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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	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18
Revenue from operations	562	542	507	480	466	438	410	384	364	346	340	310	292	281	262	240	188	180	165	156	147	150	162	153	182	194	167	142	128	0
Other income	−0.5	2.9	1.1	2.1	0.8	1.5	0.7	1.3	0.8	1.4	2.2	2.5	0.4	1.3	0.8	0.1	0.7	0.1	0.3	0.1	0.2	0.1	0.2	14.7	0.1	0.1	3.9	0.2	0.4	0
Total expenses	414	406	376	359	351	327	302	282	268	254	255	230	216	210	193	173	131	125	112	107	97.3	102	115	119	135	119	100	87.2	80.8	0
EBITDA	387	373	364	346	334	314	303	289	279	264	258	235	227	221	204	184	153	143	135	125	116	118	123	110	123	151	131	108	94.8	0
EBITDA margin	68.7%	68.7%	71.8%	72.1%	71.7%	71.7%	74.1%	75.3%	76.5%	76.5%	76.0%	75.6%	77.7%	78.7%	77.6%	76.7%	81.3%	79.5%	81.4%	80.2%	78.9%	78.7%	75.8%	71.7%	67.4%	77.7%	78.4%	76.0%	73.8%	–
Finance costs	236	235	231	224	217	202	195	185	181	171	172	154	150	150	133	116	95.1	87.6	80.9	75.1	65.7	69	75.1	74.7	74.3	74.8	63.9	52.8	46.8	0
Depreciation	2.2	2	1.8	1.8	1.7	1.5	1.5	1.4	1.3	1.2	1.2	1.1	0.9	0.8	0.7	0.7	0.5	0.5	0.5	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.4	0.4	0.4	0
Profit before tax	148	139	127	123	116	112	108	104	97.2	93.7	86.9	82.5	76.5	72.1	70.5	67.5	58	55.2	53.4	49.9	50	48.6	47.1	48.9	48	75.2	70.2	54.8	48	0
Tax	37.5	34.7	33.8	31.5	29.3	28.7	27.6	26.2	24.6	23.6	22.5	20.6	19	15.3	17.8	16.9	14.5	14.1	13.7	13	13.6	12.4	11.8	12.4	12.3	19.2	24	19.3	16.7	0
Net profit	110	104	93.3	91.4	86.6	83.4	80.4	77.6	72.6	70.1	64.4	61.9	57.6	56.8	52.7	50.7	43.4	41.1	39.7	36.9	36.4	36.2	35.3	36.5	35.7	56	46.1	35.5	31.3	0
Net margin	19.6%	19.3%	18.4%	19.0%	18.6%	19.1%	19.6%	20.2%	19.9%	20.3%	18.9%	20.0%	19.7%	20.2%	20.1%	21.1%	23.1%	22.8%	24.0%	23.6%	24.8%	24.1%	21.8%	23.9%	19.6%	28.9%	27.7%	25.1%	24.4%	–
EPS (₹)	5.98	5.69	5.08	4.98	4.82	4.55	3.88	4.73	4.32	4.23	11.64	11.19	10.41	10.29	9.53	9.14	7.86	7.43	7.16	6.70	6.65	6.59	6.38	6.61	6.53	10.18	8.44	6.43	5.73	0.00
Net profit YoY	+27.2%	+25.3%	+16.1%	+17.8%	+19.3%	+19.0%	+24.8%	+25.3%	+26.1%	+23.4%	+22.1%	+22.3%	–	+30.8%	+28.5%	+27.5%	+19.3%	+13.4%	+12.4%	+1.1%	+2.0%	−35.4%	–	–	–	+21.5%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY18
Revenue from operations	1,995	1,596	1,279	988	690	627	722	453
Other income	6.8	4.2	6.5	2.4	0.9	0.7	0.4	1.9
Total expenses	1,492	1,179	946	719	475	432	484	294
EBITDA	1,417	1,185	984	768	556	483	537	328
EBITDA margin	71.0%	74.3%	76.9%	77.7%	80.6%	77.0%	74.4%	72.5%
Finance costs	907	763	647	496	339	285	296	167
Depreciation	7.2	5.6	4.3	2.7	2.1	2.6	2.9	1.6
Profit before tax	505	421	340	272	216	196	239	161
Tax	129	107	85.7	65.8	55.3	50.4	57.3	55.6
Net profit	376	314	254	206	161	146	181	105
Net margin	18.8%	19.7%	19.9%	20.8%	23.3%	23.2%	25.1%	23.1%
EPS (₹)	20.46	17.48	15.31	37.18	29.14	26.41	32.92	21.12
Net profit YoY	+19.7%	+23.6%	+23.4%	+27.7%	+10.7%	−19.7%	–	–

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	−1,787	−1,133	−1,366	−1,488	−802
Investing cash flow	467	−828	50.1	−242	−820
Financing cash flow	1,095	2,198	1,290	1,684	923
Capital expenditure	79.5	25.6	21.6	9.6	5.1
Free cash flow (CFO − capex)	−1,866	−1,159	−1,388	−1,498	−807

Net profit trend

annual, ₹ crore

FY21

₹146

FY22

₹161+11%

FY23

₹206+28%

FY24

₹254+23%

FY25

₹314+24%

FY26

₹376+20%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	29 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	29 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	29 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	29 Apr 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	28 Jan 2026	PDF XBRL
Q3 FY26	Standalone	28 Jan 2026	PDF XBRL
Q2 FY26	Consolidated	5 Nov 2025	PDF XBRL
Q2 FY26	Standalone	5 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	23 Jul 2025	PDF XBRL
Q1 FY26	Standalone	23 Jul 2025	PDF XBRL

Annual reports

NSE archive

FY2611.71 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18

Key ratios

P/E (TTM)5Y avg 18.3×12.8×

P/B5Y avg 2.50×1.72×

ROEFY26, on average equity13.5%

Net margin18.8%

Debt / equity2.73×

Revenue CAGR (3Y)26.4%

Profit CAGR (3Y)22.2%

EPS (TTM)₹22.01

Market cap₹5,130 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 10-point avg 2.50× (−31%)

1.71× low2.50× avg3.27× high

History points are balance-sheet dates (2021 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹13,747 Cr+13%

Net worth₹2,974 Cr+14%

Total borrowings₹8,111 Cr+10%

Cash & bank balances₹224 Cr−50%

Investments₹972 Cr−36%

Inventories₹0 Cr

Trade receivables₹6 Cr+19%

Change vs the same date a year earlier.

Revenue mix FY26

Financing activities99.9%result ₹504 Cr

Others0.1%result ₹1 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	Jun 24	Mar 24	Feb 24
Promoter	66.65	66.65	66.63	66.63	66.63	66.63	66.63	66.63	66.63	66.63	73.73	73.73
FII	3.68	3.46	3.13	3.18	3.06	3.12	3.01	2.72	3.58	3.63	1.79	1.77
DII	19.69	20.04	20.24	20.16	19.99	20.13	20.02	20.23	20.41	20.57	14.41	14.46
of which MF	14.59	14.50	13.91	13.83	12.61	–	–	–	–	–	–	–
Retail	7.30	7.24	7.46	7.47	7.67	7.66	7.86	8.41	7.39	7.21	7.95	7.98
Other public	2.68	2.61	2.54	2.56	2.65	2.46	2.48	2.01	1.99	1.96	2.12	2.06

39,685 shareholders · NSE shareholding pattern filings.