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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q2 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	Q2 FY20
Revenue from operations	2,784	1,440	54.3	119	471	1,527	0.2	0.2	866	708	195	65.1	0.1	129	1	47.3	0	22	1.6	1.2	0.8	6	165	118	174	112	399	456
Other income	2	2.9	1.8	1.6	1.9	1.1	1.4	0.4	2.1	1.8	1.8	1.8	1.7	1.5	1.5	1.6	1.7	1.5	1.6	2	2.9	3.5	2.3	1.8	2.5	7.5	9.2	9.8
Total expenses	2,757	1,440	53.8	119	459	1,522	0.8	0.4	861	705	195	66.1	−1.4	132	1.8	45.4	2.1	23.2	2.7	0	1.7	4.3	157	115	170	117	397	456
EBITDA	26.9	0.9	0.6	−0.1	12.4	4.5	−0.6	−0	4.6	2.9	0.5	−0.3	2	−2.2	−0.4	2.3	−1.6	−0.8	−0.8	1.6	0.4	4	8.8	4.2	5.1	3.3	9.1	5.6
EBITDA margin	1.0%	0.1%	1.1%	-0.1%	2.6%	0.3%	-280.9%	-6.8%	0.5%	0.4%	0.2%	-0.4%	1781.1%	-1.7%	-39.3%	4.9%	-6584.2%	-3.6%	-51.8%	131.0%	46.2%	66.9%	5.4%	3.5%	2.9%	3.0%	2.3%	1.2%
Finance costs	0	0	0	−0	0	−0.2	0	0.2	0	0.2	0.4	0.6	0.5	0.4	0.4	0.4	0.4	0.4	0.2	0.4	1.2	2.3	1.2	1.1	0.7	7.8	7.4	5.6
Depreciation	0.4	0.7	0	0	0	0	0	0	0	0.1	0.1	0.1	0.1	0.1	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	28.5	3	2.4	1.5	14.2	5.7	0.8	0.1	6.6	4.5	1.8	0.9	3.1	−1.2	0.7	3.5	−0.4	0.3	0.6	3.2	2	5.2	9.9	4.9	6.8	2.9	10.9	9.8
Tax	9.8	0.9	1.1	1.1	3	0.8	0.1	0	1.6	0.9	0.3	0.2	0.5	−0.3	0.1	0.5	0	0.1	0.1	0.6	0.4	1.2	1.7	0.8	1.2	1	1.9	1.6
Net profit	20.1	0.8	2.1	1.8	14.8	11	0.2	1.9	6.4	2.8	0.9	1.3	4.1	−4.3	−0.2	4.7	1.1	−1	−0.4	5.4	1.4	2	6.8	3.1	3.5	−1.3	9	8.2
Net margin	0.7%	0.1%	3.8%	1.5%	3.1%	0.7%	81.5%	1133.1%	0.7%	0.4%	0.4%	2.0%	3702.5%	-3.4%	-24.3%	10.0%	4258.7%	-4.8%	-22.4%	451.0%	161.3%	33.7%	4.1%	2.6%	2.0%	-1.2%	2.2%	1.8%
EPS (₹)	14.76	0.61	1.51	1.33	10.85	8.10	0.12	1.42	4.71	2.07	0.64	0.96	3.04	-3.19	-0.17	3.47	0.77	-0.77	-0.26	3.98	0.99	1.48	4.97	2.27	2.57	-0.99	6.59	6.02
Net profit YoY	+36.2%	−92.5%	+1171.3%	−6.8%	+130.5%	+290.9%	−81.5%	+47.9%	+54.8%	+165.0%	+474.7%	−72.3%	+293.9%	−314.3%	+34.3%	−12.7%	−22.4%	−152.0%	−105.3%	+75.3%	−61.3%	+249.7%	−24.5%	−62.3%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Revenue from operations	2,085	2,393	968	178	26.6	463	1,073
Other income	8.2	5	7.1	6.3	7.1	10.1	30.1
Total expenses	2,072	2,384	965	181	27.5	447	1,077
EBITDA	13.7	8.5	5.1	−1.9	1.3	22.1	21
EBITDA margin	0.7%	0.4%	0.5%	-1.1%	4.9%	4.8%	2.0%
Finance costs	0	0	1.7	1.5	2.2	5.4	25.3
Depreciation	0.8	0.2	0.2	0.2	0	0	0
Profit before tax	21.1	13.3	10.3	2.7	6.1	26.9	25.8
Tax	6.1	2.5	1.9	0.3	1.2	4.9	5
Net profit	19.5	19.6	9.2	1.2	5.4	15.4	17.5
Net margin	0.9%	0.8%	0.9%	0.7%	20.2%	3.3%	1.6%
EPS (₹)	14.30	14.35	6.72	0.88	3.94	11.29	12.85
Net profit YoY	−0.4%	+113.6%	+660.8%	−77.6%	−65.1%	−12.1%	–

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	−3.1	8.1	52.9	−39.9	155
Investing cash flow	−0.7	2.2	0.3	−2.7	1
Financing cash flow	−1.9	−4.5	−53	41.6	−154
Capital expenditure	0	0	0	0	2.7
Free cash flow (CFO − capex)	−3.1	8.1	52.9	−39.9	152

Net profit trend

annual, ₹ crore

FY21

₹15.4

FY22

₹5.4−65%

FY23

₹1.2−78%

FY24

₹9.2+661%

FY25

₹19.6+114%

FY26

₹19.5−0%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	12 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	12 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	29 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	29 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	12 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	12 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	11 Nov 2025	PDF XBRL
Q2 FY26	Standalone	11 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	7 Aug 2025	PDF XBRL
Q1 FY26	Standalone	7 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY263.82 MB FY252.91 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 22.6×7.9×

P/B5Y avg 0.86×1.21×

ROEFY26, on average equity12.8%

Net margin0.9%

Debt / equity0.00×

Revenue CAGR (3Y)127.2%

Profit CAGR (3Y)153.0%

EPS (TTM)₹18.22

Market cap₹195 Cr

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

P/B vs history

1.21×

vs 8-point avg 0.86× (+40%)

0.67× low0.86× avg1.21× high

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

Balance sheet 31 Mar 2026

Total assets₹198 Cr+7%

Net worth₹161 Cr+13%

Total borrowings₹0 Cr+410%

Cash & bank balances₹1 Cr−90%

Investments₹7 Cr−90%

Inventories₹18 Cr+144%

Trade receivables₹1 Cr−95%

Trade payables₹0 Cr−99%

Change vs the same date a year earlier.

Revenue mix Q1 FY27

Refining90.8%result ₹25.7 Cr

Bullion9.2%result ₹5.9 Cr

Shares & Securities and Derivatives0.0%result ₹0.7 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	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	73.70	73.70	73.70	73.70	73.70	73.70	73.70	73.70	73.70	73.70	73.70	73.70
FII	0.13	0.11	0.11	0.11	0.11	0.11	0.11	0.00	0.00	0.00	0.44	0.44
Retail	23.25	23.16	23.49	23.45	23.57	23.44	23.65	23.81	23.81	24.20	24.15	24.32
Other public	2.92	3.03	2.70	2.74	2.62	2.75	2.54	2.49	2.49	2.10	1.71	1.54

8,081 shareholders · NSE shareholding pattern filings.