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Quarterly results

standalone · as filed with NSE · Q1 FY27 back to Q4 FY17

₹ 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	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 FY17
Revenue from operations	651	590	1,029	650	622	587	857	600	593	472	744	496	495	411	574	371	340	600	302	288	247	472	370	208	230	481	314	358	284	437	319	343	285
Other income	6.9	4.7	4.6	4.4	4.3	5.7	7.3	8.9	2.6	3.6	1.6	1.7	2.3	3.9	2.7	0.5	3.1	2	3.5	1.4	11	1.9	4	1.7	1.9	7.2	3.7	4.3	36.4	5.5	2.9	4.9	7.1
Total expenses	641	569	879	585	570	519	735	544	530	436	652	451	463	369	534	358	340	550	314	306	269	441	357	239	259	458	342	372	319	430	342	339	315
EBITDA	34.1	45.1	173	83.8	69.3	86.7	140	74.2	81.7	73.2	110	62.6	49.5	61	59	28.9	17	67.3	3.7	−1.9	−4.9	48.3	30.5	−12.7	−13	40.9	−8.9	3	−17.6	25.1	−5.5	22.1	−11.5
EBITDA margin	5.2%	7.6%	16.8%	12.9%	11.2%	14.8%	16.4%	12.4%	13.8%	15.5%	14.8%	12.6%	10.0%	14.9%	10.3%	7.8%	5.0%	11.2%	1.2%	-0.7%	-2.0%	10.2%	8.3%	-6.1%	-5.7%	8.5%	-2.8%	0.8%	-6.2%	5.7%	-1.7%	6.4%	-4.0%
Finance costs	15.2	15	13.8	11.2	10.8	12.9	10.9	12.3	13.1	32.4	12.4	12.4	11.8	14.3	13.6	10.7	13	12.4	11.7	11.3	11.3	11.9	12.8	12.2	10.7	12.3	13.3	11.8	11.4	11.4	11	10.6	12
Depreciation	8.8	9.9	8.4	7.1	7	6.4	6.8	6.3	5.9	5.5	5.8	5.7	5.1	5.1	4.6	4.9	4.3	4.5	4.2	4.3	5.4	5	5.6	6.1	5.3	5.7	5.3	5.4	5.9	6.2	6.7	7	6.6
Profit before tax	17	35.3	130	70	55.9	73.1	147	64.5	65.3	38.3	94	42.9	34.9	44.8	43.5	26.5	0.1	52.4	−8.7	−16.1	−11.3	33.3	6.3	−29.4	−25.7	30	−23.9	−9.9	1.5	−6.3	−27.2	7.7	−23
Tax	4.6	13.3	33.4	17.7	14.7	18.5	36.9	10.3	16.8	35	3	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net profit	12.4	22	97	52.3	41.2	54.6	111	54.3	48.5	3.3	91	42.9	34.9	44.8	43.5	26.5	0.1	52.4	−8.7	−16.1	−11.3	33.3	6.3	−29.4	−25.7	30	−23.9	−9.9	1.5	−6.3	−27.2	7.7	−23
Net margin	1.9%	3.7%	9.4%	8.0%	6.6%	9.3%	12.9%	9.0%	8.2%	0.7%	12.2%	8.6%	7.1%	10.9%	7.6%	7.1%	0.0%	8.7%	-2.9%	-5.6%	-4.6%	7.1%	1.7%	-14.1%	-11.2%	6.2%	-7.6%	-2.8%	0.5%	-1.4%	-8.5%	2.2%	-8.1%
EPS (₹)	0.52	0.92	4.06	2.19	1.72	2.28	4.62	2.27	2.03	0.14	3.80	1.79	1.46	1.88	0.00	1.11	0.00	2.19	-0.37	-0.67	-0.47	1.39	0.26	-1.23	-1.08	1.26	-1.00	-0.42	0.06	-0.26	-1.14	0.32	-0.90
Net profit YoY	−69.8%	−59.8%	−12.2%	−3.6%	−14.9%	+1564.9%	+21.5%	+26.6%	+38.8%	−92.7%	+109.0%	–	+31.6%	+63960.0%	−16.9%	+264.9%	+100.6%	+57.1%	−239.8%	+45.2%	+56.3%	+11.0%	+126.2%	−195.0%	−1868.5%	+576.7%	+12.1%	−229.7%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY17
Revenue from operations	2,891	2,637	2,207	1,777	1,530	1,297	1,384	1,384	316
Other income	18	24.6	9.3	12.2	9.9	18.5	12	49.7	11.2
Total expenses	2,603	2,329	2,002	1,681	1,510	1,304	1,427	1,430	485
EBITDA	371	383	296	168	86.1	63.8	26.9	24.1	−152
EBITDA margin	12.8%	14.5%	13.4%	9.4%	5.6%	4.9%	1.9%	1.7%	-47.9%
Finance costs	50.8	49.3	68.9	53	48.5	48.2	48.1	44.4	9.2
Depreciation	32.3	25.4	22.1	18.5	17.3	22.1	21.8	25.8	7.8
Profit before tax	292	350	210	124	27.6	−1	−29.6	3.6	−157
Tax	79	82.5	38	0	0	0	0	0	0
Net profit	213	268	172	124	27.6	−1	−29.6	3.6	−157
Net margin	7.4%	10.2%	7.8%	7.0%	1.8%	-0.1%	-2.1%	0.3%	-49.7%
EPS (₹)	8.89	11.20	7.19	5.17	0.00	-0.04	-1.24	-1.02	-6.59
Net profit YoY	−20.7%	+55.7%	+39.2%	+347.6%	+2832.1%	+96.6%	−912.9%	–	–

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	225	308	192	94.6	120
Investing cash flow	−93	−62.7	−57	−37.6	−25.3
Financing cash flow	−35.5	−30.4	−107	−70.6	−81.8
Capital expenditure	104	63.1	58	37.7	25.5
Free cash flow (CFO − capex)	120	245	134	56.9	94.8

Net profit trend

annual, ₹ crore

FY21

₹−1

FY22

₹27.6+2832%

FY23

₹124+348%

FY24

₹172+39%

FY25

₹268+56%

FY26

₹213−21%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Standalone	14 Aug 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	28 May 2026	PDF XBRL
Q3 FY26	Standalone	12 Feb 2026	PDF on NSE XBRL
Q2 FY26	Standalone	7 Nov 2025	PDF on NSE XBRL
Q1 FY26	Standalone	7 Aug 2025	PDF XBRL
Q4 FY25	Standalone · audited	26 May 2025	PDF XBRL
Q4 FY25	Standalone · audited	–	PDF on NSE XBRL
Q3 FY25	Standalone	11 Feb 2025	PDF on NSE XBRL
Q2 FY25	Standalone	14 Nov 2024	PDF on NSE XBRL
Q1 FY25	Standalone	6 Aug 2024	PDF on NSE XBRL

Annual reports

NSE archive

FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16

Key ratios

P/E (TTM)5Y avg 72.0×157.4×

P/B5Y avg 36.73×37.34×

ROEFY26, on average equity31.8%

Net margin7.4%

Debt / equity0.57×

Revenue CAGR (3Y)17.6%

Profit CAGR (3Y)19.8%

EPS (TTM)₹7.69

Market cap₹28,919 Cr

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

P/B vs history

37.34×

vs 7-point avg 36.73× (+2%)

24.64× low36.73× avg59.83× high

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

Balance sheet 31 Mar 2026

Total assets₹2,344 Cr+21%

Net worth₹774 Cr+38%

Total borrowings₹444 Cr−15%

Cash & bank balances₹358 Cr+38%

Investments₹0 Cr

Inventories₹421 Cr+24%

Trade receivables₹813 Cr+22%

Trade payables₹628 Cr+25%

Change vs the same date a year earlier.

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	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00
FII	3.42	3.19	3.02	3.08	3.10	3.00	2.98	2.66	1.96	1.93	1.85	1.32
DII	4.67	4.07	3.29	3.28	2.97	3.23	3.16	2.93	2.77	2.62	2.27	2.29
of which MF	3.80	3.28	2.58	2.71	2.44	–	–	–	–	–	–	–
Retail	13.60	14.35	15.02	14.99	15.32	15.18	15.16	15.49	15.95	15.63	16.06	16.10
Other public	3.31	3.39	3.67	3.65	3.61	3.59	3.70	3.92	4.32	4.82	4.82	5.29

1,17,705 shareholders · NSE shareholding pattern filings.