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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	974	1,000	875	815	745	823	751	705	640	673	665	727	569	827	514	699	660	621	486	374	229	520	495	329	156	386	520	512	492	0	0
Other income	10.9	13.1	8.4	10.4	18	12.3	11.6	13.8	17	13.4	14.4	15.4	21.5	23.8	17.8	15	10.5	9.6	3.4	6.1	3.2	2.5	2.1	1.6	2.2	3.2	3	6.4	7.5	0	0
Total expenses	958	970	847	795	720	808	740	713	641	680	653	702	601	794	526	672	642	597	488	400	261	496	462	331	199	382	461	475	449	0	0
EBITDA	56.3	68.2	62.1	51.9	56.9	45.7	39.7	23	27.3	23.7	35.4	45.9	−13.5	49	3.1	42.9	38.4	40.7	13.6	−10.2	−16.9	41.6	49.1	15.7	−26.7	23.6	73.2	55	58.3	0	0
EBITDA margin	5.8%	6.8%	7.1%	6.4%	7.6%	5.6%	5.3%	3.3%	4.3%	3.5%	5.3%	6.3%	-2.4%	5.9%	0.6%	6.1%	5.8%	6.5%	2.8%	-2.7%	-7.4%	8.0%	9.9%	4.8%	-17.1%	6.1%	14.1%	10.7%	11.8%	–	–
Finance costs	12	10	6.4	4.8	4.9	5.9	3.2	4.3	2.9	3	2.3	2.2	1.7	1.2	2.4	2.1	6.1	2.2	1.2	1.2	0.8	1	1.2	2.2	2.5	1.5	1.4	1.1	1	0	0
Depreciation	28.2	27.7	27.6	27	26.6	25.3	25.7	26.4	26.1	28.2	20.3	19.2	16.7	15.2	13.1	14	14.3	15	14.1	15	14.7	16.2	15.2	15.3	13.8	17.8	13	16.1	14.1	0	0
Profit before tax	27.1	27.6	17.3	27	43	26.8	28.6	1.8	15.3	3.5	74.3	−341	−9.5	44.4	4.8	41.6	28.9	26.9	0.4	−19	−25.2	27.3	30.9	−31.2	−40.8	2.6	66.5	49.3	50.7	0	0
Tax	20.9	25.4	11.4	20.6	22.2	25.3	21.9	16.1	15.4	16.8	28.7	34.1	14.5	15.4	8.9	8	10.8	8.8	5.6	4.3	−2.7	13.7	10	−8.7	−9.9	2	17.9	5.6	16.2	0	0
Net profit	6.2	2.2	5.9	6.3	20.9	1.5	6.7	−14.3	−0.2	−13.4	45.6	−375	−24.9	27.2	−5.7	32.3	15.9	16.7	−6.2	−23.3	−22.5	13.7	20.9	−22.5	−30.9	0.6	48.6	43.6	34.5	0	0
Net margin	0.6%	0.2%	0.7%	0.8%	2.8%	0.2%	0.9%	-2.0%	-0.0%	-2.0%	6.9%	-51.5%	-4.4%	3.3%	-1.1%	4.6%	2.4%	2.7%	-1.3%	-6.2%	-9.8%	2.6%	4.2%	-6.8%	-19.8%	0.1%	9.3%	8.5%	7.0%	–	–
EPS (₹)	1.11	0.97	1.10	1.12	1.42	1.03	0.90	0.14	0.44	0.11	2.50	-8.22	-0.22	1.15	0.28	1.25	0.69	0.72	-0.27	-1.01	-0.97	0.59	0.90	-0.97	-1.33	0.02	2.06	1.80	1.46	1.53	0.00
Net profit YoY	−70.5%	+43.8%	−11.4%	+144.1%	+13131.3%	+111.5%	−85.4%	+96.2%	+99.4%	−149.0%	+898.6%	−1259.7%	−256.4%	+62.9%	+8.5%	+238.7%	+170.9%	+22.4%	−129.8%	−3.6%	+27.2%	+2381.8%	−56.9%	−151.5%	−189.4%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	3,437	2,918	2,633	2,699	1,710	1,500	1,911	2,015	1,840
Other income	50	54.7	64.8	67.1	22.4	8.3	20.2	41.8	45.6
Total expenses	3,332	2,902	2,635	2,634	1,747	1,488	1,767	1,799	1,638
EBITDA	239	136	91.5	133	27.2	79.7	210	272	255
EBITDA margin	7.0%	4.7%	3.5%	4.9%	1.6%	5.3%	11.0%	13.5%	13.9%
Finance costs	26.1	16.3	9.2	11.7	5.3	6.9	5.1	4	0.8
Depreciation	109	103	84.4	56.7	58.7	60.4	60.9	52.2	52.4
Profit before tax	115	72.5	−272	120	−16.8	−13.8	169	240	295
Tax	79.6	78.8	94.2	43.1	16	5	41.7	77.3	93
Net profit	35.3	−6.3	−367	69.8	−35.3	−18.8	127	163	202
Net margin	1.0%	-0.2%	-13.9%	2.6%	-2.1%	-1.3%	6.7%	8.1%	11.0%
EPS (₹)	4.60	2.51	-5.83	3.37	-1.53	-0.81	5.40	6.74	8.28
Net profit YoY	+661.9%	+98.3%	−626.6%	+297.6%	−88.0%	−114.8%	−21.7%	−19.6%	–

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	32.6	−22.5	−153	−135	−62.8
Investing cash flow	−99.5	49.7	232	−758	−232
Financing cash flow	123	−40	−32	889	210
Capital expenditure	36.5	42.3	104	235	66
Free cash flow (CFO − capex)	−4	−64.8	−257	−370	−129

Net profit trend

annual, ₹ crore

FY21

₹−18.8

FY22

₹−35.3−88%

FY23

₹69.8+298%

FY24

₹−367−627%

FY25

₹−6.3+98%

FY26

₹35.3+662%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	4 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	4 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	6 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	6 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	4 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	4 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	30 Jul 2025	PDF on NSE XBRL
Q1 FY26	Standalone	30 Jul 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2619.13 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 60.8×265.4×

P/B5Y avg 2.58×3.82×

ROEFY26, on average equity2.5%

Net margin1.0%

Debt / equity0.23×

Revenue CAGR (3Y)8.4%

Profit CAGR (3Y)-20.3%

EPS (TTM)₹0.88

Market cap₹5,468 Cr

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

P/B vs history

3.82×

vs 8-point avg 2.58× (+48%)

1.85× low2.58× avg3.82× high

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

Balance sheet 31 Mar 2026

Total assets₹2,894 Cr+13%

Net worth₹1,431 Cr+2%

Total borrowings₹326 Cr+512%

Cash & bank balances₹191 Cr+41%

Investments₹67 Cr−45%

Inventories₹314 Cr−6%

Trade receivables₹345 Cr+3%

Trade payables₹581 Cr+11%

Change vs the same date a year earlier.

Revenue mix FY26

a. Engines64.2%result ₹377 Cr

b. Electric Mobility & Other Vehicles22.5%result ₹−182 Cr

c. Cables & Control Levers7.2%result ₹53.8 Cr

d. Others6.0%result ₹−8 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	55.77	55.78	55.80	55.80	55.81	55.88	55.88	55.88	55.88	56.00	56.00	56.00
FII	1.35	1.85	2.25	2.64	2.44	2.86	2.41	1.04	1.15	2.81	3.18	4.57
DII	4.18	3.68	4.08	3.81	3.54	3.31	3.50	3.83	3.78	3.77	3.50	3.49
of which MF	0.29	0.30	0.87	0.76	0.73	–	–	–	–	–	–	–
Retail	31.94	32.61	31.72	31.20	32.01	30.79	30.76	32.36	32.90	31.33	30.84	29.94
Other public	6.76	6.08	6.15	6.55	6.20	7.16	7.45	6.89	6.29	6.09	6.48	6.00

3,47,238 shareholders · NSE shareholding pattern filings.