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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	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q4 FY18
Revenue from operations	609	458	483	476	885	683	562	573	1,013	739	501	466	759	482	305	268	269	152	134	99	192	135	114	67.2	162	141	126	156	130	101	118
Other income	0.2	1.3	3.7	0.4	1.7	1.1	1.6	1.2	0.7	3.6	0.2	0.3	1.6	0.5	2.5	1.3	0.1	1.2	0.9	0.5	1.2	0.9	0.3	0.2	2	0.7	0.7	1.8	0.4	1.2	1.4
Total expenses	607	518	479	449	828	651	534	549	957	706	477	447	718	463	296	259	265	155	137	112	193	146	120	89.2	171	138	124	156	124	96.7	105
EBITDA	15	−44.2	19.4	40.1	70.4	41.8	36.3	34	64.2	41.9	31.8	27.2	48.5	28.1	17	17.3	11.6	5.6	4.6	−5	7.9	−3.9	0.7	−14.3	−2.2	10.1	7.5	6.3	11.7	9	16.8
EBITDA margin	2.5%	-9.6%	4.0%	8.4%	8.0%	6.1%	6.5%	5.9%	6.3%	5.7%	6.4%	5.8%	6.4%	5.8%	5.6%	6.4%	4.3%	3.7%	3.5%	-5.0%	4.1%	-2.9%	0.6%	-21.3%	-1.4%	7.1%	5.9%	4.0%	9.0%	8.9%	14.2%
Finance costs	4.5	7.6	7.5	4.9	4.9	3.4	1.9	3	2.7	3.5	2.7	2.6	3.2	4.1	3.5	4	3.9	3.7	3.8	4	4.8	4.8	4.4	4.6	3.8	4	3.7	3.7	3.4	2.8	2.1
Depreciation	8.5	8.3	8.2	8.2	8.7	6.9	6.8	6.2	6.1	5.9	5.6	5.6	4.3	4.2	4.3	4.3	4.1	4.2	4.2	4.2	4	3.1	3.1	3.1	3.8	2.7	2.4	2.6	2.4	1.9	1.3
Profit before tax	2.1	−70.6	7.4	27.4	58.4	32.5	29.2	26	56	36.2	23.8	19.3	42.7	20.3	11.7	10.3	3.7	−1.1	−2.5	−12.6	0.3	−11	−6.6	−21.8	−7.8	4.1	2.1	1.8	6.4	5.5	14.8
Tax	0.6	−13.9	1.9	7.9	16.3	8.7	7.6	7.3	15.5	16.2	5.8	4.5	9	4.4	1.2	2	−2.7	−0	0	0	−3.4	0	0	2.4	−2.8	1.2	−0.4	0.7	2.1	2.4	8.5
Net profit	1.6	−56.7	5.5	19.5	42.1	23.7	21.5	18.7	40.5	20	18	14.9	33.7	15.9	10.5	8.2	6.4	−1.1	−2.5	−12.6	3.7	−11	−6.6	−24.2	−5	2.9	2.5	1	4.4	3.1	6.3
Net margin	0.3%	-12.4%	1.1%	4.1%	4.8%	3.5%	3.8%	3.3%	4.0%	2.7%	3.6%	3.2%	4.4%	3.3%	3.4%	3.1%	2.4%	-0.7%	-1.9%	-12.7%	1.9%	-8.2%	-5.8%	-36.0%	-3.1%	2.0%	2.0%	0.7%	3.4%	3.1%	5.4%
EPS (₹)	0.08	-2.75	0.26	0.94	2.02	1.15	1.10	0.96	2.08	2.57	2.32	1.89	4.44	2.17	1.47	1.18	0.97	-0.17	-0.38	-1.94	0.56	-1.69	-2.03	-7.44	-1.51	0.89	0.77	0.28	1.40	1.14	2.29
Net profit YoY	−96.3%	−338.9%	−74.5%	+4.3%	+3.7%	+18.7%	+19.6%	+25.9%	+20.4%	+25.9%	+71.0%	+80.0%	–	+148.3%	+1032.4%	+430.4%	+72.6%	+89.8%	+62.1%	+47.9%	+174.5%	−480.2%	−361.5%	–	−586.5%	−33.8%	−19.7%	−83.9%	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	2,302	2,831	2,464	1,498	654	507	712	553	429
Other income	4.1	4.5	5.7	1.3	2.7	2.6	3.6	3.5	1.9
Total expenses	2,271	2,692	2,348	1,429	669	549	694	525	383
EBITDA	85.7	176	149	102	16.9	−9.6	44.3	49.3	58.6
EBITDA margin	3.7%	6.2%	6.1%	6.8%	2.6%	-1.9%	6.2%	8.9%	13.7%
Finance costs	22	11.1	11.9	16	15.4	18.7	15.4	12.4	8.8
Depreciation	33.3	26	21.3	17	16.8	13.4	11.7	8.8	4.3
Profit before tax	22.6	144	122	70.4	−12.5	−39	20.9	31.6	47.4
Tax	12.3	39.2	35.4	10.1	−2.7	−1	5.9	11.9	22.2
Net profit	10.4	104	86.5	60.3	−9.8	−38.1	15	19.7	25.2
Net margin	0.5%	3.7%	3.5%	4.0%	-1.5%	-7.5%	2.1%	3.6%	5.9%
EPS (₹)	0.49	5.28	11.22	8.47	-1.45	-5.86	4.65	0.12	9.16
Net profit YoY	−90.1%	+20.8%	+43.4%	+712.8%	+74.2%	−353.5%	−23.9%	−21.8%	–

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	FY22
Operating cash flow	211	42.2	97.5	14.3	10.3
Investing cash flow	−300	−101	−113	−108	−6
Financing cash flow	86.5	65.2	16.1	97.3	−9.3
Capital expenditure	316	101	106	99.4	6.8
Free cash flow (CFO − capex)	−105	−58.4	−8.6	−85.1	3.5

Net profit trend

annual, ₹ crore

FY21

₹−38.1

FY22

₹−9.8+74%

FY23

₹60.3+713%

FY24

₹86.5+43%

FY25

₹104+21%

FY26

₹10.4−90%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	11 Aug 2026	PDF XBRL
Q1 FY27	Standalone	11 Aug 2026	PDF XBRL
Q4 FY26	Consolidated · audited	30 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	30 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	10 Feb 2026	PDF XBRL
Q3 FY26	Standalone	10 Feb 2026	PDF XBRL
Q2 FY26	Consolidated	13 Nov 2025	PDF XBRL
Q2 FY26	Standalone	13 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	12 Aug 2025	PDF XBRL
Q1 FY26	Standalone	12 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY266.51 MB FY254.07 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 49.0×-51.3×

P/B5Y avg 3.50×1.99×

ROEFY26, on average equity1.4%

Net margin0.5%

Debt / equity0.27×

Revenue CAGR (3Y)15.4%

Profit CAGR (3Y)-44.4%

EPS (TTM)₹-1.45

Market cap₹1,546 Cr

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

P/B vs history

1.99×

vs 8-point avg 3.50× (−43%)

1.66× low3.50× avg5.69× high

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

Balance sheet 31 Mar 2026

Total assets₹1,465 Cr+9%

Net worth₹779 Cr+4%

Total borrowings₹212 Cr+24%

Cash & bank balances₹17 Cr−13%

Investments₹0 Cr−96%

Inventories₹182 Cr−4%

Trade receivables₹175 Cr−31%

Trade payables₹198 Cr+28%

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	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23
Promoter	39.44	39.44	39.39	39.39	39.37	38.75	36.32	36.32	35.33	35.33	35.26	34.73
FII	0.18	1.20	0.95	0.72	1.47	1.60	0.90	0.90	0.57	0.63	0.77	0.58
DII	0.00	0.00	0.00	0.00	0.05	0.09	0.02	0.02	0.01	0.52	0.45	0.49
Retail	51.49	50.76	51.47	51.48	50.92	51.23	54.73	54.73	56.50	55.89	55.72	56.30
Other public	8.89	8.60	8.19	8.41	8.19	8.33	8.03	8.03	7.59	7.63	7.80	7.90

1,13,766 shareholders · NSE shareholding pattern filings.