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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	Q4 FY17
Revenue from operations	1,365	1,537	1,122	1,149	942	937	604	487	414	420	258	259	261	202	200	219	187	181	196	178	130	191	168	165	84	248	268	275	0
Other income	42.4	24.3	14	10.8	21.6	20.8	12.9	63	27	15.6	−1.1	49.4	19	−22.3	21.4	4.6	10	19.4	11	−0.9	29.7	2.2	19.4	1.1	23.2	3.6	4.9	3	0
Total expenses	1,175	1,331	965	968	790	796	545	440	378	390	251	251	250	190	192	212	183	172	187	176	136	164	149	142	97.9	228	242	240	0
EBITDA	260	267	212	234	199	196	92.9	81.3	63.2	54.2	26.7	26.3	28.5	27	20.5	16.8	14.3	19.1	20.9	14.5	5.1	39.4	29.1	34.3	−1.7	32.4	40.1	50.4	0
EBITDA margin	19.0%	17.4%	18.9%	20.4%	21.2%	21.0%	15.4%	16.7%	15.2%	12.9%	10.3%	10.2%	10.9%	13.4%	10.2%	7.7%	7.7%	10.6%	10.7%	8.2%	3.9%	20.7%	17.3%	20.8%	-2.0%	13.0%	15.0%	18.3%	–
Finance costs	49.9	42.6	41.6	40.7	35.8	40.1	27	28.5	20.6	18.5	13.6	13.2	12.4	9.6	7.6	5.9	5.7	5.5	7.3	7.3	5.7	7.1	4.6	6.1	6.8	6	8.2	9	0
Depreciation	19.6	18.2	13.8	12.2	11.2	15.6	6.7	6.3	6	5.8	5.7	5	4.7	4.6	4.7	4.7	4.7	5	5.2	5.2	5.1	5.4	5.6	5.5	5.4	5.7	5.5	5.5	0
Profit before tax	233	231	171	192	174	161	72.1	109	63.6	45.5	6.2	57.6	30.4	−9.5	29.5	10.8	14	28.1	19.5	1.2	24.1	29.2	38.4	23.9	9.3	24.3	31.2	38.9	0
Tax	58	62.9	42	52.7	45.1	43.7	24.2	25.2	14.9	16.1	6.3	8.9	7.3	1.9	7.5	4	1.7	6.6	4.4	3.5	0	0.6	9.6	22.9	−1.8	10.5	14.1	9	0
Net profit	197	172	140	143	137	123	56.7	83.1	48.3	24.3	−9.9	49.2	23.1	−11.3	21.8	6.5	11.9	21.4	14.8	−2.5	23.8	28.3	28.5	0.9	10.8	13.9	16.8	29.5	0
Net margin	14.4%	11.2%	12.5%	12.4%	14.6%	13.2%	9.4%	17.1%	11.7%	5.8%	-3.8%	19.0%	8.8%	-5.6%	10.9%	3.0%	6.4%	11.8%	7.5%	-1.4%	18.3%	14.9%	17.0%	0.5%	12.9%	5.6%	6.3%	10.7%	–
EPS (₹)	7.11	6.21	5.07	5.17	4.97	4.40	2.05	3.00	1.75	0.90	-0.43	2.14	1.00	-0.49	0.95	0.28	0.52	0.93	0.64	-0.11	1.04	1.23	1.24	0.04	0.47	0.60	0.73	1.28	0.00
Net profit YoY	+43.2%	+39.3%	+147.5%	+72.1%	+184.1%	+406.5%	+670.9%	+68.9%	+109.6%	+315.7%	−145.5%	+653.6%	+93.1%	−152.8%	+47.5%	+361.8%	−49.9%	−24.6%	−48.2%	−378.6%	+120.1%	+103.9%	+69.5%	−97.0%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY17
Revenue from operations	4,751	2,442	1,201	808	685	609	1,060	0
Other income	70.3	82.6	83.7	13.7	59.4	45.3	16.1	0
Total expenses	4,054	2,123	1,145	777	672	553	960	0
EBITDA	913	470	135	78.6	59.6	102	156	0
EBITDA margin	19.2%	19.2%	11.2%	9.7%	8.7%	16.7%	14.7%	–
Finance costs	161	116	57.7	28.8	25.7	24.5	32.7	0
Depreciation	55.4	34.6	21.3	18.7	20.5	21.8	22.1	0
Profit before tax	768	401	140	44.8	72.9	101	117	0
Tax	203	107	38.6	15.2	14.5	31.3	43.3	0
Net profit	592	311	86.7	29	57.5	68.6	72.6	0
Net margin	12.5%	12.8%	7.2%	3.6%	8.4%	11.3%	6.8%	–
EPS (₹)	21.42	11.08	3.61	1.26	2.50	2.98	3.16	0.00
Net profit YoY	+90.2%	+259.3%	+199.1%	−49.6%	−16.2%	−5.5%	–	–

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	−219	−443	−152	86.4	27.9
Investing cash flow	−459	−142	−433	−79.3	−108
Financing cash flow	205	350	568	85.9	−14.7
Capital expenditure	297	113	73.7	24.6	15.5
Free cash flow (CFO − capex)	−516	−556	−226	61.8	12.5

Net profit trend

annual, ₹ crore

FY21

₹68.6

FY22

₹57.5−16%

FY23

₹29−50%

FY24

₹86.7+199%

FY25

₹311+259%

FY26

₹592+90%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	13 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	13 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	16 May 2026	PDF XBRL
Q4 FY26	Standalone · audited	16 May 2026	PDF XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q3 FY26	Consolidated	9 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	9 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	6 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	6 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	8 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY267.50 MB FY255.15 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 46.9×13.0×

P/B5Y avg 4.05×3.81×

ROEFY26, on average equity29.0%

Net margin12.5%

Debt / equity1.04×

Revenue CAGR (3Y)80.5%

Profit CAGR (3Y)173.4%

EPS (TTM)₹23.55

Market cap₹8,459 Cr

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

P/B vs history

3.81×

vs 8-point avg 4.05× (−6%)

2.29× low4.05× avg6.54× high

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

Balance sheet 31 Mar 2026

Total assets₹6,343 Cr+46%

Net worth₹2,218 Cr+19%

Total borrowings₹2,300 Cr+69%

Cash & bank balances₹260 Cr+17%

Investments₹84 Cr−55%

Inventories₹1,353 Cr+59%

Trade receivables₹1,503 Cr+10%

Trade payables₹773 Cr+33%

Change vs the same date a year earlier.

Revenue mix FY25

Metering Business99.7%result ₹463 Cr

Strategic Investment Activity0.3%result ₹6.9 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	Jan 24	Dec 23
Promoter	39.34	39.34	39.34	39.36	39.38	39.38	39.39	39.34	42.66	42.66	42.66	50.27
FII	18.72	18.90	18.74	18.75	20.42	22.38	22.79	22.49	17.91	16.87	16.87	2.05
DII	3.05	3.34	3.21	3.35	3.67	3.79	3.57	3.55	4.80	5.00	4.80	5.66
of which MF	2.88	2.92	2.92	3.04	3.33	–	–	–	–	–	–	–
Retail	31.52	31.00	31.80	32.00	30.84	29.08	28.72	28.46	27.71	28.67	28.79	34.07
Other public	7.34	7.39	6.91	6.54	5.69	5.37	5.53	6.16	6.92	6.80	6.88	7.95

1,67,535 shareholders · NSE shareholding pattern filings.