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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q2 FY19

₹ 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	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19
Revenue from operations	1,910	1,441	1,257	1,034	1,019	1,052	1,261	1,413	1,218	1,140	1,322	1,494	1,522	1,872	1,882	1,768	1,582	1,356	1,508	1,309	1,475	1,314	1,160	876	1,160	1,203	1,360	1,432	1,791	1,335	1,084
Other income	12	23	9	12	8	21	5	6	9	14	19	3	21	24	9	29	31.1	15.4	6.2	6.5	16.5	7.7	9.3	9.5	10.4	6	9.1	8.7	13.2	10.4	6
Total expenses	1,665	1,386	1,272	1,040	1,014	1,071	1,300	1,435	1,287	1,260	1,410	1,461	1,481	1,783	1,795	1,755	1,651	1,562	1,376	1,197	1,333	1,202	1,089	879	1,080	1,087	1,206	1,223	1,557	1,120	885
EBITDA	385	195	120	129	132	125	128	145	84	53	90	213	214	256	243	173	90.8	−50.7	263	232	256	230	202	122	216	241	289	323	315	294	273
EBITDA margin	20.2%	13.5%	9.5%	12.5%	13.0%	11.9%	10.2%	10.3%	6.9%	4.6%	6.8%	14.3%	14.1%	13.7%	12.9%	9.8%	5.7%	-3.7%	17.4%	17.7%	17.4%	17.5%	17.5%	13.9%	18.6%	20.1%	21.2%	22.6%	17.6%	22.0%	25.2%
Finance costs	55	63	56	55	50	65	83	84	71	88	94	95	92	89	78	78	69	66.1	56.9	49.4	53.4	49.8	49.8	50.1	59.3	55.7	59.7	46.3	30.7	27.4	24.4
Depreciation	85	77	79	80	77	79	84	83	82	85	84	85	81	78	78	82	91.1	90.1	74.5	69.9	61.2	68.2	81.6	74.2	76.8	70.1	75	68.3	49.8	51.2	49.2
Profit before tax	257	109	−21	6	13	2	−34	−16	−60	−106	−69	36	62	113	96	42	−38.1	−191	138	135	158	120	80.4	7	90.3	70.9	163	218	248	226	206
Tax	60	50	−4	2	3	−3	−11	−3	−13	−23	−17	12	19	34	23	4	−11.3	−48.1	35.8	38.4	50.3	33.3	23.6	4.1	13.1	19.1	3.3	73.3	82.2	76	65.2
Net profit	197	59	−17	4	10	−40	−24	−14	−48	−82	−59	32	52	63	47	40	−25.1	−140	106	107	122	86	55.2	2.3	73.8	50	158	143	163	148	139
Net margin	10.3%	4.1%	-1.4%	0.4%	1.0%	-3.8%	-1.9%	-1.0%	-3.9%	-7.2%	-4.5%	2.1%	3.4%	3.4%	2.5%	2.3%	-1.6%	-10.3%	7.0%	8.2%	8.3%	6.5%	4.8%	0.3%	6.4%	4.2%	11.6%	10.0%	9.1%	11.1%	12.8%
EPS (₹)	4.03	1.21	-0.35	0.08	0.20	0.10	-0.47	-0.26	-0.98	-2.08	-1.24	0.71	1.15	2.07	1.95	1.11	-0.65	-3.45	2.67	2.92	3.13	2.18	1.46	0.15	1.99	1.31	3.96	3.51	4.11	3.62	3.27
Net profit YoY	+1870.0%	+247.5%	+29.2%	+128.6%	+120.8%	+51.2%	+59.3%	−143.8%	−192.3%	−230.2%	−225.5%	−20.0%	–	+351.5%	+133.5%	−62.1%	−120.5%	−263.2%	+91.4%	+4634.1%	+65.2%	+72.0%	−65.0%	−98.4%	−54.8%	−66.1%	+13.9%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from operations	4,745	3,996	5,478	6,925	5,754	4,825	5,154	5,087
Other income	59	36	57	41	59.3	43	34.3	36.9
Total expenses	4,713	4,137	5,612	6,655	5,786	4,503	4,596	4,261
EBITDA	569	416	570	890	535	811	1,069	1,127
EBITDA margin	12.0%	10.4%	10.4%	12.9%	9.3%	16.8%	20.7%	22.2%
Finance costs	224	241	369	311	241	203	221	105
Depreciation	313	316	335	309	326	285	290	195
Profit before tax	107	−105	−77	311	43.5	365	542	864
Tax	51	−33	−9	84	14.7	111	109	278
Net profit	56	−123	−57	127	47.3	265	424	587
Net margin	1.2%	-3.1%	-1.0%	1.8%	0.8%	5.5%	8.2%	11.5%
EPS (₹)	1.15	-1.48	-1.46	6.15	1.33	6.93	10.76	14.00
Net profit YoY	+145.5%	−115.8%	−144.9%	+168.3%	−82.2%	−37.5%	−27.7%	–

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	520	348	791	227	574
Investing cash flow	−507	−89	−209	−57.7	−471
Financing cash flow	−133	−208	−691	−132	115
Capital expenditure	193	133	269	365	668
Free cash flow (CFO − capex)	327	215	522	−138	−94.5

Net profit trend

annual, ₹ crore

FY21

₹265

FY22

₹47.3−82%

FY23

₹127+168%

FY24

₹−57−145%

FY25

₹−123−116%

FY26

₹56+146%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	24 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	24 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	29 Apr 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	–	PDF on NSE XBRL
Q4 FY26	Standalone	–	PDF on NSE XBRL
Q4 FY26	Standalone	–	PDF on NSE XBRL
Q4 FY26	Standalone	29 Apr 2026	PDF on NSE XBRL
Q4 FY26	Standalone	–	PDF on NSE XBRL
Q3 FY26	Consolidated	23 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	23 Jan 2026	PDF on NSE XBRL

Annual reports

NSE archive

FY2625.17 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 97.2×168.8×

P/B5Y avg 2.40×18.09×

ROEFY26, on average equity2.6%

Net margin1.2%

Debt / equity0.81×

Revenue CAGR (3Y)-11.8%

Profit CAGR (3Y)-23.9%

EPS (TTM)₹4.96

Market cap₹41,023 Cr

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

P/B vs history

18.09×

vs 8-point avg 2.40× (+654%)

1.40× low2.40× avg18.09× high

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

Balance sheet 31 Mar 2026

Total assets₹6,346 Cr+15%

Net worth₹2,268 Cr+14%

Total borrowings₹1,827 Cr+0%

Cash & bank balances₹298 Cr−25%

Investments₹467 Cr+419%

Inventories₹906 Cr+23%

Trade receivables₹1,066 Cr+29%

Trade payables₹1,065 Cr+4%

Change vs the same date a year earlier.

Revenue mix FY26

Optical networking business94.0%result ₹606 Cr

Digital and technology solutions6.0%result ₹3 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 1 Jul 2026

%	Jul 26	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Apr 24	Mar 24
Promoter	42.29	44.51	44.44	44.44	44.45	44.40	44.16	44.17	44.17	44.18	44.19	53.98
FII	19.71	18.22	11.47	10.93	11.28	6.74	7.28	8.71	8.36	7.77	9.97	5.02
DII	13.27	11.44	10.84	11.05	10.79	11.34	11.61	9.43	10.69	11.74	12.46	2.01
of which MF	11.33	9.48	7.41	8.27	8.04	8.66	–	–	–	–	–	–
Retail	19.36	20.29	25.49	26.92	26.69	30.05	29.52	29.04	28.15	27.48	25.78	31.43
Other public	5.37	5.54	7.76	6.66	6.79	7.47	7.43	8.65	8.63	8.83	7.60	7.56

2,35,524 shareholders · NSE shareholding pattern filings.