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 | 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 | 7,698 | 12,310 | 8,473 | 7,512 | 5,487 | 8,993 | 7,277 | 6,584 | 5,485 | 8,260 | 5,504 | 5,125 | 5,003 | 8,227 | 5,263 | 5,203 | 8,062 | 5,136 | 5,112 | 2,901 | 7,170 | 4,451 | 3,696 | 1,991 | 5,050 | 5,681 | 6,227 | 4,532 | 10,297 | 0 |
| Other income | 214 | 243 | 219 | 175 | 171 | 149 | 108 | 111 | 96.9 | 157 | 95.8 | 180 | 114 | 112 | 90.6 | 216 | 120 | 84 | 85.1 | 65.5 | 74.7 | 81 | 97.2 | 95.5 | 144 | 147 | 133 | 141 | 121 | 0 |
| Total expenses | 7,416 | 10,843 | 8,188 | 7,202 | 6,280 | 8,448 | 7,225 | 6,571 | 5,875 | 7,794 | 5,817 | 5,753 | 5,595 | 7,474 | 5,321 | 5,628 | 7,091 | 5,207 | 5,275 | 3,572 | 8,644 | 4,830 | 4,539 | 3,283 | 5,905 | 5,608 | 6,200 | 5,025 | 9,133 | 0 |
| EBITDA | 504 | 1,753 | 545 | 581 | −537 | 832 | 304 | 275 | −169 | 728 | −62.9 | −388 | −364 | 986 | 144 | −244 | 1,152 | 89.2 | −30 | −476 | −1,268 | −180 | −633 | −1,059 | −560 | 327 | 265 | −270 | 1,395 | 0 |
| EBITDA margin | 6.5% | 14.2% | 6.4% | 7.7% | -9.8% | 9.2% | 4.2% | 4.2% | -3.1% | 8.8% | -1.1% | -7.6% | -7.3% | 12.0% | 2.7% | -4.7% | 14.3% | 1.7% | -0.6% | -16.4% | -17.7% | -4.1% | -17.1% | -53.2% | -11.1% | 5.8% | 4.3% | -6.0% | 13.5% | – |
| Finance costs | 140 | 198 | 182 | 195 | 181 | 201 | 184 | 201 | 162 | 193 | 190 | 180 | 168 | 161 | 139 | 123 | 95.6 | 86 | 90.4 | 84 | 78.8 | 85.8 | 94.5 | 115 | 141 | 140 | 119 | 108 | 96.4 | 0 |
| Depreciation | 81.9 | 87.9 | 78 | 75.5 | 74.5 | 85 | 67.9 | 60.1 | 59 | 68.4 | 60.6 | 59.9 | 60 | 72.6 | 62.5 | 58.6 | 86 | 74.1 | 42.8 | 111 | 127 | 113 | 115 | 119 | 154 | 115 | 119 | 115 | 134 | 0 |
| Profit before tax | 496 | 1,711 | 504 | 485 | −622 | 695 | 160 | 125 | −293 | 623 | −217 | −448 | −478 | 864 | 33.1 | −210 | 1,090 | 13.1 | −78.1 | −605 | −1,399 | −298 | −746 | −1,197 | −712 | 219 | 160 | −352 | 1,285 | 0 |
| Tax | 131 | 437 | 129 | 124 | −153 | 200 | 44.1 | 35.3 | −67.6 | 147 | −46.1 | −198 | −118 | 266 | 10.4 | −212 | 189 | 6 | −20.6 | −149 | −354 | −61.9 | −181 | −299 | 824 | 67.5 | 45.9 | −128 | 603 | 0 |
| Net profit | 377 | 1,290 | 390 | 375 | −456 | 504 | 135 | 106 | −211 | 490 | −149 | −238 | −344 | 611 | 42.3 | 12.1 | 912 | 27 | −46.6 | −448 | −1,036 | −218 | −552 | −893 | −1,532 | 162 | 121 | −219 | 683 | 0 |
| Net margin | 4.9% | 10.5% | 4.6% | 5.0% | -8.3% | 5.6% | 1.9% | 1.6% | -3.9% | 5.9% | -2.7% | -4.6% | -6.9% | 7.4% | 0.8% | 0.2% | 11.3% | 0.5% | -0.9% | -15.4% | -14.5% | -4.9% | -14.9% | -44.9% | -30.3% | 2.8% | 1.9% | -4.8% | 6.6% | – |
| EPS (₹) | 1.08 | 3.71 | 1.12 | 1.08 | -1.31 | 1.45 | 0.39 | 0.30 | -0.61 | 1.41 | -0.43 | -0.68 | -0.99 | 1.75 | 0.12 | 0.03 | 2.62 | 0.08 | -0.13 | -1.29 | -2.97 | -0.63 | -1.59 | -2.56 | -4.40 | 0.46 | 0.35 | -0.63 | 1.88 | 0.00 |
| Net profit YoY | +182.7% | +155.8% | +189.8% | +253.2% | −115.5% | +3.0% | +190.5% | +144.6% | +38.5% | −19.9% | −451.9% | −2067.9% | – | −33.0% | +56.5% | +126.0% | +188.0% | +112.4% | +91.6% | +49.8% | +32.4% | −234.6% | −556.7% | −308.0% | −324.4% | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 33,782 | 28,339 | 23,893 | 23,365 | 9,875 | 21,211 | 17,309 | 21,490 | 30,349 | 29,075 |
| Other income | 808 | 465 | 546 | 489 | 286 | 355 | 348 | 564 | 678 | 678 |
| Total expenses | 32,512 | 28,118 | 24,260 | 23,430 | 10,635 | 21,146 | 21,297 | 22,739 | 28,969 | 28,148 |
| EBITDA | 2,342 | 1,242 | 613 | 717 | −414 | 736 | −3,141 | −237 | 2,142 | 1,970 |
| EBITDA margin | 6.9% | 4.4% | 2.6% | 3.1% | -4.2% | 3.5% | -18.1% | -1.1% | 7.1% | 6.8% |
| Finance costs | 756 | 748 | 731 | 521 | 221 | 356 | 374 | 508 | 287 | 255 |
| Depreciation | 316 | 272 | 249 | 260 | 125 | 314 | 473 | 503 | 475 | 787 |
| Profit before tax | 2,078 | 687 | 179 | 423 | −474 | 420 | −3,640 | −685 | 2,058 | 1,606 |
| Tax | 538 | 212 | −39.6 | 2.1 | −274 | 25.8 | −896 | 809 | 842 | 777 |
| Net profit | 1,600 | 534 | 282 | 477 | −176 | 445 | −2,700 | −1,468 | 1,215 | 438 |
| Net margin | 4.7% | 1.9% | 1.2% | 2.0% | -1.8% | 2.1% | -15.6% | -6.8% | 4.0% | 1.5% |
| EPS (₹) | 4.60 | 1.53 | 0.81 | 1.37 | -0.51 | 1.28 | -7.75 | -4.22 | 3.35 | 1.19 |
| Net profit YoY | +199.7% | +89.2% | −40.9% | +7.3% | – | +116.5% | −83.9% | −220.8% | +177.4% | – |
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 | FY23 | FY22 |
|---|---|---|---|---|---|---|
| Operating cash flow | 5,837 | 2,192 | −3,713 | −742 | −1,242 | 660 |
| Investing cash flow | −3,035 | −2,731 | 1,331 | 1,480 | 1,221 | −1,125 |
| Financing cash flow | −1,806 | −857 | 2,656 | 89 | 789 | −322 |
| Capital expenditure | 589 | 282 | 233 | 188 | 115 | 169 |
| Free cash flow (CFO − capex) | 5,248 | 1,910 | −3,945 | −930 | −1,357 | 491 |
Net profit trend
annual, ₹ croreFY22
₹445
FY23
₹−176−140%
FY23
₹477+371%
FY24
₹282−41%
FY25
₹534+89%
FY26
₹1,600+200%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 16 Jul 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 16 Jul 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 4 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | – | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 4 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 19 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 19 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 29 Oct 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 29 Oct 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 6 Aug 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 137.7×60.0×
P/B5Y avg 2.59×5.58×
ROEFY26, on average equity6.3%
Net margin4.7%
Debt / equity0.31×
Revenue CAGR (3Y)13.1%
Profit CAGR (3Y)49.7%
EPS (TTM)₹6.99
Market cap₹1.46L Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
5.58×
vs 8-point avg 2.59× (+115%)
0.79× low2.59× avg5.58× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹76,186 Cr+12%
Net worth₹26,147 Cr+6%
Total borrowings₹8,187 Cr−9%
Cash & bank balances₹1,435 Cr+227%
Investments₹0 Cr
Inventories₹13,335 Cr+35%
Trade receivables₹6,796 Cr+15%
Trade payables₹10,492 Cr+10%
Change vs the same date a year earlier.
Revenue mix FY26
Power75.2%result ₹2,451 Cr
Industry24.8%result ₹1,684 Cr
Segment revenue as reported, before inter-segment eliminations.