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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	Q2 FY20	Q1 FY19	Q4 FY18
Revenue from operations	78	68.8	64.6	67.2	59.4	64	84.1	73.7	88.7	73.7	82.7	93.5	95.8	59.1	74.4	82.1	73.7	65.4	114	79	60.7	87.7	89.5	77.8	73.6	90.3	105	99.9	97.9	0
Other income	55.5	−8.9	8.6	1.2	27.7	−53.3	4.5	27.7	47.6	13.7	4.6	22.9	27.4	−6.3	50.9	21.1	2	−5.7	2.7	4.9	14.1	14	19.6	2	12.1	−0.7	10.2	2.1	2.2	0
Total expenses	79.4	78.6	64.2	67.5	62.5	39	120	78.1	76.5	79	89.4	85.7	89.3	60.4	92.8	73	78.6	65.2	125	72.7	67.9	101	96.7	84.8	76.9	111	114	98.9	93.2	0
EBITDA	2.6	−4.8	3.1	2.9	−0.3	30.1	−32.8	−1.4	15.9	0.4	−3.6	11.5	11.1	5.4	−14	12.9	−0.1	8.4	−5.3	11.9	−1	−2.7	−0.9	−0.1	3.8	−11.2	−1.6	7.6	10.5	0
EBITDA margin	3.3%	-7.0%	4.7%	4.3%	-0.4%	47.1%	-39.1%	-1.9%	17.9%	0.5%	-4.4%	12.3%	11.5%	9.2%	-18.9%	15.7%	-0.2%	12.8%	-4.6%	15.1%	-1.7%	-3.1%	-1.0%	-0.1%	5.2%	-12.4%	-1.5%	7.6%	10.7%	–
Finance costs	3.1	2.6	1	2	2.1	2.3	1.7	2.1	3	2.7	1.8	3	3.8	4.1	2.9	3.2	4.2	5.2	3.7	5.1	5.7	7	4.7	6.3	6.5	5.5	5.6	6	4.8	0
Depreciation	0.9	2.3	1.7	1.2	0.8	2.9	1.5	0.8	0.8	3	1.3	0.8	0.7	2.7	1.4	0.7	0.6	3	1.3	0.5	0.4	3.4	1.6	0.7	0.7	4	2.4	0.6	1	0
Profit before tax	54.2	−18.7	9	0.9	24.5	−28.3	−31.6	28.2	59.8	16.3	−2.1	30.7	34	−2.8	32.6	30.2	−2.9	−5.5	−7.5	11.1	7	1	12.4	−5.1	8.8	−21.4	0.7	3	6.9	0
Tax	7.9	−3.6	2.2	0.5	5.4	−6.1	6.2	7.9	5.7	4.5	2.4	2.8	3.3	5.6	−0.1	3.8	2.7	−0.9	0.7	2.9	−1.2	−6	1.1	−0.4	−0.8	−2.8	−2.7	−2.7	3.7	0
Net profit	46.2	−15.2	6.8	0.4	19.2	−22.2	−37.8	20.3	54.1	11.8	−4.3	28	30.7	−8.5	38.1	28.9	−1.4	−5.1	−8.5	8.6	8.6	7	11.3	−4.7	9.7	−18.6	3.4	5.8	3.2	0
Net margin	59.3%	-22.1%	10.5%	0.6%	32.3%	-34.7%	-44.9%	27.5%	61.0%	16.1%	-5.2%	29.9%	32.0%	-14.3%	51.2%	35.3%	-1.9%	-7.8%	-7.5%	10.8%	14.2%	8.0%	12.6%	-6.0%	13.1%	-20.6%	3.2%	5.8%	3.3%	–
EPS (₹)	4.08	-1.34	0.60	0.04	1.69	-1.96	-3.33	1.79	4.77	1.04	-0.38	2.47	2.71	-0.75	2.93	2.39	-0.52	-0.46	-0.77	0.73	0.78	0.69	1.07	-0.42	0.89	-1.70	0.30	0.51	0.28	0.00
Net profit YoY	+141.5%	+31.6%	+117.9%	−97.9%	−64.6%	−287.6%	−774.6%	−27.5%	+76.4%	+239.9%	−111.3%	−3.4%	+2250.1%	−65.8%	+547.3%	+238.0%	−116.5%	−173.0%	−175.3%	+283.5%	−10.5%	+137.6%	+233.9%	−181.0%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY18
Revenue from operations	260	310	346	289	319	329	393	357
Other income	28.6	26.6	68.6	67.8	16	47.7	13.9	61.9
Total expenses	273	314	343	305	330	359	417	422
EBITDA	0.9	11.8	19.3	4.1	14	0.2	5.3	−40.7
EBITDA margin	0.3%	3.8%	5.6%	1.4%	4.4%	0.1%	1.3%	-11.4%
Finance costs	7.7	9.1	11.2	14.3	19.7	24.4	21.9	14.8
Depreciation	6	6.1	5.9	5.4	5.2	6.4	8	9.4
Profit before tax	15.7	28	78.9	69	5.2	17.1	−10.8	−3
Tax	4.5	13.6	13	12.1	1.6	−6.2	−4.5	−14.5
Net profit	11.1	14.4	66.2	57.2	3.6	23.3	−6.3	11.5
Net margin	4.3%	4.6%	19.1%	19.8%	1.1%	7.1%	-1.6%	3.2%
EPS (₹)	0.98	1.27	5.83	5.04	0.27	2.22	-0.57	1.07
Net profit YoY	−22.6%	−78.3%	+15.8%	+1497.6%	−84.6%	+472.2%	–	–

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	−30.9	47.8	42.5	6.3	114
Investing cash flow	6.1	3.3	−7.1	33.7	0.8
Financing cash flow	19.5	−53.9	−50.4	−20.4	−102
Capital expenditure	5.2	5.4	6.8	8.9	4.4
Free cash flow (CFO − capex)	−36.1	42.4	35.6	−2.6	110

Net profit trend

annual, ₹ crore

FY21

₹23.3

FY22

₹3.6−85%

FY23

₹57.2+1498%

FY24

₹66.2+16%

FY25

₹14.4−78%

FY26

₹11.1−23%

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	27 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	27 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	11 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	11 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	11 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	11 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	13 Aug 2025	PDF XBRL
Q1 FY26	Standalone	13 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY2674.97 MB FY2531.20 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 15.3×9.0×

P/B5Y avg 0.83×0.75×

ROEFY26, on average equity2.4%

Net margin4.3%

Debt / equity0.28×

Revenue CAGR (3Y)-3.5%

Profit CAGR (3Y)-42.0%

EPS (TTM)₹3.37

Market cap₹344 Cr

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

P/B vs history

0.75×

vs 8-point avg 0.83× (−10%)

0.57× low0.83× avg1.27× high

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

Balance sheet 31 Mar 2026

Total assets₹660 Cr+7%

Net worth₹460 Cr+2%

Total borrowings₹128 Cr+29%

Cash & bank balances₹15 Cr−26%

Investments₹293 Cr+7%

Inventories₹156 Cr+17%

Trade receivables₹57 Cr+18%

Trade payables₹12 Cr−2%

Change vs the same date a year earlier.

Revenue mix FY26

Sugar47.4%result ₹−17.3 Cr

Engineering26.3%result ₹24.6 Cr

Others15.1%result ₹4.2 Cr

Power & Fuel6.6%result ₹1.3 Cr

Chemicals4.6%result ₹−2.9 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	42.16	41.54	40.97	40.63	40.59	40.59	40.59	40.59	40.59	40.59	40.59	40.59
FII	0.00	0.11	0.01	0.02	0.00	0.01	0.02	0.07	0.01	0.04	0.28	0.65
DII	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.02
Retail	49.09	48.31	49.20	49.15	49.08	49.02	49.04	48.80	49.27	48.78	47.98	48.91
Other public	8.74	10.03	9.81	10.19	10.32	10.37	10.34	10.53	10.12	10.57	11.13	9.83

55,826 shareholders · NSE shareholding pattern filings.