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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	Q3 FY19	Q2 FY19	Q4 FY18
Revenue from operations	296	445	331	427	300	483	375	281	294	367	304	275	262	295	241	259	211	212	174	200	133	212	174	148	63.2	109	101	153	151	154	146
Other income	3.5	3.6	2.3	1.6	1.6	2.7	0.7	1.7	0.9	2.2	0.5	0.3	0.5	1.6	0.1	0.1	0.6	0.4	0.3	−0.6	2.1	5	3.4	1.2	0.6	0.9	0.3	0.2	0.3	0.2	0.8
Total expenses	295	451	325	405	290	474	360	271	281	347	281	263	249	276	227	248	201	204	164	186	125	199	162	138	63.3	105	98.4	144	141	142	132
EBITDA	21.9	14	26.5	41.9	29.9	27.5	31.7	25.7	28.2	36.5	37.5	24.9	23.6	29.9	24.1	21	16.9	16	16.6	21.5	14.7	19.2	17.9	15	4.8	9.6	9.5	15.9	15.8	16.7	16
EBITDA margin	7.4%	3.1%	8.0%	9.8%	10.0%	5.7%	8.5%	9.1%	9.6%	9.9%	12.3%	9.0%	9.0%	10.1%	10.0%	8.1%	8.0%	7.6%	9.6%	10.7%	11.1%	9.1%	10.3%	10.2%	7.6%	8.9%	9.5%	10.4%	10.5%	10.8%	11.0%
Finance costs	15.2	14.3	14.4	13.2	13.8	13.9	13.1	11.9	12	12.9	12	10.6	8.2	9.4	7.8	8.5	5.8	6.1	5.6	5.4	4.7	5.4	4.5	4.2	3.6	4.6	5.7	5.7	4.8	3.4	1.8
Depreciation	6.6	6.2	6.5	6.8	6.1	4.7	3.1	3.1	3	2.9	2.8	2.3	2.2	2.2	2	1.9	1.9	1.7	1.9	1.8	1.8	1.5	1.4	1.4	1.4	1.3	1.3	1.2	1.2	1.2	0.9
Profit before tax	3.6	−2.9	7.9	23.5	11.8	4.9	16.3	12.4	14.1	22.9	23.1	12.3	13.7	19.2	14.4	10.6	9.8	8.7	9.6	13.7	10.3	17.4	15.4	10.6	0.5	4.7	3	9.2	10.2	12.3	14.5
Tax	−1.5	10.7	1.4	7.5	3	10.2	4.3	2.8	3.6	5.9	6.4	3.3	3.5	4.5	3.7	3.1	2.5	1.6	2.6	3.7	3	7.5	3.7	2.4	0.3	0.9	0.8	−0.2	3.9	4.4	5
Net profit	5.1	−13.7	6.5	16	8.8	−5.2	11.9	9.7	10.5	17	16.8	9.1	10.1	14.7	10.7	7.5	7.3	7.1	7	10	7.3	9.9	11.7	8.2	0.2	3.7	2.2	9.3	6.2	7.9	9.5
Net margin	1.7%	-3.1%	2.0%	3.7%	2.9%	-1.1%	3.2%	3.4%	3.6%	4.6%	5.5%	3.3%	3.9%	5.0%	4.4%	2.9%	3.5%	3.4%	4.0%	5.0%	5.5%	4.7%	6.7%	5.5%	0.3%	3.4%	2.1%	6.1%	4.1%	5.2%	6.5%
EPS (₹)	0.03	-0.08	0.04	0.09	0.05	-0.03	0.07	0.06	0.07	0.11	0.53	0.29	0.32	0.48	0.36	0.26	0.26	2.52	2.44	3.51	5.08	7.24	8.72	6.15	0.15	2.82	1.62	7.02	4.70	5.97	7.74
Net profit YoY	−41.5%	−161.1%	−45.5%	+65.2%	−16.2%	−130.8%	−28.7%	+6.9%	+3.4%	+15.2%	+56.7%	+20.5%	+38.7%	+106.5%	+53.7%	−25.0%	−0.4%	−27.6%	−40.4%	+22.6%	+3577.4%	+163.3%	+440.8%	−12.3%	–	–	−65.5%	+17.6%	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY18
Revenue from operations	1,503	1,447	1,208	1,005	719	597	526	503
Other income	9.1	7.3	3.5	2.4	2.2	10.2	1.7	1.2
Total expenses	1,472	1,406	1,140	953	679	563	500	461
EBITDA	112	113	122	91.8	68.9	57	51.8	54
EBITDA margin	7.5%	7.8%	10.1%	9.1%	9.6%	9.6%	9.8%	10.7%
Finance costs	55.6	51.8	43.7	31.6	21.8	17.6	20.6	8.4
Depreciation	25.6	19.4	10.2	7.9	7.1	5.6	5	3.9
Profit before tax	40.3	39.6	72	54.1	42.3	43.9	27.9	43.2
Tax	22.7	20.5	19.1	13.8	10.8	14	5.6	13.6
Net profit	17.6	19.1	52.9	40.3	31.5	29.9	22.4	29.6
Net margin	1.2%	1.3%	4.4%	4.0%	4.4%	5.0%	4.3%	5.9%
EPS (₹)	0.10	0.11	0.34	1.33	11.01	22.15	16.84	24.21
Net profit YoY	−7.9%	−63.9%	+31.5%	+28.0%	+5.2%	+33.6%	–	–

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	161	−5.5	51.7	−0.2	1.5
Investing cash flow	−228	9.6	−79.6	70	−27.3
Financing cash flow	65.8	−1.4	30.1	70.2	25.7
Capital expenditure	68.3	12.3	55.7	0	26
Free cash flow (CFO − capex)	92.8	−17.7	−4	−0.2	−24.5

Net profit trend

annual, ₹ crore

FY21

₹29.9

FY22

₹31.5+5%

FY23

₹40.3+28%

FY24

₹52.9+31%

FY25

₹19.1−64%

FY26

₹17.6−8%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	13 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	13 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	29 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone	29 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	14 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	14 Nov 2025	PDF 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

FY259.04 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18

Key ratios

P/E (TTM)5Y avg 57.8×58.8×

P/B5Y avg 3.50×0.99×

ROEFY26, on average equity2.2%

Net margin1.2%

Debt / equity0.50×

Revenue CAGR (3Y)14.4%

Profit CAGR (3Y)-24.1%

EPS (TTM)₹0.08

Market cap₹822 Cr

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

P/B vs history

0.99×

vs 8-point avg 3.50× (−72%)

0.99× low3.50× avg7.76× high

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

Balance sheet 31 Mar 2026

Total assets₹2,154 Cr+25%

Net worth₹834 Cr+6%

Total borrowings₹415 Cr+31%

Cash & bank balances₹4 Cr−30%

Investments₹0 Cr+21%

Inventories₹502 Cr+48%

Trade receivables₹644 Cr+39%

Trade payables₹194 Cr+51%

Change vs the same date a year earlier.

Revenue mix FY26

Steel Structures63.8%result ₹105 Cr

EPC Projects36.2%result ₹12.8 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	Apr 24	Mar 24	Dec 23
Promoter	44.50	47.24	46.59	48.04	48.92	50.95	53.40	54.95	57.04	58.76	63.07	63.07
FII	5.90	4.97	4.97	3.55	4.00	5.21	5.62	6.49	6.67	6.27	3.00	8.85
DII	–	–	–	0.00	0.00	0.00	0.09	0.00	0.00	0.00	0.00	0.00
Retail	42.04	40.89	41.64	42.33	40.67	36.27	33.36	30.74	28.74	26.75	26.08	20.38
Other public	7.56	6.90	6.80	6.08	6.41	7.57	7.53	7.82	7.55	8.22	7.85	7.70

4,71,081 shareholders · NSE shareholding pattern filings.