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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	476	740	912	655	393	403	659	411	301	304	511	430	468	397	421	319	239	262	299	239	134	177	165	114	64.5	128	129	89.6
Other income	0.8	0.4	8.5	4.6	4.2	5.7	11.5	5.3	4.5	16.3	5.5	3	3	5.8	7.7	7.1	5.3	6	3.3	2.6	2	1.7	3.8	0.7	0.1	0	0.2	0.7
Total expenses	460	719	894	638	385	393	651	402	295	295	503	420	464	394	419	316	239	261	294	234	133	173	165	112	63.8	127	125	88.1
EBITDA	24.2	28.9	24.3	22	10.9	13.4	12.2	12.3	8	11.8	10.8	12	6.9	5.7	5	6.1	2.3	3.3	7.2	6	2.1	5.9	1.5	3.4	1.8	2.8	5.8	2.8
EBITDA margin	5.1%	3.9%	2.7%	3.4%	2.8%	3.3%	1.9%	3.0%	2.7%	3.9%	2.1%	2.8%	1.5%	1.4%	1.2%	1.9%	1.0%	1.3%	2.4%	2.5%	1.6%	3.3%	0.9%	3.0%	2.8%	2.2%	4.5%	3.2%
Finance costs	7.6	7.2	6	4.5	3	2.9	3.6	2.2	1.4	2.4	2.5	2.3	2.4	2.5	2.7	2.1	2.1	2	1.5	1.2	1.3	1.5	1.3	1	0.9	1.2	1.4	1.1
Depreciation	0.6	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.5	0.4	0.3	0.3	0.3	0.3	0.2	0.3	0.2	0.2
Profit before tax	16.8	21.8	26.4	21.8	11.8	15.8	19.9	15.1	10.8	25.3	13.5	12.3	7.2	8.6	9.6	10.8	5.2	6.8	8.7	7.1	2.3	5.7	3.7	2.9	0.8	1.4	4.3	2.2
Tax	3.2	3.9	3.1	2.8	1.6	2.1	2.8	1.8	1.7	4.9	1.9	1.9	1.3	2.1	1.9	1.7	1.2	1.7	1.7	1.3	1.1	1.4	1.3	0.8	0.2	0.7	1.2	0.4
Net profit	13.5	17.8	23.4	18.9	10.2	13.7	17.1	13.2	9.1	20.4	11.5	10.5	5.9	6.5	7.7	9.1	4	5.2	4.1	5.8	1.2	4.3	2.5	2.1	0.6	0.6	3.1	1.8
Net margin	2.8%	2.4%	2.6%	2.9%	2.6%	3.4%	2.6%	3.2%	3.0%	6.7%	2.3%	2.4%	1.3%	1.6%	1.8%	2.9%	1.7%	2.0%	1.4%	2.4%	0.9%	2.4%	1.5%	1.8%	0.9%	0.5%	2.4%	2.0%
EPS (₹)	8.23	10.74	13.52	10.85	5.92	8.40	10.57	7.85	5.71	15.11	7.29	6.79	3.91	5.20	5.52	5.75	3.22	4.47	3.44	4.24	1.44	3.84	2.21	1.79	0.45	0.56	2.69	1.54
Net profit YoY	+32.9%	+29.6%	+36.9%	+43.3%	+12.1%	−32.6%	+47.8%	+26.4%	+54.5%	+215.5%	+50.2%	+15.0%	+46.0%	+24.6%	+89.5%	+55.8%	+227.9%	+20.0%	+64.9%	+183.5%	+113.5%	+578.0%	−21.2%	+13.6%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Revenue from operations	2,700	1,774	1,713	1,376	934	520	458
Other income	17.7	27	27.8	26	13.9	6.2	1.3
Total expenses	2,636	1,740	1,683	1,368	923	513	448
EBITDA	86.3	45.9	41.4	19.1	18.7	12.6	15.5
EBITDA margin	3.2%	2.6%	2.4%	1.4%	2.0%	2.4%	3.4%
Finance costs	20.7	10.2	9.7	9.4	6.1	4.7	4.8
Depreciation	1.5	1.2	1.3	1.6	1.5	1	0.9
Profit before tax	81.8	61.5	58.2	34.1	24.9	13	11.2
Tax	11.5	8.4	10	6.9	5.7	3.6	3.4
Net profit	70.3	53.1	48.3	27.2	19.2	9.4	7.8
Net margin	2.6%	3.0%	2.8%	2.0%	2.1%	1.8%	1.7%
EPS (₹)	41.04	32.18	32.58	19.53	13.49	8.26	6.69
Net profit YoY	+32.4%	+10.1%	+77.1%	+41.6%	+105.2%	+20.7%	–

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	−273	21.9	−28.2	−21.2	−18.9
Investing cash flow	−7.9	−7.3	−23.9	−1.6	−3.2
Financing cash flow	234	20.1	56.9	21.3	22.4
Capital expenditure	3.3	0	0	0.7	0
Free cash flow (CFO − capex)	−276	21.9	−28.2	−22	−18.9

Net profit trend

annual, ₹ crore

FY21

₹9.4

FY22

₹19.2+105%

FY23

₹27.2+42%

FY24

₹48.3+77%

FY25

₹53.1+10%

FY26

₹70.3+32%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	4 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	4 Aug 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	5 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	5 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	11 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	11 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	6 Aug 2025	PDF XBRL
Q1 FY26	Standalone	6 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY2623.01 MB FY2543.48 MB FY24 FY23 FY22 FY21 FY20 FY19

Key ratios

P/E (TTM)5Y avg 19.6×22.4×

P/B5Y avg 4.48×4.54×

ROEFY26, on average equity21.4%

Net margin2.6%

Debt / equity0.89×

Revenue CAGR (3Y)25.2%

Profit CAGR (3Y)37.1%

EPS (TTM)₹49.04

Market cap₹1,649 Cr

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

P/B vs history

4.54×

vs 8-point avg 4.48× (+1%)

2.18× low4.48× avg6.76× high

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

Balance sheet 31 Mar 2026

Total assets₹937 Cr+76%

Net worth₹364 Cr+24%

Total borrowings₹324 Cr+352%

Cash & bank balances₹5 Cr−88%

Investments₹0 Cr−100%

Inventories₹173 Cr+64%

Trade receivables₹565 Cr+138%

Trade payables₹185 Cr+37%

Change vs the same date a year earlier.

Revenue mix FY26

Market Entry Specialist85.9%result ₹87.3 Cr

Brand Business14.1%result ₹126 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	56.62	56.62	56.62	56.62	56.60	56.60	56.16	56.16	56.68	56.67	56.91	56.91
FII	0.27	0.22	0.22	0.37	1.01	0.98	0.89	0.29	0.14	0.07	0.00	0.01
DII	1.28	1.08	1.04	0.98	0.96	0.96	1.52	1.52	1.57	1.58	1.49	1.06
Retail	23.01	22.79	22.72	21.24	21.19	20.73	20.30	20.00	19.59	20.10	19.88	20.15
Other public	18.82	19.29	19.40	20.79	20.24	20.73	21.13	22.03	22.02	21.58	21.72	21.87

9,062 shareholders · NSE shareholding pattern filings.