Quarterly results
standalone · 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 | Q3 FY19 | Q2 FY19 | Q1 FY19 | Q4 FY17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 18 | 14.8 | 13.1 | 25.4 | 25.6 | 19.9 | 17.3 | 22 | 30 | 30.9 | 47 | 37.7 | 40.3 | 45.8 | 40.6 | 33.7 | 34.1 | 38.9 | 42.8 | 36.6 | 36.2 | 27.1 | 33.9 | 33 | 28.8 | 24.7 | 28.6 | 43.5 | 59.7 | 34.2 | 31.2 | 28.6 | 16.6 | 6.6 |
| Other income | 1.9 | 2.1 | 2 | 1.8 | 2 | 3.8 | 3 | 4.7 | 4 | 4.4 | 2.7 | 2.8 | 2.7 | 13.2 | 2.6 | 3.1 | 2.6 | 2.1 | 2.5 | 2.6 | 2.5 | 1.9 | 2.7 | 2 | 4.3 | 2.8 | 2.8 | 2.8 | 3.1 | 4.3 | 2.7 | 2.9 | 2.9 | 7.3 |
| Total expenses | 26.1 | 21.7 | 19.9 | 31.2 | 30.8 | 31.5 | 25 | 26.1 | 35.7 | 34.6 | 51.8 | 38.9 | 44.8 | 59.7 | 43.3 | 42.1 | 36.3 | 39.9 | 38.7 | 28.6 | 28.4 | 25.3 | 39.8 | 26.9 | 27.2 | 28.3 | 33.2 | 44.7 | 55.4 | 33.2 | 36.3 | 29.1 | 21.2 | 17.3 |
| EBITDA | −7.2 | −5.8 | −5.9 | −5.1 | −4.5 | −10.7 | −5.5 | −1.8 | −3.4 | −1.4 | −3 | 0.5 | −2.7 | −9.4 | −1.4 | −7.3 | −1.1 | 0 | 4.8 | 8.8 | 8.7 | 3.1 | −4.8 | 7.2 | 3.1 | −2.1 | −3.6 | −0 | 6.1 | 2.6 | −3 | 1.8 | −2.4 | −9.7 |
| EBITDA margin | -40.3% | -39.4% | -45.4% | -20.1% | -17.8% | -53.6% | -32.0% | -8.0% | -11.2% | -4.5% | -6.4% | 1.4% | -6.7% | -20.6% | -3.3% | -21.6% | -3.4% | 0.0% | 11.2% | 24.1% | 24.1% | 11.3% | -14.2% | 21.7% | 10.6% | -8.5% | -12.5% | -0.1% | 10.2% | 7.5% | -9.7% | 6.2% | -14.3% | -146.2% |
| Finance costs | 0.3 | 0.4 | 0.2 | 0 | 0 | 0.3 | 1.5 | 1.6 | 1.7 | 1.7 | 1.2 | 1.1 | 1.1 | 3.9 | 0.8 | 0.5 | 0.5 | 0.5 | 0.1 | 0.3 | 0.4 | 0.6 | 0.4 | 0.4 | 0.8 | 0.9 | 0.5 | 0.6 | 1.2 | 1.7 | 1.1 | 1.3 | 1.4 | 0.6 |
| Depreciation | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | −0.1 | 0.9 | 0.9 | 0.8 | 0.4 |
| Profit before tax | −6.2 | −4.9 | −4.8 | −11.4 | −3.2 | −7.8 | −4.7 | 0.7 | −1.7 | 0.7 | −2.1 | 1.7 | −1.7 | −0.7 | −0.1 | −5.2 | 0.4 | 1 | 6.6 | 10.6 | 10.3 | 3.7 | −3.2 | 8.1 | 0.5 | −7.3 | −1.8 | 1.6 | 7.4 | 5.3 | −2.4 | 2.4 | −1.7 | −3.4 |
| Tax | 0.1 | −0.4 | 0.1 | 0.1 | 0 | 0 | −0.1 | −0 | −0.2 | −0.7 | 0.7 | −0.1 | −0 | −1.1 | −0.1 | −0.3 | 0.2 | 0.6 | 1.8 | 3 | 3.8 | 5.6 | −0.1 | 1.9 | 0.4 | −1.7 | −0.3 | 0.4 | 2.1 | −1.7 | −0 | 0.3 | −0 | −4.3 |
| Net profit | −6.4 | −4.4 | −4.9 | −11.5 | −3.2 | −7.9 | −4.6 | 0.7 | −1.5 | 1.4 | −2.8 | 1.8 | −1.7 | 0.3 | −0.1 | −5 | 0.2 | 0.4 | 4.9 | 7.6 | 6.5 | −2 | −3.1 | 6.2 | 0.1 | −5.6 | −1.6 | 1.2 | 5.3 | 7 | −2.3 | 2.2 | −1.7 | 0.9 |
| Net margin | -35.5% | -29.9% | -37.6% | -45.2% | -12.6% | -39.6% | -26.5% | 3.1% | -5.1% | 4.6% | -6.0% | 4.8% | -4.3% | 0.7% | -0.1% | -14.8% | 0.7% | 1.0% | 11.4% | 20.7% | 18.1% | -7.3% | -9.1% | 18.9% | 0.4% | -22.7% | -5.5% | 2.7% | 8.9% | 20.4% | -7.5% | 7.5% | -10.0% | 13.7% |
| EPS (₹) | -8.19 | -5.71 | -6.32 | -14.78 | -4.15 | -10.12 | -5.90 | 0.89 | -1.98 | 1.82 | -3.65 | 2.32 | -2.22 | 0.44 | -0.07 | -6.42 | 0.30 | 0.49 | 6.25 | 9.74 | 8.42 | -2.54 | -3.99 | 8.00 | 0.15 | -7.23 | -2.03 | 1.48 | 6.84 | 9.00 | -3.00 | 2.78 | -2.14 | 1.17 |
| Net profit YoY | −97.6% | +43.6% | −7.0% | −1763.0% | −109.2% | −654.8% | −61.8% | −61.7% | +10.9% | +315.0% | −5284.3% | +136.1% | −830.7% | −10.6% | −101.1% | −165.9% | −96.4% | +119.3% | +256.7% | +21.8% | +5546.6% | +64.8% | −96.5% | +438.8% | −97.8% | −180.4% | +32.3% | −46.5% | +420.3% | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 78.9 | 89.2 | 156 | 154 | 154 | 123 | 156 | 111 | 72.2 |
| Other income | 7.9 | 15.5 | 12.6 | 21.5 | 9.7 | 10.9 | 11.5 | 12.8 | 1.6 |
| Total expenses | 104 | 118 | 170 | 181 | 136 | 119 | 162 | 120 | 55.8 |
| EBITDA | −21.4 | −21.3 | −6.6 | −19.2 | 22.3 | 8.5 | 0.4 | −1.1 | 17.7 |
| EBITDA margin | -27.2% | -23.9% | -4.2% | -12.5% | 14.5% | 6.9% | 0.2% | -1.0% | 24.6% |
| Finance costs | 0.7 | 5.1 | 5.1 | 5.7 | 1.3 | 2.3 | 3.1 | 5.7 | 0.7 |
| Depreciation | 2.7 | 2.6 | 2.4 | 2.3 | 2.3 | 2.5 | 2.4 | 2.4 | 0.6 |
| Profit before tax | −24.3 | −13.6 | −1.5 | −5.6 | 28.6 | 9.1 | −0.2 | 3.7 | 18 |
| Tax | −0.2 | −0.3 | −0.2 | −1.2 | 9.2 | 7.9 | 0.6 | −1.5 | 6.9 |
| Net profit | −24.1 | −13.3 | −1.3 | −4.5 | 19.4 | 1.3 | −0.7 | 5.2 | 11.1 |
| Net margin | -30.5% | -14.9% | -0.9% | -2.9% | 12.5% | 1.0% | -0.5% | 4.7% | 15.3% |
| EPS (₹) | -30.95 | -17.12 | -1.73 | -5.74 | 24.91 | 1.61 | -0.93 | 6.63 | 14.25 |
| Net profit YoY | −80.8% | −889.5% | +69.9% | −123.1% | +1444.9% | +272.6% | −114.1% | – | – |
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 | −20 | 10.4 | −13.3 | −50 | −12.9 |
| Investing cash flow | −13.4 | 110 | 9.3 | 10.3 | 9.6 |
| Financing cash flow | −2 | −83.2 | 3.2 | 40.3 | 3.2 |
| Capital expenditure | 1.8 | 0.6 | 3.7 | 1.3 | 0.1 |
| Free cash flow (CFO − capex) | −21.9 | 9.8 | −17 | −51.3 | −13.1 |
Net profit trend
annual, ₹ croreFY21
₹1.3
FY22
₹19.4+1445%
FY23
₹−4.5−123%
FY24
₹−1.3+70%
FY25
₹−13.3−890%
FY26
₹−24.1−81%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Standalone | – | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 8 Aug 2026 | PDF XBRL |
| Q1 FY27 | Standalone | – | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 28 May 2026 | PDF XBRL |
| Q3 FY26 | Standalone | 6 Feb 2026 | PDF XBRL |
| Q2 FY26 | Standalone | 3 Nov 2025 | PDF XBRL |
| Q1 FY26 | Standalone | 11 Aug 2025 | PDF XBRL |
| Q4 FY25 | Standalone · audited | 23 May 2025 | PDF XBRL |
| Q3 FY25 | Standalone | 7 Feb 2025 | PDF on NSE XBRL |
| Q2 FY25 | Standalone | 8 Nov 2024 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)-3.0×
P/B5Y avg 0.64×0.45×
ROEFY26, on average equity-12.3%
Net margin-30.5%
Debt / equity0.11×
Revenue CAGR (3Y)-20.0%
Profit CAGR (3Y)–
EPS (TTM)₹-34.99
Market cap₹83 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.45×
vs 8-point avg 0.64× (−29%)
0.36× low0.64× avg0.78× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹230 Cr−9%
Net worth₹183 Cr−13%
Total borrowings₹20 Cr+6%
Cash & bank balances₹2 Cr−94%
Investments₹0 Cr+44%
Inventories₹34 Cr−8%
Trade receivables₹18 Cr+0%
Trade payables₹8 Cr+16%
Change vs the same date a year earlier.
Revenue mix FY26
CEMENT78.7%result ₹−10.9 Cr
SUGAR20.1%result ₹−9.6 Cr
POWER1.2%result ₹−3.1 Cr
Segment revenue as reported, before inter-segment eliminations.