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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	Q1 FY23	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q4 FY18
Revenue from operations	4,774	3,898	3,405	5,459	4,009	3,006	3,421	5,128	4,686	3,507	3,472	5,203	4,848	3,625	4,308	3,324	5,473	4,959	3,917	3,794	6,005	4,631	3,635	3,829	5,225	5,411	0	0
Other income	53.7	74.6	72.4	126	93.6	24.2	4.5	5.6	2.2	2.6	12.3	21.8	15.7	18.1	2.8	14.8	1.5	1.5	9.4	1.5	6.8	10.5	4	5.6	10.3	3.6	0	0
Total expenses	4,678	3,808	3,298	5,287	3,815	2,870	3,198	4,915	4,486	3,359	3,353	4,955	4,673	3,472	4,128	3,254	5,213	4,777	3,793	3,637	5,745	4,500	3,557	3,722	4,978	5,275	0	0
EBITDA	151	145	174	275	288	210	310	306	304	251	279	414	342	316	367	276	472	409	364	407	518	404	378	413	567	464	0	0
EBITDA margin	3.2%	3.7%	5.1%	5.0%	7.2%	7.0%	9.1%	6.0%	6.5%	7.2%	8.0%	8.0%	7.1%	8.7%	8.5%	8.3%	8.6%	8.3%	9.3%	10.7%	8.6%	8.7%	10.4%	10.8%	10.9%	8.6%	–	–
Finance costs	52	53	63.8	101	92.2	70.6	84.6	91	102	100	135	140	142	138	161	180	186	203	215	225	234	248	276	281	295	303	0	0
Depreciation	2.4	2.7	2.7	2.6	2.4	2.5	2.3	2.2	2.3	2.7	25.6	25.4	25.1	25.3	25.3	25.5	25.3	25	25.1	25	25	24.9	25.2	25.2	25.1	25	0	0
Profit before tax	150	164	176	298	287	467	227	219	202	130	131	270	190	171	183	84.6	262	183	113	158	266	142	80.2	112	257	140	0	0
Tax	38.9	42.6	43.8	76	45.9	104	51	56.1	52.3	35.4	33.8	69.6	48.1	41.7	46.7	21.5	66	46.8	63.1	44.2	71.9	41.7	32.4	48.6	56	46.4	0	0
Net profit	112	121	131	222	243	372	181	234	189	91.1	97	202	143	129	135	62.9	195	136	49.8	114	194	100	48	63.5	201	93.3	0	0
Net margin	2.3%	3.1%	3.9%	4.1%	6.1%	12.4%	5.3%	4.6%	4.0%	2.6%	2.8%	3.9%	2.9%	3.6%	3.1%	1.9%	3.6%	2.7%	1.3%	3.0%	3.2%	2.2%	1.3%	1.7%	3.9%	1.7%	–	–
EPS (₹)	3.31	3.56	3.85	6.46	6.59	11.60	5.16	4.94	4.57	3.08	2.68	6.13	4.39	3.94	3.97	2.04	5.98	4.06	2.32	3.61	6.17	3.07	1.54	1.64	6.28	2.97	0.00	0.00
Net profit YoY	−53.9%	−67.4%	−27.5%	−5.0%	+28.2%	+308.2%	+86.6%	+15.6%	+32.8%	−29.6%	–	–	+5.6%	–	−0.8%	−44.9%	+1.0%	+36.1%	+3.8%	+79.8%	−3.8%	+7.3%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY21	FY20	FY19	FY18
Revenue from operations	16,771	16,241	16,763	15,971	18,346	18,101	15,145	19,64,073
Other income	367	36.6	42.1	31.9	28.2	22.8	141	14,587
Total expenses	16,209	15,469	16,134	15,320	17,674	17,533	14,541	19,16,295
EBITDA	883	1,130	1,062	1,352	1,692	1,823	1,941	1,51,959
EBITDA margin	5.3%	7.0%	6.3%	8.5%	9.2%	10.1%	12.8%	7.7%
Finance costs	310	348	424	600	921	1,155	1,240	94,437
Depreciation	10.3	9.3	10	102	100	100	97.1	9,744
Profit before tax	925	1,114	650	683	679	589	744	62,367
Tax	208	263	170	173	221	183	254	21,970
Net profit	717	976	533	507	458	406	490	40,397
Net margin	4.3%	6.0%	3.2%	3.2%	2.5%	2.2%	3.2%	2.1%
EPS (₹)	20.46	26.27	14.43	15.05	15.16	12.42	14.37	12.00
Net profit YoY	−26.5%	+83.1%	+5.1%	–	+12.7%	−17.1%	−98.8%	–

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
Operating cash flow	2,817	1,921	2,451	3,575
Investing cash flow	−824	870	−504	168
Financing cash flow	−3,428	−1,941	−2,042	−4,019
Capital expenditure	4.3	5.5	2.8	1.4
Free cash flow (CFO − capex)	2,813	1,915	2,448	3,574

Net profit trend

annual, ₹ crore

FY20

₹406

FY21

₹458+13%

FY23

₹507+11%

FY24

₹533+5%

FY25

₹976+83%

FY26

₹717−27%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	4 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	4 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	19 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	19 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	14 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	14 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	11 Nov 2025	PDF XBRL
Q2 FY26	Standalone	11 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	7 Aug 2025	PDF XBRL
Q1 FY26	Standalone	7 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY265.78 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 6.7×7.8×

P/B5Y avg 0.85×0.77×

ROEFY26, on average equity12.2%

Net margin4.3%

Debt / equity0.29×

Revenue CAGR (3Y)1.6%

Profit CAGR (3Y)12.3%

EPS (TTM)₹19.82

Market cap₹4,591 Cr

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

P/B vs history

0.77×

vs 7-point avg 0.85× (−10%)

0.50× low0.85× avg1.17× high

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

Balance sheet 31 Mar 2026

Total assets₹12,631 Cr−2%

Net worth₹5,981 Cr+3%

Total borrowings₹1,757 Cr−40%

Cash & bank balances₹275 Cr−84%

Investments₹925 Cr+145%

Inventories₹0 Cr

Trade receivables₹4,381 Cr−8%

Trade payables₹3,533 Cr+20%

Change vs the same date a year earlier.

Revenue mix FY26

Power97.0%result ₹376 Cr

Financing business3.0%result ₹387 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	16.22	16.22	16.22	16.22	16.22	16.22	16.22	16.22	16.22	16.22	16.22	16.22
FII	28.88	27.46	27.81	28.92	28.75	25.72	28.67	33.31	33.07	29.41	28.77	27.47
DII	8.95	7.52	6.71	6.84	6.82	6.78	5.69	5.74	5.78	5.91	6.33	7.82
of which MF	5.05	3.33	2.25	2.03	2.01	–	–	–	–	–	–	–
Retail	32.61	35.05	36.30	34.77	34.98	37.26	36.36	32.66	33.55	35.97	36.65	37.36
Other public	13.34	13.75	12.96	13.25	13.23	14.02	13.06	12.07	11.38	12.49	12.03	11.13

2,54,640 shareholders · NSE shareholding pattern filings.