Quarterly results
standalone · as filed with NSE · Q1 FY27 back to Q4 FY17
| ₹ 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 | Q3 FY19 | Q2 FY19 | Q1 FY19 | Q4 FY17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 228 | 231 | 236 | 200 | 238 | 219 | 230 | 208 | 238 | 242 | 203 | 143 | 243 | 258 | 253 | 220 | 211 | 191 | 164 | 140 | 90.8 | 155 | 118 | 89.8 | 80.6 | 134 | 164 | 159 | 150 | 198 | 190 | 187 | 136 | 182 |
| Other income | 2.4 | 3.2 | 1.8 | 9.7 | 2.8 | 3.1 | 4.5 | 6.1 | 2.1 | 5.2 | 3.7 | 5.7 | 10.5 | 19 | 1.2 | 6.5 | 2.4 | 3.4 | 0.7 | 3.9 | 1.1 | 3.9 | 1 | 2.7 | 2.1 | 3.5 | 3 | 4 | 1.4 | 3.6 | 7.6 | 10.2 | 12.3 | 3.3 |
| Total expenses | 241 | 248 | 268 | 252 | 259 | 251 | 252 | 247 | 250 | 262 | 206 | 172 | 204 | 206 | 193 | 215 | 210 | 196 | 172 | 162 | 109 | 159 | 135 | 115 | 106 | 144 | 163 | 150 | 141 | 172 | 164 | 157 | 121 | 159 |
| EBITDA | 8 | 3.8 | −11.1 | −32.4 | 1.4 | −10.4 | −1.2 | −17.4 | 8.2 | 0.8 | 17.4 | −11.5 | 54.4 | 68.5 | 68.8 | 14.8 | 9.9 | 4.6 | 1.2 | −13.5 | −9.3 | 5.3 | −6.8 | −15.8 | −16.1 | 0.5 | 10.6 | 18.7 | 17.7 | 36.9 | 36.4 | 40 | 24.5 | 34.3 |
| EBITDA margin | 3.5% | 1.6% | -4.7% | -16.2% | 0.6% | -4.8% | -0.5% | -8.4% | 3.4% | 0.3% | 8.6% | -8.0% | 22.4% | 26.5% | 27.2% | 6.7% | 4.7% | 2.4% | 0.7% | -9.6% | -10.2% | 3.4% | -5.7% | -17.6% | -20.0% | 0.4% | 6.5% | 11.8% | 11.8% | 18.6% | 19.2% | 21.4% | 18.1% | 18.9% |
| Finance costs | 6.6 | 4.8 | 6 | 5.7 | 8.1 | 8.1 | 8.4 | 8.2 | 7.9 | 7.7 | 8.8 | 7.4 | 5 | 5.7 | 1.6 | 1.9 | 1.2 | 1.3 | 1.3 | 1.3 | 1.1 | 1.9 | 1.9 | 1.5 | 1.3 | 1.5 | 1.3 | 1.4 | 1.1 | 2.4 | 2.3 | 2.8 | 2.4 | 3.4 |
| Depreciation | 14.7 | 16 | 14.2 | 14.1 | 13.9 | 13.3 | 12.7 | 12.8 | 12.5 | 12.3 | 11.2 | 10.1 | 10.1 | 10 | 7.5 | 7.8 | 7.7 | 7.7 | 7.7 | 7.8 | 7.9 | 8 | 8.3 | 8.1 | 8 | 8.5 | 8.4 | 8.2 | 8 | 8 | 8 | 7.9 | 7.7 | 8.5 |
| Profit before tax | −10.9 | −13.8 | −29.4 | −42.4 | −17.8 | −28.8 | −17.8 | −32.3 | −10 | −13.9 | 1.1 | −23.2 | 49.8 | 71.7 | 60.8 | 11.6 | 3.4 | −1 | −7 | −18.7 | −17.2 | −0.6 | −15.9 | −22.8 | −23.4 | −6 | 4 | 13.1 | 9.9 | 30 | 33.7 | 39.6 | 26.7 | 25.6 |
| Tax | −2.6 | −2.8 | −8.1 | −11.8 | −51.8 | −10.7 | −7.3 | −12.7 | −3.5 | −7.5 | 4.3 | −6.9 | 17.7 | 21.8 | 21.3 | 4.1 | 1.2 | 1.2 | −3.5 | −7 | −5.7 | 3.2 | −5.3 | −8.1 | −5.9 | −3 | 0.6 | 1.5 | 1.9 | −2.4 | 12.9 | 9.9 | 8 | 9.9 |
| Net profit | −8.3 | −10.9 | −21.3 | −30.6 | 34 | −18.1 | −10.5 | −19.7 | −6.4 | −6.4 | −3.2 | −16.3 | 32.2 | 50 | 39.5 | 7.6 | 2.2 | −2.2 | −3.5 | −11.7 | −11.5 | −3.8 | −10.6 | −14.7 | −17.4 | −3 | 3.3 | 11.6 | 8 | 32.4 | 20.9 | 29.7 | 18.7 | 15.8 |
| Net margin | -3.6% | -4.7% | -9.0% | -15.3% | 14.3% | -8.2% | -4.6% | -9.4% | -2.7% | -2.6% | -1.6% | -11.4% | 13.2% | 19.3% | 15.6% | 3.4% | 1.1% | -1.2% | -2.1% | -8.4% | -12.6% | -2.5% | -9.0% | -16.4% | -21.6% | -2.2% | 2.0% | 7.3% | 5.4% | 16.4% | 11.0% | 15.9% | 13.8% | 8.7% |
| EPS (₹) | -0.39 | -0.52 | -1.00 | -1.44 | 1.60 | -0.85 | -0.49 | -0.93 | -0.30 | -0.31 | -0.15 | -0.77 | 1.52 | 2.35 | 1.86 | 0.35 | 0.11 | -0.10 | -0.17 | -0.55 | -0.54 | -0.18 | -0.50 | -0.69 | -0.82 | -0.14 | 0.16 | 0.54 | 0.38 | 1.53 | 0.98 | 1.40 | 0.88 | 0.74 |
| Net profit YoY | −124.3% | +39.5% | −102.3% | −55.6% | +629.8% | −181.6% | −226.5% | −20.5% | −119.9% | −112.9% | −108.1% | −316.1% | +1340.9% | +2370.5% | +1226.2% | +164.6% | +119.5% | +42.6% | +66.9% | +20.3% | +34.2% | −28.6% | −418.4% | −227.1% | −317.3% | −109.2% | −84.0% | −61.1% | −57.0% | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 906 | 896 | 832 | 943 | 586 | 443 | 607 | 710 | 158 |
| Other income | 17.5 | 15.8 | 25.2 | 29.1 | 9.2 | 9.6 | 11.8 | 33.7 | 8.7 |
| Total expenses | 1,027 | 1,000 | 843 | 824 | 639 | 516 | 597 | 614 | 157 |
| EBITDA | −38.2 | −20.8 | 61.1 | 162 | −16.9 | −33.4 | 47.5 | 138 | 16 |
| EBITDA margin | -4.2% | -2.3% | 7.3% | 17.2% | -2.9% | -7.5% | 7.8% | 19.4% | 10.1% |
| Finance costs | 24.5 | 32.5 | 28.9 | 10.4 | 5 | 6.6 | 5.2 | 10 | 7.8 |
| Depreciation | 58.1 | 51.4 | 43.6 | 33 | 31.2 | 32.4 | 33.2 | 31.6 | 7.4 |
| Profit before tax | −103 | −88.9 | 13.8 | 148 | −43.9 | −62.8 | 20.9 | 130 | 9.6 |
| Tax | −74.6 | −34.2 | 7.5 | 48.4 | −15 | −16.2 | 1 | 28.4 | −3.2 |
| Net profit | −28.8 | −54.7 | 6.2 | 99.2 | −28.9 | −46.5 | 19.9 | 102 | 35.6 |
| Net margin | -3.2% | -6.1% | 0.7% | 10.5% | -4.9% | -10.5% | 3.3% | 14.3% | 22.6% |
| EPS (₹) | -1.36 | -2.58 | 0.29 | 4.68 | -1.36 | -2.19 | 0.94 | 4.79 | 0.62 |
| Net profit YoY | +47.3% | −978.0% | −93.7% | +443.7% | +38.0% | −333.6% | −80.4% | – | – |
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 | −26.7 | −12.3 | 101 | 61.8 | −24.5 |
| Investing cash flow | 164 | −27.5 | −97.9 | −97.6 | −87.1 |
| Financing cash flow | −138 | 38.9 | −4.2 | 34.7 | 104 |
| Capital expenditure | 0 | 65.1 | 158 | 130 | 126 |
| Free cash flow (CFO − capex) | −26.7 | −77.4 | −56.5 | −68 | −151 |
Net profit trend
annual, ₹ croreFY21
₹−46.5
FY22
₹−28.9+38%
FY23
₹99.2+444%
FY24
₹6.2−94%
FY25
₹−54.7−978%
FY26
₹−28.8+47%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Standalone | 7 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 9 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 11 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 13 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 5 Aug 2025 | PDF on NSE XBRL |
| Q4 FY25 | Standalone · audited | 22 May 2025 | PDF on NSE XBRL |
| Q3 FY25 | Standalone | 10 Feb 2025 | PDF on NSE XBRL |
| Q2 FY25 | Standalone | 11 Nov 2024 | PDF on NSE XBRL |
| Q1 FY25 | Standalone | 8 Aug 2024 | PDF on NSE XBRL |
| Q4 FY24 | Standalone · audited | 29 May 2024 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 74.1×-5.0×
P/B5Y avg 0.46×0.24×
ROEFY26, on average equity-1.9%
Net margin-3.2%
Debt / equity0.20×
Revenue CAGR (3Y)-1.3%
Profit CAGR (3Y)–
EPS (TTM)₹-3.35
Market cap₹356 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.24×
vs 8-point avg 0.46× (−47%)
0.20× low0.46× avg0.70× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹2,179 Cr−9%
Net worth₹1,468 Cr−4%
Total borrowings₹287 Cr−28%
Cash & bank balances₹1 Cr−41%
Investments₹209 Cr−53%
Inventories₹159 Cr+6%
Trade receivables₹17 Cr+0%
Trade payables₹130 Cr+4%
Change vs the same date a year earlier.
Revenue mix FY26
Paper & Tissue80.7%result ₹−83.4 Cr
Chemicals19.3%result ₹21.7 Cr
Segment revenue as reported, before inter-segment eliminations.