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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	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	Q4 FY19	Q3 FY19	Q2 FY19	Q4 FY17
Revenue from operations	0.3	0.1	0.8	7.2	14.2	22.2	32.7	31.8	26.5	40.8	31.8	26.6	39	66.3	39.6	43.1	32	61.3	55.9	51.6	38.5	39.7	35.6	34.7	17.6	33.5	15.9	24.7	28.4	38.7	28.2	40.8
Other income	2.5	1.6	1.8	3	2	2	1.6	2.5	1.7	2	2	2.5	2.1	1.1	1.9	2.3	1.9	1.4	1.4	1.5	0.9	7.2	0.4	0.3	0.2	0.5	0.4	0.6	0.1	0.2	0.2	0.6
Total expenses	3.1	1.8	11.9	9.5	20.2	27.5	34.3	38	31	44.9	32.2	30.2	38	56.7	33.6	36.7	24.4	34	37.1	36.5	28.5	35.5	33.6	33.1	14.9	28.3	17.2	27.7	29.6	33.1	27.1	32.1
EBITDA	−2.4	−1	−9.8	−1	−4.7	−3.8	−0.3	−4.9	−3.5	−3	0.5	−2.8	1.7	10.6	6.9	7.4	8.3	28.4	19.5	15.5	10.5	4.9	2.7	2.3	3.3	5.9	−0.7	−2.3	0.1	6.5	1.8	9.8
EBITDA margin	-735.6%	-678.8%	-1166.5%	-14.5%	-33.3%	-17.1%	-0.8%	-15.6%	-13.3%	-7.5%	1.7%	-10.4%	4.4%	16.0%	17.4%	17.1%	25.8%	46.4%	34.8%	30.1%	27.3%	12.3%	7.6%	6.7%	18.5%	17.6%	-4.3%	-9.2%	0.4%	16.7%	6.4%	24.0%
Finance costs	0	0	0	0	0	0.1	0	0	0.1	0.1	0.1	0	0	0.2	0	0.1	0.1	0.4	0	0	0.1	0.1	0.3	0.3	0.1	0.1	0.1	0.1	0.6	0.1	0	0.4
Depreciation	0.4	0.6	1.2	1.2	1.2	1.4	1.3	1.2	0.9	1	0.9	0.8	0.7	0.9	0.9	0.9	0.6	0.7	0.6	0.4	0.4	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.7	0.7	0.7	0.7
Profit before tax	−0.3	−0	−9.2	0.7	−4	−3.3	0	−3.7	−2.8	−2.2	1.6	−1.1	3	10.7	7.8	8.7	9.5	28.7	20.2	16.6	10.9	−5.8	2.4	1.9	2.9	5.7	−0.9	−2.3	−1	5.9	1.3	9.3
Tax	0.5	−0.2	−3.1	−0.1	0	1.1	−0.1	−1.4	−0.1	−0.5	0.4	−0.2	0.9	3.4	2	2.2	2.4	7.5	5.1	4.2	2.7	−3.1	0.6	0.5	0.5	1.5	−0.2	−0.5	−0.3	1.8	−0.1	3.3
Net profit	−0.8	0.2	−6.1	0.8	−4	−4.4	0.1	−2.3	−2.7	−1.7	1.2	−0.9	2.1	7.3	5.8	6.5	7.1	21.2	15.1	12.4	8.1	−2.7	1.8	1.4	2.4	4.2	−0.7	−1.8	−0.7	4.1	1.4	6
Net margin	-246.2%	141.8%	-733.5%	11.0%	-28.4%	-19.7%	0.2%	-7.2%	-10.2%	-4.2%	3.8%	-3.3%	5.4%	11.0%	14.7%	15.0%	22.1%	34.6%	27.0%	24.1%	21.1%	-6.9%	5.0%	4.0%	13.4%	12.6%	-4.2%	-7.2%	-2.3%	10.7%	4.9%	14.6%
EPS (₹)	0.00	0.00	-0.29	0.04	-0.19	-0.21	0.00	-0.11	-0.13	-0.08	0.06	-0.04	0.10	0.34	0.27	0.29	0.32	0.95	0.68	0.56	0.36	-0.12	0.08	0.06	0.11	0.19	-0.03	-0.08	-0.03	0.19	0.06	0.27
Net profit YoY	+79.9%	+104.7%	−9797.2%	+134.7%	−49.2%	−156.5%	−94.7%	−163.6%	−228.6%	−123.4%	−79.3%	−113.4%	−70.3%	−65.6%	−61.7%	−47.8%	−12.9%	+879.2%	+750.8%	+796.0%	+243.4%	−164.8%	+367.6%	+177.8%	–	+730.5%	−116.1%	−229.5%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY17
Revenue from operations	22.4	113	138	181	207	128	87.3	133	124
Other income	8.4	7.9	8.6	7.2	5.1	8.1	1.9	1.1	0.8
Total expenses	43.3	131	145	152	136	117	89.3	120	109
EBITDA	−16.5	−12.5	−3.6	33.2	74	13.2	0.7	17.7	18.8
EBITDA margin	-73.8%	-11.1%	-2.6%	18.3%	35.7%	10.3%	0.8%	13.3%	15.1%
Finance costs	0.1	0.3	0.3	0.3	0.6	0.8	0.4	1.3	1.1
Depreciation	4.3	4.8	3.4	3.4	2.1	1.9	2.3	2.8	2.5
Profit before tax	−12.6	−9.7	1.3	36.7	76.4	1.4	−0.1	14.8	16
Tax	−3.4	−0.4	0.6	10	19.5	−1.4	−0.1	4.3	5.5
Net profit	−9.2	−9.3	0.7	26.6	56.9	2.8	−0	10.5	10.5
Net margin	-40.9%	-8.2%	0.5%	14.7%	27.4%	2.2%	-0.0%	7.9%	8.4%
EPS (₹)	0.00	-0.44	0.03	1.26	2.56	0.13	0.00	0.47	0.47
Net profit YoY	+1.5%	−1381.1%	−97.3%	−53.2%	+1929.4%	+8293.0%	−100.3%	–	–

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	−77.9	−1.5	−11.5	54.2	30.9
Investing cash flow	80.6	0.1	13.2	−14.6	−55.2
Financing cash flow	−3.6	1.7	−1	−39.6	−4.8
Capital expenditure	0	8.3	2.4	4.8	6.5
Free cash flow (CFO − capex)	−77.9	−9.8	−14	49.4	24.4

Net profit trend

annual, ₹ crore

FY21

₹2.8

FY22

₹56.9+1929%

FY23

₹26.6−53%

FY24

₹0.7−97%

FY25

₹−9.3−1381%

FY26

₹−9.2+2%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Standalone	6 Aug 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	22 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF XBRL
Q3 FY26	Standalone	6 Feb 2026	PDF on NSE XBRL
Q2 FY26	Standalone	4 Nov 2025	PDF on NSE XBRL
Q1 FY26	Standalone	8 Aug 2025	PDF XBRL
Q4 FY25	Standalone · audited	21 May 2025	PDF XBRL
Q3 FY25	Standalone	30 Jan 2025	PDF on NSE XBRL
Q2 FY25	Standalone	8 Nov 2024	PDF on NSE XBRL
Q1 FY25	Standalone	9 Aug 2024	PDF on NSE XBRL

Annual reports

NSE archive

FY261.96 MB FY254.41 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 250.4×-17.8×

P/B5Y avg 1.78×0.65×

ROEFY26, on average equity-5.5%

Net margin-40.9%

Debt / equity0.00×

Revenue CAGR (3Y)-50.2%

Profit CAGR (3Y)–

EPS (TTM)₹-0.28

Market cap₹106 Cr

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

P/B vs history

0.65×

vs 8-point avg 1.78× (−64%)

0.48× low1.78× avg2.74× high

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

Balance sheet 31 Mar 2026

Total assets₹168 Cr−9%

Net worth₹164 Cr−2%

Total borrowings₹0 Cr−100%

Cash & bank balances₹0 Cr−88%

Investments₹114 Cr+250%

Inventories₹6 Cr−78%

Trade receivables₹1 Cr−93%

Trade payables₹1 Cr−81%

Change vs the same date a year earlier.

Revenue mix FY20

Ferro Alloy100.0%result ₹1.1 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	49.65	49.44	49.44	49.56	50.18	50.70	50.83	50.95	51.38	51.54	51.70	51.70
FII	0.00	0.00	0.00	0.00	0.00	0.04	0.04	0.04	0.04	0.05	0.18	0.19
Retail	31.60	31.73	32.19	28.78	27.80	27.59	26.82	25.73	25.12	24.84	24.43	23.78
Other public	18.75	18.83	18.37	21.66	22.02	21.67	22.31	23.28	23.46	23.57	23.69	24.33

66,560 shareholders · NSE shareholding pattern filings.