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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	Q1 FY20	Q4 FY19	Q4 FY18
Revenue from operations	3,820	3,486	2,190	1,632	1,813	1,888	1,896	1,651	1,441	1,197	1,488	1,375	1,245	974	1,112	1,192	982	853	867	773	735	836	841	822	463	679	797	751	841	0	0
Other income	78.3	46.3	44.6	37.2	76.7	77.7	47.3	51.3	45.4	66.4	57.2	38	52.7	44	78.6	43.1	2.3	24.6	26.9	34.8	27.7	17.7	36.1	23.9	41	30.4	27.9	31.4	17.2	0	0
Total expenses	3,675	2,968	1,844	1,350	1,507	1,664	1,568	1,416	1,217	1,053	1,302	1,194	1,036	869	948	997	826	738	737	669	631	728	715	709	441	654	674	652	682	0	0
EBITDA	181	553	380	314	338	269	359	272	266	188	228	224	253	152	210	241	201	164	175	147	147	157	167	154	63.2	79.9	167	142	202	0	0
EBITDA margin	4.8%	15.9%	17.4%	19.3%	18.6%	14.3%	18.9%	16.5%	18.4%	15.7%	15.3%	16.3%	20.3%	15.6%	18.9%	20.2%	20.5%	19.2%	20.2%	19.1%	20.0%	18.8%	19.9%	18.8%	13.7%	11.8%	21.0%	18.9%	24.1%	–	–
Finance costs	2.6	3	3.1	2.8	2.9	3.7	2.9	4.6	5.7	7.1	5.7	6.6	6.8	9.3	6.6	6.8	6.4	11.3	7.6	7.6	7.4	9.4	7	7.1	7.3	7.3	7.7	7.8	7.4	0	0
Depreciation	34.3	32.6	31	29.3	28.1	41.5	28.2	31.7	35.9	36.4	36.3	36.5	36.8	37.4	38.7	39.1	38.5	37.1	37.5	35.6	35	39.1	33.9	34.1	34.2	47.6	36.6	35.5	35.5	0	0
Profit before tax	223	563	391	319	383	302	375	287	210	211	243	219	262	149	243	238	159	140	157	139	132	126	162	137	62.8	55.3	151	130	177	0	0
Tax	52.7	148	96.9	78.3	91.7	79.8	94.2	89.5	32.4	54.3	60.1	55.5	41.1	38.9	56	59.8	27.5	36.2	40.1	34.1	19.9	30.6	39.3	33.8	7.2	16.9	36.9	16.6	58.3	0	0
Net profit	198	521	343	305	356	280	316	248	229	215	212	202	254	147	199	202	142	104	117	105	112	95.2	123	103	55.1	38.7	114	114	119	0	0
Net margin	5.2%	15.0%	15.7%	18.7%	19.6%	14.8%	16.7%	15.0%	15.9%	18.0%	14.3%	14.7%	20.4%	15.1%	17.9%	16.9%	14.5%	12.2%	13.5%	13.6%	15.3%	11.4%	14.6%	12.6%	11.9%	5.7%	14.3%	15.1%	14.1%	–	–
EPS (₹)	12.72	33.39	22.01	19.56	68.53	56.65	60.95	47.92	44.10	41.20	40.85	38.86	48.94	28.29	38.32	38.81	27.37	19.95	22.51	20.18	21.61	18.32	23.61	19.89	10.60	7.44	21.92	21.84	22.82	0.00	0.00
Net profit YoY	−44.3%	+86.5%	+8.7%	+22.8%	+55.9%	+30.0%	+48.7%	+22.9%	−10.2%	+46.3%	+6.6%	+0.1%	+78.8%	+41.8%	+70.3%	+92.3%	+26.6%	+8.9%	−4.7%	+1.5%	+103.9%	+146.3%	+7.7%	−8.9%	−53.6%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	9,121	6,767	5,305	4,260	3,229	2,961	3,068	2,612	2,891
Other income	205	221	214	168	114	119	107	79.1	54.6
Total expenses	7,669	5,726	4,585	3,639	2,774	2,592	2,662	2,309	2,733
EBITDA	1,585	1,177	892	804	633	541	592	403	258
EBITDA margin	17.4%	17.4%	16.8%	18.9%	19.6%	18.3%	19.3%	15.4%	8.9%
Finance costs	11.7	12.3	26.1	29	33.9	30.9	30.2	1	1.7
Depreciation	121	124	146	154	145	141	155	98.6	98.4
Profit before tax	1,657	1,262	934	789	568	488	513	383	233
Tax	415	318	211	182	130	111	129	123	74
Net profit	1,526	1,072	884	690	438	376	385	260	159
Net margin	16.7%	15.8%	16.7%	16.2%	13.6%	12.7%	12.5%	10.0%	5.5%
EPS (₹)	97.80	222.35	169.87	132.80	84.25	72.41	74.02	50.06	30.59
Net profit YoY	+42.3%	+21.3%	+28.0%	+57.6%	+16.4%	−2.2%	+47.8%	+63.6%	–

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	518	107	290	736	479
Investing cash flow	27.5	402	55.5	−541	−234
Financing cash flow	−619	−491	−349	−206	−238
Capital expenditure	312	168	100	86.7	83.1
Free cash flow (CFO − capex)	206	−60.5	190	649	395

Net profit trend

annual, ₹ crore

FY21

₹376

FY22

₹438+16%

FY23

₹690+58%

FY24

₹884+28%

FY25

₹1,072+21%

FY26

₹1,526+42%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	27 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	27 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	15 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	15 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	30 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	30 Jan 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	3 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	3 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	4 Aug 2025	PDF XBRL
Q1 FY26	Standalone	4 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY2613.50 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 21.0×22.5×

P/B5Y avg 4.94×4.95×

ROEFY26, on average equity26.6%

Net margin16.7%

Debt / equity0.02×

Revenue CAGR (3Y)28.9%

Profit CAGR (3Y)30.3%

EPS (TTM)₹87.70

Market cap₹30,738 Cr

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

P/B vs history

4.95×

vs 8-point avg 4.94× (+0%)

1.91× low4.94× avg9.06× high

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

Balance sheet 31 Mar 2026

Total assets₹8,310 Cr+19%

Net worth₹6,212 Cr+18%

Total borrowings₹95 Cr+208%

Cash & bank balances₹3 Cr−77%

Investments₹3,299 Cr+3%

Inventories₹2,264 Cr+13%

Trade receivables₹907 Cr+76%

Trade payables₹532 Cr+7%

Change vs the same date a year earlier.

Revenue mix FY26

Cigarettes, Tobacco and related Products98.8%result ₹1,480 Cr

Others1.2%result ₹−2.8 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	72.58	72.58	72.58	72.58	72.58	72.58	72.58	72.58	72.58	72.58	72.58	72.58
FII	7.80	7.91	8.15	7.94	8.18	9.32	9.73	10.63	10.80	10.83	10.77	10.13
DII	3.66	3.29	4.22	4.13	3.89	3.85	3.28	1.98	1.97	1.90	1.53	1.56
of which MF	3.41	3.01	3.78	3.62	3.54	3.52	–	–	–	–	–	–
Retail	13.00	13.33	12.12	12.59	12.92	11.79	12.08	12.23	11.98	11.84	12.17	13.00
Other public	2.96	2.89	2.93	2.76	2.43	2.46	2.33	2.25	2.26	2.44	2.54	2.73

1,56,601 shareholders · NSE shareholding pattern filings.