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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 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	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20
Revenue from operations	1,783	1,597	1,490	1,508	1,463	1,407	1,380	1,453	1,512	1,457	1,292	1,247	1,170	1,065	908	812	822	687	617	616	724	542	576	619	482
Other income	0.9	1.3	0.9	0.7	0.7	1.1	1.6	0.6	0.6	1.6	3	0.7	0.7	0.8	1.8	2.1	2.6	2.3	1.2	1.2	2.3	1.5	1	0.6	0.4
Total expenses	1,124	1,154	1,153	1,340	1,383	1,357	1,511	1,202	978	930	820	781	703	669	620	585	607	534	540	589	648	648	470	519	442
EBITDA	1,225	937	813	664	578	543	360	753	1,059	1,024	927	902	864	755	615	513	495	404	318	288	325	129	354	343	221
EBITDA margin	68.7%	58.7%	54.5%	44.0%	39.5%	38.6%	26.1%	51.8%	70.0%	70.2%	71.7%	72.4%	73.8%	70.9%	67.7%	63.2%	60.2%	58.8%	51.5%	46.7%	44.9%	23.7%	61.4%	55.4%	45.9%
Finance costs	550	478	459	480	482	478	475	485	510	482	442	424	385	346	314	273	267	239	229	249	237	225	237	233	175
Depreciation	16.2	15.7	16.4	15.8	15.2	15.2	15.5	17.2	14.4	13.8	13.1	12.3	12.1	12.5	12.6	12.8	12.5	11.6	12	11.2	11.7	10.5	11.3	10.7	5.8
Profit before tax	660	445	338	169	81.1	51.1	−129	252	535	529	476	467	467	398	290	229	218	156	78.8	28.6	78.6	−105	107	100	40.5
Tax	167	105	85.8	43.4	20.9	3.9	−29.4	65.9	137	132	122	120	119	101	73.3	52.9	57.7	38.7	19.1	8.3	22.3	−26.3	27.1	25.8	9.7
Net profit	493	340	252	126	60.2	47.2	−99.5	186	398	397	353	347	348	297	217	176	160	117	59.7	20.3	56.3	−79.1	79.6	74.6	30.8
Net margin	27.7%	21.3%	16.9%	8.3%	4.1%	3.4%	-7.2%	12.8%	26.3%	27.2%	27.3%	27.8%	29.8%	27.8%	23.9%	21.7%	19.5%	17.0%	9.7%	3.3%	7.8%	-14.6%	13.8%	12.0%	6.4%
EPS (₹)	30.79	21.20	15.76	7.87	3.77	2.96	-6.24	11.67	24.95	24.93	22.20	21.82	21.93	18.67	13.59	11.02	10.08	7.69	4.08	1.45	3.62	0.00	5.50	5.00	2.00
Net profit YoY	+719.7%	+619.2%	+353.3%	−32.4%	−84.9%	−88.1%	−128.2%	−46.4%	+14.1%	+33.9%	+63.0%	+97.0%	–	+85.2%	+85.3%	+195.1%	+184.5%	+247.9%	−25.0%	−72.8%	+82.8%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Revenue from operations	6,059	5,752	5,167	3,545	2,743	2,461	1,704
Other income	3.6	3.8	6	5.7	7.3	5.3	1.2
Total expenses	5,029	5,047	3,233	2,445	2,269	2,286	1,244
EBITDA	2,992	2,715	3,717	2,362	1,505	1,148	1,061
EBITDA margin	49.4%	47.2%	71.9%	66.6%	54.9%	46.6%	62.2%
Finance costs	1,899	1,948	1,732	1,213	984	929	580
Depreciation	63.1	62.2	51.2	49.8	47.2	44.1	20.4
Profit before tax	1,033	709	1,939	1,105	481	180	462
Tax	256	177	493	279	124	49	126
Net profit	778	531	1,446	826	357	131	335
Net margin	12.8%	9.2%	28.0%	23.3%	13.0%	5.3%	19.7%
EPS (₹)	48.63	33.32	90.88	52.04	23.31	8.96	23.20
Net profit YoY	+46.3%	−63.2%	+75.0%	+131.3%	+171.8%	−60.8%	–

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	−2,770	1,125	−4,734	−3,290	−2,714
Investing cash flow	−101	708	−994	−314	−33
Financing cash flow	2,751	−1,669	5,494	3,365	1,968
Capital expenditure	14.8	26.7	11.9	13.7	20.2
Free cash flow (CFO − capex)	−2,785	1,099	−4,746	−3,304	−2,735

Net profit trend

annual, ₹ crore

FY21

₹131

FY22

₹357+172%

FY23

₹826+131%

FY24

₹1,446+75%

FY25

₹531−63%

FY26

₹778+46%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	24 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	24 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	8 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	8 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	20 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	20 Jan 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	28 Oct 2025	PDF on NSE XBRL
Q2 FY26	Standalone	28 Oct 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	22 Jul 2025	PDF on NSE XBRL
Q1 FY26	Standalone	22 Jul 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2616.14 MB FY25 FY24 FY23 FY22 FY21 FY19 FY18

Key ratios

P/E (TTM)5Y avg 24.9×17.2×

P/B5Y avg 3.00×2.65×

ROEFY26, on average equity10.5%

Net margin12.8%

Debt / equity2.90×

Revenue CAGR (3Y)19.6%

Profit CAGR (3Y)-2.0%

EPS (TTM)₹75.58

Market cap₹20,807 Cr

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

P/B vs history

2.65×

vs 10-point avg 3.00× (−11%)

2.19× low3.00× avg3.63× high

History points are balance-sheet dates (2021 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹31,930 Cr+15%

Net worth₹7,842 Cr+13%

Total borrowings₹22,729 Cr+20%

Cash & bank balances₹1,152 Cr−9%

Investments₹1,075 Cr+20%

Inventories₹0 Cr

Trade receivables₹0 Cr

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	66.21	66.24	66.28	66.37	66.43	66.43	66.50	66.54	66.56	66.58	66.66	66.69
FII	13.48	12.94	11.68	12.29	12.13	11.38	9.76	10.76	10.88	11.65	12.00	11.46
DII	12.67	12.59	13.23	13.33	12.76	12.68	14.18	14.86	16.25	15.76	15.79	15.77
of which MF	10.20	9.95	10.65	10.97	10.54	–	–	–	–	–	–	–
Retail	6.18	6.71	7.12	6.57	7.14	8.12	8.28	6.71	5.42	5.20	4.78	5.06
Other public	1.46	1.52	1.69	1.44	1.54	1.39	1.28	1.13	0.89	0.81	0.77	1.02

79,071 shareholders · NSE shareholding pattern filings.