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 | 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 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 5,024 | 6,390 | 6,001 | 6,092 | 5,023 | 6,872 | 5,349 | 5,113 | 4,512 | 6,165 | 5,007 | 4,499 | 4,244 | 5,525 | 4,375 | 4,064 | 4,275 | 3,340 | 3,587 | 2,540 | 4,361 | 3,289 | 3,258 | 2,207 | 3,671 | 3,073 | 2,809 | 2,412 | 3,841 | 2,647 | 2,408 | 3,664 |
| Other income | 13.9 | 30.1 | 10.2 | 4.6 | 5.4 | 20.2 | 0.9 | 6.6 | 43.1 | 7.8 | 26 | 15.8 | 2.8 | 5.5 | 1.7 | 16.1 | 3.4 | 5 | 3.3 | 1.7 | 12.3 | 3.9 | 6.8 | 6.9 | 2.7 | 2.1 | 3.6 | 2.7 | 6.3 | 3.6 | 1.7 | 12.6 |
| Total expenses | 4,948 | 6,162 | 5,793 | 5,883 | 4,870 | 6,550 | 5,190 | 5,006 | 4,443 | 5,979 | 4,912 | 4,449 | 4,200 | 5,445 | 4,365 | 4,054 | 4,160 | 3,223 | 3,446 | 2,483 | 4,107 | 3,094 | 3,069 | 2,117 | 3,405 | 2,872 | 2,632 | 2,277 | 3,553 | 2,482 | 2,262 | 3,387 |
| EBITDA | 291 | 448 | 430 | 430 | 350 | 539 | 374 | 320 | 270 | 388 | 308 | 274 | 244 | 283 | 200 | 178 | 252 | 239 | 253 | 160 | 355 | 299 | 293 | 195 | 371 | 319 | 294 | 251 | 399 | 281 | 253 | 370 |
| EBITDA margin | 5.8% | 7.0% | 7.2% | 7.1% | 7.0% | 7.8% | 7.0% | 6.3% | 6.0% | 6.3% | 6.1% | 6.1% | 5.8% | 5.1% | 4.6% | 4.4% | 5.9% | 7.2% | 7.1% | 6.3% | 8.1% | 9.1% | 9.0% | 8.8% | 10.1% | 10.4% | 10.5% | 10.4% | 10.4% | 10.6% | 10.5% | 10.1% |
| Finance costs | 164 | 170 | 171 | 171 | 151 | 170 | 170 | 168 | 155 | 154 | 164 | 178 | 159 | 162 | 149 | 128 | 95.4 | 82.4 | 73.3 | 64.9 | 63.2 | 65.8 | 67.4 | 66.3 | 65.2 | 81.1 | 82.2 | 79.5 | 84.6 | 85.7 | 76.8 | 65.6 |
| Depreciation | 50.8 | 50.6 | 50.4 | 50.6 | 45.9 | 46.5 | 45.3 | 45.3 | 46.5 | 48.3 | 48.8 | 46.5 | 41.8 | 41.5 | 40.8 | 39.9 | 41.9 | 39.3 | 38.6 | 38.1 | 38 | 38 | 37.4 | 39.1 | 39.2 | 36.7 | 34.7 | 36.6 | 26.1 | 30.9 | 30.4 | 27.5 |
| Profit before tax | 89.9 | 258 | 160 | 213 | 159 | 342 | 160 | 113 | 112 | 193 | 121 | 65.8 | 46.7 | 85.9 | 11.4 | 26.6 | 118 | 122 | 101 | 58.6 | 266 | 199 | 195 | 96.5 | 269 | 203 | 181 | 138 | 295 | 168 | 148 | 289 |
| Tax | 17.3 | 64.9 | 32.5 | 52.2 | 33.9 | 74 | 30.3 | 28.1 | 24.5 | 41.5 | 23.9 | 10 | 4.4 | 13.7 | −6.2 | −28.7 | 5.8 | 28.7 | 20.5 | 12.4 | 71.4 | 53.7 | 52.5 | 25.7 | 76.2 | 57.9 | 41.4 | 49.3 | 101 | 57.5 | 51.4 | 93 |
| Net profit | 72.6 | 193 | 127 | 161 | 125 | 268 | 130 | 85.4 | 87.6 | 152 | 96.9 | 55.8 | 42.3 | 72.2 | 17.6 | 55.2 | 112 | 93.6 | 80.3 | 46.1 | 194 | 145 | 143 | 70.8 | 193 | 145 | 139 | 88.6 | 199 | 112 | 97.8 | 196 |
| Net margin | 1.4% | 3.0% | 2.1% | 2.6% | 2.5% | 3.9% | 2.4% | 1.7% | 1.9% | 2.5% | 1.9% | 1.2% | 1.0% | 1.3% | 0.4% | 1.4% | 2.6% | 2.8% | 2.2% | 1.8% | 4.5% | 4.4% | 4.4% | 3.2% | 5.3% | 4.7% | 5.0% | 3.7% | 5.2% | 4.2% | 4.1% | 5.4% |
| EPS (₹) | 2.73 | 7.24 | 4.79 | 6.04 | 4.68 | 10.08 | 4.87 | 3.32 | 3.41 | 5.90 | 3.77 | 2.17 | 1.65 | 2.81 | 0.68 | 2.15 | 4.36 | 3.64 | 3.12 | 1.79 | 7.56 | 5.64 | 5.55 | 2.75 | 7.50 | 5.64 | 5.41 | 3.45 | 7.54 | 4.31 | 3.75 | 7.64 |
| Net profit YoY | −41.7% | −28.1% | −1.6% | +88.2% | +42.3% | +76.8% | +33.7% | +53.0% | +106.9% | +110.2% | +450.4% | +1.1% | – | −35.6% | −81.2% | −31.2% | −42.3% | −35.5% | −43.7% | −34.8% | +0.7% | +0.1% | +2.5% | −20.1% | −3.0% | +29.0% | +42.2% | – | +1.2% | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 23,506 | 21,847 | 19,914 | 17,282 | 13,742 | 13,114 | 11,965 | 11,001 | 10,096 |
| Other income | 50.3 | 70.9 | 52.4 | 31.3 | 13.4 | 29.9 | 11.1 | 22.6 | 40.4 |
| Total expenses | 22,708 | 21,190 | 19,540 | 17,152 | 13,313 | 12,388 | 11,186 | 10,280 | 9,447 |
| EBITDA | 1,659 | 1,504 | 1,215 | 830 | 904 | 1,141 | 1,234 | 1,150 | 1,006 |
| EBITDA margin | 7.1% | 6.9% | 6.1% | 4.8% | 6.6% | 8.7% | 10.3% | 10.5% | 10.0% |
| Finance costs | 664 | 664 | 655 | 539 | 316 | 263 | 308 | 312 | 247 |
| Depreciation | 197 | 184 | 185 | 161 | 158 | 153 | 147 | 117 | 110 |
| Profit before tax | 789 | 727 | 426 | 161 | 399 | 756 | 790 | 744 | 690 |
| Tax | 184 | 157 | 79.7 | −15.1 | 67.4 | 203 | 225 | 257 | 230 |
| Net profit | 606 | 571 | 347 | 176 | 332 | 553 | 566 | 496 | 460 |
| Net margin | 2.6% | 2.6% | 1.7% | 1.0% | 2.4% | 4.2% | 4.7% | 4.5% | 4.6% |
| EPS (₹) | 22.75 | 21.80 | 13.49 | 6.85 | 12.92 | 21.50 | 22.00 | 18.92 | 17.91 |
| Net profit YoY | +6.1% | +64.6% | +97.0% | −47.0% | −39.9% | −2.3% | +14.1% | +7.7% | – |
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 | −414 | 419 | 311 | 607 | −284 |
| Investing cash flow | −242 | −67.9 | −223 | −135 | −192 |
| Financing cash flow | 511 | −32.1 | −145 | −401 | 496 |
| Capital expenditure | 329 | 183 | 237 | 178 | 143 |
| Free cash flow (CFO − capex) | −743 | 237 | 73.8 | 428 | −427 |
Net profit trend
annual, ₹ croreFY21
₹553
FY22
₹332−40%
FY23
₹176−47%
FY24
₹347+97%
FY25
₹571+65%
FY26
₹606+6%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 10 Aug 2026 | PDF XBRL |
| Q1 FY27 | Standalone | 10 Aug 2026 | PDF XBRL |
| Q4 FY26 | Consolidated · audited | 16 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 16 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 30 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 30 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 10 Nov 2025 | PDF XBRL |
| Q2 FY26 | Standalone | 10 Nov 2025 | PDF XBRL |
| Q1 FY26 | Consolidated | 28 Jul 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 28 Jul 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 45.3×19.1×
P/B5Y avg 3.91×1.72×
ROEFY26, on average equity10.5%
Net margin2.6%
Debt / equity0.83×
Revenue CAGR (3Y)10.8%
Profit CAGR (3Y)51.0%
EPS (TTM)₹20.80
Market cap₹10,567 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
1.72×
vs 8-point avg 3.91× (−56%)
1.72× low3.91× avg5.47× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹25,158 Cr+13%
Net worth₹6,160 Cr+15%
Total borrowings₹5,103 Cr+29%
Cash & bank balances₹411 Cr−25%
Investments₹0 Cr
Inventories₹1,533 Cr+34%
Trade receivables₹6,474 Cr+28%
Trade payables₹8,703 Cr−3%
Change vs the same date a year earlier.
Revenue mix FY26
EPC90.8%result ₹1,513 Cr
Others9.2%result ₹146 Cr
Segment revenue as reported, before inter-segment eliminations.