Adani Energy Solutions financials and balance sheet

NSE: ADANIENSOLBSE: 539254PowerLarge Cap

Formerly Adani Transmission

₹1,220.00₹75.40 (5.82%)BSE ₹1,219.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,295.40.

52-week range of traded prices to 23 Oct 2026

₹803.10Low, 23 Jan 2026₹1,789.00High, 21 Jul 2026

Market cap: ₹1,49,200 Cr63rd largest listed
P/E: 40.2
P/B: 4.8
Dividend yield: Nonein the last 12 months
ROE: 13.6%
ROCE: 10.0%
Debt to equity: 1.59
Volume, NSE: 30,68,61435.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Adani Energy Solutions annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.9% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹7,305 Cr, differs from its quarters added, ₹7,387 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue27,588
Materials and goods−7,352
Employee costs−1,093
Other expenses−10,059
Operating profit9,084
Depreciation−1,978
Other income+737
One-off items0.0
Finance costs−3,633
Profit before tax4,210
Net profit2,393

What the company owns

Plant, investments and other assets₹80,248 Cr
Receivables₹5,734 Cr
Cash and bank₹3,947 Cr
Current investments₹2,236 Cr
Inventory₹669 Cr

What pays for it: net worth and liabilities

Borrowings₹48,898 Cr
Net worth₹26,526 Cr
Other liabilities₹12,417 Cr
Owed to suppliers₹4,994 Cr

Adani Energy Solutions business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Adani Energy Solutions segment results by quarter

Revenue by segment

₹24,841 CrTotal

Distribution₹12,450 Cr50.1% of total
Transmission₹9,824 Cr39.5% of total
Trading₹1,091 Cr4.4% of total
Smart Meter₹828 Cr3.3% of total
Others₹648 Cr2.6% of total

Profit by segment

Distribution₹1,239 Cr21.4% of total
Transmission₹3,965 Cr68.5% of total
Trading₹84 Cr1.4% of total
Smart Meter₹368 Cr6.4% of total
Others₹132 Cr2.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Distribution
Revenue, ₹ crore
4,270
7,676
6,048
6,966
8,592
10,173
12,266
12,450
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
624
1,206
1,012
1,032
1,338
1,201
19
1,239
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Transmission
Revenue, ₹ crore
2,193
2,815
3,122
3,469
3,945
5,114
8,331
9,824
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,348
1,873
2,192
2,429
2,607
2,732
3,429
3,965
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trading
Revenue, ₹ crore
842
925
757
822
756
1,030
1,380
1,091
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
0
1
1
1
1
14
84
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Smart Meter
Revenue, ₹ crore
828
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
368
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
1,790
648
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
193
132
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	7,305	11,416	9,926	11,258	13,293	16,607	23,767	24,841
Company revenue, as in its results	7,305	11,416	9,926	11,258	13,293	16,607	23,767	27,588
Revenue	4,270	7,676	6,048	6,966	8,592	10,173	12,266	12,450
Revenue growth	–	79.8%	−21.2%	15.2%	23.3%	18.4%	20.6%	1.5%
Profit	624	1,206	1,012	1,032	1,338	1,201	19	1,239
Profit growth	–	93.3%	−16.1%	2.0%	29.6%	−10.2%	−98.4%	6,385.6%
Margin	14.6%	15.7%	16.7%	14.8%	15.6%	11.8%	0.2%	9.9%
Return on capital	4.7%	9.4%	7.3%	7.0%	8.3%	7.4%	0.1%	7.9%
Assets	16,432	16,628	17,207	18,537	20,085	20,359	20,578	21,148
Liabilities	3,046	3,755	3,410	3,896	4,027	4,146	4,350	5,384
Capital employed	13,386	12,873	13,797	14,641	16,058	16,213	16,228	15,764
Revenue	2,193	2,815	3,122	3,469	3,945	5,114	8,331	9,824
Revenue growth	–	28.4%	10.9%	11.1%	13.7%	29.6%	62.9%	17.9%
Profit	1,348	1,873	2,192	2,429	2,607	2,732	3,429	3,965
Profit growth	–	38.9%	17.0%	10.8%	7.4%	4.8%	25.5%	15.6%
Margin	61.5%	66.5%	70.2%	70.0%	66.1%	53.4%	41.2%	40.4%
Return on capital	10.0%	12.6%	11.3%	10.9%	10.0%	9.3%	9.4%	8.6%
Assets	13,869	15,577	20,596	23,307	27,278	30,763	39,285	49,627
Liabilities	448	694	1,141	956	1,121	1,449	2,710	3,372
Capital employed	13,422	14,883	19,454	22,352	26,158	29,314	36,576	46,255
Revenue	842	925	757	822	756	1,030	1,380	1,091
Revenue growth	–	9.8%	−18.2%	8.6%	−8.1%	36.3%	34.1%	−21.0%
Profit	3	0	1	1	1	1	14	84
Profit growth	–	−88.4%	85.0%	−8.1%	−23.5%	23.1%	2,121.9%	489.7%
Margin	0.4%	0.0%	0.1%	0.1%	0.1%	0.1%	1.0%	7.7%
Return on capital	–	166.7%	–	–	–	–	4.2%	–
Assets	0	135	0	0	0	0	1,108	2,039
Liabilities	0	134	0	0	0	0	771	2,075
Capital employed	0	0	0	0	0	0	337	−36
Revenue	–	–	–	–	–	–	–	828
Profit	–	–	–	–	–	–	–	368
Margin	–	–	–	–	–	–	–	44.4%
Return on capital	–	–	–	–	–	–	–	10.4%
Assets	–	–	–	–	–	–	–	5,396
Liabilities	–	–	–	–	–	–	–	1,864
Capital employed	–	–	–	–	–	–	–	3,532
Revenue	–	–	–	–	–	–	1,790	648
Profit	–	–	–	–	–	–	193	132
Margin	–	–	–	–	–	–	10.8%	20.4%
Return on capital	–	–	–	–	–	–	8.2%	62.8%
Assets	–	–	–	–	–	–	3,054	654
Liabilities	–	–	–	–	–	–	700	444
Capital employed	–	–	–	–	–	–	2,354	210
Revenue	–	–	–	–	–	291	–	–
Profit	–	–	–	–	–	2	–	–
Margin	–	–	–	–	–	0.6%	–	–
Return on capital	–	–	–	–	–	1.5%	–	–
Assets	–	–	–	–	–	350	–	–
Liabilities	–	–	–	–	–	242	–	–
Capital employed	–	–	–	–	–	108	–	–
	–	–	–	0	0	0	–	–
Profit	–	–	–	604	0	611	–	–
Assets	–	–	–	5,620	6,569	7,107	–	–
Liabilities	–	–	–	31,606	36,024	39,039	–	–
	0	0	–	–	–	–	–	–
Profit	255	265	–	–	–	–	–	–
Assets	1,627	7,372	–	–	–	–	–	–
Liabilities	20,393	25,567	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Adani Energy Solutions quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 9 May	Mar 2021Filed 7 May	Mar 2022Filed 7 May	Mar 2023Filed 30 May	Mar 2024Filed 2 May	Mar 2025Filed 3 Jul	Mar 2026Filed 23 Apr
Revenue from operations	2,879	3,944	7,305	11,416	9,926	11,258	13,293	16,607	23,767	27,588
	896	1,118	4,543	7,162	5,976	7,051	8,775	10,436	15,360	18,504
Materials and goods bought	755	816	3,130	4,622	3,643	3,600	5,979	6,488	6,950	7,352
Employee costs	46	42	587	973	931	885	987	952	1,033	1,093
Other expenses	95	261	826	1,567	1,402	2,566	1,809	2,996	7,377	10,059
Operating profit before depreciation	1,983	2,826	2,762	4,254	3,950	4,206	4,518	6,171	8,407	9,084
Operating margin	68.9%	71.6%	37.8%	37.3%	39.8%	37.4%	34.0%	37.2%	35.4%	32.9%
Materials, % of revenue	26.2%	20.7%	42.8%	40.5%	36.7%	32.0%	45.0%	39.1%	29.2%	26.6%
Employee costs, % of revenue	1.6%	1.1%	8.0%	8.5%	9.4%	7.9%	7.4%	5.7%	4.3%	4.0%
Other expenses, % of revenue	3.3%	6.6%	11.3%	13.7%	14.1%	22.8%	13.6%	18.0%	31.0%	36.5%
Depreciation and amortisation	569	579	882	1,174	1,329	1,427	1,608	1,776	1,906	1,978
Operating profit after depreciation	1,414	2,247	1,880	3,080	2,621	2,779	2,910	4,395	6,501	7,106
Other income	22	111	255	265	533	604	548	611	679	737
Finance costs	904	886	1,391	2,238	2,117	2,365	2,781	2,767	3,259	3,633
Profit before one-off items and tax	532	1,472	744	1,107	1,037	1,018	676	2,240	3,922	4,210
One-off items	0	0	0	0	583	682	1,036	−460	−1,506	0
Profit before tax	532	1,472	744	1,107	1,620	1,700	1,712	1,780	2,416	4,210
	116	329	–	–	–	–	–	580	–	–
Current tax	–	–	–	–	–	–	–	299	–	–
Deferred tax	–	–	–	–	–	–	–	282	–	–
Profit from discontinued businesses	–	–	–	–	–	–	4	−4	–	–
	416	1,143	559	706	1,290	1,947	2,316	1,196	922	2,393
Belonging to the company's shareholders	416	1,143	–	742	1,224	1,916	1,256	1,137	1,060	2,283
Belonging to outside owners of subsidiaries	–	–	–	−35	66	31	–	58	−138	110
Other comprehensive income	–	–	8	120	−146	−252	−302	−282	186	1,122
Total comprehensive income	–	–	567	827	1,143	1,695	2,015	913	1,108	3,514
Net margin	14.5%	29.0%	7.7%	6.2%	13.0%	17.3%	17.4%	7.2%	3.9%	8.7%

Tax is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2025 and Mar 2026: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown. Belonging to the company's shareholders is left blank for the year to Mar 2019: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 9 May	Mar 2021Filed 7 May	Mar 2022Filed 7 May	Mar 2023Filed 30 May	Mar 2024Filed 2 May	Mar 2025Filed 3 Jul	Mar 2026Filed 23 Apr	Sep 2026Half yearFiled 22 Oct
	8,043	9,561	10,023	11,007	12,760	13,703	23,011	26,526	32,499
	8,043	8,499	8,919	9,913	11,662	12,642	22,068	25,428	31,304
Share capital	1,100	1,100	1,100	1,100	1,115	1,115	1,201	1,201	1,223
Reserves	6,943	7,399	7,819	8,813	10,547	11,526	20,867	24,226	30,081
Belonging to outside owners of subsidiaries	–	1,062	1,104	1,094	1,098	1,062	943	1,098	1,195
	17,937	23,525	25,775	29,815	34,199	37,009	40,206	48,898	51,520
Repayable after a year	16,304	22,290	23,809	27,774	31,330	33,560	36,992	45,367	49,145
Repayable within a year	1,633	1,236	1,966	2,041	2,868	3,449	3,214	3,531	2,375
	6,418	5,382	6,417	5,657	7,017	7,963	9,923	15,446	16,560
Trade payables	1,237	1,752	1,241	1,608	1,800	1,722	2,956	4,994	5,653
Other financial liabilities	3,211	1,983	2,850	1,577	1,857	2,044	3,020	5,815	7,326
Other liabilities	258	309	291	348	364	646	622	870	851
Provisions	64	62	62	71	119	99	106	207	197
Tax owed	15	40	6	12	8	3	5	29	159
	17,196	24,264	26,522	30,529	34,154	36,859	40,932	50,741	54,198
Other financial liabilities	183	278	628	401	391	513	1,071	261	1,361
Other liabilities	225	0	283	290	333	466	523	655	1,476
Provisions	447	276	585	617	528	630	554	681	557
Deferred tax	16	971	1,186	1,414	1,540	1,653	1,754	2,490	1,618
Trade payables	22	449	32	32	33	37	39	1,287	40
Total assets	31,929	39,711	43,234	47,464	53,932	58,579	73,960	92,835	1,03,300
	26,994	31,026	38,234	41,821	45,025	48,961	57,286	72,993	80,422
Plant in use, after depreciation	22,837	23,100	25,166	27,905	30,295	36,437	37,049	44,227	–
Plant being built	694	2,209	5,240	5,060	6,200	3,003	5,695	2,054	–
Intangible assets	985	995	1,009	1,095	1,752	1,885	1,111	1,146	1,152
Goodwill	590	592	593	598	598	598	598	598	598
Intangible assets being developed	–	3	15	0	0	0	7	0	0
Property held to earn rent	–	238	218	0	0	0	349	0	0
Investments	121	0	267	264	313	324	7,112	407	386
Loans given	41	39	1,074	1,129	26	23	16	11	8
Other financial assets	1,312	2,302	2,911	4,204	3,975	3,841	5,085	12,724	13,515
Deferred tax	139	0	63	0	61	98	58	78	914
Trade receivables	–	0	0	0	–	0	106	102	97
Other assets	274	1,548	1,678	1,566	1,805	2,753	99	11,646	16,867
	3,830	8,438	4,560	4,519	6,943	8,047	13,587	17,826	20,731
Inventories	366	541	234	250	152	255	625	669	520
Trade receivables	722	1,000	1,014	1,071	1,438	1,565	4,218	5,734	7,441
Cash and cash equivalents	188	1,233	264	189	191	742	2,190	1,735	2,364
Other bank balances	513	1,064	1,026	1,304	1,514	1,486	1,428	2,213	2,287
Current investments	215	313	175	296	1,057	443	2,290	2,236	3,074
Loans given	9	2,409	24	8	477	408	6	6	4
Other financial assets	1,686	1,543	1,395	1,067	1,906	2,361	263	1,526	911
Tax paid in advance	–	0	0	0	0	787	0	0	–
Other assets	130	334	429	334	209	0	2,566	3,708	4,129
Net debt	17,020	20,916	24,311	28,026	31,438	34,338	34,298	42,715	43,795

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 7 May	Mar 2022Filed 7 May	Mar 2023Filed 30 May	Mar 2024Filed 2 May	Mar 2025Filed 3 Jul	Mar 2026Filed 23 Apr	Sep 2026Half yearFiled 22 Oct
	3,784	4,097	3,777	6,038	8,695	10,997	6,257
	4,037	4,363	4,023	6,338	8,924	11,426	6,763
	−107	118	−467	594	395	3,371	538
Receivables	−39	−105	−395	−144	327	−1,512	−1,703
Inventories	313	−16	98	−103	−476	−44	149
Payables	−402	433	220	−59	967	1,939	638
Other working capital	21	−194	−390	901	−424	2,988	1,454
Tax paid	−253	−267	−246	−300	−229	−429	−506
Capital spending	3,952	4,191	4,702	5,430	9,378	14,432	9,442
Free cash flow	−168	−94	−925	608	−683	−3,435	−3,185
	−4,025	−3,948	−4,699	−4,943	−15,228	−14,083	−10,899
Companies bought	0	0	0	−35	−2,582	−51	−132
Interest received	501	498	467	345	550	407	179
	−745	−235	923	−543	7,975	2,630	5,272
Borrowings raised	1,934	2,136	5,901	5,459	7,252	17,024	11,852
Borrowings repaid	0	0	−3,573	−2,916	−4,738	−10,455	−8,039
Interest paid	−1,977	−2,365	−2,213	−3,222	−2,977	−4,075	−2,053
Lease payments	−35	−31	−26	−22	−20	−28	−9
Dividends paid	0	0	0	86	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	3,850	0	8,373	0	3,500
Net change in cash	−986	−86	2	551	1,443	−456	629

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 9 May	Mar 2021Filed 7 May	Mar 2022Filed 7 May	Mar 2023Filed 30 May	Mar 2024Filed 2 May	Mar 2025Filed 3 Jul	Mar 2026Filed 23 Apr
Earnings per share	₹3.79	₹9.94	₹2.30	–	₹9.02	–	₹11.10	–	₹16.14	–
Diluted earnings per share	₹3.79	₹9.94	₹2.30	–	₹5.75	–	₹11.10	–	₹16.14	–
Book value per share	–	–	₹73.13	₹77.28	₹81.10	₹90.13	₹104.55	₹113.33	₹183.71	₹211.67
Shareholder yield	–	–	–	–	0.0%	0.0%	−3.5%	0.1%	−8.0%	0.0%
Market cap at the year end (₹ crore)	7,055	21,303	23,910	20,792	99,907	2,60,452	1,10,774	1,14,528	1,04,752	1,12,308

Earnings per share is left blank for the years to Mar 2020, Mar 2022, Mar 2024 and Mar 2026: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Adani Energy Solutions PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 9 May	Mar 2021Filed 7 May	Mar 2022Filed 7 May	Mar 2023Filed 30 May	Mar 2024Filed 2 May	Mar 2025Filed 3 Jul	Mar 2026Filed 23 Apr
Revenue growth	31.1%	37.0%	–	56.3%	−13.0%	13.4%	18.1%	24.9%	43.1%	16.1%
Operating profit growth	2.7%	42.5%	–	54.0%	−7.1%	6.5%	7.4%	36.6%	36.2%	8.1%
Net profit growth	16.4%	174.5%	–	26.3%	82.5%	51.0%	19.0%	−48.4%	−22.9%	159.6%
Earnings per share growth	–	162.3%	–	–	–	–	–	–	–	–
	–	–	–	9.0%	14.1%	20.3%	11.6%	9.4%	6.1%	9.6%
	–	–	–	–	5.1 pts	6.3 pts	−8.7 pts	−2.3 pts	−3.3 pts	3.5 pts
From the net margin	–	–	–	–	8.1 pts	5.3 pts	−9.0 pts	−3.2 pts	−3.3 pts	5.2 pts
From asset turnover	–	–	–	–	−4.2 pts	0.7 pts	0.6 pts	1.1 pts	1.3 pts	−0.9 pts
From borrowing	–	–	–	–	1.3 pts	0.2 pts	−0.3 pts	−0.1 pts	−1.3 pts	−0.8 pts
Return on capital employed	–	–	7.2%	9.3%	7.3%	6.8%	6.2%	8.7%	10.3%	9.4%
Cash conversion	–	–	–	–	293.5%	210.4%	163.1%	505.0%	943.4%	459.6%
Interest cover	1.6	2.5	1.4	1.4	1.2	1.2	1.0	1.6	2.0	2.0
Debt to equity	–	–	2.23	2.46	2.57	2.71	2.68	2.70	1.75	1.84
Receivable days	–	–	36	32	37	35	39	34	65	76
Inventory days	–	–	43	43	23	25	9	14	33	33
Payable days	–	–	144	138	124	163	110	97	155	248
Cash conversion cycle, days	–	–	−65	−64	−64	−103	−61	−48	−58	−139
Working capital days	–	–	−94	54	−50	−29	1	19	15	−4
Asset turnover	–	–	0.23	0.32	0.24	0.25	0.26	0.30	0.36	0.33
Assets per rupee of net worth	–	–	3.97	4.33	4.76	4.82	4.70	4.63	3.82	3.51
Sales per rupee of plant	–	–	0.32	0.49	0.39	0.40	0.44	0.46	0.64	0.62
Capital spending to depreciation	–	–	–	–	2.97	2.94	2.92	3.06	4.92	7.30
Plant being built, % of plant in use	–	–	3.0%	9.6%	20.8%	18.1%	20.5%	8.2%	15.4%	4.6%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2019: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.7%
Cash from operations against operating profit: 121.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	28.8%	22.7%	27.6%
Profit growth, yearly rate	20.4%	13.3%	22.0%
Return on equity, average	–	11.4%	8.4%
Return on capital employed, average	–	8.3%	9.5%
Operating margin, average	43.2%	35.4%	35.2%
Net margin, average	12.5%	10.9%	6.6%
Asset turnover, average	–	0.30	0.33
Cash conversion cycle, days, average	–	−82	−82
Interest cover, average	1.6	1.6	1.8
Debt to equity, average	–	2.34	2.10

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	33,603	25,730	10,997
Cash from investing	−42,900	−34,253	−14,083
Cash from financing	10,751	10,062	2,630
Capital spending	38,133	29,239	14,432
Dividends paid	86	86	0
Shares bought back	0	0	0
Shares issued for cash	12,223	8,373	0
Borrowings raised	37,772	29,735	17,024
Borrowings repaid	21,683	18,110	10,455

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	8	7	8	7	7
Altman Z-scorePublished threshold 1.1	–	–	0.98	2.01	1.21	1.34	1.51	1.49	2.23	2.01
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.57	−2.72	−2.16	−2.92	−1.93	−2.45
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.69	3.97	6.39	0.18	11.25	6.57
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.10	2.55	4.18	5.70
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−17.74	14.38	−7.76	16.17	−16.08	126.41	19.86
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	0.14	−35.64	8.19	−105.35	59.53	137.81	1.28
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.54	−0.54	−3.75	5.37	6.22	−1.34	8.72
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.54	1.54	1.21	1.55	0.38	2.26	0.22
Effective tax ratePublished threshold 17.16 per cent	21.71	22.34	37.75	49.05	26.19	25.64	25.43	32.60	7.41	17.15
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	9.95	11.09	15.74	−2.06	6.96

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
18 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		100
18 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AA+Review, Re-affirm	Stable	1,125
8 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	10,115
8 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Proposed limits	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	685
8 Jul 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+ / -Review, Re-affirm		1,000
8 Jul 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AA+ (Stable)New, New	Stable	125
8 Jul 2026	ICRA Limited (opens in a new tab)	Non-fund based-Proposed limits	[ICRA]A1+New, New	Stable	350
18 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	140
18 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AA+Review, Re-affirm	Stable	150
27 Apr 2026	ICRA Limited (opens in a new tab)	Fund-based-Proposed limits	[ICRA]AA+New, New	Stable	300
23 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		1,000
23 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AA+Review, Re-affirm	Stable
23 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+Review, Re-affirm	Stable	6,150

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.