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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 FY19	Q4 FY18
Revenue from operations	120	171	145	75.9	171	162	119	151	135	156	89.6	189	235	107	160	193	197	310	250	260	247	344	285	250	98	209	138	128	209	0	0
Other income	0.1	1	0.2	3.2	0.9	0.1	0.3	0.2	0.2	0.4	0.4	0.2	0.5	0.9	0.2	0.2	0.3	0	2.5	2.8	3.6	3.1	3	2.8	2.6	2.6	2.7	2.2	4.1	0	0
Total expenses	130	178	162	99.3	168	174	136	163	142	165	114	214	249	129	181	215	223	320	270	291	283	362	327	292	147	252	192	185	258	0	0
EBITDA	5.1	6.5	−0.9	−8.6	17.8	8.5	2.5	7.9	12.3	10.2	−4.6	−5.6	5.2	−2.1	3.7	5.7	1.4	17.1	6.8	−6.5	−7.2	18.1	−6.3	−6.1	−12.7	−6.1	−15.9	−18.3	−9.7	0	0
EBITDA margin	4.2%	3.8%	-0.6%	-11.3%	10.4%	5.2%	2.1%	5.3%	9.2%	6.5%	-5.2%	-2.9%	2.2%	-2.0%	2.3%	2.9%	0.7%	5.5%	2.7%	-2.5%	-2.9%	5.3%	-2.2%	-2.4%	-12.9%	-2.9%	-11.5%	-14.3%	-4.6%	–	–
Finance costs	7.9	7.6	9.2	8.4	7.9	7.9	7.9	7.6	7.4	7.3	7.5	7.3	7.8	7.3	6.3	5.8	5.9	5.4	5.4	5.3	4.8	4.7	4.2	3.9	4.2	4.4	4.7	4.7	5.7	0	0
Depreciation	6.8	6.4	6.6	6.5	6.4	12.2	12.2	12.2	12.1	12.1	12.6	12	11.9	11.8	18.1	21.5	21.2	21.1	21.6	18.9	23.8	31.6	32.4	32.4	32.1	32.8	33.5	33.7	34	0	0
Profit before tax	−9.6	1,083	−16.5	−20.2	4.3	−488	−17.3	−4.2	−6.9	−8.9	−24.4	−24.7	−14	−20.3	1,727	−21.4	−25.4	−9.4	−17.7	−28	−32.2	−1,071	−39.9	−39.6	−46.4	−40.7	−51.3	−54.6	−45.3	0	0
Tax	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net profit	−9.6	1,083	−16.5	−20.2	4.3	−488	−17.3	−4.2	−6.9	−8.9	−24.4	−24.7	−14	−20.3	1,727	−21.4	−25.4	−9.4	−17.7	−28	−32.2	−1,071	−39.9	−39.6	0	−40.6	−51.3	−54.6	−45.3	0	0
Net margin	-7.9%	633.2%	-11.4%	-26.7%	2.5%	-300.6%	-14.6%	-2.8%	-5.1%	-5.7%	-27.2%	-13.0%	-6.0%	-19.0%	1077.9%	-11.1%	-12.9%	-3.0%	-7.1%	-10.8%	-13.0%	-311.2%	-14.0%	-15.9%	0.0%	-19.4%	-37.2%	-42.5%	-21.7%	–	–
EPS (₹)	-0.66	90.60	-1.42	-1.75	0.37	-42.16	-1.49	-0.36	-0.60	-0.77	-2.10	-2.13	-1.21	-1.76	149.19	-1.85	-2.20	-0.81	-1.53	-2.42	-2.78	-92.53	-3.44	-3.42	-4.01	-3.51	-4.43	-4.72	-3.91	0.00	0.00
Net profit YoY	−321.2%	+321.7%	+4.3%	−386.7%	+162.5%	−5399.0%	+29.1%	+83.1%	+50.6%	+56.3%	−101.4%	−15.3%	+44.9%	−117.4%	+9877.6%	+23.6%	+21.1%	+99.1%	+55.7%	+29.3%	–	−2536.2%	+22.3%	+27.5%	+100.0%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	562	566	670	657	1,118	976	683	1,417	2,100
Other income	6.4	0.9	1.5	1.7	1.2	11.4	11.6	16	55.3
Total expenses	607	615	743	747	1,207	1,129	887	1,594	2,245
EBITDA	13.7	31.3	5.1	8.7	17.8	−7	−49.9	−25.5	39.5
EBITDA margin	2.4%	5.5%	0.8%	1.3%	1.6%	-0.7%	-7.3%	-1.8%	1.9%
Finance costs	33.1	30.8	29.9	25.4	20.8	17	19.5	18.7	33.9
Depreciation	25.9	48.7	48.6	72.6	85.5	128	134	133	151
Profit before tax	1,050	−517	−71.9	1,660	−87.2	−1,197	−192	−162	−89.7
Tax	0	0	0	0	0	0	0	0	0
Net profit	1,050	−517	−71.9	1,660	−87.2	−1,197	−192	−162	−89.7
Net margin	187.0%	-91.2%	-10.7%	252.5%	-7.8%	-122.6%	-28.1%	-11.4%	-4.3%
EPS (₹)	87.89	-44.61	-6.21	143.39	-7.53	-103.40	-16.57	-13.96	-7.97
Net profit YoY	+303.3%	−618.5%	−104.3%	+2003.5%	+92.7%	−523.9%	−18.7%	−80.2%	–

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	36.1	25.5	17.4	26.4	19.8
Investing cash flow	−24.9	−12.3	−9.1	−18.5	−8.7
Financing cash flow	−8.9	−13	−8.3	−7.9	−8.7
Capital expenditure	25.2	12.5	9.5	18.3	8.4
Free cash flow (CFO − capex)	10.9	13.1	7.9	8.1	11.4

Net profit trend

annual, ₹ crore

FY21

₹−1,197

FY22

₹−87.2+93%

FY23

₹1,660+2003%

FY24

₹−71.9−104%

FY25

₹−517−619%

FY26

₹1,050+303%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	12 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	12 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	25 May 2026	PDF XBRL
Q4 FY26	Standalone · audited	25 May 2026	PDF XBRL
Q3 FY26	Consolidated	4 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	4 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	14 Nov 2025	PDF XBRL
Q2 FY26	Standalone	14 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	14 Aug 2025	PDF XBRL
Q1 FY26	Standalone	14 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY263.77 MB FY254.22 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 0.2×0.4×

P/B-2.03×

ROEFY26, on average equity-132.9%

Net margin187.0%

Debt / equity-1.61×

Revenue CAGR (3Y)-5.1%

Profit CAGR (3Y)-14.2%

EPS (TTM)₹80.15

Market cap₹447 Cr

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

Balance sheet 31 Mar 2026

Total assets₹535 Cr+0%

Net worth₹-220 Cr+84%

Total borrowings₹354 Cr−74%

Cash & bank balances₹3 Cr+1000%

Investments₹4 Cr+33%

Inventories₹16 Cr+36%

Trade receivables₹0 Cr−95%

Trade payables₹19 Cr−47%

Change vs the same date a year earlier.

Revenue mix FY23

Ferro Alloys82.5%result ₹−438 Cr

Special Steel17.5%result ₹376 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Apr 26	Mar 26	Dec 25	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24
Promoter	62.40	62.40	57.60	57.60	57.60	52.66	52.66	52.66	52.66	52.66	48.27	48.27
FII	13.10	10.60	11.95	11.95	11.95	13.34	13.34	13.34	13.35	13.35	17.41	17.41
DII	0.04	–	–	–	–	–	0.09	–	0.00	0.00	0.00	0.00
Retail	6.11	5.55	6.25	6.25	6.24	6.86	6.79	6.82	6.94	6.91	7.09	7.06
Other public	18.35	21.45	24.20	24.20	24.21	27.14	27.12	27.18	27.05	27.08	27.23	27.26

17,734 shareholders · NSE shareholding pattern filings.