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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY17

₹ 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	Q3 FY19	Q2 FY19	Q4 FY17
Revenue from operations	678	851	720	653	708	716	682	789	524	655	651	587	723	619	640	614	541	569	562	459	551	529	469	439	474	512	542	467	522	650	479	448	451
Other income	18.2	16.4	6.7	8.1	24.8	8	5.6	6.7	1.4	7.2	6.1	8.5	6.5	6.8	6.5	8.9	5.7	4.4	19	9.6	10.4	6	9	14.9	8.6	21.2	8.8	6.6	7.8	19.8	13.4	15	15.5
Total expenses	745	821	737	630	691	685	663	751	597	708	723	628	700	667	598	635	547	647	543	447	537	527	499	450	517	473	500	409	484	564	418	392	392
EBITDA	60.1	163	113	149	141	153	140	147	29	62.7	41.1	60.9	122	51.4	114	78.6	88.3	22	110	99.2	101	88.4	62.6	80.1	43.1	132	125	146	119	169	133	129	121
EBITDA margin	8.9%	19.1%	15.7%	22.8%	19.9%	21.3%	20.5%	18.6%	5.5%	9.6%	6.3%	10.4%	16.8%	8.3%	17.8%	12.8%	16.3%	3.9%	19.5%	21.6%	18.3%	16.7%	13.4%	18.2%	9.1%	25.8%	23.1%	31.2%	22.9%	26.1%	27.7%	28.7%	26.8%
Finance costs	37.1	43.3	45.8	42.3	42.8	42.1	48.8	36.6	31.9	31	33.1	27.5	28.5	24.4	21.9	20.2	19.2	15.7	15.1	13.7	12.4	9.1	14.4	12.6	11.6	19.7	11.4	17	13.8	12.7	14	15.2	11.3
Depreciation	90.7	88.8	84.4	84.1	81.4	79.1	72	72.1	70.6	85	80.4	75	70.5	75.7	50.3	79.6	75.1	83.9	75	74.1	74.7	76.8	79.1	78.4	73.7	73.5	72.1	70	67.3	70.7	57.7	57.5	50.5
Profit before tax	−51.2	46.1	−10.4	30.5	38.7	27.7	27.1	42.1	−77.6	−49.2	−66.3	−36.3	29.5	−87.6	45.6	−12.3	−0.3	−85.3	38.5	18.6	24	−13.8	−21.9	4	−33.6	59.8	50.7	65.4	46.2	106	74.5	70.8	74.9
Tax	6.7	24.4	2.5	−34.7	15.3	−15.4	22.4	9	0	20.7	−6.7	4.6	12.5	−16.9	−1.4	−2.2	−4.3	−40.7	3.1	7.4	8	121	−5.8	−3.4	−12.2	−12.2	17.8	24.2	11.9	30.1	23.1	26.8	23.7
Net profit	−57.9	21.7	−13	65.3	23.4	43.1	4.6	33.1	−77.6	−69.9	−59.6	−40.9	17	−70.7	47	−10.1	4	−44.6	35.4	11.2	16	−135	−16.1	7.4	−21.4	72	32.9	41.2	34.3	75.8	51.4	44	51.1
Net margin	-8.5%	2.6%	-1.8%	10.0%	3.3%	6.0%	0.7%	4.2%	-14.8%	-10.7%	-9.2%	-7.0%	2.4%	-11.4%	7.3%	-1.6%	0.7%	-7.8%	6.3%	2.4%	2.9%	-25.5%	-3.4%	1.7%	-4.5%	14.1%	6.1%	8.8%	6.6%	11.7%	10.7%	9.8%	11.3%
EPS (₹)	-3.69	1.39	-0.83	4.16	1.49	2.75	0.30	2.11	-4.95	-4.46	-3.80	-2.61	1.08	-4.51	3.00	-0.64	0.26	-2.85	2.26	0.71	1.02	-8.61	-1.02	0.47	-1.37	4.47	2.04	2.55	2.13	4.70	3.18	2.73	3.17
Net profit YoY	−347.2%	−49.5%	−380.1%	+97.2%	+130.2%	+161.6%	+107.8%	+180.9%	−556.3%	+1.1%	−227.0%	−307.0%	+323.9%	−58.5%	+32.7%	−189.8%	−75.0%	+67.0%	+320.2%	+51.6%	+174.8%	−287.6%	−148.9%	−82.1%	−162.5%	−5.0%	−36.1%	−6.5%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY17
Revenue from operations	2,932	2,712	2,616	2,413	2,141	1,912	2,044	2,059	1,695
Other income	55.9	21.7	28.2	27.8	43.4	38.5	44.5	53.8	45.7
Total expenses	2,879	2,696	2,760	2,447	2,174	1,993	1,866	1,804	1,510
EBITDA	566	469	287	332	331	274	522	552	445
EBITDA margin	19.3%	17.3%	11.0%	13.8%	15.5%	14.3%	25.6%	26.8%	26.3%
Finance costs	174	159	120	85.7	56.8	47.6	62	56.6	48.8
Depreciation	339	294	311	281	308	308	283	240	211
Profit before tax	105	19.3	−122	−54.6	−4.3	−65	222	309	231
Tax	7.5	16.1	31.2	−24.8	−22.3	100	41.8	98.5	76.2
Net profit	97.5	3.2	−153	−29.8	18	−165	180	210	155
Net margin	3.3%	0.1%	-5.9%	-1.2%	0.8%	-8.6%	8.8%	10.2%	9.1%
EPS (₹)	6.22	0.21	-9.79	-1.90	1.15	-10.53	11.20	13.03	9.58
Net profit YoY	+2907.7%	+102.1%	−414.9%	−265.5%	+110.9%	−191.6%	−14.3%	–	–

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	491	375	384	220	355
Investing cash flow	−245	−192	−230	−448	−619
Financing cash flow	201	−102	−22.2	250	130
Capital expenditure	266	217	303	574	464
Free cash flow (CFO − capex)	225	158	80.7	−354	−109

Net profit trend

annual, ₹ crore

FY21

₹−165

FY22

₹18+111%

FY23

₹−29.8−265%

FY24

₹−153−415%

FY25

₹3.2+102%

FY26

₹97.5+2908%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	14 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	14 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	19 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	19 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	3 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	3 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	12 Aug 2025	PDF XBRL
Q1 FY26	Standalone	12 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY2612.93 MB FY2510.48 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 537.5×163.2×

P/B5Y avg 0.47×0.39×

ROEFY26, on average equity1.6%

Net margin3.3%

Debt / equity0.42×

Revenue CAGR (3Y)6.7%

Profit CAGR (3Y)–

EPS (TTM)₹1.03

Market cap₹2,637 Cr

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

P/B vs history

0.39×

vs 8-point avg 0.47× (−16%)

0.27× low0.47× avg0.68× high

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

Balance sheet 31 Mar 2026

Total assets₹11,923 Cr+19%

Net worth₹6,677 Cr+14%

Total borrowings₹2,775 Cr+33%

Cash & bank balances₹788 Cr+131%

Investments₹91 Cr−6%

Inventories₹1,019 Cr+13%

Trade receivables₹673 Cr+1%

Trade payables₹211 Cr−8%

Change vs the same date a year earlier.

Revenue mix FY22

CRAMS77.0%result ₹−26.6 Cr

OTHERS23.0%result ₹68.8 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	59.32	59.32	59.32	59.32	59.32	59.32	59.32	59.32	59.32	59.32	59.32	59.32
FII	6.86	7.45	7.66	8.07	9.93	9.49	8.75	8.17	8.04	8.70	8.61	8.80
DII	2.07	1.63	1.27	1.37	1.27	1.26	1.42	1.23	1.47	2.37	3.69	3.52
of which MF	1.41	1.06	1.08	1.08	1.07	–	–	–	–	–	–	–
Retail	27.32	27.20	27.31	26.84	25.36	25.31	26.22	27.43	27.09	25.17	24.53	24.64
Other public	4.43	4.40	4.44	4.40	4.12	4.62	4.29	3.85	4.08	4.44	3.85	3.72

49,430 shareholders · NSE shareholding pattern filings.