Quarterly results
consolidated · 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 | Q1 FY20 | Q4 FY19 | Q3 FY19 | Q2 FY19 | Q4 FY17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 6,215 | 6,215 | 5,801 | 5,523 | 5,309 | 5,150 | 4,812 | 4,925 | 4,578 | 4,490 | 4,197 | 4,306 | 3,898 | 3,778 | 3,666 | 3,789 | 3,799 | 3,415 | 3,410 | 3,263 | 2,437 | 2,733 | 1,700 | 1,193 | 457 | 1,031 | 1,087 | 1,247 | 1,384 | 1,347 | 1,458 | 1,495 | 1,233 |
| Other income | 112 | 117 | 106 | 92.7 | 71.6 | 158 | 77.4 | 70.7 | 64.7 | 83.4 | 58.3 | 61.6 | 48.5 | 45.2 | 50 | 24.3 | 23.9 | 32.3 | 25.6 | 25.3 | 25.4 | 81.4 | 12.3 | 10 | 7.7 | 18.2 | 19.6 | 13.6 | 10.9 | 17.3 | 10.8 | 9.2 | 9.8 |
| Total expenses | 5,866 | 5,823 | 5,405 | 5,156 | 4,932 | 4,966 | 4,463 | 4,569 | 4,179 | 4,172 | 3,865 | 3,875 | 3,551 | 3,421 | 3,300 | 3,374 | 3,481 | 3,152 | 3,082 | 3,001 | 2,278 | 2,578 | 1,554 | 1,068 | 541 | 960 | 1,008 | 1,145 | 1,275 | 1,277 | 1,363 | 1,407 | 1,192 |
| EBITDA | 548 | 583 | 585 | 544 | 546 | 337 | 491 | 490 | 529 | 451 | 469 | 562 | 467 | 494 | 473 | 518 | 412 | 359 | 441 | 377 | 281 | 263 | 231 | 175 | −33.9 | 127 | 132 | 156 | 163 | 123 | 147 | 147 | 93.5 |
| EBITDA margin | 8.8% | 9.4% | 10.1% | 9.9% | 10.3% | 6.5% | 10.2% | 10.0% | 11.5% | 10.0% | 11.2% | 13.1% | 12.0% | 13.1% | 12.9% | 13.7% | 10.8% | 10.5% | 12.9% | 11.5% | 11.5% | 9.6% | 13.6% | 14.6% | -7.4% | 12.4% | 12.1% | 12.5% | 11.7% | 9.1% | 10.1% | 9.8% | 7.6% |
| Finance costs | 16.3 | 15.8 | 15.5 | 14.1 | 16.7 | 16.5 | 15 | 16.2 | 15.7 | 15 | 13.5 | 13.1 | 10.7 | 11.4 | 10.7 | 10 | 8.6 | 19.7 | 21.8 | 20.5 | 24.4 | 14.2 | 15.9 | 4.9 | 6 | 5.6 | 7.2 | 8.6 | 9 | 11.4 | 11.5 | 17.2 | 14.5 |
| Depreciation | 183 | 175 | 173 | 164 | 152 | 137 | 127 | 119 | 114 | 119 | 123 | 118 | 109 | 124 | 96.1 | 93.5 | 85.9 | 76.5 | 91 | 94.8 | 96.7 | 94.1 | 68.4 | 44.3 | 44.5 | 50.7 | 45.4 | 45 | 44.2 | 40.6 | 40.3 | 40.9 | 38.1 |
| Profit before tax | 461 | 498 | 445 | 459 | 449 | 334 | 427 | 426 | 464 | 395 | 390 | 512 | 382 | 378 | 467 | 421 | 342 | 295 | 374 | 287 | 185 | 214 | 148 | 136 | −85.1 | 67.4 | 99.1 | 116 | 120 | 87.9 | 106 | 98.1 | 47.4 |
| Tax | 167 | 266 | 166 | 157 | 146 | 175 | 146 | 127 | 150 | 124 | 118 | 149 | 105 | 64.4 | 136 | 140 | 85.6 | 67 | −16.4 | 85.1 | 49.7 | 53.3 | 39.4 | 34.6 | −19.7 | 7.6 | 17.5 | 23.7 | 41.1 | 31.4 | 34.1 | 30.1 | 2.8 |
| Net profit | 294 | 234 | 279 | 302 | 303 | 158 | 280 | 299 | 314 | 271 | 824 | 341 | 284 | 477 | 325 | 277 | 247 | 225 | 390 | 202 | 135 | 160 | 109 | 101 | −65.4 | 59.8 | 81.6 | 92.8 | 79.1 | 56.5 | 65.3 | 66.8 | 39.3 |
| Net margin | 4.7% | 3.8% | 4.8% | 5.5% | 5.7% | 3.1% | 5.8% | 6.1% | 6.9% | 6.0% | 19.6% | 7.9% | 7.3% | 12.6% | 8.9% | 7.3% | 6.5% | 6.6% | 11.4% | 6.2% | 5.5% | 5.9% | 6.4% | 8.5% | -14.3% | 5.8% | 7.5% | 7.4% | 5.7% | 4.2% | 4.5% | 4.5% | 3.2% |
| EPS (₹) | 8.71 | 4.36 | 8.57 | 9.65 | 10.28 | 2.41 | 10.01 | 10.69 | 11.64 | 9.80 | 10.93 | 14.29 | 10.92 | 16.16 | 12.21 | 10.92 | 10.08 | 9.27 | 14.46 | 8.74 | 6.22 | 7.60 | 5.71 | 5.28 | -3.41 | 3.17 | 4.26 | 4.82 | 4.07 | 2.93 | 3.33 | 3.41 | 1.97 |
| Net profit YoY | −3.0% | +47.9% | −0.4% | +1.0% | −3.3% | −41.7% | −66.0% | −12.3% | +10.6% | −43.2% | +153.6% | +23.1% | +15.1% | +112.0% | −16.7% | +37.3% | +82.5% | +40.4% | +259.1% | +99.5% | +306.6% | +168.4% | +33.2% | +8.9% | −182.6% | +5.8% | +24.9% | +39.0% | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 22,847 | 19,465 | 16,890 | 14,965 | 12,525 | 6,083 | 4,750 | 5,775 | 5,116 |
| Other income | 387 | 371 | 252 | 143 | 109 | 111 | 62.3 | 53.2 | 34.6 |
| Total expenses | 21,316 | 18,171 | 15,459 | 13,515 | 11,499 | 5,741 | 4,388 | 5,445 | 4,921 |
| EBITDA | 2,258 | 1,849 | 1,949 | 1,888 | 1,434 | 635 | 579 | 545 | 408 |
| EBITDA margin | 9.9% | 9.5% | 11.5% | 12.6% | 11.4% | 10.4% | 12.2% | 9.4% | 8.0% |
| Finance costs | 62 | 63.5 | 52.3 | 42.5 | 58.3 | 40.9 | 30.4 | 52.8 | 58.5 |
| Depreciation | 664 | 492 | 465 | 396 | 349 | 251 | 185 | 162 | 154 |
| Profit before tax | 1,851 | 1,654 | 1,683 | 1,601 | 1,155 | 412 | 403 | 386 | 227 |
| Tax | 734 | 599 | 496 | 423 | 161 | 108 | 89.9 | 127 | 58.3 |
| Net profit | 1,118 | 1,054 | 1,723 | 1,325 | 991 | 305 | 313 | 251 | 156 |
| Net margin | 4.9% | 5.4% | 10.2% | 8.9% | 7.9% | 5.0% | 6.6% | 4.3% | 3.0% |
| EPS (₹) | 32.85 | 34.83 | 46.03 | 49.50 | 39.87 | 15.13 | 16.31 | 12.86 | 7.86 |
| Net profit YoY | +6.1% | −38.8% | +30.0% | +33.7% | +225.3% | −2.7% | +24.9% | – | – |
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 | 1,161 | 1,213 | 675 | 1,386 | 877 |
| Investing cash flow | −3,953 | −1,615 | −1,657 | −871 | −79.3 |
| Financing cash flow | 2,668 | 522 | 645 | −74.7 | −899 |
| Capital expenditure | 1,433 | 1,213 | 851 | 416 | 248 |
| Free cash flow (CFO − capex) | −272 | 0.5 | −176 | 970 | 629 |
Net profit trend
annual, ₹ croreFY21
₹305
FY22
₹991+225%
FY23
₹1,325+34%
FY24
₹1,723+30%
FY25
₹1,054−39%
FY26
₹1,118+6%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 14 Aug 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 14 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 13 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 13 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 4 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 4 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 5 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 5 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 1 Aug 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 1 Aug 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 43.4×43.8×
P/B5Y avg 11.86×6.27×
ROEFY26, on average equity16.8%
Net margin4.9%
Debt / equity0.05×
Revenue CAGR (3Y)15.1%
Profit CAGR (3Y)-5.5%
EPS (TTM)₹57.28
Market cap₹48,615 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
6.27×
vs 8-point avg 11.86× (−47%)
6.27× low11.86× avg15.73× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹21,487 Cr+35%
Net worth₹7,751 Cr+40%
Total borrowings₹392 Cr−11%
Cash & bank balances₹532 Cr−19%
Investments₹1,018 Cr+10%
Inventories₹2,853 Cr+28%
Trade receivables₹4,367 Cr+32%
Trade payables₹4,035 Cr+29%
Change vs the same date a year earlier.
Revenue mix FY26
Industrial Systems29.0%result ₹596 Cr
Engineering24.1%result ₹689 Cr
Power Systems22.1%result ₹1,114 Cr
Metal Formed Products6.9%result ₹162 Cr
Others6.2%result ₹5.7 Cr
Mobility3.4%result ₹19.6 Cr
Electric Vehicles2.9%result ₹−658 Cr
Gears and Gear Products2.2%result ₹107 Cr
Segment revenue as reported, before inter-segment eliminations.