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Quarterly results

standalone · 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	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	Q1 FY19	Q4 FY18
Revenue from operations	492	420	462	432	411	401	445	441	421	388	408	434	388	387	378	330	315	342	328	239	266	294	285	165	276	317	343	291	259	262	280	268	275
Other income	1.6	1.3	2.8	1.9	2.4	2.3	2.7	2.5	2.2	2.5	2.5	1.8	1.7	1.4	1.6	1.9	1.7	2.2	8.1	1.4	2.9	2	1.8	1.8	2.1	2.4	2.3	2.1	2.6	2.7	4.5	4.5	4
Total expenses	491	418	459	427	412	414	469	441	411	374	391	413	372	384	374	344	322	337	319	239	263	289	274	173	276	311	329	280	248	252	268	256	261
EBITDA	19	20.6	20.3	22.9	18	4.9	−5.4	19.2	30	35.5	34.7	37.9	32.8	18.9	16.9	−1.3	5	16.6	21	11.3	14.4	16.3	21.9	6.9	13.7	19.5	28.2	24.7	18.6	17.8	19.5	18.6	22
EBITDA margin	3.9%	4.9%	4.4%	5.3%	4.4%	1.2%	-1.2%	4.3%	7.1%	9.1%	8.5%	8.7%	8.5%	4.9%	4.5%	-0.4%	1.6%	4.9%	6.4%	4.8%	5.4%	5.5%	7.7%	4.2%	5.0%	6.2%	8.2%	8.5%	7.2%	6.8%	6.9%	6.9%	8.0%
Finance costs	1	1.2	1.3	1.8	2.2	1.9	1.5	1.6	1.9	1.9	1.2	1.3	1.3	1.4	1.6	1.7	2	1.5	1.5	1.6	1.5	1.5	1.6	1.7	1.5	1.8	2.1	2.1	0.5	0.1	0.1	0.1	0.4
Depreciation	16.3	16.9	16.4	16.5	17.1	16.4	17.5	17.7	17.6	19.2	16.5	15.5	15.3	15.3	11.6	10.6	10.4	10.1	10.3	9.9	10	9.7	9.5	12.8	12.3	12.5	12.5	12.2	7.2	7.3	7.1	6.9	7.3
Profit before tax	3.4	3.8	3.1	7.2	1	−11	−56.1	11.3	12.8	16.9	19.5	23	17	3.6	5.3	−11.7	−5.6	−6.9	17.3	1.2	5.9	7.1	12.7	−5.8	2.1	7.7	15.9	12.5	13.5	13.2	16.8	16.1	18.4
Tax	0.9	2.7	−0.1	2.6	0.3	0.9	−18.2	5.1	3.4	4.5	8.7	6.5	3.6	−18	1.9	−3.3	−5.3	−0.8	2.8	0.2	−3.9	1.3	2.8	−1.1	−1.3	2.1	3.9	2.7	−0.2	3.6	5.3	4.4	5.9
Net profit	2.5	1.1	3.2	4.6	0.7	−11.9	−37.9	6.2	9.4	12.4	10.8	16.5	13.4	21.6	3.4	−8.4	−0.3	−6	14.6	1	9.8	5.8	9.9	−4.7	3.3	5.6	12.1	9.9	13.7	9.6	11.5	11.7	12.5
Net margin	0.5%	0.3%	0.7%	1.1%	0.2%	-3.0%	-8.5%	1.4%	2.2%	3.2%	2.6%	3.8%	3.5%	5.6%	0.9%	-2.5%	-0.1%	-1.8%	4.4%	0.4%	3.7%	2.0%	3.5%	-2.8%	1.2%	1.8%	3.5%	3.4%	5.3%	3.7%	4.1%	4.4%	4.6%
EPS (₹)	1.03	0.48	1.36	1.94	0.29	-5.00	-15.89	2.58	3.95	5.19	4.52	6.93	5.63	9.05	1.46	-3.58	-0.13	-2.57	6.20	0.44	4.18	2.49	4.20	-1.98	1.42	2.39	5.15	4.20	5.84	4.09	4.90	4.98	5.35
Net profit YoY	+257.6%	+109.5%	+108.6%	−24.6%	−92.7%	−196.4%	−451.4%	−62.8%	−29.7%	−42.7%	+215.4%	–	+260.1%	+7412.2%	+156.7%	−916.5%	−103.0%	−203.1%	+47.6%	+122.1%	+193.6%	+4.3%	−18.3%	−147.2%	−75.6%	−41.6%	+5.0%	−15.6%	+9.1%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	1,725	1,708	1,618	1,653	1,223	1,010	1,226	1,069	1,031
Other income	8.4	9.7	8.6	7.7	13.5	8.6	8.9	14.3	10.7
Total expenses	1,716	1,735	1,549	1,659	1,217	999	1,197	1,024	974
EBITDA	81.8	48.7	141	62.4	53.9	59.5	86.2	74.4	89.3
EBITDA margin	4.7%	2.9%	8.7%	3.8%	4.4%	5.9%	7.0%	7.0%	8.7%
Finance costs	6.5	6.8	5.8	6.5	6.7	6.3	7.4	0.8	2.9
Depreciation	66.9	69.2	66.4	62.1	40.7	42	49.4	28.4	29.3
Profit before tax	15.2	−43.1	76.5	1.5	6.1	19.9	38.2	59.5	67.8
Tax	5.5	−8.8	23.3	−18.8	−3.2	−1	7.3	13.1	19
Net profit	9.7	−34.3	53.1	20.3	9.3	20.9	30.9	46.5	48.8
Net margin	0.6%	-2.0%	3.3%	1.2%	0.8%	2.1%	2.5%	4.3%	4.7%
EPS (₹)	4.07	-14.36	22.26	8.49	3.94	8.89	13.16	19.81	22.86
Net profit YoY	+128.3%	−164.5%	+162.2%	+119.0%	−55.7%	−32.4%	−33.6%	−4.8%	–

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	50.5	26.1	127	79.7	40.4
Investing cash flow	27.2	−29.8	−107	−25.1	−30.5
Financing cash flow	−55.9	−14.9	−12.2	−51.7	−2.3
Capital expenditure	−19.9	40.2	75.3	83.1	29.7
Free cash flow (CFO − capex)	30.6	−14.1	51.4	−3.4	10.6

Net profit trend

annual, ₹ crore

FY21

₹20.9

FY22

₹9.3−56%

FY23

₹20.3+119%

FY24

₹53.1+162%

FY25

₹−34.3−165%

FY26

₹9.7+128%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Standalone	1 Aug 2026	PDF XBRL
Q4 FY26	Standalone · audited	27 Apr 2026	PDF on NSE XBRL
Q3 FY26	Standalone	6 Feb 2026	PDF on NSE XBRL
Q2 FY26	Standalone	4 Nov 2025	PDF XBRL
Q1 FY26	Standalone	25 Jul 2025	PDF on NSE XBRL
Q4 FY25	Standalone · audited	5 May 2025	PDF on NSE XBRL
Q3 FY25	Standalone · audited	27 Jan 2025	PDF on NSE XBRL
Q2 FY25	Standalone	11 Nov 2024	PDF on NSE XBRL
Q1 FY25	Standalone	2 Aug 2024	PDF on NSE XBRL
Q4 FY24	Standalone · audited	21 May 2024	PDF on NSE XBRL

Annual reports

NSE archive

FY2613.29 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18

Key ratios

P/E (TTM)5Y avg 125.6×222.7×

P/B5Y avg 3.23×3.66×

ROEFY26, on average equity1.4%

Net margin0.6%

Debt / equity0.02×

Revenue CAGR (3Y)1.4%

Profit CAGR (3Y)-21.7%

EPS (TTM)₹4.81

Market cap₹2,560 Cr

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

P/B vs history

3.66×

vs 7-point avg 3.23× (+13%)

2.60× low3.23× avg3.74× high

History points are balance-sheet dates (2023 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹927 Cr−3%

Net worth₹700 Cr+1%

Total borrowings₹14 Cr−65%

Cash & bank balances₹33 Cr+195%

Investments₹0 Cr

Inventories₹130 Cr−13%

Trade receivables₹23 Cr+32%

Trade payables₹111 Cr−11%

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	56.77	55.59	54.81	54.86	54.92	54.92	59.53	59.53	64.20	64.27	64.31	69.76
FII	4.38	4.78	5.01	5.62	6.79	6.84	7.37	6.31	5.41	5.35	5.40	2.92
DII	7.35	7.21	7.21	7.21	7.61	8.51	4.14	8.96	10.69	10.64	11.11	11.25
of which MF	0.00	0.00	0.00	0.00	0.39	–	–	–	–	–	–	–
Retail	16.75	18.34	18.92	19.48	20.63	21.01	17.03	15.19	11.18	11.11	10.77	11.26
Other public	14.75	14.08	14.05	12.83	10.05	8.72	11.93	10.01	8.52	8.63	8.41	4.81

13,162 shareholders · NSE shareholding pattern filings.