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 | Q3 FY19 | Q2 FY19 | Q1 FY19 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,338 | 1,158 | 1,119 | 1,113 | 1,137 | 1,048 | 1,034 | 1,020 | 1,033 | 951 | 941 | 979 | 924 | 818 | 786 | 816 | 821 | 696 | 667 | 670 | 648 | 619 | 605 | 610 | 639 | 653 | 672 | 680 | 721 | 635 | 619 | 619 | 642 | 562 |
| Other income | 6.4 | 6 | 7.8 | 5.2 | 5.3 | 6.5 | 8.3 | 7.5 | 5.6 | 4.5 | 3 | 1.8 | 2.6 | 3.4 | 3.2 | 2.9 | 2.6 | 2.5 | 3.1 | 2.9 | 2.8 | 3.5 | 1.1 | 1.8 | 68.5 | 139 | 55.3 | 143 | 38.8 | 71.4 | 55.3 | 148 | 30.5 | 52.5 |
| Total expenses | 1,311 | 1,132 | 1,081 | 1,059 | 1,086 | 992 | 982 | 957 | 959 | 900 | 906 | 948 | 903 | 795 | 768 | 790 | 811 | 679 | 640 | 621 | 609 | 589 | 564 | 590 | 601 | 998 | 711 | 816 | 729 | 675 | 643 | 733 | 640 | 582 |
| EBITDA | 61.9 | 52.2 | 63 | 77.2 | 73.9 | 78.4 | 74.1 | 83.2 | 93.8 | 68.6 | 52 | 47.1 | 38.6 | 39.5 | 32.6 | 39.9 | 23.9 | 31.6 | 40.8 | 63.7 | 53.4 | 45.4 | 57.4 | 36.3 | 56 | −327 | −20.7 | −118 | 10 | −22.6 | −8.2 | −97.7 | 17.4 | −4.8 |
| EBITDA margin | 4.6% | 4.5% | 5.6% | 6.9% | 6.5% | 7.5% | 7.2% | 8.2% | 9.1% | 7.2% | 5.5% | 4.8% | 4.2% | 4.8% | 4.1% | 4.9% | 2.9% | 4.5% | 6.1% | 9.5% | 8.2% | 7.3% | 9.5% | 6.0% | 8.8% | -50.1% | -3.1% | -17.4% | 1.4% | -3.6% | -1.3% | -15.8% | 2.7% | -0.9% |
| Finance costs | 8.2 | 5.3 | 3.9 | 3.8 | 4.2 | 4.2 | 4 | 3.9 | 3.4 | 2.6 | 1.8 | 1.5 | 3.1 | 2.4 | 0.5 | 0.3 | 0.7 | 1.1 | 0.6 | 0.9 | 1.4 | 3 | 5.1 | 4.8 | 6.3 | 6.5 | 5.4 | 5.2 | 5.5 | 6.3 | 5 | 4.6 | 5.6 | 5.6 |
| Depreciation | 26.5 | 21.8 | 20.5 | 20.1 | 18.7 | 17.8 | 17.8 | 17.3 | 16.6 | 15.7 | 15.5 | 15 | 14.6 | 14.6 | 14.3 | 13.8 | 13.4 | 13.5 | 12.9 | 13 | 12.8 | 12 | 11.3 | 11.1 | 11.9 | 11.8 | 12.8 | 12.9 | 12.6 | 11.3 | 11.4 | 11.2 | 10.7 | 10.3 |
| Profit before tax | 33.5 | 32 | 46.4 | 67.8 | 56.3 | 54.2 | 58.8 | 67.5 | 77.8 | 54.8 | 37.7 | 32.3 | 23.5 | 25.8 | 21 | 26.3 | 12.4 | 17.8 | 30.3 | 43.5 | 42 | 32.8 | 42.1 | 22 | 106 | −207 | 16.4 | 7.1 | 30.7 | 31.1 | 30.7 | 34.5 | 31.6 | 31.8 |
| Tax | 8.6 | 8 | 11.8 | 16.8 | 14.4 | 16 | 15.8 | 18.8 | 19.3 | 14.3 | 9.2 | 8.3 | 6.8 | 7.9 | 5.3 | 7.3 | 3.3 | 5.1 | 7.9 | 10.8 | 10.4 | 8.6 | 15.5 | 19.3 | 10.1 | 3 | 4.5 | −3.8 | 11.7 | 10.8 | 10.3 | 13.4 | 10.1 | 11.8 |
| Net profit | 25 | 23.9 | 34.6 | 51 | 40.5 | 38.2 | 43.1 | 48.6 | 58.4 | 40.5 | 26.9 | 22.4 | 16.7 | 15.5 | 13.7 | 19 | 7.3 | 12.4 | 20.7 | 32.7 | 30.3 | 24.4 | 26 | 2.5 | 95.4 | −210 | 12.2 | 10.7 | 18.1 | 20.2 | 20.1 | 21 | 21.3 | 19.9 |
| Net margin | 1.9% | 2.1% | 3.1% | 4.6% | 3.6% | 3.6% | 4.2% | 4.8% | 5.7% | 4.3% | 2.9% | 2.3% | 1.8% | 1.9% | 1.7% | 2.3% | 0.9% | 1.8% | 3.1% | 4.9% | 4.7% | 3.9% | 4.3% | 0.4% | 14.9% | -32.2% | 1.8% | 1.6% | 2.5% | 3.2% | 3.2% | 3.4% | 3.3% | 3.5% |
| EPS (₹) | 2.72 | 2.60 | 3.73 | 5.50 | 4.37 | 4.11 | 4.64 | 5.24 | 6.30 | 4.36 | 2.90 | 2.42 | 1.80 | 1.93 | 2.96 | 4.10 | 1.57 | 2.73 | 4.49 | 7.06 | 6.53 | 5.23 | 5.68 | 0.63 | 20.78 | -45.09 | 3.15 | 3.07 | 4.31 | 4.64 | 4.07 | 4.36 | 4.48 | 4.45 |
| Net profit YoY | −38.4% | −37.3% | −19.6% | +4.9% | −30.6% | −5.8% | +60.0% | +117.0% | +249.1% | +160.7% | +96.0% | +17.7% | +130.0% | +25.2% | −33.7% | −41.8% | −76.0% | −49.1% | −20.4% | +1224.9% | −68.3% | +111.6% | +112.6% | −76.9% | +427.3% | −1141.1% | −39.2% | −49.1% | −15.2% | +1.5% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,526 | 4,135 | 3,794 | 3,241 | 2,681 | 2,473 | 2,726 | 2,515 | 2,373 |
| Other income | 24.2 | 27.9 | 12 | 12.1 | 11.3 | 8 | 303 | 140 | 403 |
| Total expenses | 4,359 | 3,896 | 3,661 | 3,171 | 2,547 | 2,276 | 3,182 | 2,527 | 2,687 |
| EBITDA | 265 | 324 | 203 | 130 | 191 | 262 | −383 | 53.9 | −257 |
| EBITDA margin | 5.9% | 7.8% | 5.4% | 4.0% | 7.1% | 10.6% | -14.1% | 2.1% | -10.8% |
| Finance costs | 17.2 | 15.4 | 9.1 | 3.9 | 4 | 19.2 | 22.6 | 21.5 | 18.2 |
| Depreciation | 81 | 69.6 | 60.8 | 56.1 | 52.2 | 46.2 | 50.1 | 44.7 | 37.8 |
| Profit before tax | 201 | 258 | 145 | 81.7 | 131 | 203 | −152 | 128 | 89.9 |
| Tax | 51 | 70 | 38.5 | 23.8 | 34.2 | 53.5 | 15.3 | 44.7 | 27.1 |
| Net profit | 150 | 188 | 107 | 49.5 | 96.1 | 148 | −169 | 82.6 | 62.7 |
| Net margin | 3.3% | 4.6% | 2.8% | 1.5% | 3.6% | 6.0% | -6.2% | 3.3% | 2.6% |
| EPS (₹) | 16.22 | 20.29 | 11.48 | 6.33 | 20.81 | 32.32 | -34.55 | 17.55 | 13.53 |
| Net profit YoY | −20.3% | +76.7% | +115.5% | −48.5% | −35.2% | +187.5% | −305.1% | +31.7% | – |
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 | 237 | 214 | 390 | −60.5 | 148 |
| Investing cash flow | −375 | −229 | −252 | −82.6 | −42.4 |
| Financing cash flow | 138 | 1 | −75.9 | 126 | −92.7 |
| Capital expenditure | 382 | 176 | 127 | 83.4 | 46.5 |
| Free cash flow (CFO − capex) | −145 | 37.5 | 263 | −144 | 101 |
Net profit trend
annual, ₹ croreFY21
₹148
FY22
₹96.1−35%
FY23
₹49.5−49%
FY24
₹107+115%
FY25
₹188+77%
FY26
₹150−20%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 16 Jul 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 16 Jul 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 11 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 11 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 28 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 28 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 15 Oct 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 15 Oct 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 17 Jul 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 17 Jul 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 23.4×28.1×
P/B5Y avg 3.50×3.43×
ROEFY26, on average equity14.5%
Net margin3.3%
Debt / equity0.29×
Revenue CAGR (3Y)11.8%
Profit CAGR (3Y)44.8%
EPS (TTM)₹14.50
Market cap₹3,781 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
3.43×
vs 8-point avg 3.50× (−2%)
1.84× low3.50× avg6.57× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹1,950 Cr+25%
Net worth₹1,103 Cr+14%
Total borrowings₹324 Cr+138%
Cash & bank balances₹65 Cr+0%
Investments₹186 Cr−5%
Inventories₹318 Cr−10%
Trade receivables₹71 Cr+87%
Trade payables₹204 Cr+19%
Change vs the same date a year earlier.
Revenue mix FY26
Dairy94.5%result ₹183 Cr
Feed5.2%result ₹19.8 Cr
Renewable Energy0.2%result ₹4.9 Cr
Segment revenue as reported, before inter-segment eliminations.