Quarterly results
standalone · 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 | 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 | Q1 FY19 | Q4 FY17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,090 | 2,578 | 2,315 | 2,381 | 46,599 | 2,210 | 2,010 | 2,072 | 2,375 | 2,047 | 1,887 | 1,905 | 2,151 | 1,789 | 1,695 | 1,748 | 1,626 | 1,585 | 1,635 | 1,545 | 1,569 | 1,395 | 1,327 | 1,279 | 1,266 | 1,340 | 1,279 | 1,423 | 1,183 | 1,154 | 1,187 | 1,236 | 1,052 |
| Other income | 2.9 | 2.6 | 2.5 | 4.1 | 3.3 | 8.4 | 2.3 | 6.6 | 2.2 | 2.2 | 4.1 | 14.1 | 2.2 | 1.6 | 0.5 | 3.1 | 1.1 | 3.4 | 1.5 | 1.4 | 1.5 | 1.2 | 1.7 | 1.4 | −3.8 | 2.1 | 1.7 | 8.7 | 3.3 | 1.6 | 0.5 | 0.7 | 2.1 |
| Total expenses | 2,923 | 2,520 | 2,229 | 2,224 | 2,337 | 2,151 | 1,956 | 1,991 | 2,202 | 1,978 | 1,815 | 1,818 | 2,044 | 1,758 | 1,632 | 1,693 | 1,577 | 1,529 | 1,532 | 1,472 | 1,483 | 1,295 | 1,236 | 1,198 | 1,254 | 1,312 | 1,240 | 1,354 | 1,158 | 1,128 | 1,132 | 1,187 | 1,047 |
| EBITDA | 351 | 235 | 257 | 331 | 44,434 | 228 | 214 | 241 | 330 | 230 | 213 | 219 | 238 | 156 | 190 | 177 | 159 | 162 | 209 | 178 | 189 | 207 | 194 | 189 | 118 | 133 | 136 | 163 | 101 | 94.6 | 123 | 123 | 75.6 |
| EBITDA margin | 11.3% | 9.1% | 11.1% | 13.9% | 95.4% | 10.3% | 10.7% | 11.6% | 13.9% | 11.2% | 11.3% | 11.5% | 11.1% | 8.7% | 11.2% | 10.1% | 9.8% | 10.2% | 12.8% | 11.5% | 12.1% | 14.8% | 14.6% | 14.8% | 9.3% | 9.9% | 10.6% | 11.4% | 8.5% | 8.2% | 10.4% | 9.9% | 7.2% |
| Finance costs | 31.6 | 32.3 | 33.1 | 37.5 | 43.3 | 47.7 | 43.5 | 44.7 | 45.9 | 50 | 38.5 | 32.2 | 33.6 | 29.7 | 35.8 | 32.4 | 27.6 | 26.6 | 26.4 | 27.5 | 26.4 | 28.9 | 27.6 | 27.5 | 27.9 | 27.7 | 25.3 | 24.9 | 21.9 | 18.6 | 19.3 | 25.9 | 26 |
| Depreciation | 151 | 146 | 139 | 136 | 129 | 121 | 117 | 116 | 111 | 111 | 102 | 99.5 | 97.5 | 95.5 | 91.6 | 89.6 | 82.8 | 79 | 79.1 | 77.3 | 76.9 | 78.4 | 74.6 | 80.1 | 78.1 | 77.7 | 71.9 | 68.8 | 53.5 | 49.8 | 48.9 | 48.4 | 44.6 |
| Profit before tax | 171 | 59.8 | 87.7 | 162 | 44,265 | 67.4 | 55.7 | 87.5 | 176 | 70.9 | 76.7 | 101 | 109 | 32.9 | 63.2 | 57.8 | 50 | 59.5 | 105 | 74.6 | 87.4 | 101 | 93.1 | 82.8 | 8.5 | 29.9 | 40.3 | 77.7 | 28.4 | 27.7 | 55.9 | 49.2 | 7.2 |
| Tax | 37 | 8.9 | 20.6 | 41.4 | 53.2 | 17.8 | 14.7 | 23.2 | 45 | 18.7 | 19.3 | 23.7 | 28.9 | 7.9 | 16.7 | 15.3 | 9 | 11.6 | 23.1 | 16.3 | 30.2 | 33.6 | 27.3 | 26.7 | 0.6 | 2 | 15 | 26.5 | 8.2 | 9.2 | 17.6 | 11.4 | 4.7 |
| Net profit | 134 | 50.9 | 67.1 | 120 | 44,212 | 49.6 | 40.9 | 64.3 | 131 | 52.2 | 57.4 | 77.6 | 80.2 | 25 | 46.4 | 42.5 | 29.6 | 47.8 | 82.1 | 58.3 | 57.1 | 67.3 | 65.8 | 56.1 | 8 | 27.9 | 25.2 | 51.2 | 20.2 | 18.5 | 38.3 | 37.9 | 2.5 |
| Net margin | 4.3% | 2.0% | 2.9% | 5.0% | 94.9% | 2.2% | 2.0% | 3.1% | 5.5% | 2.5% | 3.0% | 4.1% | 3.7% | 1.4% | 2.7% | 2.4% | 1.8% | 3.0% | 5.0% | 3.8% | 3.6% | 4.8% | 5.0% | 4.4% | 0.6% | 2.1% | 2.0% | 3.6% | 1.7% | 1.6% | 3.2% | 3.1% | 0.2% |
| EPS (₹) | 6.00 | 2.28 | 3.01 | 5.40 | 6.65 | 2.23 | 1.84 | 2.89 | 5.86 | 2.34 | 2.58 | 3.48 | 3.60 | 1.12 | 2.12 | 1.97 | 1.83 | 2.22 | 3.80 | 2.71 | 2.65 | 3.12 | 4.11 | 3.50 | 0.50 | 1.74 | 1.58 | 3.17 | 1.25 | 1.12 | 2.38 | 2.49 | 0.16 |
| Net profit YoY | −99.7% | +2.5% | +64.0% | +86.8% | +33768.7% | −4.8% | −28.7% | −17.1% | +62.9% | +108.7% | +23.6% | +82.6% | – | −15.7% | −2.9% | −48.3% | −48.1% | −28.9% | +24.8% | +4.0% | +618.1% | +141.4% | +160.7% | +9.6% | −60.6% | +50.5% | −34.0% | +35.2% | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 9,959 | 8,667 | 7,990 | 7,247 | 6,370 | 5,570 | 5,308 | 4,760 | 1,219 |
| Other income | 13.7 | 19.5 | 22.6 | 10.6 | 9.8 | 5.8 | 8.7 | 6 | 4.1 |
| Total expenses | 9,502 | 8,301 | 7,655 | 7,033 | 6,066 | 5,211 | 5,161 | 4,605 | 1,185 |
| EBITDA | 1,177 | 1,014 | 899 | 701 | 721 | 779 | 550 | 441 | 97.6 |
| EBITDA margin | 11.8% | 11.7% | 11.3% | 9.7% | 11.3% | 14.0% | 10.4% | 9.3% | 8.0% |
| Finance costs | 146 | 182 | 154 | 126 | 107 | 110 | 106 | 85.7 | 21.8 |
| Depreciation | 574 | 465 | 409 | 362 | 311 | 310 | 296 | 201 | 41.7 |
| Profit before tax | 470 | 386 | 358 | 225 | 314 | 364 | 156 | 161 | 38.2 |
| Tax | 114 | 101 | 90.6 | 58.7 | 65.5 | 118 | 44.1 | 46.3 | −1.6 |
| Net profit | 356 | 285 | 267 | 166 | 218 | 246 | 112 | 115 | 39.8 |
| Net margin | 3.6% | 3.3% | 3.3% | 2.3% | 3.4% | 4.4% | 2.1% | 2.4% | 3.3% |
| EPS (₹) | 15.99 | 12.81 | 12.00 | 7.54 | 11.46 | 11.43 | 6.99 | 7.19 | 2.61 |
| Net profit YoY | +24.8% | +6.8% | +61.2% | −23.9% | −11.5% | +119.4% | −2.2% | – | – |
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 | 1,557 | 1,443 | −71.5 | 741 | 576 |
| Investing cash flow | −435 | −880 | −388 | −441 | −565 |
| Financing cash flow | −1,130 | −564 | 474 | −300 | −8.2 |
| Capital expenditure | 439 | 653 | 535 | 471 | 588 |
| Free cash flow (CFO − capex) | 1,118 | 790 | −607 | 270 | −11.3 |
Net profit trend
annual, ₹ croreFY21
₹246
FY22
₹218−12%
FY23
₹166−24%
FY24
₹267+61%
FY25
₹285+7%
FY26
₹356+25%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Standalone | 21 Jul 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 19 May 2026 | PDF XBRL |
| Q3 FY26 | Consolidated | 19 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 19 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 27 Oct 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 27 Oct 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 18 Jul 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | – | PDF XBRL |
| Q1 FY26 | Standalone | 18 Jul 2025 | PDF on NSE XBRL |
| Q4 FY25 | Consolidated · audited | 28 Apr 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 82.6×69.8×
P/B5Y avg 14.54×13.35×
ROEFY26, on average equity19.4%
Net margin3.6%
Debt / equity0.68×
Revenue CAGR (3Y)11.2%
Profit CAGR (3Y)29.0%
EPS (TTM)₹16.69
Market cap₹25,963 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
13.35×
vs 8-point avg 14.54× (−8%)
10.58× low14.54× avg21.35× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹4,443 Cr−8%
Net worth₹1,945 Cr+13%
Total borrowings₹1,332 Cr−36%
Cash & bank balances₹49 Cr−1%
Investments₹43 Cr−84%
Inventories₹591 Cr−40%
Trade receivables₹5 Cr−83%
Trade payables₹328 Cr+36%
Change vs the same date a year earlier.
Revenue mix FY23
Milk and Milk products100.0%result ₹349 Cr
Segment revenue as reported, before inter-segment eliminations.