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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q3 FY20

₹ 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
Revenue from operations	3,717	3,563	3,431	3,219	2,937	2,845	2,760	2,518	2,188	2,065	2,013	1,865	1,843	1,862	1,710	1,739	1,749	1,727	1,700	1,737	1,790	1,759	1,845	1,857	1,774	1,888	1,794
Other income	20.3	62.2	74.4	32	8.2	9.9	9.9	8.4	8.8	129	10.3	16.1	8.7	0	10.4	8.3	8.1	17.4	9.5	8.7	8	18.5	8.1	8.7	7.9	11.9	8.9
Total expenses	2,671	3,004	2,717	2,296	2,088	1,835	1,838	1,526	1,512	1,251	1,327	1,274	1,253	998	1,380	1,215	1,205	701	1,447	1,249	1,255	1,014	1,268	1,257	1,511	1,355	1,448
EBITDA	3,609	2,976	3,111	3,072	2,828	2,873	2,687	2,656	2,142	2,057	2,001	1,810	1,783	2,017	1,464	1,635	1,664	2,126	1,396	1,640	1,682	1,906	1,784	1,805	1,463	1,724	1,552
EBITDA margin	97.1%	83.5%	90.7%	95.4%	96.3%	101.0%	97.3%	105.5%	97.9%	99.6%	99.4%	97.0%	96.7%	108.3%	85.7%	94.1%	95.1%	123.1%	82.1%	94.4%	93.9%	108.3%	96.7%	97.2%	82.5%	91.3%	86.5%
Finance costs	2,561	2,413	2,394	2,147	1,976	1,859	1,762	1,662	1,464	1,240	1,313	1,217	1,191	1,150	1,132	1,109	1,117	1,097	1,141	1,150	1,145	1,158	1,205	1,202	1,199	1,189	1,205
Depreciation	2	3.8	3	2.8	2.9	3.5	2.6	2.5	2	2.5	2.5	2.4	2.5	2.8	2.9	2.9	2.8	3.3	1.6	1.5	1.5	1.9	1.6	2.3	1.2	1.5	1.5
Profit before tax	1,066	621	788	955	857	1,020	932	1,000	685	943	696	606	598	864	340	532	553	1,043	262	497	544	764	585	609	271	545	354
Tax	215	−1,360	75.5	245	227	293	197	311	127	243	177	155	152	225	86	136	141	296	67.5	126	139	238	193	152	67.5	104	148
Net profit	851	1,981	713	710	630	728	735	689	558	700	519	452	446	639	254	396	412	747	195	370	405	526	392	457	203	441	206
Net margin	22.9%	55.6%	20.8%	22.1%	21.5%	25.6%	26.6%	27.4%	25.5%	33.9%	25.8%	24.2%	24.2%	34.3%	14.9%	22.8%	23.5%	43.2%	11.4%	21.3%	22.6%	29.9%	21.2%	24.6%	11.5%	23.3%	11.5%
EPS (₹)	4.25	9.90	3.56	3.55	3.15	3.64	3.67	3.44	2.79	3.50	2.59	2.26	2.23	3.19	1.27	1.98	2.06	3.73	0.97	1.85	2.02	2.63	1.96	2.28	1.02	2.20	1.03
Net profit YoY	+35.0%	+172.3%	−3.0%	+3.1%	+13.0%	+3.9%	+41.6%	+52.5%	+25.2%	+9.5%	+104.2%	+14.0%	+8.2%	−14.4%	+30.7%	+7.0%	+1.8%	+41.9%	−50.3%	−19.0%	+98.9%	+19.4%	+90.2%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Revenue from operations	13,150	10,311	7,784	7,086	6,954	7,235	7,532
Other income	177	37.1	164	0	43.6	43.2	39.5
Total expenses	10,106	6,712	5,105	4,797	4,652	5,049	5,397
EBITDA	11,988	10,358	7,650	6,808	6,843	6,957	6,989
EBITDA margin	91.2%	100.4%	98.3%	96.1%	98.4%	96.2%	92.8%
Finance costs	8,931	6,747	4,961	4,507	4,533	4,765	4,848
Depreciation	12.5	10.6	9.9	11.3	7.9	7	5.7
Profit before tax	3,221	3,637	2,843	2,289	2,346	2,229	2,175
Tax	−813	928	727	588	629	650	466
Net profit	4,034	2,709	2,117	1,701	1,716	1,579	1,708
Net margin	30.7%	26.3%	27.2%	24.0%	24.7%	21.8%	22.7%
EPS (₹)	20.15	13.53	10.57	8.50	8.57	7.89	8.53
Net profit YoY	+48.9%	+28.0%	+24.4%	−0.9%	+8.7%	−7.6%	–

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	−33,912	−31,603	−10,287	−851	−806
Investing cash flow	−884	−939	435	−352	−0.9
Financing cash flow	34,793	32,215	10,174	691	80.7
Capital expenditure	27.1	21.4	3.5	2.3	6.4
Free cash flow (CFO − capex)	−33,939	−31,624	−10,290	−853	−812

Net profit trend

annual, ₹ crore

FY21

₹1,579

FY22

₹1,716+9%

FY23

₹1,701−1%

FY24

₹2,117+24%

FY25

₹2,709+28%

FY26

₹4,034+49%

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	14 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	14 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	29 Jan 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	–	PDF on NSE XBRL
Q3 FY26	Standalone	29 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	–	PDF on NSE XBRL
Q2 FY26	Consolidated	10 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	10 Nov 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2611.77 MB FY2510.59 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 9.9×8.2×

P/B5Y avg 1.68×1.58×

ROEFY26, on average equity20.2%

Net margin30.7%

Debt / equity3.68×

Revenue CAGR (3Y)22.9%

Profit CAGR (3Y)33.3%

EPS (TTM)₹21.26

Market cap₹34,831 Cr

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

P/B vs history

1.58×

vs 10-point avg 1.68× (−6%)

0.48× low1.68× avg2.83× high

History points are balance-sheet dates (2021 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹1.67L Cr+30%

Net worth₹21,975 Cr+22%

Total borrowings₹80,862 Cr+57%

Cash & bank balances₹2 Cr−95%

Investments₹2,227 Cr+69%

Inventories₹0 Cr

Trade receivables₹1 Cr−58%

Change vs the same date a year earlier.

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	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.17	81.81
FII	2.40	2.22	1.97	1.94	1.96	2.46	2.08	2.32	2.70	1.91	1.20	0.65
DII	10.10	11.03	11.46	10.92	10.26	9.69	9.75	9.05	11.65	11.39	11.80	7.15
of which MF	1.83	2.51	3.00	2.39	2.21	–	–	–	–	–	–	–
Retail	10.30	10.43	10.30	10.80	11.33	11.49	11.73	12.21	9.11	9.79	9.24	8.42
Other public	2.20	1.32	1.27	1.34	1.45	1.36	1.44	1.42	1.54	1.91	2.59	1.97

7,57,055 shareholders · NSE shareholding pattern filings.