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Quarterly results

consolidated · 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	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY17
Revenue from operations	512	483	469	489	454	449	379	411	415	394	366	456	424	368	316	343	359	361	314	310	275	284	289	246	222	218	219	252	250	235	219	237	228
Other income	2.7	2.9	1.9	2	3	3.7	2.9	3.9	6.9	7.2	4.2	3.9	3.5	7.8	2.3	2.6	0.5	5.4	3.6	3.8	3.1	4.4	10.7	2.2	3.2	1.8	4.5	1.5	1.7	1.4	0.6	2.2	1.9
Total expenses	492	468	469	474	442	439	384	400	388	380	389	406	386	336	296	322	340	339	291	286	255	253	253	220	217	209	209	236	237	225	201	219	209
EBITDA	37	38.9	23.1	38	36	33.2	16.7	32.6	46.1	34.8	−4.2	67.8	56	48.4	34.3	36.2	34	37.3	35.8	36.8	32.7	44.1	48.9	39.1	19.8	21.3	21.7	28.7	25.5	22.9	30.6	29.7	32.2
EBITDA margin	7.2%	8.1%	4.9%	7.8%	7.9%	7.4%	4.4%	7.9%	11.1%	8.8%	-1.1%	14.9%	13.2%	13.1%	10.9%	10.6%	9.5%	10.3%	11.4%	11.9%	11.9%	15.6%	16.9%	15.9%	8.9%	9.8%	9.9%	11.4%	10.2%	9.8%	14.0%	12.5%	14.1%
Finance costs	2.9	3.8	3.9	3.6	4.6	4.2	3.5	3.4	2.6	3.4	2.7	2.4	2.5	0.7	1.3	1.6	1.3	0.6	1	1	0.9	0.9	0.6	0.9	1.1	0.8	0.7	1	1.2	1.4	1.1	0.8	1
Depreciation	13.6	20.7	20	19.8	19.2	20	18	17.7	17.1	17.5	15.7	15.5	15.6	15.9	13.4	13.3	13.1	14.8	12.5	12	11.8	12.4	11.8	12.5	13.6	11.6	11.6	11.6	11.7	11.9	11.5	10.9	11.5
Profit before tax	23.1	17	−3.7	16.7	15.2	12.8	−2	15.4	33.3	21.2	−18.4	53.8	41.3	39.6	22	23.9	20.2	27.3	25.9	27.7	23.1	35.2	47.2	28	−12.4	10.8	13.8	17.7	14.2	11	18.6	20.2	21.6
Tax	6.1	2.7	−0.7	4	4.4	4.4	0.2	3.3	8.7	8.7	−20	15.8	11.7	10.2	6.2	4.5	5.6	6.6	7	7.7	5.2	37.8	9.9	7.3	1.6	3.6	1.3	4.1	1.2	2.8	4.9	4.7	1.8
Net profit	17.1	14.3	−3.1	12.7	10.8	8.4	−2.2	12.1	24.7	12.5	1.5	38	29.6	29.4	15.8	19.5	14.6	20.7	18.9	20	17.9	−2.5	37.3	20.6	−13.9	7.3	12.5	13.6	13.1	8.2	13.7	15.5	19.8
Net margin	3.3%	3.0%	-0.7%	2.6%	2.4%	1.9%	-0.6%	2.9%	5.9%	3.2%	0.4%	8.3%	7.0%	8.0%	5.0%	5.7%	4.0%	5.7%	6.0%	6.5%	6.5%	-0.9%	12.9%	8.4%	-6.3%	3.3%	5.7%	5.4%	5.2%	3.5%	6.3%	6.5%	8.7%
EPS (₹)	2.37	1.98	-0.43	1.76	1.50	2.34	-0.60	3.35	6.84	3.48	0.42	10.55	8.21	8.16	4.38	5.39	4.04	5.74	5.24	5.55	4.96	-0.70	10.34	5.73	-3.87	2.02	3.48	3.76	3.62	2.28	3.81	4.29	5.50
Net profit YoY	+57.8%	+69.4%	−41.3%	+5.0%	−56.1%	−32.8%	−243.4%	−68.2%	−16.8%	−57.4%	−90.4%	+95.4%	+103.5%	+42.1%	−16.5%	−2.8%	−18.6%	+918.2%	−49.3%	−3.1%	–	+81.8%	+412.8%	+64.7%	−206.7%	−11.7%	−8.7%	−12.3%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY17
Revenue from operations	1,894	1,653	1,639	1,387	1,260	1,022	917	940	839
Other income	9.8	17.4	18.8	13.2	15.9	20.5	11	5.8	4.4
Total expenses	1,854	1,611	1,560	1,294	1,171	918	878	882	781
EBITDA	136	129	154	153	143	155	91.6	109	106
EBITDA margin	7.2%	7.8%	9.4%	11.0%	11.3%	15.2%	10.0%	11.6%	12.6%
Finance costs	15.8	13.8	11	4.8	3.4	3.1	3.6	4.5	4
Depreciation	79.6	72.7	64.3	55.6	51.1	48.6	48.3	46	43.8
Profit before tax	45.1	59.5	97.8	106	104	124	30	64.1	62.6
Tax	10.4	16.6	16.2	26.5	26.5	58.6	10.5	13.6	15.4
Net profit	34.7	43	81.7	79.2	77.5	65.6	19.5	50.5	47.1
Net margin	1.8%	2.6%	5.0%	5.7%	6.2%	6.4%	2.1%	5.4%	5.6%
EPS (₹)	4.81	11.93	22.66	21.98	21.50	18.20	5.40	14.00	13.07
Net profit YoY	−19.3%	−47.4%	+3.1%	+2.2%	+18.1%	+237.2%	−61.5%	–	–

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	63.4	28.3	152	6.3	4.4
Investing cash flow	−20.6	−37.2	−117	−123	−24
Financing cash flow	−57.8	−3.8	−24.3	49.8	−7
Capital expenditure	63.7	72.9	135	137	66.1
Free cash flow (CFO − capex)	−0.4	−44.6	17.5	−130	−61.7

Net profit trend

annual, ₹ crore

FY21

₹65.6

FY22

₹77.5+18%

FY23

₹79.2+2%

FY24

₹81.7+3%

FY25

₹43−47%

FY26

₹34.7−19%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	8 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	8 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	30 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	30 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	14 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	14 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	8 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	8 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	9 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	9 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2614.23 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 22.1×34.8×

P/B5Y avg 1.36×1.21×

ROEFY26, on average equity3.0%

Net margin1.8%

Debt / equity0.17×

Revenue CAGR (3Y)11.0%

Profit CAGR (3Y)-24.1%

EPS (TTM)₹5.68

Market cap₹1,423 Cr

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

P/B vs history

1.21×

vs 8-point avg 1.36× (−11%)

0.75× low1.36× avg1.95× high

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

Balance sheet 31 Mar 2026

Total assets₹1,673 Cr+3%

Net worth₹1,175 Cr+6%

Total borrowings₹196 Cr−3%

Cash & bank balances₹53 Cr−13%

Investments₹68 Cr−36%

Inventories₹411 Cr+2%

Trade receivables₹425 Cr+18%

Trade payables₹232 Cr−2%

Change vs the same date a year earlier.

Revenue mix FY26

India58.2%result ₹67 Cr

Europe22.6%result ₹−25.8 Cr

America17.8%result ₹29.1 Cr

Asia (excluding India)1.3%result ₹0.3 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jul 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	72.43	72.43	72.43	72.43	72.43	72.43	72.43	72.43	72.43	72.43	72.43	72.43
FII	0.03	0.03	0.04	0.03	0.02	0.04	0.12	0.14	0.18	0.18	0.28	0.37
DII	13.01	13.27	13.51	13.52	13.55	13.55	13.63	13.72	14.00	13.77	13.53	11.70
of which MF	12.92	13.16	13.40	13.40	13.44	13.43	–	–	–	–	–	–
Retail	11.16	10.97	10.68	10.75	10.68	11.20	11.01	11.18	10.88	11.05	11.28	12.69
Other public	3.37	3.30	3.34	3.27	3.32	2.78	2.81	2.53	2.51	2.57	2.48	2.81

21,525 shareholders · NSE shareholding pattern filings.