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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	Q2 FY20	Q1 FY20	Q4 FY19	Q4 FY18
Revenue from operations	733	820	753	717	701	779	678	671	653	800	635	655	614	712	602	598	543	553	546	371	465	489	481	294	617	588	556	6,113	0	0
Other income	40.7	23.7	29.8	32.1	38.8	28.3	32	35.4	33.2	30.2	31.5	16.9	37.5	23.7	22.3	28.8	40.2	31	46.9	47.4	30.8	25.9	29.4	31.2	14.8	11.5	18.2	148	0	0
Total expenses	776	779	760	713	713	705	663	677	671	721	660	636	643	658	624	575	551	564	515	438	507	508	470	360	590	585	538	6,165	0	0
EBITDA	113	197	144	153	122	204	146	123	105	188	105	136	83.9	165	90.8	116	88	81	118	27.8	44.4	74.8	93.5	18.6	104	88	99.6	769	0	0
EBITDA margin	15.4%	24.0%	19.2%	21.3%	17.5%	26.2%	21.5%	18.4%	16.1%	23.5%	16.6%	20.8%	13.7%	23.1%	15.1%	19.5%	16.2%	14.6%	21.7%	7.5%	9.5%	15.3%	19.4%	6.3%	16.9%	15.0%	17.9%	12.6%	–	–
Finance costs	47.1	47	47.2	48.1	38.7	38.4	37	37.5	35.3	22.4	44.9	33.3	31.6	32.6	39.9	22.7	26.7	24	20.5	28.2	18	27.5	16.1	20.5	15.1	21.1	21	223	0	0
Depreciation	109	109	104	101	95.6	91.9	93	92.5	88.7	86	85.5	83.8	81.3	78.7	72.3	70.1	69.7	67.9	66.6	66.5	68	66.2	66	63.8	62.8	64.1	60.4	598	0	0
Profit before tax	−2.9	65.3	11.2	36.1	26.8	102	47.7	28.8	14.6	109	6.2	35.8	8.6	77	0.8	52.5	31.8	20	78.2	−19.4	−10.8	6.9	40.9	−34.5	41.1	14.3	36.3	96.1	0	0
Tax	5.4	23.8	10.1	18.6	19.1	29.5	12.5	16.6	8	25.9	−4.2	14	7.8	20.8	15	11.1	15.9	6.7	18.4	1.9	−1.1	7.6	12.1	−2.2	203	12.3	11.9	88.4	0	0
Net profit	−8.6	41.5	1.4	16.9	7.2	72.9	35.4	11.5	6.1	83.2	10.5	21.4	0.9	56.3	−13.7	41.4	15.9	13.4	59.8	−21.4	−9.7	−0.7	28.8	−32.4	−162	2	24.4	7.9	0	0
Net margin	-1.2%	5.1%	0.2%	2.4%	1.0%	9.4%	5.2%	1.7%	0.9%	10.4%	1.7%	3.3%	0.1%	7.9%	-2.3%	6.9%	2.9%	2.4%	10.9%	-5.8%	-2.1%	-0.1%	6.0%	-11.0%	-26.2%	0.3%	4.4%	0.1%	–	–
EPS (₹)	-0.43	2.06	0.11	0.89	0.39	3.63	1.73	0.68	0.29	4.09	0.58	1.06	0.01	2.82	-0.59	2.04	0.81	0.69	2.95	-1.61	-0.77	0.01	1.85	-2.08	-12.38	0.37	1.80	0.28	0.00	0.00
Net profit YoY	−219.4%	−43.1%	−96.0%	+47.5%	+17.8%	−12.3%	+236.5%	−46.4%	+583.5%	+47.8%	+176.8%	−48.2%	–	+254.8%	−202.4%	−30.7%	+263.1%	+2087.7%	+107.7%	+34.0%	+94.0%	−133.0%	+17.8%	−512.3%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	2,992	2,781	2,705	2,517	2,013	1,730	2,372	2,239	2,317
Other income	124	129	115	107	166	117	59.3	56.7	33.7
Total expenses	2,965	2,716	2,659	2,454	2,068	1,845	2,330	2,198	2,134
EBITDA	617	579	514	472	315	231	369	166	347
EBITDA margin	20.6%	20.8%	19.0%	18.7%	15.7%	13.4%	15.5%	7.4%	15.0%
Finance costs	181	148	132	119	99.4	82.2	79.5	23.6	63.7
Depreciation	409	366	337	290	271	264	247	101	100
Profit before tax	140	194	160	170	111	2.4	101	98	217
Tax	71.7	66.6	43.5	56.8	42.9	16.5	236	38.5	83.8
Net profit	67	126	116	114	67.6	−14	−134	59.6	133
Net margin	2.2%	4.5%	4.3%	4.5%	3.4%	-0.8%	-5.7%	2.7%	5.7%
EPS (₹)	3.45	6.33	5.74	5.75	3.38	-0.98	-9.94	4.55	9.99
Net profit YoY	−46.8%	+8.5%	+2.0%	+68.3%	+583.0%	+89.6%	−325.4%	−55.1%	–

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	531	621	624	681	498
Investing cash flow	−213	−401	−449	−210	−257
Financing cash flow	−315	−285	−190	−459	−217
Capital expenditure	421	326	338	261	132
Free cash flow (CFO − capex)	110	295	287	420	366

Net profit trend

annual, ₹ crore

FY21

₹−14

FY22

₹67.6+583%

FY23

₹114+68%

FY24

₹116+2%

FY25

₹126+9%

FY26

₹67−47%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	22 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	22 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	27 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	27 Apr 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	29 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	29 Jan 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	31 Oct 2025	PDF on NSE XBRL
Q2 FY26	Standalone	31 Oct 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	23 Jul 2025	PDF on NSE XBRL
Q1 FY26	Standalone	23 Jul 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2617.68 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)78.7×

P/B5.19×

ROEFY26, on average equity8.6%

Net margin2.2%

Debt / equity1.59×

Revenue CAGR (3Y)5.9%

Profit CAGR (3Y)-16.2%

EPS (TTM)₹2.54

Market cap₹4,034 Cr

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

Balance sheet 31 Mar 2026

Total assets₹11,385 Cr+7%

Net worth₹778 Cr−0%

Total borrowings₹1,234 Cr+25%

Cash & bank balances₹36 Cr−3%

Investments₹667 Cr−9%

Inventories₹833 Cr+20%

Trade receivables₹1,229 Cr+8%

Trade payables₹331 Cr−6%

Change vs the same date a year earlier.

Revenue mix FY26

MHRIL52.2%result ₹302 Cr

HCRO47.8%result ₹−75.5 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	66.73	66.74	66.74	66.74	66.74	66.74	66.75	66.76	66.76	66.77	66.77	66.81
FII	4.01	5.30	5.52	5.44	5.42	5.36	5.37	5.31	5.33	5.25	5.22	5.18
DII	11.00	11.01	10.38	10.01	10.18	10.07	10.19	10.24	10.45	10.70	10.58	10.41
of which MF	4.43	5.17	5.56	6.59	6.85	–	–	–	–	–	–	–
Retail	14.84	13.69	14.07	14.21	14.09	14.29	13.96	13.83	13.59	13.52	13.65	13.46
Other public	3.24	3.08	3.11	3.41	3.38	3.35	3.55	3.67	3.67	3.56	3.57	3.93

96,220 shareholders · NSE shareholding pattern filings.