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 | 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 | Q3 FY19 | Q2 FY19 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 219 | 226 | 221 | 243 | 251 | 225 | 209 | 209 | 206 | 180 | 143 | 177 | 152 | 193 | 128 | 176 | 158 | 128 | 112 | 115 | 84.8 | 93.6 | 80.7 | 80.1 | 31.4 | 66.3 | 40.8 | 76.7 | 70.1 | 109 | 132 | 121 |
| Other income | 0 | 0.4 | 0 | 0.1 | 0 | 0.2 | 0.2 | 1.3 | 0 | 0 | 0.1 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.9 | 0 | 0 | 0 | 0 | 0.2 | 0.4 | 0.4 | 0.5 | 0.3 | 2.5 |
| Total expenses | 215 | 223 | 219 | 238 | 246 | 222 | 208 | 210 | 203 | 178 | 142 | 174 | 151 | 193 | 131 | 189 | 157 | 124 | 111 | 118 | 80.3 | 87.9 | 75.3 | 76.3 | 37 | 65.1 | 40.6 | 73.5 | 67.2 | 109 | 130 | 116 |
| EBITDA | 19 | 19 | 17.7 | 21.9 | 20.5 | 18.8 | 17.1 | 14.7 | 17.6 | 15.1 | 13.3 | 14.9 | 12.7 | 14 | 6.3 | −4.4 | 8.3 | 8.4 | 4.7 | 0.6 | 8.7 | 9.3 | 9.3 | 8.3 | −1.1 | 7 | 4.6 | 8.1 | 7.5 | 6.3 | 8.4 | 11.1 |
| EBITDA margin | 8.7% | 8.4% | 8.0% | 9.0% | 8.2% | 8.4% | 8.2% | 7.0% | 8.5% | 8.4% | 9.3% | 8.4% | 8.3% | 7.2% | 4.9% | -2.5% | 5.3% | 6.5% | 4.2% | 0.5% | 10.2% | 9.9% | 11.6% | 10.3% | -3.5% | 10.6% | 11.3% | 10.5% | 10.7% | 5.7% | 6.4% | 9.1% |
| Finance costs | 10.5 | 10.8 | 10.7 | 10.5 | 9.5 | 9.3 | 9.1 | 8.9 | 8.2 | 7.1 | 7 | 6.5 | 6.4 | 6.7 | 3.1 | 1.8 | 1.9 | 0.4 | 0.7 | 0.7 | 1 | 0.5 | 0.8 | 1.4 | 1.3 | 2.8 | 0.9 | 1.2 | 1.3 | 2.2 | 2.7 | 3.1 |
| Depreciation | 4.9 | 4.8 | 4.8 | 7 | 6.8 | 6.5 | 6.6 | 6.6 | 6.4 | 5.9 | 5.9 | 5.8 | 5.8 | 6.7 | 6.2 | 6.2 | 5.6 | 3.7 | 3.3 | 3.2 | 3.2 | 3.2 | 3.2 | 3.1 | 3.2 | 3 | 3.5 | 3.7 | 3.2 | 3.3 | 3.3 | 3.2 |
| Profit before tax | 3.6 | 3.8 | 2.2 | 4.5 | 4.2 | 3.2 | 1.6 | 0.5 | 3 | 2.2 | 0.4 | 2.6 | 0.4 | 0.6 | −3.1 | −12.4 | 0.9 | 4.3 | 0.7 | −3.3 | 4.5 | 6.6 | 5.3 | 3.8 | −5.6 | 1.2 | 0.4 | 3.5 | 3.4 | 1.3 | 2.7 | 7.3 |
| Tax | 0.1 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0 | 0.1 | −0.3 | 0.1 | 0.1 | 0.1 | −0 | −0.5 | 0.2 | −2.6 | 0 | −0.8 | 1.2 | 1.5 | 1.2 | −0.1 | −0.1 | 0.3 | 0.3 | −2.1 | 1.3 | 0.4 | 1.3 | 2.2 |
| Net profit | 3.5 | 3.8 | 2.1 | 4.5 | 4.2 | 3.1 | 1.6 | 0.4 | 2.9 | 2 | 0.8 | 2.6 | 0.3 | 0.5 | −3 | −11.9 | 0.7 | 6.8 | 0.7 | −2.5 | 3.3 | 5.2 | 4.2 | 3.9 | −5.5 | 1 | 0.2 | 5.7 | 2.1 | 0.9 | 1.4 | 5.1 |
| Net margin | 1.6% | 1.7% | 1.0% | 1.9% | 1.7% | 1.4% | 0.8% | 0.2% | 1.4% | 1.1% | 0.5% | 1.4% | 0.2% | 0.2% | -2.4% | -6.7% | 0.4% | 5.3% | 0.6% | -2.2% | 3.9% | 5.5% | 5.2% | 4.8% | -17.5% | 1.4% | 0.4% | 7.4% | 3.0% | 0.8% | 1.1% | 4.2% |
| EPS (₹) | 0.14 | 0.15 | 0.08 | 0.17 | 0.16 | 0.12 | 0.06 | 0.02 | 0.11 | 0.08 | 0.03 | 0.10 | 0.01 | 0.02 | -0.12 | -0.46 | 0.03 | 0.27 | 0.03 | -0.10 | 0.13 | 0.20 | 0.16 | 0.15 | -0.21 | 0.04 | 0.01 | 0.22 | 0.08 | 0.04 | 0.06 | 0.20 |
| Net profit YoY | −15.3% | +21.3% | +35.3% | +950.5% | +41.0% | +55.7% | +104.8% | −83.3% | +794.0% | +323.4% | +125.2% | +121.6% | −52.3% | −93.1% | −537.0% | −373.0% | −78.9% | +32.6% | −83.3% | −164.9% | +159.9% | +440.2% | +2394.2% | −32.0% | −359.9% | – | −81.7% | +292.4% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 940 | 849 | 651 | 655 | 440 | 286 | 254 | 100 |
| Other income | 0.5 | 1.6 | 0.2 | 0 | 0 | 0.9 | 0 | 1.7 |
| Total expenses | 926 | 843 | 646 | 669 | 434 | 277 | 245 | 96.4 |
| EBITDA | 79.1 | 68.1 | 56 | 24.2 | 22.3 | 25.8 | 27.2 | 8.5 |
| EBITDA margin | 8.4% | 8.0% | 8.6% | 3.7% | 5.1% | 9.0% | 10.7% | 8.5% |
| Finance costs | 41.4 | 35.5 | 27 | 13.6 | 2.8 | 3.9 | 5.3 | 1.6 |
| Depreciation | 23.5 | 26.1 | 23.4 | 24.7 | 13.3 | 12.7 | 13.3 | 3.2 |
| Profit before tax | 14.8 | 8.2 | 5.7 | −14 | 6.1 | 10.1 | 8.6 | 5.4 |
| Tax | 0.2 | 0.1 | 0 | −0.3 | −2.2 | 2.4 | −0.3 | 1.8 |
| Net profit | 14.6 | 8.1 | 5.7 | −13.7 | 8.3 | 7.7 | 8.9 | 3.6 |
| Net margin | 1.6% | 1.0% | 0.9% | -2.1% | 1.9% | 2.7% | 3.5% | 3.6% |
| EPS (₹) | 0.57 | 0.31 | 0.22 | -0.53 | 0.32 | 0.30 | 0.35 | 0.14 |
| Net profit YoY | +80.4% | +42.7% | +141.2% | −265.1% | +8.1% | −13.7% | – | – |
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 | 60.8 | 44.8 | 69.3 | 20.6 | 32.5 |
| Investing cash flow | −69.3 | −48 | −102 | −110 | −179 |
| Financing cash flow | 22.9 | 0.2 | 35.4 | 57.9 | 139 |
| Capital expenditure | 71.1 | 64.9 | 93 | 111 | 225 |
| Free cash flow (CFO − capex) | −10.3 | −20.1 | −23.7 | −90.7 | −193 |
Net profit trend
annual, ₹ croreFY21
₹7.7
FY22
₹8.3+8%
FY23
₹−13.7−265%
FY24
₹5.7+141%
FY25
₹8.1+43%
FY26
₹14.6+80%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Standalone | 11 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 26 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 13 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 13 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 13 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 13 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 12 Aug 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 12 Aug 2025 | PDF on NSE XBRL |
| Q4 FY25 | Consolidated · audited | 28 May 2025 | PDF on NSE XBRL |
| Q4 FY25 | Standalone · audited | 28 May 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 53.7×20.0×
P/B5Y avg 0.95×0.55×
ROEFY26, on average equity2.9%
Net margin1.6%
Debt / equity0.87×
Revenue CAGR (3Y)12.8%
Profit CAGR (3Y)–
EPS (TTM)₹0.54
Market cap₹278 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.55×
vs 8-point avg 0.95× (−42%)
0.45× low0.95× avg1.45× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹1,146 Cr+7%
Net worth₹507 Cr+2%
Total borrowings₹440 Cr+19%
Cash & bank balances₹0 Cr−30%
Investments₹0 Cr−100%
Inventories₹209 Cr+19%
Trade receivables₹104 Cr−4%
Trade payables₹181 Cr−1%
Change vs the same date a year earlier.
Revenue mix FY26
Paper Business100.0%result ₹55.9 Cr
Strategic Investment Activity0.0%result ₹0.3 Cr
Segment revenue as reported, before inter-segment eliminations.