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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	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q4 FY19	Q2 FY19	Q4 FY18
Revenue from operations	1,887	1,966	1,763	1,749	1,674	1,690	1,632	1,683	1,714	1,719	1,706	1,650	1,584	1,719	1,643	1,644	1,430	1,340	1,024	944	661	898	745	638	469	736	821	0	791	0
Other income	31.1	2.6	18.7	19.7	25.1	25	22.3	32	29	57.5	56.1	58.8	54.8	41	49	47.7	35	22	32.8	35.4	34.2	36.9	25.6	21.5	27.2	30.8	28.6	0	25.2	0
Total expenses	1,736	1,849	1,730	1,667	1,583	1,609	1,571	1,570	1,549	1,458	1,498	1,368	1,238	1,379	1,241	1,207	1,101	1,096	846	807	547	741	667	599	484	630	661	0	633	0
EBITDA	290	277	177	224	247	217	168	264	280	359	372	407	477	484	565	539	423	336	251	220	190	228	155	116	62.6	176	231	0	227	0
EBITDA margin	15.4%	14.1%	10.1%	12.8%	14.8%	12.8%	10.3%	15.7%	16.4%	20.9%	21.8%	24.7%	30.1%	28.1%	34.4%	32.8%	29.6%	25.1%	24.6%	23.3%	28.8%	25.4%	20.8%	18.1%	13.3%	24.0%	28.1%	–	28.7%	–
Finance costs	39.8	59.5	47.5	51.3	67.1	50.1	24	68	35.6	34.6	80.2	42	51.3	63.1	94.1	36.2	29.2	32.1	29.4	37.4	33	28.1	33.4	31.8	35.2	32.9	31.3	0	32.9	0
Depreciation	98.8	99.7	97	91.2	89.1	86.5	82.7	82.3	80.3	63.4	83.3	83.5	79.9	80.6	69.5	66.6	65.1	60.1	44.7	45	43.2	43.6	44.3	44.5	41.8	37.4	39.6	0	36.5	0
Profit before tax	182	117	37	101	116	105	83.1	145	193	318	265	341	401	381	451	451	364	266	210	173	148	194	103	60.8	12.8	137	188	0	183	0
Tax	46.6	26.6	9.5	23.3	30.6	28	17.8	16.4	52.7	39.9	28.4	34.9	88.3	97.5	117	124	99.6	95.6	58.9	54.2	44.1	57.5	38.4	27.4	10.2	44.3	56.5	0	62.6	0
Net profit	136	89.7	27.5	77.9	85.4	77.2	65.3	129	141	279	236	306	313	284	334	327	264	170	151	118	104	136	64.6	33.4	2.7	92.7	132	0	120	0
Net margin	7.2%	4.6%	1.6%	4.5%	5.1%	4.6%	4.0%	7.7%	8.2%	16.2%	13.9%	18.5%	19.7%	16.5%	20.3%	19.9%	18.5%	12.7%	14.8%	12.5%	15.8%	15.1%	8.7%	5.2%	0.6%	12.6%	16.1%	–	15.2%	–
EPS (₹)	7.18	5.07	1.61	4.42	4.80	4.51	3.86	7.59	8.25	16.27	13.88	17.85	18.22	16.54	19.44	19.14	15.46	10.03	8.87	6.99	6.14	7.89	3.72	1.90	0.15	5.20	7.40	0.00	6.75	0.00
Net profit YoY	+59.5%	+16.2%	−57.8%	−39.6%	−39.3%	−72.3%	−72.4%	−57.8%	−55.0%	−1.7%	−29.1%	−6.5%	+18.3%	+66.6%	+120.8%	+176.2%	+153.5%	+25.1%	+133.9%	+254.4%	+3818.0%	+46.8%	−51.0%	–	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	7,076	6,718	6,659	6,437	3,969	2,751	3,060	3,257	2,877
Other income	60.1	108	227	173	124	111	104	50	22.5
Total expenses	6,754	6,299	5,562	4,929	3,296	2,492	2,468	2,641	2,525
EBITDA	924	928	1,616	2,012	997	562	871	868	618
EBITDA margin	13.1%	13.8%	24.3%	31.3%	25.1%	20.4%	28.5%	26.7%	21.5%
Finance costs	225	178	208	222	132	129	129	124	143
Depreciation	377	332	310	282	193	174	149	128	122
Profit before tax	364	527	1,325	1,646	797	370	696	666	375
Tax	92.6	115	191	438	253	133	228	241	115
Net profit	274	412	1,133	1,208	544	237	468	425	261
Net margin	3.9%	6.1%	17.0%	18.8%	13.7%	8.6%	15.3%	13.0%	9.1%
EPS (₹)	14.66	24.19	66.22	70.59	32.03	13.73	26.28	23.88	15.31
Net profit YoY	−33.6%	−63.6%	−6.2%	+122.2%	+129.7%	−49.5%	+10.2%	+63.1%	–

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	773	613	1,376	1,762	774
Investing cash flow	−836	−2.1	−411	−967	−874
Financing cash flow	197	−647	−937	−768	103
Capital expenditure	503	253	240	224	853
Free cash flow (CFO − capex)	270	360	1,136	1,538	−79.5

Net profit trend

annual, ₹ crore

FY21

₹237

FY22

₹544+130%

FY23

₹1,208+122%

FY24

₹1,133−6%

FY25

₹412−64%

FY26

₹274−34%

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	18 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	18 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	5 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	5 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	3 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	3 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	28 Jul 2025	PDF on NSE XBRL
Q1 FY26	Standalone	28 Jul 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY263.97 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 10.5×20.9×

P/B5Y avg 1.31×1.25×

ROEFY26, on average equity5.0%

Net margin3.9%

Debt / equity0.44×

Revenue CAGR (3Y)3.2%

Profit CAGR (3Y)-39.1%

EPS (TTM)₹19.56

Market cap₹6,919 Cr

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

P/B vs history

1.25×

vs 8-point avg 1.31× (−5%)

0.94× low1.31× avg1.84× high

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

Balance sheet 31 Mar 2026

Total assets₹10,538 Cr+10%

Net worth₹5,521 Cr+2%

Total borrowings₹2,436 Cr+29%

Cash & bank balances₹157 Cr+459%

Investments₹537 Cr−12%

Inventories₹1,348 Cr+8%

Trade receivables₹546 Cr+26%

Trade payables₹855 Cr+13%

Change vs the same date a year earlier.

Revenue mix FY26

Paper and Packaging97.3%result ₹519 Cr

Others2.7%result ₹28 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	52.94	52.94	52.94	49.63	49.63	49.63	49.63	49.63	49.63	49.63	49.63	49.63
FII	11.40	11.59	11.63	12.07	11.50	11.76	11.86	12.19	11.37	12.09	9.26	10.75
DII	6.27	6.14	6.06	5.86	5.57	5.47	5.51	5.55	5.81	5.72	3.72	3.37
of which MF	5.75	5.44	5.35	5.09	4.82	4.72	–	–	–	–	–	–
Retail	16.67	16.67	16.71	18.27	19.30	19.85	19.60	19.31	19.72	18.99	22.78	23.27
Other public	12.72	12.66	12.66	14.17	14.00	13.29	13.40	13.32	13.47	13.57	14.61	12.98

1,30,169 shareholders · NSE shareholding pattern filings.