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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	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q4 FY17
Revenue from operations	965	883	908	835	995	1,022	1,050	982	1,036	973	1,033	956	999	951	987	926	938	867	914	741	626	781	775	607	259	581	727	634	720	0	2,719
Other income	25.6	67.1	14.7	7.7	9	2.8	6	9.1	9.7	10.3	8.4	8.9	8.2	6.1	12.4	4.8	4.1	5.1	4.7	3.1	9.7	5.7	5.7	5.8	6	15.8	7.2	6.7	7.9	0	43.8
Total expenses	873	781	793	745	882	887	910	860	892	837	890	838	860	825	868	843	838	773	809	669	557	688	663	524	292	514	633	584	639	0	2,482
EBITDA	115	127	136	111	134	159	167	146	169	162	166	142	162	155	143	106	121	119	128	94.9	90.5	114	135	105	−12.6	86.9	116	72.8	103	0	299
EBITDA margin	11.9%	14.4%	15.0%	13.3%	13.5%	15.6%	15.9%	14.9%	16.3%	16.6%	16.1%	14.8%	16.2%	16.3%	14.5%	11.5%	12.9%	13.8%	14.0%	12.8%	14.5%	14.6%	17.4%	17.2%	-4.9%	15.0%	16.0%	11.5%	14.4%	–	11.0%
Finance costs	2.6	4.3	2.8	2.3	2.7	2.5	3.3	1.5	2.5	3.2	3.2	2.7	3.4	5.7	2.6	3.4	2.4	5.7	3.2	3	2.7	1.5	3.3	2.6	3	0.9	3.1	2.8	2.5	0	3.5
Depreciation	20.4	20.1	18.6	18.3	18.3	22	23.4	22.2	21.8	21.8	20.1	21.1	19.3	22.5	21.1	19.6	19.3	19.2	19	19.7	18	18.9	20.4	18.7	17.5	19.2	19.3	20.4	20.2	0	58.2
Profit before tax	118	170	101	1,972	122	138	146	132	154	147	152	127	148	133	132	88.2	103	101	110	75.3	79.6	99.2	117	89	−27.1	73.9	104	56.3	88.6	0	283
Tax	37.9	44	27	289	31.5	29.2	37.6	33.9	39.7	38.3	37.7	32.7	37.7	37.2	34.2	22.8	26.6	26.8	26.6	19.6	3.7	24.9	29.7	22.8	−6.8	19.9	27.4	7.1	31.5	0	77.5
Net profit	79.7	126	74.3	1,683	91	108	109	97.9	115	109	114	94.2	110	95.4	97.4	65.4	76.9	74.7	83.8	55.7	75.9	74.2	87.4	66.3	−20.3	54.1	77	49.3	57.1	0	400
Net margin	8.3%	14.2%	8.2%	201.6%	9.1%	10.6%	10.3%	10.0%	11.1%	11.2%	11.0%	9.9%	11.0%	10.0%	9.9%	7.1%	8.2%	8.6%	9.2%	7.5%	12.1%	9.5%	11.3%	10.9%	-7.8%	9.3%	10.6%	7.8%	7.9%	–	14.7%
EPS (₹)	17.51	27.60	16.32	369.51	19.98	23.80	23.85	21.49	25.17	23.87	24.99	20.70	24.12	20.94	21.39	14.37	16.88	16.39	18.40	12.24	16.67	16.31	19.18	14.56	4.45	11.86	16.91	10.81	12.55	0.00	43.98
Net profit YoY	−12.4%	+15.9%	−31.6%	+1619.6%	−20.6%	−0.2%	−4.6%	+3.8%	+4.3%	+13.9%	+16.9%	+44.1%	+42.9%	+27.8%	+16.2%	+17.4%	+1.2%	+0.5%	−4.1%	−15.9%	+474.7%	+37.3%	+13.5%	+34.6%	−135.5%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY17
Revenue from operations	3,599	4,091	3,962	3,802	3,149	2,421	2,662	2,918	2,719
Other income	98.5	27.6	35.8	27.4	22.7	23.2	37.6	42.2	43.8
Total expenses	3,178	3,549	3,424	3,374	2,807	2,166	2,371	2,646	2,482
EBITDA	508	642	632	525	432	341	379	342	299
EBITDA margin	14.1%	15.7%	16.0%	13.8%	13.7%	14.1%	14.2%	11.7%	11.0%
Finance costs	12.1	9.8	12.5	14.1	14.5	10.3	9.3	4.5	3.5
Depreciation	75.3	89.4	82.3	82.5	75.9	75.6	79	65.2	58.2
Profit before tax	2,365	570	573	456	367	278	323	316	283
Tax	392	140	146	121	76.7	70.6	85.8	105	77.5
Net profit	1,974	429	427	335	290	208	237	211	400
Net margin	54.8%	10.5%	10.8%	8.8%	9.2%	8.6%	8.9%	7.2%	14.7%
EPS (₹)	433.42	94.31	93.68	73.58	63.70	45.60	52.13	45.96	43.98
Net profit YoY	+359.6%	+0.7%	+27.3%	+15.5%	+39.7%	−12.6%	+12.5%	–	–

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	93.3	311	485	486	121
Investing cash flow	804	123	−86	−15.1	230
Financing cash flow	−875	−460	−439	−302	−346
Capital expenditure	47	107	119	104	63.4
Free cash flow (CFO − capex)	46.3	204	367	382	58.1

Net profit trend

annual, ₹ crore

FY21

₹208

FY22

₹290+40%

FY23

₹335+16%

FY24

₹427+27%

FY25

₹429+1%

FY26

₹1,974+360%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	11 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	11 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	13 May 2026	PDF XBRL
Q4 FY26	Standalone	13 May 2026	PDF XBRL
Q3 FY26	Consolidated	2 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	2 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	7 Nov 2025	PDF XBRL
Q2 FY26	Standalone	7 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	4 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	4 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2611.26 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 25.4×7.4×

P/B5Y avg 8.64×5.94×

ROEFY26, on average equity104.4%

Net margin54.8%

Debt / equity0.00×

Revenue CAGR (3Y)-1.8%

Profit CAGR (3Y)80.6%

EPS (TTM)₹430.95

Market cap₹14,571 Cr

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

P/B vs history

5.94×

vs 8-point avg 8.64× (−31%)

5.28× low8.64× avg12.32× high

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

Balance sheet 31 Mar 2026

Total assets₹3,795 Cr+31%

Net worth₹2,452 Cr+84%

Total borrowings₹0 Cr

Cash & bank balances₹270 Cr+9%

Investments₹0 Cr−100%

Inventories₹571 Cr−6%

Trade receivables₹603 Cr+3%

Trade payables₹756 Cr−21%

Change vs the same date a year earlier.

Revenue mix FY26

Paints100.0%result ₹2,378 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	61.20	61.20	61.20	69.76	74.76	74.76	74.76	74.76	74.76	74.76	74.76	74.76
FII	8.50	8.44	8.66	7.97	3.70	3.67	3.85	3.74	3.62	3.42	3.20	3.14
DII	21.97	21.78	20.58	13.77	8.57	8.50	8.05	8.11	8.28	8.37	8.55	8.61
of which MF	18.66	18.55	17.57	11.34	6.23	–	–	–	–	–	–	–
Retail	6.13	6.29	6.72	6.34	6.50	6.61	6.80	6.86	6.86	6.80	6.91	6.98
Other public	2.20	2.29	2.84	2.16	6.47	6.46	6.54	6.53	6.48	6.65	6.58	6.51

48,114 shareholders · NSE shareholding pattern filings.