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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	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	1,032	920	799	723	1,037	845	926	1,077	1,167	890	885	889	1,013	1,011	761	777	895	1,157	847	894	1,031	1,032	891	764	529	647	739	762	825	885	1,026	950	985	910
Other income	6.7	6.1	11.6	5.9	5.8	6.8	6.5	5.9	6.3	11	6.9	16.2	29.7	3.6	3	2.8	2	1.5	2.6	1.5	2.8	3.2	1.6	1.8	1.5	2.6	1.3	1.5	1.6	3.1	3.5	2	1.6	6.5
Total expenses	946	833	726	667	952	760	849	992	1,083	815	811	816	954	956	718	736	854	1,106	817	852	993	984	861	757	527	632	710	731	790	761	887	822	800	763
EBITDA	147	143	124	108	138	132	125	131	132	123	123	128	118	108	101	103	101	108	87.2	99.3	96.4	104	87.4	63.3	60.3	80.3	86.9	87.8	93.9	182	202	190	240	204
EBITDA margin	14.3%	15.5%	15.6%	15.0%	13.3%	15.6%	13.5%	12.2%	11.3%	13.8%	13.9%	14.4%	11.6%	10.7%	13.3%	13.2%	11.2%	9.3%	10.3%	11.1%	9.4%	10.0%	9.8%	8.3%	11.4%	12.4%	11.8%	11.5%	11.4%	20.6%	19.7%	20.0%	24.4%	22.4%
Finance costs	18.4	13.8	9.3	10.3	10.7	11	11.8	11.2	12.4	10	11.8	16.6	19.1	16.3	20.9	23.5	21.7	17.4	18.1	18.2	19.1	16.4	18.4	17.8	20.8	26	20.5	21.7	24.6	24.8	27.8	26.8	21.2	25.5
Depreciation	42.9	41.7	42.3	42.2	41.7	36.2	35.6	35.7	35.2	37.2	38	38.5	39.2	37.6	38.2	38.2	37.8	39.3	39.5	39.6	39.5	38.7	39.2	38.1	37.8	38.8	37.7	34.5	33.9	33.9	35.3	34.4	33.6	30.7
Profit before tax	92.7	93.3	84.5	61.6	91.4	91.3	83.8	90.4	90.5	86.8	80.6	89.4	89.4	58	45.3	44.1	43.2	52.8	32.2	43.1	40.8	51.7	31.3	9.2	3.2	18.1	30	33.1	37	120	142	131	187	154
Tax	21.5	0	−2.4	0	0	0.5	0	0	0	−2	0	0	0	0	0	0	0	0.1	0	0	0	0	0	0	0	0	0	0	0	−6.1	1.1	0	18.4	2.1
Net profit	71.3	93.3	86.9	61.6	91.4	90.8	83.7	90.4	90.5	88.8	80.6	89.4	89.4	58	45.3	44.1	43.2	52.7	32.2	43.1	40.8	51.7	31.3	9.2	3.2	18.1	30	33.1	37	126	141	131	169	152
Net margin	6.9%	10.1%	10.9%	8.5%	8.8%	10.8%	9.0%	8.4%	7.8%	10.0%	9.1%	10.1%	8.8%	5.7%	6.0%	5.7%	4.8%	4.6%	3.8%	4.8%	4.0%	5.0%	3.5%	1.2%	0.6%	2.8%	4.1%	4.3%	4.5%	14.3%	13.8%	13.8%	17.1%	16.7%
EPS (₹)	3.98	5.21	4.85	3.44	5.10	5.07	4.68	5.05	5.05	4.96	4.50	5.00	4.99	3.24	2.53	2.46	2.41	2.94	1.80	2.40	2.28	3.00	1.83	0.53	0.19	1.05	1.75	1.93	2.24	8.12	8.64	8.03	10.75	9.95
Net profit YoY	−22.0%	+2.7%	+3.7%	−31.9%	+1.0%	+2.3%	+3.9%	+1.1%	+1.2%	+53.2%	+78.0%	+102.8%	+107.2%	+9.9%	+40.7%	+2.4%	+5.9%	+2.1%	+2.7%	+370.7%	+1177.4%	+185.6%	+4.6%	−72.4%	−91.4%	−85.7%	−78.8%	−74.7%	−78.1%	−17.0%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	3,479	4,014	3,678	3,444	3,929	3,216	2,974	3,588	3,007
Other income	29.5	25.5	63.8	11.4	8.5	8.1	7	7.6	14.8
Total expenses	3,177	3,684	3,395	3,265	3,768	3,129	2,862	3,036	2,633
EBITDA	513	520	493	413	391	315	349	786	581
EBITDA margin	14.8%	12.9%	13.4%	12.0%	9.9%	9.8%	11.7%	21.9%	19.3%
Finance costs	44.1	46.3	57.5	82.4	72.7	73.5	92.7	101	86.6
Depreciation	168	143	153	152	158	154	145	134	121
Profit before tax	331	356	346	190	169	95.3	118	553	388
Tax	−2.4	0.5	−2	0	0.1	0	0	13.4	2.1
Net profit	333	355	348	190	169	95.3	118	539	386
Net margin	9.6%	8.9%	9.5%	5.5%	4.3%	3.0%	4.0%	15.0%	12.8%
EPS (₹)	18.60	19.85	19.44	10.64	9.42	5.55	6.97	33.81	25.58
Net profit YoY	−6.3%	+2.1%	+82.8%	+12.9%	+77.0%	−19.3%	−78.1%	+39.6%	–

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	299	142	601	585	350
Investing cash flow	−338	−126	−320	−545	−299
Financing cash flow	31.1	2.1	−288	−37.9	−59.3
Capital expenditure	387	175	464	458	140
Free cash flow (CFO − capex)	−87.7	−32.8	138	127	210

Net profit trend

annual, ₹ crore

FY21

₹95.3

FY22

₹169+77%

FY23

₹190+13%

FY24

₹348+83%

FY25

₹355+2%

FY26

₹333−6%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Standalone	11 Aug 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	22 May 2026	PDF on NSE XBRL
Q3 FY26	Standalone	14 Feb 2026	PDF on NSE XBRL
Q2 FY26	Standalone	14 Nov 2025	PDF on NSE XBRL
Q1 FY26	Standalone	11 Aug 2025	PDF XBRL
Q4 FY25	Standalone · audited	23 May 2025	PDF on NSE XBRL
Q3 FY25	Standalone	8 Feb 2025	PDF on NSE XBRL
Q2 FY25	Standalone	15 Nov 2024	PDF on NSE XBRL
Q1 FY25	Standalone	12 Aug 2024	PDF on NSE XBRL
Q4 FY24	Standalone · audited	17 May 2024	PDF on NSE XBRL

Annual reports

NSE archive

FY263.76 MB FY258.64 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 6.8×6.8×

P/B5Y avg 0.72×0.59×

ROEFY26, on average equity9.6%

Net margin9.6%

Debt / equity0.14×

Revenue CAGR (3Y)0.3%

Profit CAGR (3Y)20.5%

EPS (TTM)₹17.48

Market cap₹2,128 Cr

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

P/B vs history

0.59×

vs 8-point avg 0.72× (−17%)

0.31× low0.72× avg1.03× high

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

Balance sheet 31 Mar 2026

Total assets₹4,753 Cr+6%

Net worth₹3,588 Cr+8%

Total borrowings₹514 Cr+22%

Cash & bank balances₹14 Cr−36%

Investments₹0 Cr

Inventories₹498 Cr+3%

Trade receivables₹196 Cr+13%

Trade payables₹129 Cr+15%

Change vs the same date a year earlier.

Revenue mix FY20

Iron & Steel99.9%result ₹209 Cr

Power0.1%result ₹2.4 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	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	44.38	44.38	44.38	44.38	44.38	44.27	44.27	44.27	44.24	44.24	44.24	44.24
FII	3.71	3.89	4.03	4.37	4.28	3.82	3.69	3.96	4.95	4.91	5.90	6.35
DII	0.03	0.01	0.02	0.01	0.13	0.01	0.02	0.01	0.11	0.10	0.02	0.02
of which MF	0.01	0.01	0.01	0.01	0.01	–	–	–	–	–	–	–
Retail	34.49	34.51	34.96	34.23	33.15	33.38	34.39	33.91	33.42	33.67	32.39	31.19
Other public	17.39	17.21	16.61	17.01	18.06	18.52	17.63	17.85	17.28	17.08	17.45	18.20

91,627 shareholders · NSE shareholding pattern filings.