Net profit YoY | +633.3% | +57.5% | −1.6% | −36.5% | −40.7% | +658.2% | +208.1% | −85.5% | +174.8% | +107.8% | +76.3% | +2382.0% | −283.9% | −455.7% | −495.7% | −121.9% | −30.2% | −46.6% | −73.4% | −41.3% | −52.2% | +0.9% | +142.9% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 535 | 562 | 426 | 505 | 415 | 283 | 284 |
| Other income | 6.7 | 4 | 2.8 | 5.9 | 0.9 | 0.3 | 0.8 |
| Total expenses | 517 | 541 | 437 | 528 | 395 | 244 | 261 |
| EBITDA | 49.8 | 56.2 | 18.3 | 5.3 | 36.7 | 49.5 | 34.4 |
| EBITDA margin | 9.3% | 10.0% | 4.3% | 1.0% | 8.8% | 17.5% | 12.1% |
| Finance costs | 12.2 | 16.5 | 12.5 | 14 | 4.7 | 1.9 | 3.6 |
| Depreciation | 18.7 | 18.8 | 16.2 | 14.9 | 12 | 8.7 | 8.3 |
| Profit before tax | 25.6 | 25 | 17.9 | −17.7 | 20.9 | 43.6 | 23.3 |
| Tax | 7.8 | 8.1 | 2.3 | 0.7 | 6.2 | 11.7 | 0.4 |
| Net profit | 17.8 | 16.9 | 15.6 | −18.5 | 14.7 | 31.9 | 22.8 |
| Net margin | 3.3% | 3.0% | 3.7% | -3.7% | 3.5% | 11.3% | 8.0% |
| EPS (₹) | 15.92 | 16.76 | 17.01 | -9.83 | 16.10 | 26.29 | 18.60 |
| Net profit YoY | +5.5% | +7.8% | +184.7% | −226.1% | −54.1% | +40.0% | – |
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 | 43.2 | 57.9 | 7.8 | 33.6 | 9.1 |
| Investing cash flow | −6.8 | −5.4 | −12.2 | −80.9 | −37.6 |
| Financing cash flow | −38 | −49.5 | 4.4 | 47.5 | 28.4 |
| Capital expenditure | 5.5 | 6 | 53.4 | 31.5 | 27.8 |
| Free cash flow (CFO − capex) | 37.7 | 51.9 | −45.6 | 2.1 | −18.7 |
Net profit trend
annual, ₹ croreFY21
₹31.9
FY22
₹14.7−54%
FY23
₹−18.5−226%
FY24
₹15.6+185%
FY25
₹16.9+8%
FY26
₹17.8+5%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 29 Jul 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 29 Jul 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 26 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 26 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 | 11 Nov 2025 | PDF XBRL |
| Q2 FY26 | Standalone | 11 Nov 2025 | PDF 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)13.9×
P/B1.75×
ROEFY26, on average equity6.8%
Net margin3.3%
Debt / equity0.52×
Revenue CAGR (3Y)2.0%
Profit CAGR (3Y)–
EPS (TTM)₹29.02
Market cap₹475 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
Balance sheet 31 Mar 2026
Total assets₹603 Cr+2%
Net worth₹271 Cr+6%
Total borrowings₹141 Cr−15%
Cash & bank balances₹2 Cr−42%
Investments₹2 Cr+390%
Inventories₹125 Cr+44%
Trade receivables₹138 Cr−7%
Trade payables₹133 Cr+21%
Change vs the same date a year earlier.
Revenue mix FY26
PIGMENTS79.2%result ₹33.8 Cr
API20.8%result ₹4 Cr
Segment revenue as reported, before inter-segment eliminations.