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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	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY18
Revenue from operations	664	898	822	538	550	788	532	481	661	875	843	897	668	635	435	270	250	405	396	229	206	219	196	81.2	243	198	195	209	0
Other income	12.5	15.1	10.6	10.8	9.5	13.4	12.5	10.8	8.5	33.8	5.5	7.1	6.3	7.2	1.9	2.4	2	1.8	3.3	1.5	2.3	1.4	1.4	1.4	2.7	1.8	0.8	4.8	0
Total expenses	643	872	788	548	545	780	539	511	628	881	798	860	667	645	463	304	290	433	419	276	243	237	233	134	301	234	217	229	0
EBITDA	142	159	154	116	130	129	101	72.7	138	95.8	148	134	99.6	92.4	63.2	55.4	48.5	50.4	45.7	23.8	29.6	43.9	23.6	5.3	0.3	21.1	33	33.1	0
EBITDA margin	21.3%	17.7%	18.7%	21.5%	23.6%	16.4%	18.9%	15.1%	20.9%	10.9%	17.6%	15.0%	14.9%	14.6%	14.5%	20.5%	19.4%	12.5%	11.5%	10.4%	14.4%	20.0%	12.0%	6.6%	0.1%	10.6%	16.9%	15.9%	–
Finance costs	94.2	104	94.9	101	101	99.9	86.7	84.8	84.6	81.9	79.4	79.4	76.8	84.3	78	75.5	74.7	68	59.4	64.7	61	55.7	55	52.8	52.2	51.1	49	48.2	0
Depreciation	26.3	29.2	24.7	24.5	24.2	22.4	20.8	17.9	19.8	19.6	24.4	17.9	21.3	18.3	13.2	13.3	13.2	11.2	9.6	6.1	5.7	5.7	5.6	5.7	6	5.9	5.9	5.7	0
Profit before tax	9.1	5.6	34.2	0.5	14.3	20.5	5.6	−19.3	42.4	46.7	50.2	44.3	7.9	−3	−26.1	−31.1	−37.5	−27	−19.9	−45.4	−34.8	−16	−35.6	−51.7	−55.1	−34.1	−21	−16	0
Tax	11.3	14.2	15.6	16.5	19	19.3	7.5	6.6	19.3	6.1	19.6	19.3	13.6	6.9	2.4	2.1	−1.4	2.4	1.5	−3	0.8	2.7	−0.4	−5.7	1	−1.7	7.9	3	0
Net profit	−2.1	−7.8	18.6	−16	−4.7	4	4.4	113	23.1	41	30.6	25	−5.7	−9.5	−28.5	−33.1	−36	−29.3	−21.4	−42.5	−35.6	−18.7	−35.2	−46	−56.1	−32.1	−28.9	−19.1	0
Net margin	-0.3%	-0.9%	2.3%	-3.0%	-0.9%	0.5%	0.8%	23.6%	3.5%	4.7%	3.6%	2.8%	-0.9%	-1.5%	-6.6%	-12.2%	-14.4%	-7.2%	-5.4%	-18.6%	-17.3%	-8.5%	-18.0%	-56.7%	-23.1%	-16.2%	-14.8%	-9.2%	–
EPS (₹)	-2.13	-6.93	-0.49	-6.97	-4.33	-12.49	-4.05	-9.35	3.75	12.67	5.32	1.60	-5.81	-7.81	-13.20	-13.50	-15.16	-12.89	-9.60	-17.67	-15.80	-10.79	-15.52	-16.68	-22.29	-12.36	-11.02	-7.22	0.00
Net profit YoY	+55.8%	−296.7%	+325.7%	−114.1%	−120.4%	−90.3%	−85.7%	+352.9%	+502.3%	+531.9%	+207.2%	+175.5%	+84.0%	+67.6%	−33.5%	+22.0%	−1.0%	–	−14.4%	−20.6%	+22.6%	+41.8%	−21.8%	−141.1%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY20	FY18
Revenue from operations	2,808	2,265	3,284	1,590	1,235	845	404
Other income	46	44.4	52.7	13.5	8.9	6.8	13.1
Total expenses	2,753	2,291	3,206	1,701	1,371	978	603
EBITDA	558	405	478	259	150	90.9	−32.6
EBITDA margin	19.9%	17.9%	14.6%	16.3%	12.1%	10.8%	-8.1%
Finance costs	401	352	317	313	253	200	134
Depreciation	103	78.8	83.1	58	32.6	23.5	32.5
Profit before tax	54.7	18	149	−97.6	−127	−126	−186
Tax	65.3	44.9	58.7	10	1.7	10.3	−32
Net profit	−9.9	145	90.8	−107	−129	−136	−157
Net margin	-0.4%	6.4%	2.8%	-6.7%	-10.4%	-16.1%	-38.7%
EPS (₹)	-18.73	-28.99	13.78	-49.67	-55.97	-52.89	-59.97
Net profit YoY	−106.9%	+59.4%	+184.8%	+16.8%	–	–	–

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	199	185	246	190	63.4
Investing cash flow	−218	187	−401	−206	−307
Financing cash flow	85.8	−406	241	61.3	257
Capital expenditure	244	281	370	207	314
Free cash flow (CFO − capex)	−45.7	−95.5	−124	−16.7	−250

Net profit trend

annual, ₹ crore

FY20

₹−136

FY22

₹−129+6%

FY23

₹−107+17%

FY24

₹90.8+185%

FY25

₹145+59%

FY26

₹−9.9−107%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	12 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	12 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	12 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	12 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	6 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	6 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	14 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	14 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	13 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	13 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY268.17 MB FY257.40 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 11.4×-98.2×

P/B-1.40×

ROEFY26, on average equity1.9%

Net margin-0.4%

Debt / equity-7.69×

Revenue CAGR (3Y)20.9%

Profit CAGR (3Y)–

EPS (TTM)₹-2.84

Market cap₹718 Cr

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

Balance sheet 31 Mar 2026

Total assets₹5,033 Cr+19%

Net worth₹-513 Cr−0%

Total borrowings₹3,946 Cr+13%

Cash & bank balances₹200 Cr+50%

Investments₹65 Cr+4355%

Inventories₹0 Cr−100%

Trade receivables₹1,271 Cr+52%

Trade payables₹834 Cr+58%

Change vs the same date a year earlier.

Revenue mix FY26

a) Water Infrastructure79.5%result ₹288 Cr

b) Urban Infrastructure15.9%result ₹184 Cr

c) Trading Activities4.6%result ₹0.5 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	63.03	63.03	63.03	63.03	63.03	63.03	63.03	63.03	63.03	63.03	63.03	63.03
FII	1.93	1.96	1.95	1.95	2.07	2.08	1.97	2.22	1.81	2.50	2.42	2.42
DII	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.51	0.62	0.09	0.05	0.05
of which MF	0.01	0.01	0.01	0.01	0.01	–	–	–	–	–	–	–
Retail	31.59	31.61	31.71	31.71	31.23	31.43	31.49	30.49	30.70	30.37	30.39	29.80
Other public	3.41	3.36	3.27	3.27	3.63	3.42	3.47	3.75	3.84	4.01	4.11	4.70

33,028 shareholders · NSE shareholding pattern filings.