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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY19

₹ 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
Revenue from operations	512	558	582	735	895	522	458	377	361	418	374	315	311	338	290	248	253	148	164	128	69.5	97.8	85.1	58.9	52.6	227	278	235	240	270
Other income	9	12.8	7.5	8.5	13.8	15.4	6.7	6.1	8.1	6.1	6.2	3.6	3.8	7.9	32.1	2.6	6.9	5.5	1.5	9.2	5.8	4.3	6.5	5.2	6.3	10.3	6.6	5.1	5.9	7.2
Total expenses	379	393	421	539	640	379	346	304	291	325	291	274	277	256	241	230	220	182	186	163	143	160	142	130	128	232	228	219	225	258
EBITDA	234	266	265	299	357	241	205	150	140	183	166	126	110	152	113	85.1	102	31.4	40.4	34.8	−8.6	2.2	10.4	−2.3	−6	63.2	112	81.6	79.5	97.2
EBITDA margin	45.7%	47.6%	45.6%	40.7%	39.9%	46.3%	44.7%	39.7%	38.8%	43.7%	44.4%	40.0%	35.3%	45.1%	39.2%	34.3%	40.3%	21.2%	24.6%	27.1%	-12.3%	2.2%	12.2%	-3.8%	-11.4%	27.8%	40.4%	34.7%	33.1%	36.0%
Finance costs	39.5	40.6	45.9	45.4	48.5	48.2	45.3	33.9	31.7	52.9	48.2	50.1	45.4	40.5	36.8	38	39.1	35.6	33.7	39.2	35.9	35.2	37.4	39.3	40.1	39.7	33.9	36.9	35.7	56.1
Depreciation	61.2	60.2	58.5	57.4	53.9	49.8	47.7	42.4	38.9	37.1	35.3	35	31	29.8	28.1	29.6	29.7	30.3	28.5	30.5	29.2	28.7	29.5	29.7	29.6	28.5	28.3	28.4	28.2	29.5
Profit before tax	133	178	167	205	269	159	118	79.4	77.7	99	88.7	44.5	37.2	71.5	141	21.3	38.9	−29.9	−21.1	−27.1	−69	−58.5	−51	−67.1	−70.4	4.9	55.5	20	20.5	17.3
Tax	46.4	14.9	43.2	50.1	65.5	35	21.8	218	17.1	16.6	18	8	−51.5	34.9	38.8	5.6	10.4	−18.5	−12	−14	−27.5	−33.8	−20	−24.4	−31.1	−37.3	22.2	9.7	6.6	3.9
Net profit	86.1	163	124	155	203	124	96.5	−139	60.6	82.4	70.6	36.4	88.7	36.6	102	15.7	28.6	−11.5	−14.4	−13.8	−41.8	−26	−31	−42.7	−39.4	42.2	33.3	10.3	13.9	13.3
Net margin	16.8%	29.2%	21.3%	21.1%	22.7%	23.7%	21.1%	-36.7%	16.8%	19.7%	18.9%	11.6%	28.5%	10.8%	35.3%	6.4%	11.3%	-7.7%	-8.8%	-10.8%	-60.1%	-26.6%	-36.5%	-72.6%	-74.8%	18.6%	12.0%	4.4%	5.8%	4.9%
EPS (₹)	3.93	7.45	5.67	7.08	9.30	5.68	4.42	-6.35	2.79	4.01	3.44	1.78	4.32	1.79	4.99	0.77	1.39	-0.56	-0.45	-0.63	-2.02	-1.20	-1.51	-2.08	-1.92	2.09	1.62	0.50	0.68	0.69
Net profit YoY	−57.6%	+31.6%	+28.5%	+211.8%	+234.9%	+50.2%	+36.6%	−480.1%	−31.6%	+125.5%	−31.0%	+131.4%	+210.4%	+419.1%	+811.6%	+213.9%	+168.3%	+55.9%	+53.6%	+67.7%	−6.2%	−161.6%	−193.3%	−516.6%	−382.8%	+216.9%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from operations	2,770	1,718	1,417	1,128	508	294	981	987
Other income	42.7	36.3	19.8	49.5	21.9	22.3	27.9	47.6
Total expenses	1,993	1,320	1,168	947	672	557	904	1,049
EBITDA	1,187	736	585	453	98.5	7.1	337	319
EBITDA margin	42.9%	42.8%	41.2%	40.1%	19.4%	2.4%	34.3%	32.3%
Finance costs	180	159	197	154	144	152	146	266
Depreciation	230	179	138	117	118	117	113	115
Profit before tax	819	434	269	273	−147	−244	101	−18.3
Tax	174	292	−8.8	89.5	−72	−109	1.2	−10.7
Net profit	645	142	278	183	−81.5	−139	99.6	−7.6
Net margin	23.3%	8.3%	19.6%	16.2%	-16.0%	-47.3%	10.2%	-0.8%
EPS (₹)	29.50	6.53	13.54	8.94	-3.66	-6.59	5.01	-0.43
Net profit YoY	+352.7%	−48.8%	+51.8%	+325.0%	+41.4%	−239.7%	+1406.2%	–

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	1,067	950	689	477	62.2
Investing cash flow	−575	−1,385	−635	−592	−396
Financing cash flow	−466	496	−108	126	411
Capital expenditure	338	969	436	175	41.6
Free cash flow (CFO − capex)	729	−18.7	253	302	20.6

Net profit trend

annual, ₹ crore

FY21

₹−139

FY22

₹−81.5+41%

FY23

₹183+325%

FY24

₹278+52%

FY25

₹142−49%

FY26

₹645+353%

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	14 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	14 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	2 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	2 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	4 Nov 2025	PDF XBRL
Q2 FY26	Standalone	4 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	31 Jul 2025	PDF XBRL
Q1 FY26	Consolidated	–	PDF XBRL

Annual reports

NSE archive

FY2610.22 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19

Key ratios

P/E (TTM)5Y avg 65.7×36.6×

P/B5Y avg 6.42×5.22×

ROEFY26, on average equity19.1%

Net margin23.3%

Debt / equity0.63×

Revenue CAGR (3Y)34.9%

Profit CAGR (3Y)52.1%

EPS (TTM)₹24.11

Market cap₹19,301 Cr

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

P/B vs history

5.22×

vs 8-point avg 6.42× (−19%)

4.16× low6.42× avg10.45× high

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

Balance sheet 31 Mar 2026

Total assets₹7,309 Cr+3%

Net worth₹3,698 Cr+21%

Total borrowings₹2,324 Cr−9%

Cash & bank balances₹164 Cr+50%

Investments₹29 Cr−73%

Inventories₹269 Cr−57%

Trade receivables₹69 Cr−12%

Trade payables₹165 Cr−4%

Change vs the same date a year earlier.

Revenue mix FY26

Hospitality (Hotels)62.4%result ₹582 Cr

Real Estate26.6%result ₹273 Cr

Rental / Annuity Business11.0%result ₹195 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	Apr 24	Mar 24	Dec 23
Promoter	67.29	67.29	67.33	67.34	67.40	67.41	67.42	67.48	67.52	67.52	71.67	71.70
FII	4.26	4.70	5.08	5.73	5.29	5.24	7.52	7.04	6.81	6.84	4.24	3.09
DII	25.00	24.57	23.99	23.40	23.92	23.94	21.20	21.46	21.47	21.42	19.60	20.71
of which MF	23.78	22.71	22.37	21.79	21.26	–	–	–	–	–	–	–
Retail	1.91	1.86	2.13	2.05	2.01	2.00	2.35	2.54	2.68	2.64	2.80	2.76
Other public	1.54	1.58	1.47	1.48	1.38	1.41	1.51	1.48	1.52	1.58	1.69	1.74

49,687 shareholders · NSE shareholding pattern filings.