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 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 29,523 | 23,821 | 21,707 | 21,256 | 23,129 | 20,376 | 20,350 | 22,282 | 20,030 | 19,446 | 19,485 | 19,270 | 18,639 | 19,058 | 19,021 | 18,608 | 19,831 | 17,754 | 18,366 | 14,844 | 14,241 | 15,404 | 14,124 | 13,148 | 10,478 | 12,561 | 13,308 | 12,867 | 12,658 | 0 | 0 |
| Other income | 656 | 585 | 574 | 584 | 682 | 640 | 596 | 616 | 695 | 684 | 657 | 665 | 722 | 610 | 595 | 455 | 321 | 499 | 422 | 469 | 447 | 579 | 546 | 582 | 925 | 668 | 653 | 630 | 647 | 0 | 0 |
| Total expenses | 24,810 | 17,348 | 15,274 | 15,016 | 16,752 | 14,279 | 14,414 | 16,057 | 13,791 | 13,294 | 13,454 | 13,279 | 12,422 | 12,908 | 12,772 | 12,824 | 14,202 | 12,632 | 13,207 | 10,258 | 10,220 | 10,945 | 9,766 | 9,165 | 7,968 | 8,485 | 8,779 | 8,455 | 8,114 | 0 | 0 |
| EBITDA | 5,181 | 6,924 | 6,883 | 6,695 | 6,816 | 6,519 | 6,362 | 6,762 | 6,748 | 6,626 | 6,504 | 6,454 | 6,670 | 6,624 | 6,705 | 6,259 | 6,077 | 5,599 | 5,598 | 5,018 | 4,444 | 4,871 | 4,785 | 4,401 | 2,946 | 4,504 | 4,977 | 4,842 | 4,938 | 0 | 0 |
| EBITDA margin | 17.5% | 29.1% | 31.7% | 31.5% | 29.5% | 32.0% | 31.3% | 30.3% | 33.7% | 34.1% | 33.4% | 33.5% | 35.8% | 34.8% | 35.2% | 33.6% | 30.6% | 31.5% | 30.5% | 33.8% | 31.2% | 31.6% | 33.9% | 33.5% | 28.1% | 35.9% | 37.4% | 37.6% | 39.0% | – | – |
| Finance costs | 39.8 | 29.2 | 19.5 | 20.1 | 16.5 | 10.9 | 9.8 | 16.4 | 11.3 | 12.6 | 13.6 | 9.9 | 9.9 | 12.2 | 9.2 | 12.6 | 9.3 | 10.7 | 9.6 | 9.8 | 9.3 | 2.9 | 12.6 | 13.3 | 15.8 | 14.7 | 11.4 | 14 | 14.6 | 0 | 0 |
| Depreciation | 428 | 422 | 431 | 435 | 423 | 411 | 416 | 520 | 499 | 461 | 459 | 453 | 442 | 461 | 447 | 462 | 438 | 467 | 430 | 422 | 414 | 409 | 413 | 405 | 419 | 413 | 437 | 416 | 379 | 0 | 0 |
| Profit before tax | 5,775 | 7,033 | 6,652 | 6,912 | 7,059 | 6,738 | 6,532 | 6,840 | 6,930 | 6,834 | 6,682 | 6,656 | 6,940 | 6,833 | 6,844 | 6,239 | 5,950 | 5,620 | 5,580 | 5,055 | 4,467 | 5,039 | 4,905 | 4,565 | 3,436 | 4,743 | 5,049 | 5,042 | 5,192 | 0 | 0 |
| Tax | 1,352 | 1,703 | 1,736 | 1,792 | 1,785 | 1,681 | 1,726 | 1,794 | 1,761 | 1,647 | 1,282 | 1,700 | 1,760 | 1,608 | 1,774 | 1,568 | 1,488 | 1,361 | 1,462 | 1,291 | 1,124 | 1,222 | 1,317 | 1,147 | 869 | 817 | 1,001 | 868 | 1,755 | 0 | 0 |
| Net profit | 4,509 | 5,470 | 5,018 | 5,187 | 5,343 | 19,808 | 5,013 | 5,054 | 5,177 | 5,191 | 5,407 | 4,965 | 5,190 | 5,243 | 5,080 | 4,682 | 4,472 | 4,266 | 4,127 | 3,766 | 3,344 | 3,820 | 3,587 | 3,413 | 2,563 | 3,927 | 4,050 | 4,175 | 3,441 | 0 | 0 |
| Net margin | 15.3% | 23.0% | 23.1% | 24.4% | 23.1% | 97.2% | 24.6% | 22.7% | 25.8% | 26.7% | 27.7% | 25.8% | 27.8% | 27.5% | 26.7% | 25.2% | 22.6% | 24.0% | 22.5% | 25.4% | 23.5% | 24.8% | 25.4% | 26.0% | 24.5% | 31.3% | 30.4% | 32.4% | 27.2% | – | – |
| EPS (₹) | 3.51 | 4.30 | 3.94 | 4.09 | 4.19 | 4.05 | 3.79 | 3.99 | 4.08 | 4.10 | 4.28 | 3.93 | 4.11 | 4.17 | 4.04 | 3.73 | 3.56 | 3.40 | 3.29 | 3.02 | 2.66 | 3.05 | 2.87 | 2.74 | 2.04 | 3.14 | 3.24 | 3.35 | 2.74 | 0.00 | 0.00 |
| Net profit YoY | −15.6% | −72.4% | +0.1% | +2.6% | +3.2% | +281.6% | −7.3% | +1.8% | −0.2% | −1.0% | +6.4% | +6.0% | +16.0% | +22.9% | +23.1% | +24.3% | +33.7% | +11.7% | +15.0% | +10.3% | +30.5% | −2.7% | −11.4% | −18.2% | −25.5% | – | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 89,913 | 81,613 | 76,840 | 76,518 | 65,205 | 53,155 | 51,393 | 49,862 | 47,689 |
| Other income | 2,426 | 2,530 | 2,728 | 1,980 | 1,836 | 2,633 | 2,598 | 2,174 | 1,832 |
| Total expenses | 64,391 | 57,326 | 52,448 | 52,705 | 46,318 | 37,843 | 33,833 | 32,898 | 32,532 |
| EBITDA | 27,318 | 25,978 | 26,254 | 25,665 | 20,658 | 17,003 | 19,260 | 18,406 | 16,483 |
| EBITDA margin | 30.4% | 31.8% | 34.2% | 33.5% | 31.7% | 32.0% | 37.5% | 36.9% | 34.6% |
| Finance costs | 85.2 | 45.1 | 46 | 43.2 | 39.4 | 44.6 | 54.7 | 45.4 | 89.9 |
| Depreciation | 1,711 | 1,646 | 1,816 | 1,809 | 1,732 | 1,646 | 1,645 | 1,397 | 1,236 |
| Profit before tax | 27,656 | 26,817 | 27,112 | 25,866 | 20,723 | 17,945 | 20,026 | 19,138 | 17,402 |
| Tax | 7,015 | 6,890 | 6,389 | 6,438 | 5,237 | 4,555 | 4,442 | 6,314 | 5,916 |
| Net profit | 21,018 | 35,052 | 20,751 | 19,477 | 15,503 | 13,383 | 15,593 | 12,836 | 11,493 |
| Net margin | 23.4% | 42.9% | 27.0% | 25.5% | 23.8% | 25.2% | 30.3% | 25.7% | 24.1% |
| EPS (₹) | 16.52 | 15.78 | 16.42 | 15.50 | 12.37 | 10.70 | 12.47 | 10.30 | 9.26 |
| Net profit YoY | −40.0% | +68.9% | +6.5% | +25.6% | +15.8% | −14.2% | +21.5% | +11.7% | – |
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 | 18,464 | 17,627 | 17,179 | 18,878 | 15,776 |
| Investing cash flow | −2,321 | −396 | 1,563 | −5,732 | −2,238 |
| Financing cash flow | −16,147 | −17,037 | −18,551 | −13,006 | −13,581 |
| Capital expenditure | 2,183 | 2,279 | 3,563 | 2,743 | 2,142 |
| Free cash flow (CFO − capex) | 16,281 | 15,348 | 13,616 | 16,135 | 13,634 |
Net profit trend
annual, ₹ croreFY21
₹13,383
FY22
₹15,503+16%
FY23
₹19,477+26%
FY24
₹20,751+7%
FY25
₹35,052+69%
FY26
₹21,018−40%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 31 Jul 2026 | PDF XBRL |
| Q1 FY27 | Standalone | 31 Jul 2026 | PDF XBRL |
| Q4 FY26 | Consolidated · audited | 21 May 2026 | PDF XBRL |
| Q4 FY26 | Standalone · audited | 21 May 2026 | PDF XBRL |
| Q3 FY26 | Consolidated | 29 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 29 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 30 Oct 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 30 Oct 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 1 Aug 2025 | PDF XBRL |
| Q1 FY26 | Standalone | 1 Aug 2025 | PDF XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 19.9×16.7×
P/B5Y avg 6.82×4.65×
ROEFY26, on average equity29.5%
Net margin23.4%
Debt / equity0.03×
Revenue CAGR (3Y)5.5%
Profit CAGR (3Y)2.6%
EPS (TTM)₹16.11
Market cap₹3.37L Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
4.65×
vs 8-point avg 6.82× (−32%)
4.65× low6.82× avg8.16× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹93,792 Cr+6%
Net worth₹72,507 Cr+4%
Total borrowings₹2,186 Cr+2296%
Cash & bank balances₹643 Cr+4%
Investments₹32,840 Cr+9%
Inventories₹18,623 Cr+19%
Trade receivables₹3,923 Cr−17%
Trade payables₹5,640 Cr+17%
Change vs the same date a year earlier.
Revenue mix FY26
FMCG - Cigarettes40.8%result ₹22,246 Cr
FMCG - Others24.4%result ₹1,812 Cr
Agri Business20.9%result ₹1,584 Cr
Paperboards, Paper & Packaging8.8%result ₹754 Cr
Others5.1%result ₹670 Cr
Segment revenue as reported, before inter-segment eliminations.