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 | 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 | 2,04,987 | 1,73,805 | 1,67,423 | 1,57,911 | 1,63,108 | 1,70,812 | 1,66,097 | 1,58,329 | 1,66,577 | 1,66,771 | 1,65,569 | 1,46,874 | 1,63,824 | 1,64,067 | 1,69,213 | 1,68,656 | 1,82,894 | 1,45,686 | 1,22,029 | 1,08,136 | 1,14,168 | 1,00,289 | 83,619 | 62,496 | 1,04,489 | 1,09,443 | 1,01,554 | 1,09,515 | 0 | 0 |
| Other income | 2,789 | 3,368 | 3,308 | 3,108 | 2,573 | 2,977 | 2,411 | 4,163 | 2,986 | 3,105 | 4,059 | 2,515 | 2,544 | 2,662 | 1,829 | 2,328 | 1,255 | 2,129 | 1,415 | 1,166 | 4,038 | 2,128 | 1,959 | 1,079 | 3,525 | 1,744 | 1,682 | 1,602 | 0 | 0 |
| Total expenses | 2,01,833 | 1,60,864 | 1,54,683 | 1,44,074 | 1,49,926 | 1,61,271 | 1,54,621 | 1,49,780 | 1,55,796 | 1,54,091 | 1,55,183 | 1,27,920 | 1,43,153 | 1,51,857 | 1,56,314 | 1,61,287 | 1,72,290 | 1,32,504 | 1,11,881 | 99,712 | 1,07,378 | 96,529 | 76,420 | 61,002 | 1,09,813 | 1,02,839 | 94,032 | 99,995 | 0 | 0 |
| EBITDA | 15,485 | 25,356 | 25,335 | 26,521 | 25,907 | 22,085 | 24,643 | 20,507 | 21,794 | 23,225 | 20,024 | 28,255 | 30,107 | 20,997 | 21,871 | 13,804 | 18,855 | 21,420 | 17,755 | 16,287 | 15,478 | 11,279 | 13,869 | 8,839 | 3,639 | 15,655 | 15,999 | 16,887 | 0 | 0 |
| EBITDA margin | 7.6% | 14.6% | 15.1% | 16.8% | 15.9% | 12.9% | 14.8% | 13.0% | 13.1% | 13.9% | 12.1% | 19.2% | 18.4% | 12.8% | 12.9% | 8.2% | 10.3% | 14.7% | 14.5% | 15.1% | 13.6% | 11.2% | 16.6% | 14.1% | 3.5% | 14.3% | 15.8% | 15.4% | – | – |
| Finance costs | 2,854 | 3,070 | 3,207 | 3,411 | 3,341 | 3,500 | 3,670 | 3,749 | 2,938 | 2,683 | 2,544 | 2,603 | 2,364 | 2,068 | 2,188 | 1,993 | 1,640 | 1,389 | 1,377 | 1,440 | 1,116 | 1,025 | 1,047 | 1,498 | 2,191 | 1,537 | 1,752 | 1,520 | 0 | 0 |
| Depreciation | 9,477 | 9,345 | 9,388 | 9,273 | 9,384 | 9,043 | 9,497 | 8,209 | 8,075 | 7,863 | 7,094 | 6,698 | 7,072 | 6,719 | 6,784 | 4,443 | 6,611 | 6,850 | 6,230 | 6,423 | 7,572 | 6,495 | 5,624 | 5,848 | 6,772 | 7,514 | 6,725 | 5,848 | 0 | 0 |
| Profit before tax | 6,415 | 15,847 | 16,093 | 16,945 | 15,736 | 12,367 | 13,887 | 12,712 | 13,766 | 14,051 | 14,446 | 21,565 | 23,214 | 7,427 | 14,719 | 9,686 | 11,186 | 15,311 | 11,563 | 9,590 | 12,985 | 5,887 | 7,919 | 2,573 | −10,828 | 8,349 | 9,204 | 11,121 | 0 | 0 |
| Tax | 458 | 4,962 | 4,244 | 4,670 | 3,954 | 4,150 | 3,739 | 2,822 | 3,745 | 3,702 | 3,768 | 5,634 | 6,357 | 202 | 4,037 | 2,394 | 3,640 | 4,374 | −6,647 | 3,348 | 2,718 | 2,375 | 2,769 | 922 | −3,952 | 3,450 | 3,718 | 4,349 | 0 | 0 |
| Net profit | 6,554 | 13,678 | 11,946 | 12,615 | 11,554 | 8,856 | 9,784 | 9,878 | 10,236 | 11,527 | 10,748 | 16,553 | 17,383 | 5,701 | 11,665 | 6,830 | 8,581 | 11,637 | 18,749 | 6,847 | 10,946 | 3,764 | 5,801 | 1,090 | −6,577 | 5,384 | 5,487 | 7,043 | 0 | 0 |
| Net margin | 3.2% | 7.9% | 7.1% | 8.0% | 7.1% | 5.2% | 5.9% | 6.2% | 6.1% | 6.9% | 6.5% | 11.3% | 10.6% | 3.5% | 6.9% | 4.0% | 4.7% | 8.0% | 15.4% | 6.3% | 9.6% | 3.8% | 6.9% | 1.7% | -6.3% | 4.9% | 5.4% | 6.4% | – | – |
| EPS (₹) | 9.46 | 8.60 | 7.96 | 8.58 | 7.79 | 5.82 | 6.85 | 8.17 | 7.90 | 8.03 | 8.23 | 10.92 | 11.23 | 2.95 | 9.13 | 6.60 | 9.49 | 8.69 | 14.35 | 4.76 | 7.48 | 2.10 | 3.45 | 0.10 | -4.92 | 3.90 | 4.19 | 5.32 | 0.00 | 0.00 |
| Net profit YoY | −43.3% | +54.4% | +22.1% | +27.7% | +12.9% | −23.2% | −9.0% | −40.3% | −41.1% | +102.2% | −7.9% | +142.4% | +102.6% | – | +0.2% | −63.6% | +25.3% | +209.2% | +223.2% | +528.1% | +266.4% | −30.1% | +5.7% | −84.5% | – | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 6,62,247 | 6,63,262 | 6,43,037 | 6,84,829 | 3,60,572 | 4,25,001 | 4,53,461 | 3,62,246 |
| Other income | 12,357 | 12,394 | 12,222 | 8,074 | 9,323 | 8,532 | 8,149 | 7,468 |
| Total expenses | 6,09,547 | 6,24,143 | 5,79,158 | 6,41,749 | 3,41,724 | 4,06,491 | 4,08,679 | 3,33,468 |
| EBITDA | 1,03,120 | 88,861 | 1,02,835 | 75,527 | 49,466 | 52,145 | 74,644 | 56,866 |
| EBITDA margin | 15.6% | 13.4% | 16.0% | 11.0% | 13.7% | 12.3% | 16.5% | 15.7% |
| Finance costs | 13,029 | 14,535 | 10,194 | 7,889 | 5,079 | 7,000 | 5,837 | 4,999 |
| Depreciation | 37,391 | 35,206 | 28,763 | 24,557 | 25,538 | 26,635 | 24,026 | 23,089 |
| Profit before tax | 64,621 | 51,362 | 74,464 | 43,017 | 29,090 | 18,014 | 51,339 | 36,494 |
| Tax | 17,830 | 14,069 | 19,759 | 10,273 | 8,766 | 7,508 | 20,880 | 13,140 |
| Net profit | 49,793 | 38,329 | 57,101 | 32,778 | 21,343 | 11,560 | 33,887 | 26,068 |
| Net margin | 7.5% | 5.8% | 8.9% | 4.8% | 5.9% | 2.7% | 7.5% | 7.2% |
| EPS (₹) | 32.93 | 28.80 | 39.13 | 28.17 | 12.92 | 8.67 | 23.81 | 17.23 |
| Net profit YoY | +29.9% | −32.9% | +74.2% | – | +84.6% | −65.9% | +30.0% | – |
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 |
|---|---|---|---|---|
| Operating cash flow | 1,12,719 | 90,868 | 99,263 | 84,211 |
| Investing cash flow | −57,676 | −43,022 | −57,267 | −73,209 |
| Financing cash flow | −56,331 | −47,908 | −45,650 | −12,916 |
| Capital expenditure | 41,282 | 41,031 | 37,916 | 36,792 |
| Free cash flow (CFO − capex) | 71,438 | 49,837 | 61,347 | 47,419 |
Net profit trend
annual, ₹ croreFY20
₹11,560
FY21
₹21,343+85%
FY23
₹32,778+54%
FY24
₹57,101+74%
FY25
₹38,329−33%
FY26
₹49,793+30%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 4 Aug 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 4 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 26 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 26 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 12 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 12 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 10 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 10 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 12 Aug 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 12 Aug 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 6.7×6.6×
P/B5Y avg 0.85×0.80×
ROEFY26, on average equity13.9%
Net margin7.5%
Debt / equity0.38×
Revenue CAGR (3Y)-1.1%
Profit CAGR (3Y)15.0%
EPS (TTM)₹35.61
Market cap₹2.97L Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.80×
vs 8-point avg 0.85× (−6%)
0.57× low0.85× avg1.06× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹7.92L Cr+4%
Net worth₹3.72L Cr+8%
Total borrowings₹1.42L Cr−7%
Cash & bank balances₹1,554 Cr−66%
Investments₹37,331 Cr+1%
Inventories₹64,918 Cr+10%
Trade receivables₹22,014 Cr+4%
Trade payables₹46,933 Cr+20%
Change vs the same date a year earlier.
Revenue mix FY26
A. (ii) In India - Refining & Marketing79.1%result ₹28,664 Cr
A. (i) (a) In India - E&P - Offshore12.5%result ₹34,008 Cr
A. (i) (b) In India - E&P - Onshore5.4%result ₹5,955 Cr
A. (iii) In India - Petrochemicals1.9%result ₹−382 Cr
B. Outside India1.1%result ₹2,236 Cr
Segment revenue as reported, before inter-segment eliminations.