Quarterly results
standalone · 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 | 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 | Q1 FY19 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,147 | 1,272 | 1,121 | 1,110 | 1,142 | 1,337 | 1,126 | 915 | 1,119 | 1,231 | 1,241 | 958 | 1,263 | 1,427 | 1,379 | 1,128 | 1,374 | 1,085 | 930 | 632 | 1,124 | 550 | 597 | 496 | 901 | 842 | 777 | 951 | 1,048 | 1,103 | 1,006 | 925 | 1,051 |
| Other income | 13.7 | 20.2 | 25 | 18.2 | 12.5 | 57 | 11.1 | 13.3 | 11 | 19.5 | 18.6 | 19.9 | 10.8 | 12.8 | 9.2 | 8.3 | 14.5 | 7.6 | 12.2 | 14.4 | 16.7 | 19.3 | 10.1 | 4.8 | 12.9 | 8.1 | 7 | 9.5 | 10.9 | 10 | 8.4 | 9.9 | 11.6 |
| Total expenses | 1,153 | 1,254 | 1,134 | 1,115 | 1,166 | 1,363 | 1,201 | 923 | 1,096 | 1,197 | 1,236 | 930 | 1,073 | 1,277 | 1,215 | 1,044 | 1,355 | 1,091 | 935 | 667 | 1,146 | 637 | 622 | 532 | 911 | 809 | 750 | 846 | 959 | 1,034 | 1,004 | 896 | 1,005 |
| EBITDA | 115 | 141 | 116 | 123 | 101 | 103 | 54.7 | 125 | 150 | 162 | 137 | 157 | 314 | 275 | 274 | 168 | 112 | 90.6 | 93.1 | 62.9 | 83.2 | 20.4 | 83.9 | 72.9 | 110 | 145 | 137 | 216 | 202 | 184 | 120 | 144 | 161 |
| EBITDA margin | 10.0% | 11.1% | 10.3% | 11.1% | 8.9% | 7.7% | 4.9% | 13.7% | 13.4% | 13.2% | 11.1% | 16.4% | 24.9% | 19.3% | 19.9% | 14.9% | 8.1% | 8.3% | 10.0% | 10.0% | 7.4% | 3.7% | 14.1% | 14.7% | 12.2% | 17.3% | 17.6% | 22.7% | 19.2% | 16.7% | 11.9% | 15.6% | 15.3% |
| Finance costs | 42.9 | 44.9 | 49.8 | 50 | 48.4 | 52.4 | 53.9 | 57.2 | 52.6 | 53.4 | 57.1 | 58.1 | 54.9 | 55.5 | 43.7 | 26.8 | 36.4 | 38.9 | 40.3 | 40.9 | 44.8 | 48.5 | 49.9 | 50.2 | 60.9 | 54.3 | 53 | 54.4 | 56.1 | 57.5 | 60.8 | 58.9 | 57.9 |
| Depreciation | 78 | 78.2 | 79 | 78.4 | 77.3 | 76.9 | 76.5 | 75.9 | 74.5 | 74.7 | 75.4 | 70.8 | 69.7 | 69.4 | 66.5 | 56.6 | 56.3 | 57.5 | 57.6 | 57.3 | 60.1 | 58.3 | 58.7 | 58.3 | 58.4 | 58.2 | 57.6 | 57.1 | 56.5 | 57.1 | 57 | 56.2 | 57 |
| Profit before tax | 7.7 | 37.7 | 11.8 | 12.9 | −11.8 | 30.8 | −64.6 | 5.1 | 34.1 | 53.4 | 23.3 | 47.8 | 200 | 163 | 173 | 93 | 33.6 | 1.7 | 7.5 | −20.8 | −5 | −48.4 | −14.6 | −30.7 | 1.9 | 41 | 33.4 | 114 | 27 | 79.3 | 10.2 | 38.8 | 57.7 |
| Tax | 1.9 | −203 | 5 | 4.8 | −4.4 | 8.7 | −21.8 | 2.5 | 12.2 | 20.4 | 7.1 | 17.5 | 71.6 | 60 | 61.1 | 32.6 | 11.2 | 0.8 | 2.7 | −7.1 | −1.1 | −16.8 | −5 | −10.7 | 0 | 11.4 | 11.8 | 37.2 | 13.5 | 29.6 | 3.6 | 14.2 | 24.6 |
| Net profit | 5.7 | 240 | 6.8 | 8.1 | −7.4 | 22.1 | −42.9 | 2.6 | 21.9 | 33 | 16.2 | 30.3 | 129 | 103 | 112 | 60.4 | 22.4 | 0.9 | 4.7 | −13.8 | −3.9 | −31.6 | −9.6 | −20 | 1.8 | 29.5 | 21.6 | 77.1 | 13.5 | 49.7 | 6.5 | 24.7 | 33.1 |
| Net margin | 0.5% | 18.9% | 0.6% | 0.7% | -0.6% | 1.7% | -3.8% | 0.3% | 2.0% | 2.7% | 1.3% | 3.2% | 10.2% | 7.2% | 8.1% | 5.4% | 1.6% | 0.1% | 0.5% | -2.2% | -0.3% | -5.7% | -1.6% | -4.0% | 0.2% | 3.5% | 2.8% | 8.1% | 1.3% | 4.5% | 0.6% | 2.7% | 3.2% |
| EPS (₹) | 0.83 | 34.72 | 0.98 | 1.17 | -1.07 | 3.20 | -6.20 | 0.37 | 3.17 | 4.77 | 2.34 | 4.38 | 18.59 | 14.86 | 16.14 | 8.73 | 3.24 | 0.13 | 0.69 | -1.99 | -0.57 | -4.57 | -1.38 | -2.89 | 0.27 | 4.26 | 3.12 | 11.14 | 1.95 | 7.18 | 0.94 | 3.57 | 4.78 |
| Net profit YoY | +177.5% | +986.3% | +115.8% | +212.7% | −133.8% | −32.9% | −364.8% | −91.5% | −83.0% | −67.9% | – | −72.9% | +113.0% | +358.2% | +2257.6% | +538.6% | +671.0% | +102.9% | +149.5% | +31.2% | −313.6% | −207.1% | −144.3% | −126.0% | −86.4% | −40.6% | +231.0% | +212.3% | −59.2% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,645 | 4,491 | 4,693 | 5,180 | 4,020 | 2,768 | 3,471 | 4,083 | 3,125 |
| Other income | 75.9 | 97.4 | 69 | 45.5 | 48.8 | 50.9 | 37.5 | 39.2 | 33.6 |
| Total expenses | 4,670 | 4,583 | 4,437 | 4,623 | 4,047 | 2,936 | 3,317 | 3,894 | 3,187 |
| EBITDA | 481 | 428 | 770 | 1,003 | 358 | 260 | 608 | 649 | 405 |
| EBITDA margin | 10.4% | 9.5% | 16.4% | 19.4% | 8.9% | 9.4% | 17.5% | 15.9% | 13.0% |
| Finance costs | 193 | 216 | 223 | 182 | 156 | 193 | 223 | 233 | 245 |
| Depreciation | 313 | 304 | 291 | 264 | 229 | 235 | 231 | 227 | 222 |
| Profit before tax | 50.6 | 5.3 | 325 | 603 | 22 | −98.7 | 191 | 155 | −28 |
| Tax | −197 | 1.6 | 117 | 215 | 7.7 | −33.6 | 60.5 | 60.8 | 14.2 |
| Net profit | 248 | 3.7 | 208 | 388 | 14.3 | −65.1 | 130 | 94.4 | −42.2 |
| Net margin | 5.3% | 0.1% | 4.4% | 7.5% | 0.4% | -2.4% | 3.7% | 2.3% | -1.3% |
| EPS (₹) | 35.80 | 0.54 | 30.08 | 56.04 | 2.07 | -9.41 | 18.79 | 13.64 | -6.09 |
| Net profit YoY | +6542.1% | −98.2% | −46.3% | +2608.6% | +122.0% | −150.1% | +37.8% | +323.9% | – |
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 | 596 | 570 | 419 | 809 | 1,111 |
| Investing cash flow | −387 | −162 | −136 | −104 | −353 |
| Financing cash flow | −161 | −493 | −270 | −652 | −760 |
| Capital expenditure | 397 | 174 | 143 | 107 | 357 |
| Free cash flow (CFO − capex) | 199 | 396 | 277 | 701 | 754 |
Net profit trend
annual, ₹ croreFY21
₹−65.1
FY22
₹14.3+122%
FY23
₹388+2609%
FY24
₹208−46%
FY25
₹3.7−98%
FY26
₹248+6542%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Standalone | 12 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 24 Apr 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 29 Jan 2026 | PDF XBRL |
| Q2 FY26 | Standalone | 30 Oct 2025 | PDF XBRL |
| Q1 FY26 | Standalone | 25 Jul 2025 | PDF XBRL |
| Q4 FY25 | Standalone · audited | 19 May 2025 | PDF XBRL |
| Q3 FY25 | Standalone | 14 Feb 2025 | PDF on NSE XBRL |
| Q2 FY25 | Standalone | 14 Nov 2024 | PDF on NSE XBRL |
| Q1 FY25 | Standalone | 14 Aug 2024 | PDF on NSE XBRL |
| Q4 FY24 | Standalone · audited | 25 May 2024 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 62.5×4.0×
P/B5Y avg 0.68×0.45×
ROEFY26, on average equity11.3%
Net margin5.3%
Debt / equity0.69×
Revenue CAGR (3Y)-3.6%
Profit CAGR (3Y)-13.9%
EPS (TTM)₹37.70
Market cap₹1,049 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.45×
vs 8-point avg 0.68× (−33%)
0.37× low0.68× avg0.92× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹6,210 Cr+6%
Net worth₹2,316 Cr+11%
Total borrowings₹1,599 Cr+0%
Cash & bank balances₹14 Cr−43%
Investments₹1 Cr−21%
Inventories₹972 Cr−5%
Trade receivables₹613 Cr+53%
Trade payables₹1,486 Cr+20%
Change vs the same date a year earlier.
Revenue mix FY26
Paper & Paper Board89.5%result ₹152 Cr
Energy10.5%result ₹−4.7 Cr
Segment revenue as reported, before inter-segment eliminations.