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Quarterly results

consolidated · 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	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	Q4 FY18
Revenue from operations	3,208	2,968	3,280	2,792	2,500	2,445	2,948	2,488	2,310	2,094	2,342	2,059	2,355	2,214	2,291	1,891	2,032	1,879	1,984	1,674	1,702	2,229	2,042	1,654	1,089	1,386	1,650	1,334	0
Other income	208	122	154	134	156	132	110	116	106	106	104	95.1	94.4	75.7	91.7	78.1	35.5	63	40.7	65.5	48.8	41.9	48.7	39.2	30.6	30.3	27.9	21.4	0
Total expenses	2,923	2,662	2,916	2,499	2,242	2,224	2,680	2,297	2,030	1,881	2,072	1,843	2,068	2,023	2,141	1,781	1,868	1,676	1,757	1,501	1,501	1,919	1,715	1,388	997	1,235	1,468	1,240	0
EBITDA	354	381	435	360	321	288	333	265	325	261	314	261	331	233	191	149	204	240	265	210	236	344	363	298	122	182	213	125	0
EBITDA margin	11.1%	12.8%	13.3%	12.9%	12.9%	11.8%	11.3%	10.6%	14.1%	12.4%	13.4%	12.7%	14.1%	10.5%	8.4%	7.9%	10.0%	12.8%	13.3%	12.6%	13.9%	15.4%	17.8%	18.0%	11.2%	13.1%	12.9%	9.4%	–
Finance costs	5.2	5.5	6.4	4.6	4	5.1	3.5	9.8	2.1	4	3.2	3.1	3.4	3.6	3.5	3	3.2	3.6	3.8	4.1	3.5	3.2	3.9	3.8	2.4	3.4	3.6	4.1	0
Depreciation	65	69.1	64.3	62.2	59.6	62	61.5	63.7	43.4	44.2	41.6	40.8	40.3	38.4	38	36.9	36.8	33.5	33.1	33.5	32	31.1	32.1	28	27.1	28.4	27.4	26.7	0
Profit before tax	492	428	466	427	490	351	378	307	386	318	373	312	382	267	242	135	199	266	268	238	250	351	376	305	123	181	210	106	0
Tax	106	107	108	109	120	79.3	89.2	−17.1	98.2	80.8	95	79.7	96.5	61.2	54.8	31	51	67.5	67.9	60.9	61	80.8	96.1	77.3	29.1	51.4	56.3	4.1	0
Net profit	386	321	358	318	1,397	318	321	324	293	252	284	223	290	216	181	98.8	141	190	194	173	178	265	286	227	92.6	128	155	102	0
Net margin	12.0%	10.8%	10.9%	11.4%	55.9%	13.0%	10.9%	13.0%	12.7%	12.0%	12.1%	10.8%	12.3%	9.8%	7.9%	5.2%	6.9%	10.1%	9.8%	10.4%	10.5%	11.9%	14.0%	13.7%	8.5%	9.2%	9.4%	7.6%	–
EPS (₹)	35.08	29.13	32.57	28.92	33.59	24.70	26.18	29.48	27.02	23.23	26.20	20.61	26.76	19.99	16.70	9.14	13.01	18.56	19.74	17.62	18.13	27.03	29.21	23.61	10.78	14.91	18.05	11.85	0.00
Net profit YoY	−72.4%	+0.7%	+11.8%	−1.9%	+376.6%	+26.4%	+12.9%	+45.2%	+1.1%	+16.4%	+57.1%	+126.0%	+106.2%	+13.9%	−6.7%	−43.0%	−21.2%	−28.4%	−32.4%	−23.7%	+92.8%	+107.8%	+85.0%	+123.8%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY18
Revenue from operations	11,540	10,244	8,850	8,429	7,238	7,014	5,810	5,080
Other income	566	461	399	281	218	160	97.6	65.3
Total expenses	10,319	9,351	7,864	7,815	6,434	6,019	5,272	4,629
EBITDA	1,496	1,165	1,167	778	951	1,127	662	554
EBITDA margin	13.0%	11.4%	13.2%	9.2%	13.1%	16.1%	11.4%	10.9%
Finance costs	20.4	29.2	13.7	13.3	15	13.3	17.2	29.5
Depreciation	255	244	167	150	132	118	107	73.2
Profit before tax	1,811	1,352	1,385	842	1,022	1,156	626	509
Tax	444	227	352	198	257	283	154	162
Net profit	2,394	1,265	1,049	637	736	872	472	347
Net margin	20.7%	12.3%	11.9%	7.6%	10.2%	12.4%	8.1%	6.8%
EPS (₹)	124.20	102.23	96.80	58.85	74.06	92.15	55.04	41.62
Net profit YoY	+89.3%	+20.6%	+64.8%	−13.5%	−15.6%	+84.8%	–	–

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	1,381	1,003	1,032	224	32.3
Investing cash flow	−1,128	−194	−928	−61.8	−1,857
Financing cash flow	−420	−702	−76.7	−71.2	1,810
Capital expenditure	279	223	176	190	173
Free cash flow (CFO − capex)	1,102	780	856	33.6	−141

Net profit trend

annual, ₹ crore

FY21

₹872

FY22

₹736−16%

FY23

₹637−13%

FY24

₹1,049+65%

FY25

₹1,265+21%

FY26

₹2,394+89%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	3 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	3 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	7 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	7 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	10 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	10 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	4 Aug 2025	PDF XBRL
Q1 FY26	Standalone	4 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY2612.98 MB FY25 FY24 FY23 FY22 FY21 FY20 FY18 FY17 FY16

Key ratios

P/E (TTM)5Y avg 26.1×23.1×

P/B5Y avg 3.41×2.58×

ROEFY26, on average equity21.1%

Net margin20.7%

Debt / equity0.00×

Revenue CAGR (3Y)11.0%

Profit CAGR (3Y)55.5%

EPS (TTM)₹123.60

Market cap₹31,950 Cr

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

P/B vs history

2.58×

vs 8-point avg 3.41× (−24%)

2.48× low3.41× avg4.86× high

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

Balance sheet 31 Mar 2026

Total assets₹15,799 Cr+21%

Net worth₹12,373 Cr+19%

Total borrowings₹36 Cr+1509%

Cash & bank balances₹178 Cr−48%

Investments₹8,281 Cr+48%

Inventories₹1,472 Cr+5%

Trade receivables₹1,203 Cr−10%

Trade payables₹2,193 Cr+34%

Change vs the same date a year earlier.

Revenue mix FY26

Agri machinery products84.4%result ₹1,227 Cr

Construction equipments14.5%result ₹133 Cr

Revenue from discontinued operations1.1%result ₹0 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	68.04	68.04	68.04	68.04	68.04	68.04	68.04	68.04	67.64	67.64	67.64	67.64
FII	6.36	5.72	5.25	5.27	5.22	5.21	5.89	6.32	6.43	5.85	5.02	6.69
DII	10.65	11.65	12.20	11.80	11.43	11.34	10.20	10.21	10.37	9.76	10.54	9.35
of which MF	9.49	9.82	10.24	9.92	9.54	–	–	–	–	–	–	–
Retail	10.90	10.48	10.40	10.74	11.03	10.99	11.36	11.02	10.97	11.90	11.89	11.26
Other public	2.40	2.45	2.45	2.49	2.61	2.74	2.82	2.71	2.86	2.98	3.01	3.14

1,38,521 shareholders · NSE shareholding pattern filings.