Quarterly results
standalone · 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 | Q3 FY21 | Q2 FY21 | Q1 FY21 | Q4 FY20 | Q3 FY20 | Q2 FY20 | Q1 FY20 | Q4 FY19 | Q3 FY19 | Q2 FY19 | Q1 FY19 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 28.6 | 29 | 20.6 | 44.5 | 19.4 | 6.7 | 20.6 | 23.4 | 13.9 | 34 | 28.3 | 16.6 | 3.4 | 7 | 7.9 | 5.2 | 15.5 | 29.7 | 40.1 | 3.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other income | 0.8 | 2.5 | 0.5 | 2.9 | 1.7 | 4.5 | 0.5 | 0.5 | 0.8 | 3.4 | 0.2 | 1.8 | 1.7 | 1.7 | 1 | 1.9 | 4.8 | 2.4 | 1.6 | 1.2 | 4.9 | 2.8 | 3 | 10 | 6.7 | 6.1 | 6.3 | 10.8 | 14.4 | 14.7 | 14 | 12.8 |
| Total expenses | 24.7 | 43.2 | 15.2 | 47 | 23.8 | 50.4 | 29.6 | 22.7 | 16.7 | 26.9 | 26.2 | 21.6 | 20 | 19.8 | 17.8 | 14.7 | 21.3 | 39.9 | 24.6 | 20.3 | 18.9 | 20.5 | 16.7 | 9.2 | 22 | 20.4 | 26.1 | 629 | 16 | 31.4 | 16.4 | 277 |
| EBITDA | 9 | −9.3 | 10.4 | 8.1 | 0.9 | −36.2 | −2 | 6.7 | 3.1 | 13.4 | 12.4 | 3 | −5.8 | −7.6 | −3.8 | −2.3 | 2.2 | 11.1 | 22.9 | −7.3 | −10.3 | −11.7 | −8 | −9.4 | −11 | −13.1 | −20.1 | −623 | −11.1 | −27.5 | −12 | −265 |
| EBITDA margin | 31.5% | -32.2% | 50.3% | 18.2% | 4.6% | -538.3% | -9.8% | 28.7% | 22.4% | 39.4% | 44.0% | 18.1% | -169.8% | -109.0% | -48.4% | -43.6% | 14.0% | 37.3% | 57.2% | -187.1% | – | – | – | – | – | – | – | – | – | – | – | – |
| Finance costs | 4.8 | 4.6 | 4.7 | 10.1 | 5.2 | 5.2 | 6.3 | 5.5 | 5.4 | 5.5 | 7.3 | 7.5 | 10.3 | 4.9 | 5.5 | 6.7 | 7.4 | 7.8 | 6.9 | 8.1 | 8.1 | 8.3 | 8.1 | 8.4 | 7.3 | 3.6 | 2.2 | 2.3 | 1.2 | 0.1 | 0.7 | 1 |
| Depreciation | 0.3 | 0.2 | 0.3 | 0.5 | 0.2 | 2.2 | 0.6 | 0.6 | 0.6 | 0.7 | 3 | 0.6 | 0.6 | 0.4 | 0.6 | 0.6 | 0.7 | 13.4 | 0.5 | 1 | 0.5 | 0.6 | 0.5 | −8.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 11.3 |
| Profit before tax | 4.8 | −11.7 | 5.9 | 0.5 | −2.8 | −39.1 | −8.4 | 1.2 | −2.1 | 10.5 | 2.3 | −3.2 | −14.9 | −10.8 | −8.9 | −7 | −0.6 | −7.7 | 17.1 | −15.2 | −14 | −17.7 | −13.7 | 0.8 | −15.2 | −14.3 | −19.7 | −618 | −1.5 | −16.7 | −2.4 | −264 |
| Tax | 1.3 | −4.1 | 1.5 | 0.1 | 0 | −7.7 | −0.9 | 0.4 | 0 | −3 | 0 | −5.2 | 0 | −10.9 | 0 | −1.1 | 1.3 | −2.9 | 0.1 | 2.2 | −0.2 | −0.4 | 2.2 | 29 | −0.7 | −1.2 | 1.2 | −187 | −1.3 | −1 | 3.4 | −9.3 |
| Net profit | 3.5 | −7.6 | 4.3 | 0.4 | −2.8 | −31.4 | −7.5 | 0.8 | −2.1 | 13.5 | 2.3 | 1.9 | −14.9 | 0.1 | −8.9 | −5.9 | −1.9 | −4.8 | 17 | −17.4 | −13.8 | −17.3 | −15.9 | −28.3 | −14.5 | −13.1 | −20.8 | −430 | −0.2 | −15.6 | −5.7 | −255 |
| Net margin | 12.1% | -26.2% | 21.1% | 0.8% | -14.4% | -466.9% | -36.3% | 3.4% | -15.0% | 39.7% | 8.2% | 11.6% | -439.0% | 1.7% | -112.5% | -112.6% | -12.4% | -16.1% | 42.3% | -447.4% | – | – | – | – | – | – | – | – | – | – | – | – |
| EPS (₹) | 5.75 | -12.68 | 7.24 | 0.59 | -4.64 | -52.41 | -12.49 | 1.32 | 3.46 | 22.48 | 3.87 | 0.00 | -24.86 | 32.98 | -14.82 | -4.88 | -3.19 | 0.00 | 28.29 | -29.05 | -22.96 | -28.92 | -26.44 | -47.12 | -24.20 | -21.83 | -34.68 | 0.00 | -0.36 | -26.06 | -9.52 | -424.44 |
| Net profit YoY | +223.9% | +75.8% | +158.0% | −55.1% | −34.1% | −333.1% | −422.9% | −58.9% | +86.1% | +11055.7% | +126.1% | +132.9% | −679.6% | – | −86.0% | −134.5% | +89.0% | +65.3% | +197.8% | −9.9% | +5.1% | −32.5% | +23.8% | +93.4% | −6536.9% | +16.3% | −264.2% | −68.9% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 94.1 | 64.6 | 82.3 | 35.5 | 0 | 0 | 0 |
| Other income | 5.9 | 6.4 | 7.1 | 9.4 | 29.1 | 53.9 | 55.2 |
| Total expenses | 105 | 119 | 94.7 | 73.7 | 77.6 | 693 | 313 |
| EBITDA | 9.1 | −28.5 | 23.1 | −11.5 | −53.6 | −674 | −297 |
| EBITDA margin | 9.7% | -44.0% | 28.0% | -32.4% | – | – | – |
| Finance costs | 19.5 | 22.4 | 30.6 | 24.4 | 21.5 | 4.3 | 1 |
| Depreciation | 1 | 3.9 | 4.9 | 2.2 | 2.5 | 15 | 15 |
| Profit before tax | −5.4 | −48.4 | −5.3 | −27.2 | −48.4 | −638 | −258 |
| Tax | −2.5 | −8.2 | −8.1 | −10.7 | 28.3 | −186 | −5.2 |
| Net profit | −2.9 | −40.2 | 2.8 | −16.5 | −76.7 | −452 | −253 |
| Net margin | -3.1% | -62.3% | 3.4% | -46.6% | – | – | – |
| EPS (₹) | -4.85 | -67.04 | 4.70 | -27.57 | -127.82 | 0.00 | -421.60 |
| Net profit YoY | +92.8% | −1526.8% | +117.0% | – | +83.0% | −78.5% | – |
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 | 35 | 170 | −81 | −109 |
| Investing cash flow | −71.6 | −90 | 55 | 1.8 |
| Financing cash flow | −19.5 | −22.4 | 30.6 | 24.4 |
| Capital expenditure | 75.8 | 111 | −0.2 | 0 |
| Free cash flow (CFO − capex) | −40.8 | 59.1 | −81.2 | −109 |
Net profit trend
annual, ₹ croreFY19
₹−452
FY20
₹−76.7+83%
FY23
₹−16.5+78%
FY24
₹2.8+117%
FY25
₹−40.2−1527%
FY26
₹−2.9+93%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Standalone | 18 Sept 2026 | PDF XBRL |
| Q4 FY26 | Standalone · audited | – | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 24 Jul 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 12 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | – | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 20 Dec 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 3 Sept 2025 | PDF on NSE XBRL |
| Q4 FY25 | Standalone | 18 Jun 2025 | PDF on NSE XBRL |
| Q3 FY25 | Standalone | 11 Feb 2025 | PDF on NSE XBRL |
| Q2 FY25 | Standalone | 21 Nov 2024 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 1258.5×4111.6×
P/B-41.01×
ROEFY26, on average equity5.5%
Net margin-3.1%
Debt / equity-2.58×
Revenue CAGR (3Y)38.4%
Profit CAGR (3Y)–
EPS (TTM)₹0.91
Market cap₹2,241 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₹580 Cr+8%
Net worth₹-55 Cr−6%
Total borrowings₹141 Cr−24%
Cash & bank balances₹6 Cr−90%
Investments₹0 Cr−100%
Inventories₹44 Cr+56%
Trade receivables₹0 Cr
Trade payables₹5 Cr+164%
Change vs the same date a year earlier.
Revenue mix FY26
Iron Ore94.1%result ₹13.2 Cr
Un-allocated5.9%result ₹0.8 Cr
Segment revenue as reported, before inter-segment eliminations.