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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	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18
Revenue from operations	1,267	1,384	1,207	1,061	1,023	979	909	897	813	863	841	1,026	1,210	1,435	1,106	1,075	1,028	1,099	852	773	662	691	588	652	605	852	745	668	664	672	654	606	608	587
Other income	37	−34.9	6.7	10.9	167	149	−83.8	131	29.9	90.7	105	11.8	58.6	95.5	70.2	53	60.8	27.3	17.5	7.8	39.2	22.2	61.6	4.3	3.3	60.9	2.2	21.2	14.4	38.3	43.2	11.9	30	2.3
Total expenses	1,271	1,262	1,113	1,066	1,026	1,005	919	953	978	1,070	1,064	1,322	1,338	1,288	1,107	1,102	1,060	1,004	852	796	728	725	700	628	591	852	860	721	723	685	680	710	646	652
EBITDA	301	488	394	254	244	232	268	211	74.9	31.7	25.8	−7	153	437	189	179	170	319	199	168	111	168	47.6	181	169	150	35.6	104	95.8	120	108	47.9	82.6	94.7
EBITDA margin	23.8%	35.3%	32.7%	23.9%	23.9%	23.7%	29.5%	23.5%	9.2%	3.7%	3.1%	-0.7%	12.6%	30.4%	17.1%	16.6%	16.5%	29.1%	23.3%	21.7%	16.7%	24.3%	8.1%	27.8%	27.9%	17.6%	4.8%	15.6%	14.4%	17.8%	16.6%	7.9%	13.6%	16.1%
Finance costs	126	148	133	120	114	133	150	128	127	125	117	160	156	132	87.8	99.9	101	101	98.6	95	78.3	68.4	65.4	59.9	57.3	52.2	60.1	60.5	58.6	49	57.5	81.4	48.7	93.1
Depreciation	179	218	167	139	133	126	128	139	112	113	132	128	125	157	102	107	101	123	100	95.8	97.9	133	93.8	97.1	97.6	98.5	90.2	97.1	95.5	83.7	77.1	70.9	71.9	66.1
Profit before tax	−32.2	81.7	82.7	5.8	164	−257	−93.7	75.1	−135	−116	−118	−284	−68.8	243	69.3	22.3	−28.1	−31.1	17.5	−42.4	−26.2	−11.7	−49.9	5.9	17.2	−7.1	−113	−32.3	−43.9	25.2	16.9	−92.5	−8	−62.2
Tax	13	−36	13.5	1.7	53.7	−5.7	5.3	24.7	23.3	−35.4	−39.1	−27	3.3	52.2	27.4	11.4	20.7	58.8	28.9	4.5	−0.6	16.2	−16	4.5	12.8	−16.1	0.6	−24.9	−1.5	4.6	−9.6	−21.1	0.6	0.1
Net profit	−45.8	118	69.2	4.1	110	−252	−99	50.4	−158	−80.4	−79	−257	−72.1	190	41.9	11	−48.8	−89.9	−11.4	−46.9	−25.7	−27.9	−33.9	1.4	4.3	9	−113	−7.4	−42.4	20.6	26.4	−71.4	−8.5	−62.3
Net margin	-3.6%	8.5%	5.7%	0.4%	10.8%	-25.7%	-10.9%	5.6%	-19.4%	-9.3%	-9.4%	-25.0%	-6.0%	13.3%	3.8%	1.0%	-4.7%	-8.2%	-1.3%	-6.1%	-3.9%	-4.0%	-5.8%	0.2%	0.7%	1.1%	-15.2%	-1.1%	-6.4%	3.1%	4.0%	-11.8%	-1.4%	-10.6%
EPS (₹)	-0.53	1.06	0.91	0.10	2.05	-7.70	-3.30	1.68	-5.27	-2.68	-2.64	-8.58	-2.41	6.36	1.40	0.37	-1.63	-3.00	-0.38	-1.57	-0.86	-0.93	-1.13	0.05	0.15	0.30	-3.78	-0.25	-1.42	0.69	0.88	-2.39	-0.28	-2.08
Net profit YoY	−141.4%	+146.8%	+169.9%	−91.9%	+169.9%	−212.9%	−25.3%	+119.6%	−119.3%	−142.2%	−288.6%	−2446.4%	−47.7%	+311.9%	+467.4%	+123.3%	−90.2%	−222.0%	+66.4%	−3542.2%	−691.1%	−409.4%	+70.0%	+118.3%	+110.3%	−56.1%	−527.7%	+89.6%	−397.8%	+133.0%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	4,676	3,599	3,930	4,644	3,386	2,536	2,929	2,540	2,257
Other income	108	227	237	279	91.8	73.8	84	123	34.5
Total expenses	4,425	3,856	4,754	4,558	3,380	2,626	3,142	2,722	2,331
EBITDA	1,423	786	232	974	797	583	400	358	416
EBITDA margin	30.4%	21.8%	5.9%	21.0%	23.5%	23.0%	13.7%	14.1%	18.4%
Finance costs	515	538	558	421	373	251	231	237	212
Depreciation	658	505	498	467	417	422	381	304	277
Profit before tax	334	−411	−587	306	−82.3	−38.6	−196	−58.4	−38.8
Tax	32.9	47.5	−98.2	112	91.6	17.6	−42	−25.5	5.6
Net profit	301	−458	−488	194	−174	−56.1	−154	−33	−44.4
Net margin	6.4%	-12.7%	-12.4%	4.2%	-5.1%	-2.2%	-5.3%	-1.3%	-2.0%
EPS (₹)	3.94	-12.57	-16.31	6.49	-5.81	-1.88	-5.14	-1.10	-1.49
Net profit YoY	+165.8%	+6.2%	−351.2%	+211.8%	−209.7%	+63.5%	−366.9%	+25.8%	–

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	1,024	295	−32.5	254	183
Investing cash flow	−590	−356	−317	−490	−79.7
Financing cash flow	43.1	133	335	152	−232
Capital expenditure	532	365	305	360	85.1
Free cash flow (CFO − capex)	492	−70.1	−338	−106	98.2

Net profit trend

annual, ₹ crore

FY21

₹−56.1

FY22

₹−174−210%

FY23

₹194+212%

FY24

₹−488−351%

FY25

₹−458+6%

FY26

₹301+166%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	6 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	6 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	29 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	29 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	27 Jan 2026	PDF XBRL
Q3 FY26	Standalone	27 Jan 2026	PDF XBRL
Q2 FY26	Consolidated	12 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	12 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	13 Aug 2025	PDF on NSE XBRL
Q1 FY26	Standalone	13 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2627.57 MB FY2515.44 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 58.1×168.6×

P/B5Y avg 46.92×11.72×

ROEFY26, on average equity21.2%

Net margin6.4%

Debt / equity2.37×

Revenue CAGR (3Y)0.2%

Profit CAGR (3Y)15.7%

EPS (TTM)₹1.87

Market cap₹24,479 Cr

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

P/B vs history

11.72×

vs 8-point avg 46.92× (−75%)

7.85× low46.92× avg243.28× high

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

Balance sheet 31 Mar 2026

Total assets₹10,649 Cr+25%

Net worth₹2,089 Cr+175%

Total borrowings₹4,941 Cr+21%

Cash & bank balances₹688 Cr+221%

Investments₹236 Cr+50%

Inventories₹0 Cr

Trade receivables₹462 Cr+10%

Trade payables₹367 Cr+14%

Change vs the same date a year earlier.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Sept 25	Jun 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24
Promoter	60.73	60.77	60.77	60.80	60.80	67.61	67.61	69.85	69.85	69.87	69.88	69.88
FII	3.41	3.67	3.35	4.01	4.13	10.24	10.92	11.24	11.25	11.29	11.22	11.21
DII	1.07	1.16	1.14	1.08	1.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00
of which MF	0.09	0.08	0.06	0.00	0.00	0.00	–	–	–	–	–	–
Retail	5.14	4.69	5.11	4.19	4.12	6.38	6.19	4.47	3.87	3.74	3.88	4.01
Other public	29.65	29.71	29.63	29.92	29.87	15.77	15.28	14.44	15.03	15.10	15.02	14.90

26,384 shareholders · NSE shareholding pattern filings.