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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	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q4 FY18
Revenue from operations	820	1,794	1,083	839	634	1,653	876	860	634	1,514	1,047	917	577	1,388	1,037	805	669	1,684	1,000	451	0	728	664	390	1,065	693	687	0
Other income	1.6	10	3.9	7	8.6	3.8	4.5	14.9	0.5	4.6	34.3	7.2	1.2	19	2.6	1.3	0.8	1.4	13.5	19.3	0	10.1	5.8	12.3	25.6	6.3	7.6	0
Total expenses	855	1,559	1,113	796	713	1,262	851	820	710	1,171	1,014	882	653	1,129	973	790	752	1,480	1,003	564	0	710	652	537	951	695	722	0
EBITDA	2	272	3.6	73.2	−49.3	423	60.4	73	−50.1	370	55.9	61.5	−50.5	287	91.6	41.8	−55.8	230	26.7	−82.3	0	42.8	37.8	−118	143	25.9	−7.3	0
EBITDA margin	0.2%	15.1%	0.3%	8.7%	-7.8%	25.6%	6.9%	8.5%	-7.9%	24.5%	5.3%	6.7%	-8.8%	20.7%	8.8%	5.2%	-8.3%	13.6%	2.7%	-18.2%	–	5.9%	5.7%	-30.3%	13.4%	3.7%	-1.1%	–
Finance costs	13.9	14.1	11.6	9.9	9.8	12.9	16.7	15.8	8.9	10.7	7.5	10.8	10	12.2	12	10.8	11.2	10.3	12.7	14.2	0	8.3	8.7	10	9.8	9.8	9.4	0
Depreciation	23.4	22.5	21.2	20	19.8	18.6	18.6	17.3	16.8	16.7	15.8	15.8	15.6	16	15.9	16	16.1	16.2	16.8	16.8	0	16.6	17.8	18.2	17.9	18.2	18.1	0
Profit before tax	−33.7	245	−25.4	50.3	−70.3	395	29.6	54.7	−75.4	348	66.9	42.2	−75	278	66.3	16.3	−82.4	205	10.7	−94	0	28.1	17.2	−134	141	4.2	−27.2	0
Tax	−6.7	65.1	−3	2.3	−6.2	107	5.2	3.7	−4.9	90.8	18.7	−9.6	0	120	0	0	0	71.1	0	0	0	0.4	0	0	−44.3	0	0	0
Net profit	−27	180	−22.4	48	−64.1	288	24.4	51	−70.5	257	48.2	51.8	−75	158	66.3	16.3	−82.4	133	10.7	−94	0	27.7	17.2	−134	185	4.2	−27.2	0
Net margin	-3.3%	10.0%	-2.1%	5.7%	-10.1%	17.4%	2.8%	5.9%	-11.1%	17.0%	4.6%	5.6%	-13.0%	11.4%	6.4%	2.0%	-12.3%	7.9%	1.1%	-20.8%	–	3.8%	2.6%	-34.3%	17.3%	0.6%	-4.0%	–
EPS (₹)	-3.24	21.59	-2.69	11.53	-15.40	69.05	5.86	12.26	-16.92	61.66	11.57	12.44	-18.01	37.87	15.92	3.90	-19.78	32.04	2.56	-22.57	0.00	6.64	4.14	-32.18	44.39	1.02	-6.53	0.00
Net profit YoY	+57.9%	−37.5%	−191.7%	−5.9%	+9.0%	+12.0%	−49.4%	−1.4%	+6.0%	+62.8%	−27.3%	+218.5%	+8.9%	+18.2%	–	+52.5%	+12.4%	–	−38.1%	+29.8%	−100.0%	+552.6%	+163.3%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY18
Revenue from operations	4,351	4,022	4,054	3,899	4,337	3,557	3,025	3,299
Other income	29.4	23.7	42.2	23.6	5.7	60.2	48.6	25
Total expenses	4,180	3,642	3,715	3,645	4,143	3,530	3,055	3,160
EBITDA	299	506	442	364	310	138	83.9	253
EBITDA margin	6.9%	12.6%	10.9%	9.3%	7.1%	3.9%	2.8%	7.7%
Finance costs	45.4	54.3	39	46.2	49.3	39.4	40.7	48.3
Depreciation	83.5	71.3	63.8	64.1	66.5	71.4	72.4	65.4
Profit before tax	200	404	382	278	200	87.1	19.4	164
Tax	58.2	111	99.9	120	71.1	18.4	−44.3	34.4
Net profit	141	293	282	158	129	68.7	63.7	130
Net margin	3.2%	7.3%	6.9%	4.0%	3.0%	1.9%	2.1%	3.9%
EPS (₹)	16.97	70.24	67.66	37.91	30.88	16.50	15.29	20.36
Net profit YoY	−51.7%	+3.8%	+78.5%	+22.8%	+87.2%	+7.9%	–	–

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	118	183	458	563	51.4
Investing cash flow	−354	−205	−67.7	−20.1	−25.3
Financing cash flow	238	−139	−130	−335	−9.9
Capital expenditure	345	181	97.1	37.1	38.1
Free cash flow (CFO − capex)	−227	2.1	361	526	13.3

Net profit trend

annual, ₹ crore

FY21

₹68.7

FY22

₹129+87%

FY23

₹158+23%

FY24

₹282+78%

FY25

₹293+4%

FY26

₹141−52%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	7 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	7 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	29 May 2026	PDF XBRL
Q4 FY26	Consolidated · audited	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	29 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	6 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	6 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	5 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	5 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	11 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY2623.95 MB FY2522.93 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 51.7×95.0×

P/B5Y avg 4.30×5.78×

ROEFY26, on average equity4.9%

Net margin3.2%

Debt / equity0.10×

Revenue CAGR (3Y)3.7%

Profit CAGR (3Y)-3.6%

EPS (TTM)₹21.43

Market cap₹16,962 Cr

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

P/B vs history

5.78×

vs 8-point avg 4.30× (+34%)

2.16× low4.30× avg6.21× high

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

Balance sheet 31 Mar 2026

Total assets₹7,011 Cr+19%

Net worth₹2,934 Cr+2%

Total borrowings₹307 Cr+34%

Cash & bank balances₹7 Cr+55%

Investments₹8 Cr+31%

Inventories₹2,338 Cr−2%

Trade receivables₹2,274 Cr+34%

Trade payables₹1,024 Cr+44%

Change vs the same date a year earlier.

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	54.03	54.03	54.03	54.03	54.03	54.03	54.03	54.03	54.03	54.03	54.03	54.03
FII	5.48	5.59	5.51	5.82	5.67	7.27	7.41	5.66	6.76	9.91	9.12	6.79
DII	19.39	18.71	18.38	18.53	18.79	18.70	18.11	18.52	20.15	17.79	18.98	19.03
of which MF	17.92	17.55	17.25	17.37	17.66	–	–	–	–	–	–	–
Retail	17.78	18.21	18.69	18.43	18.31	17.48	17.57	18.93	16.18	14.98	14.45	15.50
Other public	3.32	3.46	3.39	3.19	3.20	2.52	2.88	2.86	2.88	3.29	3.42	4.65

1,97,269 shareholders · NSE shareholding pattern filings.