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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	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY17
Revenue from operations	118	144	124	85	114	115	102	102	91.7	90.4	118	87.1	93.5	111	89.8	86.6	104	120	86.5	79.9	88.2	104	96.6	68.8	44.8	91.5	98.3	88.3	74.4	97.5	75.8	73.8	72.1	84
Other income	0.6	0.2	0.1	0.2	0.3	1.5	0.3	0.2	0.3	0.6	0.5	0.4	0.2	0.5	0	0.5	0.6	0.5	0.1	0.2	0.1	0.3	0.1	0.1	0.1	1.2	0.7	0.1	0.1	0.1	0.1	0	0.3	0.1
Total expenses	114	134	127	83.6	109	110	100	98.4	88.5	86.3	116	86.3	90.5	109	86.8	84.7	102	116	86.1	79.6	86.2	103	94.1	68.2	44.8	81.2	97	95.5	80.7	97	75.4	72.8	71.2	83
EBITDA	14.1	20.7	3.5	6.2	9.7	9.9	5.6	6	5.3	6.6	5.8	3.6	6.1	5	6.3	4.4	5.6	6.7	3.8	3.5	4.9	4.9	6.1	4.1	3.3	14.2	5.3	−3.7	−2.2	4.6	3.9	4.4	4.6	4.6
EBITDA margin	11.9%	14.4%	2.8%	7.3%	8.5%	8.6%	5.5%	5.8%	5.7%	7.3%	4.9%	4.2%	6.5%	4.5%	7.0%	5.1%	5.4%	5.6%	4.4%	4.4%	5.6%	4.8%	6.3%	5.9%	7.4%	15.6%	5.4%	-4.1%	-2.9%	4.7%	5.1%	6.0%	6.4%	5.5%
Finance costs	6.2	6.8	4.2	3.4	3.2	3.6	2	1.2	1.1	1.6	2.1	1.9	2	2	2.3	2.2	2	2.7	2.3	2.1	1.9	2.3	2.6	2.4	2.2	2.6	2.7	2.2	2.7	2.8	2.3	2.1	2.4	2.3
Depreciation	4	4.2	2.3	1.4	1.5	1.1	1.4	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.3	1.5	0.4	1.1	1.1	1.1	1.1	1.1	1	1.1	1.3	1.4	1.3	1.4	1.3	1.2	1.3	1.4	1.4
Profit before tax	4.5	9.9	−2.9	1.6	5.4	3.1	2.5	4	3.6	4.6	3.2	1.2	3.3	2.6	3.1	2.5	2.6	4.2	0.5	0.5	2	1.9	2.5	0.7	0.1	11.5	1.9	−7.1	−6.2	0.7	0.4	1	1.2	1.1
Tax	3.4	4.5	5.1	0.3	−0.1	1.1	0.7	1.7	1	1.5	0.9	0.3	0.5	1.4	2	0.7	0.7	0.8	1.3	0.1	0.6	0.2	0.7	0.1	0.1	4	0.5	−1.9	0	4.3	−0.3	−2.2	0.3	−1.5
Net profit	1.2	5.4	−8	1.3	5.5	2	1.8	2.3	2.5	3.1	2.3	0.9	2.8	1.2	1.1	1.8	2	3.4	−0.7	0.4	1.4	1.7	1.9	0.6	−0	7.5	1.4	−5.2	−6.2	−3.6	0.7	3.2	0.9	2.6
Net margin	1.0%	3.7%	-6.4%	1.6%	4.8%	1.7%	1.7%	2.3%	2.7%	3.4%	2.0%	1.0%	2.9%	1.0%	1.2%	2.1%	1.9%	2.8%	-0.9%	0.4%	1.6%	1.6%	1.9%	0.8%	-0.1%	8.2%	1.4%	-5.9%	-8.3%	-3.7%	0.9%	4.4%	1.2%	3.1%
EPS (₹)	0.35	1.67	-2.48	0.42	1.75	0.65	0.58	0.78	0.84	1.03	0.77	0.28	0.92	0.38	0.36	0.60	0.66	1.12	-0.25	0.12	0.48	0.56	0.62	0.19	-0.02	2.53	0.46	0.00	0.49	-1.21	0.23	1.08	0.30	0.83
Net profit YoY	−78.7%	+171.5%	−550.0%	−42.4%	+117.4%	−36.0%	−23.7%	+174.2%	−8.8%	+168.9%	+113.4%	−52.4%	+39.2%	−65.6%	+246.7%	+405.0%	+36.8%	+99.5%	−140.0%	−38.4%	+3094.0%	−77.5%	+33.8%	+111.0%	+99.2%	+305.4%	+102.9%	−260.8%	−798.2%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY17
Revenue from operations	467	412	389	392	374	314	352	319	61
Other income	0.8	2.4	1.7	1.6	0.8	0.5	2.1	0.5	0.2
Total expenses	454	397	379	383	368	310	354	316	60.2
EBITDA	40.1	26.7	22.1	21.3	19	18.4	13.7	17.5	4.6
EBITDA margin	8.6%	6.5%	5.7%	5.4%	5.1%	5.9%	3.9%	5.5%	7.6%
Finance costs	17.6	8	7.7	8.6	8.9	9.4	10.3	9.5	2.5
Depreciation	9.4	4.4	3.8	3.7	3.7	4.3	5.4	5.2	1.4
Profit before tax	14	13.2	12.3	10.7	7.2	5.1	0.2	3.3	0.9
Tax	9.8	4.6	3.3	4.7	2.8	1.1	2.7	2.1	−0
Net profit	4.2	8.6	9	6	4.4	4.1	−2.5	1.2	1
Net margin	0.9%	2.1%	2.3%	1.5%	1.2%	1.3%	-0.7%	0.4%	1.6%
EPS (₹)	1.31	2.81	3.01	2.00	1.47	1.35	1.74	0.39	0.32
Net profit YoY	−50.7%	−4.7%	+50.3%	+35.9%	+8.9%	+261.1%	−317.3%	–	–

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	18.3	34.4	30.7	29.9	−0.1
Investing cash flow	−158	−134	−9.4	−0.8	−1.7
Financing cash flow	111	122	−10.7	−25.6	2.3
Capital expenditure	174	65.1	4.3	0.8	0
Free cash flow (CFO − capex)	−156	−30.7	26.4	29.1	−0.1

Net profit trend

annual, ₹ crore

FY21

₹4.1

FY22

₹4.4+9%

FY23

₹6+36%

FY24

₹9+50%

FY25

₹8.6−5%

FY26

₹4.2−51%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Standalone	14 Aug 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	30 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	–	PDF on NSE XBRL
Q3 FY26	Standalone	28 Feb 2026	PDF on NSE XBRL
Q2 FY26	Standalone	15 Nov 2025	PDF XBRL
Q1 FY26	Standalone	14 Aug 2025	PDF XBRL
Q4 FY25	Standalone · audited	31 May 2025	PDF XBRL
Q3 FY25	Standalone	16 Feb 2025	PDF on NSE XBRL
Q2 FY25	Standalone	15 Nov 2024	PDF on NSE XBRL
Q1 FY25	Consolidated	3 Oct 2024	PDF on NSE XBRL

Annual reports

NSE archive

FY268.07 MB FY257.56 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 18.7×-2394.4×

P/B5Y avg 0.97×1.00×

ROEFY26, on average equity3.0%

Net margin0.9%

Debt / equity1.85×

Revenue CAGR (3Y)6.1%

Profit CAGR (3Y)-11.0%

EPS (TTM)₹-0.02

Market cap₹149 Cr

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

P/B vs history

1.00×

vs 8-point avg 0.97× (+2%)

0.58× low0.97× avg1.78× high

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

Balance sheet 31 Mar 2026

Total assets₹508 Cr+40%

Net worth₹150 Cr+9%

Total borrowings₹277 Cr+77%

Cash & bank balances₹5 Cr−82%

Investments₹3 Cr+6%

Inventories₹82 Cr+25%

Trade receivables₹15 Cr+82%

Trade payables₹48 Cr+14%

Change vs the same date a year earlier.

Revenue mix FY26

Iran & Steel (Including other Income)91.4%result ₹8.1 Cr

Power (Including Other Income)8.6%result ₹23.4 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Aug 25	Jun 25	Mar 25	Dec 24	Oct 24	Sept 24	Jun 24	Mar 24
Promoter	62.06	62.06	62.06	62.06	62.06	60.12	60.12	60.12	60.12	58.33	58.33	58.33
FII	0.13	–	0.11	0.02	–	0.01	0.12	0.00	0.03	0.15	0.00	0.01
Retail	26.58	26.58	27.98	27.99	28.28	29.78	29.48	29.34	29.40	29.98	30.18	30.41
Other public	11.23	11.36	9.85	9.93	9.66	10.09	10.28	10.54	10.45	11.54	11.49	11.25

14,030 shareholders · NSE shareholding pattern filings.