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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q2 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	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20
Revenue from operations	4,452	4,633	4,943	4,234	4,085	5,047	5,271	5,572	4,939	5,425	5,656	5,466	4,410	5,188	5,158	4,044	3,970	3,471	2,973	2,885	37.8	2,865	2,374	1,641	2,901	2,988	2,682
Other income	23.7	23.4	19.6	30.4	18.3	20.9	22	30.4	45.7	68.5	41	22.8	37.9	78.8	44.2	23.3	41.8	37.8	32.1	37.8	0.5	46.7	71.4	41.2	32.7	21.9	29.4
Total expenses	4,328	4,482	4,619	4,091	3,739	4,602	4,655	4,966	4,402	4,828	4,997	4,993	4,095	4,874	4,950	3,977	3,807	3,497	2,826	2,696	35.4	2,796	2,331	1,699	2,779	2,863	2,596
EBITDA	397	481	613	451	670	736	939	914	840	920	989	804	608	600	495	331	401	205	378	422	4.7	307	277	184	405	380	342
EBITDA margin	8.9%	10.4%	12.4%	10.7%	16.4%	14.6%	17.8%	16.4%	17.0%	17.0%	17.5%	14.7%	13.8%	11.6%	9.6%	8.2%	10.1%	5.9%	12.7%	14.6%	12.6%	10.7%	11.7%	11.2%	14.0%	12.7%	12.7%
Finance costs	108	163	133	153	171	139	173	158	154	174	181	189	160	161	169	148	119	108	112	121	1.1	125	121	135	164	152	155
Depreciation	164	167	155	156	153	153	151	151	148	149	149	143	133	126	118	117	118	122	120	112	1.2	113	113	108	119	102	101
Profit before tax	148	175	345	173	364	466	638	636	583	666	700	496	353	393	252	64.4	205	12.3	179	226	2.9	115	115	−17.2	106	108	90.5
Tax	52.1	48	99.6	44	−41.2	386	166	168	172	186	187	140	110	98.3	109	43.4	82.7	11.6	71	80.3	1	28.3	34.7	8.7	65	43.5	−167
Net profit	90.8	124	248	139	415	86.9	479	475	416	480	512	356	243	294	143	21	122	0.7	108	146	1.9	88.1	79.6	−26.6	29.6	65.5	257
Net margin	2.0%	2.7%	5.0%	3.3%	10.2%	1.7%	9.1%	8.5%	8.4%	8.9%	9.0%	6.5%	5.5%	5.7%	2.8%	0.5%	3.1%	0.0%	3.6%	5.1%	4.9%	3.1%	3.4%	-1.6%	1.0%	2.2%	9.6%
EPS (₹)	1.63	2.19	4.05	2.38	6.66	4.58	7.96	7.85	13.86	15.79	16.72	11.82	8.28	11.14	6.75	1.87	4.00	0.40	3.78	4.78	5.78	2.03	2.47	-0.27	1.40	2.77	9.45
Net profit YoY	−78.1%	+42.3%	−48.3%	−70.8%	−0.2%	−81.9%	−6.3%	+33.7%	+71.0%	+63.3%	+257.2%	+1593.1%	–	+141.5%	+20963.2%	−80.5%	+6427.4%	−99.2%	+35.3%	+648.5%	−93.7%	+34.5%	−69.0%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Revenue from operations	17,895	20,829	20,958	17,868	13,298	107	11,627
Other income	91.7	119	168	179	153	2.1	109
Total expenses	16,930	18,625	18,909	17,311	12,830	104	11,144
EBITDA	2,215	3,429	3,321	1,665	1,402	12.4	1,522
EBITDA margin	12.4%	16.5%	15.8%	9.3%	10.5%	11.7%	13.1%
Finance costs	620	623	705	638	460	4.9	618
Depreciation	630	602	568	471	473	4.6	422
Profit before tax	1,056	2,323	2,216	710	621	5	480
Tax	150	891	623	267	246	1.7	5.3
Net profit	925	1,458	1,593	443	376	3.3	461
Net margin	5.2%	7.0%	7.6%	2.5%	2.8%	3.1%	4.0%
EPS (₹)	15.27	27.31	52.75	19.91	12.96	10.02	17.78
Net profit YoY	−36.5%	−8.5%	+259.4%	+17.9%	+11369.2%	−99.3%	–

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	1,771	2,335	2,593	1,617	73.5
Investing cash flow	−955	−899	−1,917	−70.2	−191
Financing cash flow	−1,073	−1,524	−12.4	−1,968	61
Capital expenditure	1,076	1,031	863	323	453
Free cash flow (CFO − capex)	695	1,304	1,730	1,295	−380

Net profit trend

annual, ₹ crore

FY21

₹3.3

FY22

₹376+11369%

FY23

₹443+18%

FY24

₹1,593+259%

FY25

₹1,458−8%

FY26

₹925−37%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	14 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	14 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	27 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	27 Apr 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	16 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	16 Jan 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	17 Oct 2025	PDF on NSE XBRL
Q2 FY26	Standalone	17 Oct 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	5 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	5 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY268.64 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 10.9×30.4×

P/B5Y avg 1.16×1.45×

ROEFY26, on average equity7.7%

Net margin5.2%

Debt / equity0.37×

Revenue CAGR (3Y)0.1%

Profit CAGR (3Y)27.8%

EPS (TTM)₹9.39

Market cap₹18,258 Cr

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

P/B vs history

1.45×

vs 8-point avg 1.16× (+26%)

0.36× low1.16× avg2.18× high

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

Balance sheet 31 Mar 2026

Total assets₹21,686 Cr+4%

Net worth₹12,574 Cr+10%

Total borrowings₹4,691 Cr−3%

Cash & bank balances₹407 Cr−38%

Investments₹43 Cr−66%

Inventories₹5,267 Cr+7%

Trade receivables₹3,094 Cr−13%

Trade payables₹2,623 Cr+4%

Change vs the same date a year earlier.

Revenue mix FY24

a) Iron & Steel99.4%result ₹2,834 Cr

b) Others0.6%result ₹0.6 Cr

Segment revenue as reported, before inter-segment eliminations.

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	63.25	63.25	63.25	63.25	63.26	63.28	63.28	63.28	63.28	63.27	63.26	63.26
FII	13.08	13.46	14.10	15.35	15.12	16.99	15.73	16.08	15.06	14.65	15.22	17.70
DII	8.37	5.80	3.50	4.36	4.77	4.40	4.70	4.54	3.88	3.00	2.27	1.67
of which MF	6.59	5.40	3.19	4.02	4.11	–	–	–	–	–	–	–
Retail	12.16	13.96	15.81	14.07	13.55	12.85	13.28	13.04	14.28	15.24	14.82	13.56
Other public	2.89	3.24	2.98	2.61	2.93	2.10	2.56	2.60	3.04	3.35	3.86	3.23

1,78,027 shareholders · NSE shareholding pattern filings.