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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	Q2 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	Q3 FY19	Q2 FY19	Q4 FY18
Revenue from operations	803	842	753	1,478	703	710	703	694	706	691	660	667	668	665	635	559	502	513	439	509	458	439	232	366	410	392	411	405	395	417	384
Other income	24.6	21.2	18.9	54.8	23.8	22.7	18	23.4	15.8	17.3	13.8	22.6	14.6	21.2	15	11.6	17.2	10.1	14.2	12.4	5	7.6	26	9.7	9	10.3	11.4	10.6	11.1	4.9	6.3
Total expenses	674	706	643	1,264	602	610	605	590	596	588	552	555	552	553	529	450	426	426	367	411	374	360	226	321	357	343	357	350	343	358	322
EBITDA	157	164	139	271	130	127	123	129	133	125	128	131	135	129	122	124	89.7	101	87	113	98	93.6	19.5	60.3	69.1	65.1	70	67.7	64	70.8	72.6
EBITDA margin	19.5%	19.5%	18.5%	18.3%	18.5%	17.9%	17.6%	18.6%	18.9%	18.1%	19.4%	19.7%	20.2%	19.4%	19.3%	22.1%	17.9%	19.7%	19.8%	22.2%	21.4%	21.3%	8.4%	16.5%	16.9%	16.6%	17.0%	16.7%	16.2%	17.0%	18.9%
Finance costs	1.4	1.7	2.1	4.3	2.2	2.5	2.1	2.3	2.5	1.9	1.9	1.8	2.2	1.8	1.5	2	0.8	0.7	0.6	1.1	0.8	0.7	0.8	1.5	1	1	1	0.7	0.4	0.2	0.3
Depreciation	26.5	25.9	27	52.2	25.9	24.9	23.5	22.8	21.4	19.7	17.6	16.9	16.7	15.3	15.6	13.2	13	13.3	14	13.8	13.9	13.9	12.7	14.3	14.6	14.5	14.3	11.4	11.5	11.3	11.1
Profit before tax	154	158	129	269	126	123	116	128	125	121	122	135	131	133	120	120	93.1	97.1	86.7	111	88.2	86.5	32	54.2	62.5	59.9	66.1	66.3	63.2	64.1	67.6
Tax	38.8	38.5	32.9	67.3	31.4	30.1	28.2	30.4	32	27.6	30.3	33.1	33.4	34.4	29.5	29.8	23.1	25.2	22.7	30.9	22.7	22.1	3.8	12.4	15.5	7.7	23.2	23.5	21.6	23.5	23.2
Net profit	115	119	95.6	202	94.4	92.8	88	97.1	93.4	92.7	92.1	102	96.9	98.5	90.3	90.2	69.7	71.5	63.7	79.5	65.5	64.5	28.3	41.8	47	52.2	42.9	42.8	41.6	40.7	44.3
Net margin	14.4%	14.2%	12.7%	13.7%	13.4%	13.1%	12.5%	14.0%	13.2%	13.4%	14.0%	15.3%	14.5%	14.8%	14.2%	16.1%	13.9%	14.0%	14.5%	15.6%	14.3%	14.7%	12.2%	11.4%	11.5%	13.3%	10.4%	10.6%	10.5%	9.8%	11.6%
EPS (₹)	10.43	10.73	8.60	18.18	8.53	8.36	7.84	8.69	8.42	8.36	8.32	9.20	8.76	8.96	8.13	8.10	6.30	6.50	5.80	7.27	5.96	5.81	2.57	3.74	4.18	4.70	3.86	3.84	3.73	3.64	3.97
Net profit YoY	+22.1%	+28.5%	+8.7%	+107.9%	+1.1%	+0.2%	−4.5%	−5.1%	−3.6%	−5.9%	–	+13.3%	–	+9.2%	+26.3%	+13.4%	+6.4%	+11.0%	+125.2%	+90.2%	+39.3%	+23.5%	−34.0%	−2.4%	+12.9%	+28.3%	–	−3.4%	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	3,073	2,812	2,687	2,541	2,013	1,638	1,580	1,598	1,454
Other income	94.9	79.9	68.3	56.1	53.1	51	40.4	35.4	27
Total expenses	2,613	2,400	2,246	2,110	1,669	1,372	1,377	1,373	1,253
EBITDA	574	513	519	500	401	324	265	272	247
EBITDA margin	18.7%	18.3%	19.3%	19.7%	19.9%	19.8%	16.7%	17.0%	17.0%
Finance costs	8.2	9.3	7.8	7.8	4.1	3.4	4.5	1.5	1.5
Depreciation	105	92.6	70.9	60.1	53.5	54.4	57.8	45.2	44.8
Profit before tax	555	491	509	488	396	317	243	260	227
Tax	139	121	124	124	101	79.5	58.8	91.7	76.6
Net profit	417	371	384	362	295	238	184	169	151
Net margin	13.6%	13.2%	14.3%	14.2%	14.7%	14.5%	11.6%	10.6%	10.4%
EPS (₹)	37.54	33.30	34.65	32.69	26.70	21.60	16.48	15.11	13.52
Net profit YoY	+12.3%	−3.3%	+6.2%	+22.5%	+24.1%	+29.3%	+9.0%	+11.8%	–

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	542	458	368	356	186
Investing cash flow	−315	−213	−182	−223	−53.6
Financing cash flow	−215	−224	−177	−132	−114
Capital expenditure	119	94.1	172	164	126
Free cash flow (CFO − capex)	423	364	196	192	60

Net profit trend

annual, ₹ crore

FY21

₹238

FY22

₹295+24%

FY23

₹362+23%

FY24

₹384+6%

FY25

₹371−3%

FY26

₹417+12%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	24 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	24 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	–	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	9 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	9 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	–	PDF on NSE XBRL
Q3 FY26	Consolidated	6 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	–	PDF on NSE XBRL
Q3 FY26	Standalone	6 Feb 2026	PDF on NSE XBRL

Annual reports

NSE archive

FY267.90 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 49.7×41.0×

P/B5Y avg 10.41×8.62×

ROEFY26, on average equity17.4%

Net margin13.6%

Debt / equity0.02×

Revenue CAGR (3Y)6.5%

Profit CAGR (3Y)4.9%

EPS (TTM)₹48.06

Market cap₹21,842 Cr

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

P/B vs history

8.62×

vs 8-point avg 10.41× (−17%)

5.91× low10.41× avg14.13× high

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

Balance sheet 31 Mar 2026

Total assets₹3,438 Cr+12%

Net worth₹2,535 Cr+12%

Total borrowings₹61 Cr+729%

Cash & bank balances₹79 Cr+10%

Investments₹983 Cr+12%

Inventories₹481 Cr−2%

Trade receivables₹397 Cr+9%

Trade payables₹514 Cr+21%

Change vs the same date a year earlier.

Revenue mix FY26

Abrasives47.9%result ₹192 Cr

Ceramics & Plastics42.1%result ₹231 Cr

Digital Services7.2%result ₹58.1 Cr

Others2.8%result ₹16.5 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	58.03	58.03	58.03	58.03	58.03	58.03	58.03	58.03	58.03	58.03	58.03	58.03
FII	5.21	5.56	6.39	6.39	6.82	6.75	6.97	8.26	8.63	8.31	8.42	8.40
DII	19.59	19.18	18.35	18.37	18.20	18.34	18.08	16.70	16.15	15.90	15.46	15.31
of which MF	18.47	17.74	17.48	17.65	17.46	–	–	–	–	–	–	–
Retail	11.60	11.65	11.64	11.64	11.47	11.42	11.42	11.50	11.76	12.25	12.52	12.65
Other public	5.57	5.58	5.59	5.57	5.48	5.46	5.50	5.51	5.43	5.51	5.57	5.61

45,545 shareholders · NSE shareholding pattern filings.