Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q4 FY22
| ₹ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,705 | 2,004 | 1,869 | 1,810 | 1,648 | 1,737 | 1,612 | 1,384 | 1,612 | 1,634 | 1,103 | 627 | 1,124 | 1,428 | 1,447 | 1,581 | 1,069 | 1,211 |
| Other income | 44 | 64.2 | 134 | 112 | 120 | 126 | 152 | 123 | 123 | 135 | 106 | 51.1 | 66.2 | 171 | 56.1 | 46.2 | 94.7 | 61 |
| Total expenses | 1,733 | 2,114 | 2,045 | 2,057 | 1,849 | 1,899 | 1,789 | 1,493 | 1,734 | 1,846 | 1,311 | 817 | 1,281 | 1,718 | 1,635 | 1,981 | 1,299 | 1,519 |
| EBITDA | 453 | 459 | 369 | 363 | 401 | 380 | 341 | 411 | 513 | 438 | 296 | 122 | 161 | 57.8 | 125 | 56.5 | 140 | 81.9 |
| EBITDA margin | 26.6% | 22.9% | 19.7% | 20.1% | 24.3% | 21.9% | 21.2% | 29.7% | 31.8% | 26.8% | 26.9% | 19.5% | 14.4% | 4.1% | 8.6% | 3.6% | 13.1% | 6.8% |
| Finance costs | 318 | 392 | 379 | 446 | 441 | 394 | 366 | 367 | 450 | 523 | 405 | 272 | 279 | 326 | 276 | 411 | 324 | 346 |
| Depreciation | 163 | 176 | 166 | 164 | 160 | 148 | 152 | 154 | 185 | 127 | 100 | 40.1 | 38.5 | 21.7 | 36 | 46.5 | 47.2 | 43.8 |
| Profit before tax | 16.7 | −45.7 | −167 | 888 | −14.9 | 257 | −23 | 224 | 1,394 | 256 | 118 | −89 | −208 | −326 | 393 | 559 | −136 | −405 |
| Tax | 44.2 | 116 | 88.1 | −29.7 | 20.3 | −10.6 | 14.7 | −10.4 | 44.7 | 9.4 | 1.6 | 20 | 2.6 | −0.5 | −0.1 | 86.5 | 6.9 | 44.8 |
| Net profit | −35.4 | −114 | −160 | 895 | −7.2 | 49 | −108 | 250 | 1,362 | 170 | 43.2 | −123 | −218 | −471 | 339 | 1,069 | 202 | −272 |
| Net margin | -2.1% | -5.7% | -8.6% | 49.4% | -0.4% | 2.8% | -6.7% | 18.0% | 84.5% | 10.4% | 3.9% | -19.6% | -19.4% | -33.0% | 23.4% | 67.6% | 18.9% | -22.5% |
| EPS (₹) | -0.53 | -1.47 | -2.35 | 12.43 | -0.49 | 2.41 | -1.49 | 3.63 | 20.30 | 2.69 | 0.75 | -1.74 | -3.13 | -7.84 | 5.97 | 17.94 | 3.52 | -3.55 |
| Net profit YoY | −394.1% | −331.6% | −47.8% | +258.5% | −100.5% | −71.2% | −351.2% | +302.4% | +725.5% | +136.2% | −87.3% | −111.5% | −208.0% | −72.8% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue from operations | 7,332 | 6,344 | 4,489 | 5,525 | 4,102 |
| Other income | 416 | 514 | 346 | 368 | 180 |
| Total expenses | 8,052 | 6,848 | 5,213 | 6,634 | 5,089 |
| EBITDA | 1,604 | 1,667 | 1,060 | 393 | 495 |
| EBITDA margin | 21.9% | 26.3% | 23.6% | 7.1% | 12.1% |
| Finance costs | 1,659 | 1,571 | 1,479 | 1,350 | 1,354 |
| Depreciation | 666 | 600 | 305 | 151 | 128 |
| Profit before tax | 660 | 1,910 | 77.2 | 491 | −792 |
| Tax | 195 | 38.4 | 33.6 | 92.7 | 106 |
| Net profit | 614 | 1,552 | −127 | 1,139 | −652 |
| Net margin | 8.4% | 24.5% | -2.8% | 20.6% | -15.9% |
| EPS (₹) | 7.89 | 23.43 | -1.44 | 19.60 | -10.73 |
| Net profit YoY | −60.5% | +1317.7% | −111.2% | +274.8% | – |
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 | 1,260 | 2,833 | 1,690 | 1,230 | 1,215 |
| Investing cash flow | −809 | −159 | −903 | 3,094 | 1,267 |
| Financing cash flow | −583 | −2,417 | −1,324 | −3,840 | −2,213 |
| Capital expenditure | 238 | 270 | 98.6 | 24.5 | 152 |
| Free cash flow (CFO − capex) | 1,022 | 2,562 | 1,592 | 1,206 | 1,063 |
Net profit trend
annual, ₹ croreFY22
₹−652
FY23
₹1,139+275%
FY24
₹−127−111%
FY25
₹1,552+1318%
FY26
₹614−60%
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 | 21 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 21 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 6 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 6 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 14 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 14 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 30 Jul 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | – | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 6.1×13.7×
P/B5Y avg 10.24×4.21×
ROEFY26, on average equity49.3%
Net margin8.4%
Debt / equity6.04×
Revenue CAGR (3Y)9.9%
Profit CAGR (3Y)-18.6%
EPS (TTM)₹7.50
Market cap₹8,020 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
4.21×
vs 8-point avg 10.24× (−59%)
3.68× low10.24× avg15.76× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹17,050 Cr+0%
Net worth₹1,904 Cr+224%
Total borrowings₹11,503 Cr+12%
Cash & bank balances₹560 Cr−19%
Investments₹936 Cr+159%
Inventories₹499 Cr+26%
Trade receivables₹1,180 Cr−31%
Trade payables₹1,288 Cr+12%
Change vs the same date a year earlier.
Revenue mix FY26
Power71.9%result ₹1,162 Cr
Smart Meter Infrastructure18.8%result ₹156 Cr
Others5.1%result ₹−11.7 Cr
Roads2.9%result ₹48.6 Cr
EPC1.2%result ₹12.7 Cr
Segment revenue as reported, before inter-segment eliminations.