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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	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 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	3,444	3,519	3,172	3,419	2,999	3,526	3,125	3,306	2,621	3,215	2,580	2,463	2,115	2,742	2,574	2,340	2,775	2,232	2,195	1,626	1,765	1,856	967	2,004	1,437	1,673	1,535	2,083	1,491	1,596	1,315	1,505
Other income	9.5	28.5	4.5	27	39.6	9.5	9	11.5	19.6	5.8	15.7	8.5	4.8	2.1	7.3	2.7	21.3	5.1	10.9	48.6	9.9	9.8	16.7	−7.4	16.2	8.2	9.6	−6.1	2.9	13.1	6.2	2.6
Total expenses	3,421	3,467	3,131	3,392	3,012	3,451	3,086	3,217	2,604	3,156	2,559	2,373	2,093	2,659	2,481	2,295	2,703	2,152	2,135	1,614	1,693	1,841	977	1,938	1,439	1,659	1,530	2,016	1,483	1,595	1,328	1,487
EBITDA	96.1	122	109	103	50.5	139	95.6	149	73.3	114	74.6	136	67.3	133	132	73.1	103	101	84.3	34.3	96.9	35.4	15.5	109	22.1	27	24.9	82.1	22.3	14.8	0.8	31.6
EBITDA margin	2.8%	3.5%	3.4%	3.0%	1.7%	4.0%	3.1%	4.5%	2.8%	3.5%	2.9%	5.5%	3.2%	4.8%	5.1%	3.1%	3.7%	4.5%	3.8%	2.1%	5.5%	1.9%	1.6%	5.5%	1.5%	1.6%	1.6%	3.9%	1.5%	0.9%	0.1%	2.1%
Finance costs	37.1	34.2	36.1	42.7	33.5	29.5	30.1	33.9	33	27.8	31.3	24.5	23.4	27.4	20.7	9.3	11.1	4.9	7.3	4.7	5.2	5.1	10.4	26.2	7.6	4	11.4	7	9.3	9.4	8.6	8.3
Depreciation	36.1	36.3	32	32.6	29.9	35.5	26.6	25.4	23.3	26.4	22.8	22.7	21.5	22.6	18.7	18.7	19.3	16.7	16.7	17.2	20.3	16	15.5	16.8	17.4	9.3	8.7	7.6	4.7	4.7	4.5	4.9
Profit before tax	32.4	80.1	45.7	54.7	26.7	83.8	47.9	101	36.6	69.7	36.1	97.8	27.1	84.8	99.7	47.8	93.9	84.6	71.2	61	81.4	24.1	6.2	45.3	13.3	21.8	14.4	61.5	11.2	13.8	−6.1	21.1
Tax	5.7	6.2	7.3	7.5	6.9	9.5	4.7	8.3	4.6	4.3	10.6	9.8	5	9.3	6.6	3.1	6.5	4	4.1	2.7	11.5	5	1.9	7.1	1.9	0.1	0.4	14.9	−0.3	0.8	−15.3	2.5
Net profit	28.6	72.1	37	48.4	20	74.6	42.5	93.2	31.2	65.4	25.5	88.5	23.3	76.6	92.7	44.2	86.2	80.7	66.8	59.1	69.4	18.2	2.1	35.8	11.4	21	12.9	45.4	11.7	13.2	8.9	17
Net margin	0.8%	2.0%	1.2%	1.4%	0.7%	2.1%	1.4%	2.8%	1.2%	2.0%	1.0%	3.6%	1.1%	2.8%	3.6%	1.9%	3.1%	3.6%	3.0%	3.6%	3.9%	1.0%	0.2%	1.8%	0.8%	1.3%	0.8%	2.2%	0.8%	0.8%	0.7%	1.1%
EPS (₹)	1.33	3.47	1.39	2.13	0.92	2.86	1.77	5.32	1.51	3.48	1.11	4.96	1.44	4.33	5.94	14.19	29.62	25.24	19.83	20.69	23.16	-1.56	-1.93	6.49	4.01	2.88	4.29	13.17	5.01	0.88	1.23	1.39
Net profit YoY	+42.7%	−3.3%	−12.7%	−48.0%	−35.8%	+14.0%	+66.5%	+5.3%	+33.7%	−14.6%	−72.5%	–	−47.2%	−11.2%	+14.9%	−25.2%	+24.2%	–	+266.8%	+2698.7%	+94.1%	−13.1%	−83.6%	−21.2%	−2.2%	+59.0%	+45.1%	+167.3%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	13,110	12,578	10,373	10,577	8,828	6,213	6,648	6,486	4,924
Other income	99.7	49.5	34.7	51.5	86	37.4	26.5	16.1	24.4
Total expenses	13,002	12,358	10,181	10,272	8,604	6,076	6,564	6,422	4,924
EBITDA	385	457	392	459	323	230	186	123	37.8
EBITDA margin	2.9%	3.6%	3.8%	4.3%	3.7%	3.7%	2.8%	1.9%	0.8%
Finance costs	146	127	107	74.1	28	25.7	49.3	32.3	21.7
Depreciation	131	111	93.4	80.2	69.9	67.7	52.2	26.3	16.4
Profit before tax	207	269	232	356	311	174	97.4	80.3	24
Tax	27.8	27.1	29.7	30	17.3	21.5	9.5	0.1	3.2
Net profit	178	241	203	327	293	148	81.1	79.2	19.5
Net margin	1.4%	1.9%	2.0%	3.1%	3.3%	2.4%	1.2%	1.2%	0.4%
EPS (₹)	7.91	11.44	10.98	20.30	95.38	32.37	17.67	20.29	-3.01
Net profit YoY	−26.4%	+19.1%	−38.0%	+11.6%	+97.3%	+83.1%	+2.4%	+305.4%	–

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	781	−36.6	190	510	403
Investing cash flow	−32.1	−258	−314	−164	−228
Financing cash flow	−500	403	−38.5	−310	−20.8
Capital expenditure	36.1	91.1	162	31.9	38
Free cash flow (CFO − capex)	745	−128	27.4	478	365

Net profit trend

annual, ₹ crore

FY21

₹148

FY22

₹293+97%

FY23

₹327+12%

FY24

₹203−38%

FY25

₹241+19%

FY26

₹178−26%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	7 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	7 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	15 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	15 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	27 Oct 2025	PDF XBRL
Q2 FY26	Standalone	27 Oct 2025	PDF XBRL
Q1 FY26	Consolidated	31 Jul 2025	PDF XBRL
Q1 FY26	Standalone	31 Jul 2025	PDF XBRL

Annual reports

NSE archive

FY269.28 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 23.4×27.1×

P/B5Y avg 4.15×2.86×

ROEFY26, on average equity10.4%

Net margin1.4%

Debt / equity0.65×

Revenue CAGR (3Y)7.4%

Profit CAGR (3Y)-18.4%

EPS (TTM)₹13.18

Market cap₹5,051 Cr

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

P/B vs history

2.86×

vs 7-point avg 4.15× (−31%)

2.10× low4.15× avg5.83× high

History points are balance-sheet dates (2023 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹5,266 Cr+11%

Net worth₹1,764 Cr+7%

Total borrowings₹1,141 Cr+3%

Cash & bank balances₹760 Cr+75%

Investments₹402 Cr+3%

Inventories₹557 Cr+15%

Trade receivables₹1,647 Cr−11%

Trade payables₹1,740 Cr+15%

Change vs the same date a year earlier.

Revenue mix FY26

Sourcing92.3%result ₹141 Cr

Manufacturing7.7%result ₹38.1 Cr

Others0.0%result ₹19.7 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	Aug 24	Jun 24	Mar 24	Dec 23
Promoter	61.37	61.37	61.40	61.41	61.41	61.42	61.52	61.69	61.81	65.73	65.81	65.84
FII	3.78	3.32	3.23	3.67	4.43	5.00	5.15	5.24	5.56	3.69	3.72	3.41
DII	5.19	5.77	5.78	5.66	5.92	5.74	5.74	5.29	5.05	0.91	0.85	0.64
of which MF	3.56	3.55	3.47	3.47	3.48	–	–	–	–	–	–	–
Retail	20.52	20.33	20.67	20.80	20.11	19.96	19.72	20.01	19.78	21.59	21.57	22.19
Other public	8.98	9.05	8.77	8.30	7.97	7.72	7.71	7.60	7.64	7.90	7.93	7.80

30,943 shareholders · NSE shareholding pattern filings.