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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	Q4 FY18
Revenue from operations	532	768	609	549	490	615	576	541	486	643	683	582	544	687	677	659	605	766	775	755	355	636	449	439	335	571	620	746	538	0	0
Other income	28.5	31	26.3	30.3	22	23.5	38.4	21.3	22.5	24.4	17	26.5	18.3	18.8	26	25.2	31.7	21.5	16.5	33.7	22.6	13.7	30.8	60.8	43.6	43.5	43.6	142	35	0	0
Total expenses	435	618	484	437	393	448	475	452	395	481	531	460	400	515	505	496	442	588	597	555	272	465	337	326	290	422	466	563	420	0	0
EBITDA	115	168	142	130	114	186	117	106	106	178	169	138	161	191	193	181	179	204	196	216	96.9	185	128	127	60	164	167	196	131	0	0
EBITDA margin	21.5%	21.9%	23.4%	23.6%	23.3%	30.2%	20.4%	19.6%	21.8%	27.7%	24.7%	23.7%	29.6%	27.8%	28.5%	27.5%	29.6%	26.7%	25.3%	28.6%	27.3%	29.2%	28.4%	29.0%	17.9%	28.7%	26.9%	26.3%	24.3%	–	–
Finance costs	0.8	0.9	0.7	0.8	1.4	1.3	1	2.4	1.1	0.5	1.9	1.4	0.9	2.3	2.2	1.1	1.4	2	2.8	1.6	0.9	1	2.1	1.4	1.5	2.1	1.7	1.7	1.5	0	0
Depreciation	16.6	16.5	17	17.1	15.5	16.8	16	14.9	14.4	15.6	15	14.1	16.1	16.6	18.5	16.9	14.6	24.5	14.6	13.5	13.1	13.5	12.9	12.8	12.7	13.2	11.8	11.2	11.1	0	0
Profit before tax	126	182	151	142	119	191	139	111	113	187	169	149	163	191	198	188	195	201	195	234	106	185	144	174	89.3	192	197	325	153	0	0
Tax	32.8	46.4	39	37.3	30.7	53.4	34.6	28.8	24.5	50	42.1	40.1	43	52.2	52.2	48.1	50.4	58.3	50.6	59.9	27.7	42.4	38.5	43	24.5	50.3	50.1	88.8	51.9	0	0
Net profit	97.8	139	115	109	90.9	141	109	83.6	90.4	137	129	110	119	139	147	140	145	142	144	174	77.9	142	105	132	65	144	150	237	102	0	0
Net margin	18.4%	18.1%	18.9%	19.9%	18.6%	23.0%	19.0%	15.5%	18.6%	21.2%	18.9%	18.9%	21.9%	20.2%	21.7%	21.3%	23.9%	18.6%	18.6%	23.1%	22.0%	22.3%	23.4%	30.2%	19.4%	25.2%	24.2%	31.8%	19.0%	–	–
EPS (₹)	1.81	2.70	2.12	2.04	1.67	2.76	2.08	1.52	3.29	5.25	5.00	4.21	4.49	5.49	5.83	5.51	5.72	5.69	5.77	7.03	3.00	5.73	4.16	5.18	2.51	5.56	5.86	9.30	4.90	0.00	0.00
Net profit YoY	+7.6%	−1.4%	+5.2%	+30.5%	+0.5%	+3.4%	−15.1%	−24.1%	−24.3%	−1.6%	−12.5%	−21.4%	−17.5%	−2.4%	+2.3%	−19.7%	+85.8%	+0.6%	+36.6%	+31.8%	+19.8%	−1.7%	−29.8%	−44.2%	−36.3%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	2,415	2,218	2,453	2,628	2,662	1,860	2,474	2,047	1,503
Other income	109	106	86.1	102	83.5	145	260	192	164
Total expenses	1,931	1,771	1,869	1,956	2,011	1,414	1,868	1,518	1,136
EBITDA	554	515	650	825	724	504	661	576	410
EBITDA margin	22.9%	23.2%	26.5%	31.4%	27.2%	27.1%	26.7%	28.1%	27.3%
Finance costs	3.8	5.8	4.7	7	7.3	6	6.9	7.5	7.2
Depreciation	66	62.1	60.7	146	65.6	51.9	47.3	38.4	36.3
Profit before tax	594	553	670	774	735	591	867	722	531
Tax	153	141	175	203	197	148	241	240	166
Net profit	454	424	495	571	539	444	633	490	363
Net margin	18.8%	19.1%	20.2%	21.7%	20.2%	23.9%	25.6%	23.9%	24.2%
EPS (₹)	8.54	8.01	18.95	22.56	21.49	17.54	24.64	23.48	17.42
Net profit YoY	+7.3%	−14.4%	−13.3%	+6.0%	+21.2%	−29.9%	+29.3%	+34.9%	–

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	166	651	106	735	310
Investing cash flow	126	−219	11.1	−15	53
Financing cash flow	−424	−405	−504	−483	−440
Capital expenditure	62	133	137	136	142
Free cash flow (CFO − capex)	104	519	−31.5	599	168

Net profit trend

annual, ₹ crore

FY21

₹444

FY22

₹539+21%

FY23

₹571+6%

FY24

₹495−13%

FY25

₹424−14%

FY26

₹454+7%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated · audited	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	Consolidated · audited	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	19 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	4 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	4 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	12 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	12 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	6 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2619.77 MB FY2511.41 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18

Key ratios

P/E (TTM)5Y avg 22.8×20.8×

P/B5Y avg 4.39×3.57×

ROEFY26, on average equity17.1%

Net margin18.8%

Debt / equity0.00×

Revenue CAGR (3Y)-2.8%

Profit CAGR (3Y)-7.3%

EPS (TTM)₹9.60

Market cap₹9,579 Cr

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

P/B vs history

3.57×

vs 8-point avg 4.39× (−19%)

3.04× low4.39× avg6.42× high

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

Balance sheet 31 Mar 2026

Total assets₹5,926 Cr−3%

Net worth₹2,681 Cr+2%

Total borrowings₹0 Cr

Cash & bank balances₹557 Cr−19%

Investments₹0 Cr−100%

Inventories₹35 Cr−56%

Trade receivables₹931 Cr+26%

Trade payables₹320 Cr−12%

Change vs the same date a year earlier.

Revenue mix FY26

Consultancy - Domestic51.4%result ₹499 Cr

Turnkey Construction Projects24.9%result ₹9.7 Cr

Export Sale13.1%result ₹50.2 Cr

Leasing -Domestic7.1%result ₹60 Cr

Consultancy -Abroad2.8%result ₹18.5 Cr

Power Generation0.6%result ₹−1.6 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	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	72.20	72.20	72.20	72.20	72.20	72.20	72.20	72.20	72.20	72.20	72.20	72.20
FII	3.43	3.47	3.46	3.52	3.47	3.33	3.34	3.19	2.73	3.50	4.18	3.21
DII	8.75	8.70	8.64	8.66	8.64	8.67	8.83	9.64	9.64	10.78	11.10	12.28
of which MF	2.32	2.31	2.26	2.25	2.24	–	–	–	–	–	–	–
Retail	13.94	13.94	13.85	13.81	13.48	13.58	13.25	12.31	12.54	10.78	9.51	9.42
Other public	1.68	1.69	1.85	1.81	2.21	2.22	2.38	2.66	2.89	2.74	3.01	2.89

3,79,928 shareholders · NSE shareholding pattern filings.