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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 FY20	Q4 FY19	Q4 FY18
Revenue from operations	12,886	10,013	9,111	17,925	8,750	9,588	9,089	8,136	9,351	10,166	10,913	8,816	6,409	8,768	10,581	10,124	11,567	8,870	7,685	7,254	6,205	6,505	2,137	2,176	1,750	2,607	2,957	3,221	3,381	0	0
Other income	350	502	657	773	256	382	302	751	231	209	580	384	169	169	132	340	78.6	425	477	166	71.4	688	109	111	130	710	137	179	126	0	0
Total expenses	8,094	7,812	7,634	15,074	7,225	7,505	7,339	6,487	7,004	7,715	8,282	6,071	4,824	5,851	7,177	8,189	7,402	5,591	6,244	5,665	4,776	5,305	2,694	1,999	2,096	3,525	2,454	2,561	2,594	0	0
EBITDA	5,793	3,281	2,510	4,654	2,351	2,860	2,678	2,536	3,142	3,261	3,443	3,523	2,277	3,507	4,180	2,703	4,878	3,830	2,198	2,314	2,161	1,887	−5.6	712	181	−477	1,094	1,244	1,353	0	0
EBITDA margin	45.0%	32.8%	27.5%	26.0%	26.9%	29.8%	29.5%	31.2%	33.6%	32.1%	31.6%	40.0%	35.5%	40.0%	39.5%	26.7%	42.2%	43.2%	28.6%	31.9%	34.8%	29.0%	-0.3%	32.7%	10.4%	-18.3%	37.0%	38.6%	40.0%	–	–
Finance costs	302	381	319	504	199	244	304	280	242	234	236	279	214	153	246	258	244	241	213	226	260	169	160	160	167	169	159	157	159	0	0
Depreciation	698	699	715	1,298	627	533	624	608	553	576	576	499	478	438	530	511	468	310	543	499	472	518	391	375	361	271	432	426	407	0	0
Profit before tax	5,142	2,702	2,134	3,625	1,780	2,465	2,053	2,400	2,578	2,669	3,210	762	1,748	3,086	3,535	2,274	4,244	3,704	1,919	1,756	1,500	1,818	−599	154	−309	−208	640	839	912	0	0
Tax	1,295	695	474	862	459	696	459	557	685	695	659	67.6	444	905	735	546	1,103	794	611	402	463	872	−1,295	36.8	33.9	−1,330	303	362	349	0	0
Net profit	4,027	2,424	1,436	3,690	2,047	1,497	1,457	2,069	2,016	2,333	2,608	640	1,399	1,980	2,529	2,116	3,230	2,527	1,523	1,454	1,215	1,142	890	382	26.3	1,597	709	662	847	0	0
Net margin	31.2%	24.2%	15.8%	20.6%	23.4%	15.6%	16.0%	25.4%	21.6%	22.9%	23.9%	7.3%	21.8%	22.6%	23.9%	20.9%	27.9%	28.5%	19.8%	20.0%	19.6%	17.6%	41.6%	17.5%	1.5%	61.3%	24.0%	20.5%	25.1%	–	–
EPS (₹)	22.32	12.91	7.35	20.44	11.66	8.05	8.23	12.40	11.59	19.74	21.65	3.87	13.16	16.07	21.07	17.48	25.87	19.53	11.97	10.62	9.72	8.76	8.20	3.52	0.24	14.73	6.54	6.10	7.81	0.00	0.00
Net profit YoY	+96.8%	+62.0%	−1.5%	+78.3%	+1.5%	−35.8%	−44.1%	+223.1%	+44.1%	+17.8%	+3.1%	−69.7%	−56.7%	−21.7%	+66.0%	+45.5%	+165.9%	+121.2%	+71.2%	+281.0%	+4520.2%	−28.5%	+25.4%	−42.3%	−96.9%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	37,050	36,164	36,304	41,039	30,011	22,498	12,167	13,780	10,698
Other income	1,931	1,666	1,343	719	1,143	1,092	1,151	1,127	1,010
Total expenses	30,520	28,335	26,892	28,619	22,275	19,300	11,134	10,354	8,651
EBITDA	10,446	11,216	12,504	15,268	10,500	5,702	3,214	5,591	3,928
EBITDA margin	28.2%	31.0%	34.4%	37.2%	35.0%	25.3%	26.4%	40.6%	36.7%
Finance costs	1,204	1,069	964	901	940	660	645	624	554
Depreciation	2,712	2,318	2,129	1,947	1,824	1,844	1,537	1,541	1,327
Profit before tax	8,460	9,495	8,389	13,140	8,878	3,840	2,183	3,526	3,057
Tax	2,031	2,397	1,865	3,289	2,271	223	−315	1,439	1,124
Net profit	7,551	7,040	6,980	9,854	6,719	4,146	3,816	3,238	2,735
Net margin	20.4%	19.5%	19.2%	24.0%	22.4%	18.4%	31.4%	23.5%	25.6%
EPS (₹)	40.70	40.27	58.42	80.49	51.84	32.53	35.19	28.60	23.90
Net profit YoY	+7.3%	+0.8%	−29.2%	+46.7%	+62.1%	+8.7%	+17.8%	+18.4%	–

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	10,684	11,332	10,933	11,410	9,310
Investing cash flow	−10,381	−13,514	−12,601	−9,131	−4,193
Financing cash flow	409	2,483	1,637	−2,521	−5,615
Capital expenditure	0	12,969	12,063	8,525	5,968
Free cash flow (CFO − capex)	10,684	−1,637	−1,130	2,886	3,342

Net profit trend

annual, ₹ crore

FY21

₹4,146

FY22

₹6,719+62%

FY23

₹9,854+47%

FY24

₹6,980−29%

FY25

₹7,040+1%

FY26

₹7,551+7%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	7 Aug 2026	PDF XBRL
Q1 FY27	Standalone	7 Aug 2026	PDF XBRL
Q4 FY26	Consolidated · audited	13 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	13 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	10 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	10 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	–	PDF on NSE XBRL
Q2 FY26	Consolidated	14 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	–	PDF on NSE XBRL
Q2 FY26	Standalone	14 Nov 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2619.56 MB FY257.07 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 7.8×6.7×

P/B5Y avg 1.12×1.33×

ROEFY26, on average equity14.0%

Net margin20.4%

Debt / equity0.62×

Revenue CAGR (3Y)-3.4%

Profit CAGR (3Y)-8.5%

EPS (TTM)₹71.18

Market cap₹77,288 Cr

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

P/B vs history

1.33×

vs 8-point avg 1.12× (+19%)

0.51× low1.12× avg1.79× high

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

Balance sheet 31 Mar 2026

Total assets₹1.24L Cr+19%

Net worth₹57,998 Cr+17%

Total borrowings₹35,959 Cr+21%

Cash & bank balances₹1,323 Cr+116%

Investments₹11,768 Cr+3%

Inventories₹5,476 Cr+9%

Trade receivables₹4,523 Cr+38%

Trade payables₹3,358 Cr+46%

Change vs the same date a year earlier.

Revenue mix FY26

REFINERY PRODUCTS55.3%result ₹3,900 Cr

CRUDE OIL (Including Condensate)30.4%result ₹4,296 Cr

NATURAL GAS11.8%result ₹1,568 Cr

PIPELINE TRANSPORTATION2.0%result ₹392 Cr

LPG0.3%result ₹97.1 Cr

RENEWABLE ENERGY0.2%result ₹20.7 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	Jul 24	Jun 24	Mar 24	Dec 23
Promoter	56.66	56.66	56.66	56.66	56.66	56.66	56.66	56.66	56.66	56.66	56.66	56.66
FII	7.28	7.67	7.53	7.56	8.16	8.51	9.42	10.58	9.33	9.33	9.51	11.00
DII	20.14	19.44	19.43	19.23	18.41	18.31	17.25	16.44	17.86	17.90	17.66	15.97
of which MF	8.88	9.31	9.17	8.89	8.73	–	–	–	–	–	–	–
Retail	5.16	5.26	5.57	5.82	5.93	5.80	5.94	5.61	5.33	5.33	5.38	5.62
Other public	10.76	10.97	10.81	10.73	10.84	10.72	10.73	10.71	10.82	10.78	10.79	10.75

4,57,085 shareholders · NSE shareholding pattern filings.