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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	Q1 FY20	Q4 FY18
Revenue from operations	3.5	23.9	23.4	9.4	4.1	4.8	3.8	3	4.4	6.6	5.9	5.8	7	7.3	6.9	5.1	8.6	8.5	8.6	5.2	7.2	8.2	9.4	5	7	8	5.9	6.7	8.1	6
Other income	11.7	26.3	6.8	1.8	3.3	28.5	1.2	3.7	2.7	7	0.6	0.7	0.5	0.7	0.4	0.6	7.7	1.4	0.3	0.3	1.8	0.5	0.2	0.4	0.9	0.6	1.2	5.9	0.5	0.7
Total expenses	5	31.4	25.7	11	4.5	9.5	4.4	4.4	4.9	6.6	5.5	5.7	5.7	14.5	5.7	5.4	5.8	7.3	6.2	5.4	5.2	7.9	8.3	5.1	6.4	8.3	6	8.1	6.5	6
EBITDA	1.2	−4.5	−0	0.2	1.5	−2.1	1.7	0.8	1.6	2.6	2.7	2.5	4	−4.2	4	2.5	5.7	4.6	6	3.4	5.7	4.5	6.6	3.2	4.6	3.7	3.9	3.9	6	2.7
EBITDA margin	34.3%	-18.9%	-0.1%	2.7%	37.2%	-43.5%	44.2%	25.5%	37.0%	39.4%	45.4%	42.7%	57.5%	-57.4%	57.6%	48.9%	66.1%	54.3%	69.9%	66.8%	79.6%	55.3%	69.8%	63.4%	65.3%	46.5%	66.1%	59.0%	74.5%	44.9%
Finance costs	1.6	1.5	0.4	0.2	0.1	0.2	0.2	0.1	0.1	0.1	0.2	0.3	0.2	0.4	0.3	0.4	0.5	0.8	0.9	0.9	1.1	1.1	1.4	0.8	1.5	0.9	1.2	1.2	1.6	0.9
Depreciation	1.1	1.4	1.9	1.7	1.8	2.4	2.1	2.1	2.1	2.5	2.1	2.2	2.5	2.6	2.4	2.4	2.4	2.7	2.7	2.7	2.7	3.1	4	2.4	2.5	3.1	2.7	4.2	2.8	1.8
Profit before tax	10.2	18.9	4.5	0.2	3	23.7	0.7	2.3	2.1	7	1.1	0.7	1.7	−6.4	1.6	0.3	10.4	2.6	2.7	0.2	3.8	0.8	1.3	0.4	1.5	0.3	1.1	4.5	2.1	0.7
Tax	1.2	3.6	0.9	0.3	0.5	4.3	0.2	0.5	0.4	1.6	0.2	0.1	0.1	−0.6	0.4	0	1.7	0.2	0.4	0	0.6	−0.1	0.3	0.1	0.4	−0.3	−0.1	1	0.5	0.2
Net profit	11	15.3	3.7	0.2	2.4	19.2	0.5	1.9	1.8	5.5	0.8	0.6	1.6	−5.8	1.2	0.2	8.7	2.4	2.3	0.1	3.1	1	1	0.3	1.1	0.6	1.2	3.5	1.6	0.5
Net margin	314.7%	64.2%	15.8%	1.8%	59.1%	403.2%	13.1%	63.4%	41.6%	82.7%	14.1%	10.9%	22.8%	-79.6%	17.5%	4.5%	101.6%	28.0%	26.2%	2.4%	44.0%	11.8%	11.0%	5.6%	16.2%	7.9%	20.0%	52.2%	20.0%	8.3%
EPS (₹)	0.81	1.13	0.27	0.01	0.18	1.42	0.04	0.14	0.13	0.40	0.06	0.05	0.12	-0.43	0.09	0.02	0.64	0.18	0.17	0.01	0.23	0.07	0.08	0.02	0.08	0.05	0.09	0.26	0.12	0.04
Net profit YoY	+349.4%	−20.3%	+648.0%	−91.3%	+34.6%	+252.6%	−40.6%	+203.4%	+13.7%	+193.4%	−31.1%	+173.3%	−81.6%	−345.0%	−46.5%	+83.9%	+176.9%	+146.4%	+119.1%	−55.4%	+179.2%	+52.7%	−12.9%	−91.9%	−30.5%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Revenue from operations	60.8	15.9	25.3	27.9	29.4	29.6	28.7
Other income	38.3	36.1	8.8	9.4	3.9	1.7	8.1
Total expenses	72.6	23.2	23.5	31.5	24.1	27.3	28.9
EBITDA	−2.7	2	11.8	7.9	19.8	18.9	17.6
EBITDA margin	-4.5%	12.4%	46.6%	28.4%	67.2%	63.6%	61.4%
Finance costs	2.2	0.5	0.8	1.5	3.7	4.5	4.9
Depreciation	6.8	8.8	9.2	9.9	10.8	12	12.8
Profit before tax	26.5	28.8	10.6	5.9	9.2	4	8
Tax	5.3	5.4	2	1.6	1.3	0.6	1.1
Net profit	21.6	23.4	8.1	4.3	7.9	3.4	6.9
Net margin	35.6%	147.2%	31.9%	15.5%	26.9%	11.5%	24.1%
EPS (₹)	1.59	1.73	0.59	0.32	0.58	0.25	0.51
Net profit YoY	−7.7%	+191.0%	+86.3%	−45.4%	+132.3%	−50.8%	–

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	−28.9	3.5	14.7	14.5	13.7
Investing cash flow	−31.8	−4.9	−3.4	−1.1	8.4
Financing cash flow	58.1	3.1	−11	−12.9	−22.8
Capital expenditure	89.1	7.5	0.1	3.5	1.4
Free cash flow (CFO − capex)	−118	−4	14.6	11	12.3

Net profit trend

annual, ₹ crore

FY21

₹3.4

FY22

₹7.9+132%

FY23

₹4.3−45%

FY24

₹8.1+86%

FY25

₹23.4+191%

FY26

₹21.6−8%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	7 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	7 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	19 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	19 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q3 FY26	Consolidated	7 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	7 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	10 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	10 Nov 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY265.96 MB FY256.96 MB FY24 FY23 FY22 FY20 FY19 FY18 FY17 FY16

Key ratios

P/E (TTM)5Y avg 17.9×7.2×

P/B5Y avg 1.48×1.19×

ROEFY26, on average equity12.8%

Net margin35.6%

Debt / equity0.37×

Revenue CAGR (3Y)29.6%

Profit CAGR (3Y)71.1%

EPS (TTM)₹2.22

Market cap₹216 Cr

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

P/B vs history

1.19×

vs 8-point avg 1.48× (−20%)

0.92× low1.48× avg2.28× high

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

Balance sheet 31 Mar 2026

Total assets₹271 Cr+51%

Net worth₹182 Cr+16%

Total borrowings₹67 Cr+935%

Cash & bank balances₹1 Cr−81%

Investments₹30 Cr−35%

Inventories₹0 Cr

Trade receivables₹43 Cr+1346%

Trade payables₹0 Cr−95%

Change vs the same date a year earlier.

Revenue mix FY26

b) Trading & Others83.5%result ₹2.3 Cr

a) Renewable Energy (Solar & wind)16.5%result ₹−2.4 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	72.05	71.89	71.51	71.18	70.93	70.17	69.63	69.63	71.08	73.01	74.40	74.95
FII	–	0.00	0.00	0.06	0.05	0.04	0.05	0.04	0.05	0.04	0.04	0.00
DII	0.05	0.05	0.05	0.05	0.05	0.04	0.04	0.04	0.04	0.04	0.04	0.05
of which MF	0.04	0.04	0.04	0.04	0.04	–	–	–	–	–	–	–
Retail	23.29	23.51	23.81	24.21	24.52	25.10	25.77	25.86	24.71	22.83	21.45	20.97
Other public	4.61	4.55	4.63	4.50	4.45	4.65	4.51	4.43	4.12	4.08	4.07	4.03

66,430 shareholders · NSE shareholding pattern filings.