Apollo Hospitals Enterprise financials and balance sheet

NSE: APOLLOHOSPBSE: 508869Healthcare ServicesLarge Cap

₹7,730.00₹125.50 (1.65%)BSE ₹7,731.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹7,604.50.

52-week range of traded prices to 23 Oct 2026

₹6,696.50Low, 23 Jan 2026₹9,070.50High, 23 Sep 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results and other business matters.

Market cap: ₹1,11,146 Cr97th largest listed
P/E: 53.2
P/B: 11.7
Dividend yield: 0.26%
ROE: 23.6%
ROCE: 19.9%
Debt to equity: 0.57
Volume, NSE: 4,96,46046.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Apollo Hospitals Enterprise annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹25,229 Cr, year to Mar 2026

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 2.8% of operating profit in the first full year.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue25,229
Materials and goods−13,076
Employee costs−3,000
Other expenses−5,383
Operating profit3,769
Depreciation−876
Other income+192
One-off items−19
Finance costs−450
Profit before tax2,616
Tax−658
Joint ventures+45
Net profit2,003

What the company owns

Plant, investments and other assets₹16,036 Cr
Receivables₹3,485 Cr
Cash and bank₹1,117 Cr
Current investments₹1,017 Cr
Inventory₹542 Cr

What pays for it: net worth and liabilities

Net worth₹9,975 Cr
Borrowings₹5,659 Cr
Other liabilities₹4,312 Cr
Owed to suppliers₹2,252 Cr

Apollo Hospitals Enterprise 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. A segment at a loss has no share of profit.Apollo Hospitals Enterprise segment results by quarter

Revenue by segment

₹25,429 CrTotal

Healthcare services₹12,750 Cr50.1% of total
Digital health & pharmacy distribution₹10,808 Cr42.5% of total
Retail health and diagnostics₹1,865 Cr7.3% of total
Others₹5 Cr0.0% of total

Profit by segment

Healthcare services₹2,430 Cr83.8% of total
Digital health & pharmacy distribution₹399 Cr13.7% of total
Retail health and diagnostics₹72 Cr2.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Healthcare services
Revenue, ₹ crore
5,175
5,750
5,023
8,013
8,743
9,939
11,220
12,750
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
620
702
288
1,330
1,671
1,846
2,130
2,430
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Digital health & pharmacy distribution
Revenue, ₹ crore
6,704
7,827
9,093
10,808
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−247
−131
113
399
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Retail health and diagnostics
Revenue, ₹ crore
1,231
1,364
1,554
1,865
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
20
−2
30
72
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
4
4
4
4
5
5
5
5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−5
−3
−3
5
−10
−10
−8
−8
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	9,641	11,272	10,585	14,679	16,683	19,135	21,871	25,429
Company revenue, as in its results	9,617	11,247	10,560	14,663	16,612	19,059	21,794	25,229
Revenue	5,175	5,750	5,023	8,013	8,743	9,939	11,220	12,750
Revenue growth	–	11.1%	−12.6%	59.5%	9.1%	13.7%	12.9%	13.6%
Profit	620	702	288	1,330	1,671	1,846	2,130	2,430
Profit growth	–	13.3%	−59.0%	362.3%	25.6%	10.5%	15.3%	14.1%
Margin	12.0%	12.2%	5.7%	16.6%	19.1%	18.6%	19.0%	19.1%
Return on capital	–	13.2%	5.5%	20.4%	13.2%	23.4%	24.7%	23.0%
Assets	–	7,602	7,818	9,485	9,938	11,452	12,740	14,486
Liabilities	–	2,286	2,582	2,969	−2,726	3,565	4,111	3,936
Capital employed	–	5,315	5,235	6,516	12,665	7,887	8,630	10,551
Revenue	–	–	–	–	6,704	7,827	9,093	10,808
Revenue growth	–	–	–	–	–	16.7%	16.2%	18.9%
Profit	–	–	–	–	−247	−131	113	399
Profit growth	–	–	–	–	–	–	–	253.8%
Margin	–	–	–	–	−3.7%	−1.7%	1.2%	3.7%
Return on capital	–	–	–	–	−7.9%	−11.4%	5.8%	16.8%
Assets	–	–	–	–	2,097	2,381	2,963	3,318
Liabilities	–	–	–	–	−1,006	1,237	1,021	947
Capital employed	–	–	–	–	3,103	1,144	1,942	2,372
Revenue	–	–	–	–	1,231	1,364	1,554	1,865
Revenue growth	–	–	–	–	–	10.8%	13.9%	20.1%
Profit	–	–	–	–	20	−2	30	72
Profit growth	–	–	–	–	–	–	–	141.0%
Margin	–	–	–	–	1.6%	−0.1%	1.9%	3.9%
Return on capital	–	–	–	–	0.9%	−0.8%	13.2%	21.9%
Assets	–	–	–	–	1,188	1,157	1,328	1,473
Liabilities	–	–	–	–	−955	979	1,101	1,144
Capital employed	–	–	–	–	2,142	178	227	330
Revenue	4	4	4	4	5	5	5	5
Profit	−5	−3	−3	5	−10	−10	−8	−8
Margin	−123.4%	−71.9%	−77.5%	118.7%	−224.2%	−219.1%	−164.6%	−155.8%
Return on capital	–	−11.1%	−12.8%	23.5%	−20.8%	−88.8%	−78.2%	−109.5%
Assets	–	48	46	39	32	30	28	26
Liabilities	–	19	21	18	−18	19	18	18
Capital employed	–	28	25	21	50	12	10	7
Revenue	589	696	682	1,300	–	–	–	–
Revenue growth	–	18.3%	−2.1%	90.7%	–	–	–	–
Profit	−115	−22	−11	102	–	–	–	–
Margin	−19.5%	−3.1%	−1.6%	7.9%	–	–	–	–
Return on capital	–	−11.7%	−3.8%	35.0%	–	–	–	–
Assets	–	823	1,005	1,130	–	–	–	–
Liabilities	–	637	726	837	–	–	–	–
Capital employed	–	187	279	293	–	–	–	–
Revenue	–	–	2,606	5,361	–	–	–	–
Revenue growth	–	–	–	105.7%	–	–	–	–
Profit	–	–	141	163	–	–	–	–
Profit growth	–	–	–	15.2%	–	–	–	–
Margin	–	–	5.4%	3.0%	–	–	–	–
Return on capital	–	–	26.9%	22.1%	–	–	–	–
Assets	–	–	870	1,226	–	–	–	–
Liabilities	–	–	345	492	–	–	–	–
Capital employed	–	–	526	735	–	–	–	–
Revenue	–	–	–	0	–	–	–	–
Profit	–	–	–	−16	–	–	–	–
Margin	–	–	–	−3,425.5%	–	–	–	–
Return on capital	–	–	–	−23.0%	–	–	–	–
Assets	–	–	–	133	–	–	–	–
Liabilities	–	–	–	63	–	–	–	–
Capital employed	–	–	–	70	–	–	–	–
Revenue	–	–	2,270	–	–	–	–	–
Profit	–	–	149	–	–	–	–	–
Margin	–	–	6.6%	–	–	–	–	–
Assets	–	–	0	–	–	–	–	–
Liabilities	–	–	0	–	–	–	–	–
Capital employed	–	–	0	–	–	–	–	–
Revenue	3,873	4,821	–	–	–	–	–	–
Revenue growth	–	24.5%	–	–	–	–	–	–
Profit	168	290	–	–	–	–	–	–
Profit growth	–	72.5%	–	–	–	–	–	–
Margin	4.3%	6.0%	–	–	–	–	–	–
Return on capital	–	31.3%	–	–	–	–	–	–
Assets	–	2,055	–	–	–	–	–	–
Liabilities	–	1,128	–	–	–	–	–	–
Capital employed	–	927	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Apollo Hospitals Enterprise quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 24 Jun	Mar 2022Filed 27 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 20 May
Revenue from operations	7,255	8,243	9,617	11,247	10,560	14,663	16,612	19,059	21,794	25,229
	6,526	7,450	8,554	9,660	9,423	12,478	14,563	16,669	18,772	21,459
Materials and goods bought	3,595	4,033	4,661	5,499	5,684	7,573	8,574	9,806	11,310	13,076
Employee costs	1,197	1,404	1,598	1,853	1,601	1,787	2,144	2,494	2,769	3,000
Other expenses	1,734	2,013	2,295	2,308	2,137	3,118	3,845	4,369	4,693	5,383
Operating profit before depreciation	729	793	1,064	1,587	1,137	2,185	2,050	2,391	3,022	3,769
Operating margin	10.0%	9.6%	11.1%	14.1%	10.8%	14.9%	12.3%	12.5%	13.9%	14.9%
Materials, % of revenue	49.6%	48.9%	48.5%	48.9%	53.8%	51.7%	51.6%	51.4%	51.9%	51.8%
Employee costs, % of revenue	16.5%	17.0%	16.6%	16.5%	15.2%	12.2%	12.9%	13.1%	12.7%	11.9%
Other expenses, % of revenue	23.9%	24.4%	23.9%	20.5%	20.2%	21.3%	23.1%	22.9%	21.5%	21.3%
Depreciation and amortisation	314	359	396	620	573	601	615	687	758	876
Operating profit after depreciation	415	434	668	968	564	1,584	1,434	1,704	2,264	2,893
Other income	22	32	31	27	45	78	90	106	200	192
Finance costs	257	295	327	533	449	379	381	449	459	450
Profit before one-off items and tax	180	171	373	462	160	1,284	1,144	1,361	2,006	2,635
One-off items	0	0	0	198	61	294	0	2	0	−19
Profit before tax	180	171	373	660	221	1,578	1,144	1,363	2,006	2,616
	91	112	173	225	85	477	256	446	534	658
Current tax	–	88	126	214	76	238	406	437	526	629
Deferred tax	–	24	47	11	9	239	−150	9	8	29
Share of profit of joint ventures and associates	–	–	1	−3	1	7	−43	18	33	45
	221	60	200	432	137	1,108	845	935	1,505	2,003
Belonging to the company's shareholders	221	–	236	455	150	1,056	819	899	1,446	1,942
Belonging to outside owners of subsidiaries	–	–	−36	−23	−14	53	26	36	59	61
Other comprehensive income	–	–	−29	−1	15	−10	−13	−10	−6	58
Total comprehensive income	–	–	171	431	152	1,099	831	925	1,499	2,061
Net margin	3.0%	0.7%	2.1%	3.8%	1.3%	7.6%	5.1%	4.9%	6.9%	7.9%
Net margin without joint ventures and associates	–	–	2.1%	3.9%	1.3%	7.5%	5.3%	4.8%	6.8%	7.8%

Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 24 Jun	Mar 2022Filed 27 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 20 May
	3,469	3,470	4,803	5,899	6,531	7,321	8,653	9,975
	3,333	3,339	4,603	5,645	6,197	6,935	8,212	9,480
Share capital	70	70	72	72	72	72	72	72
Reserves	3,264	3,270	4,531	5,573	6,125	6,864	8,140	9,408
Belonging to outside owners of subsidiaries	135	131	200	254	334	385	441	494
	3,450	3,279	2,495	2,636	2,710	3,162	5,275	5,659
Repayable after a year	2,952	3,021	2,473	2,427	1,938	2,236	4,417	2,430
Repayable within a year	498	258	21	208	773	926	858	3,228
	1,955	2,041	2,038	2,383	3,325	4,665	4,579	6,481
Trade payables	713	909	1,160	1,632	1,916	2,369	2,241	2,252
Other financial liabilities	496	562	620	277	283	988	1,035	495
Other liabilities	145	189	127	144	238	237	264	308
Provisions	102	123	109	119	113	143	179	195
Tax owed	1	0	1	3	3	1	2	3
	3,759	5,828	4,577	4,932	4,572	4,768	7,426	5,741
Other financial liabilities	477	2,502	1,820	1,932	2,115	1,992	2,445	2,700
Other liabilities	3	0	0	19	20	18	17	13
Provisions	11	10	22	23	57	73	89	100
Deferred tax	315	294	260	530	442	450	458	498
Total assets	9,183	11,339	11,417	13,214	14,428	16,753	20,657	22,197
	6,902	8,692	7,775	9,093	10,091	11,473	13,629	15,297
Plant in use, after depreciation	4,594	7,052	6,334	7,235	7,432	8,541	9,816	11,039
Plant being built	822	233	212	44	602	845	771	992
Intangible assets	35	28	64	106	98	108	139	199
Goodwill	346	346	375	923	986	1,012	1,031	1,032
Intangible assets being developed	–	3	22	1	8	28	150	41
Property held to earn rent	7	6	5	5	4	3	3	2
Investments	28	35	32	96	96	104	830	906
Stakes in joint ventures and associates	365	324	313	205	186	198	224	256
Loans given	11	23	18	8	8	7	27	16
Other financial assets	235	234	144	332	297	253	213	549
Deferred tax	17	–	25	8	12	11	13	14
Other assets	442	408	231	130	362	365	412	252
	2,282	2,647	3,641	4,121	4,337	5,280	7,029	6,900
Inventories	585	738	249	432	390	460	481	542
Trade receivables	1,023	1,027	1,331	1,768	2,234	2,515	3,016	3,485
Cash and cash equivalents	283	381	425	583	433	506	578	811
Other bank balances	64	86	299	453	342	428	782	306
Current investments	69	75	998	501	292	684	1,432	1,017
Loans given	8	7	5	4	6	5	5	2
Other financial assets	129	102	162	188	294	166	182	737
Other assets	121	231	172	193	345	516	552	–
Net debt	3,035	2,738	773	1,099	1,642	1,544	2,483	3,525

Borrowings are counted again inside the liabilities due within a year and after a year. 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.

₹ crore	Mar 2021Filed 24 Jun	Mar 2022Filed 27 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 20 May
	1,273	1,616	1,377	1,920	2,136	2,856
	1,238	1,820	1,759	2,387	2,630	3,461
	−72	−392	−450	−193	−606	−574
Receivables	−565	−240	−522	−335	−564	−553
Inventories	−95	−176	42	−69	−21	−61
Payables	253	253	281	411	−128	9
Other working capital	334	−230	−251	−199	107	32
Tax paid	35	−204	−382	−467	−494	−606
Capital spending	295	657	1,129	1,137	1,713	1,962
Free cash flow	978	958	249	784	424	894
	−872	−791	−857	−1,537	−3,381	−2,148
Plant and property sold	15	0	4	2	15	31
Companies bought	−4	−100	−50	−4	0	−1,300
Interest received	22	36	44	39	84	84
Dividends received	0	0	5	0	10	12
	−340	−768	−633	−311	1,317	−478
Borrowings raised	477	426	585	707	2,551	1,115
Borrowings repaid	−1,375	−712	−516	−254	−442	−734
Interest paid	−468	−376	−251	−303	−302	−278
Lease payments	0	−60	−197	0	−256	−291
Dividends paid	38	43	258	221	278	293
Shares bought back	0	0	0	0	0	0
Shares issued	1,152	0	0	2	46	0
Net change in cash	61	57	−113	72	73	230

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.Apollo Hospitals Enterprise dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 24 Jun	Mar 2022Filed 27 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 20 May
Earnings per share	₹15.88	₹8.44	₹16.97	₹32.70	₹10.74	₹73.42	₹56.97	₹62.50	₹100.56	₹135.04
Diluted earnings per share	₹15.88	₹8.44	₹16.97	₹32.70	₹10.74	₹73.42	₹56.97	₹62.50	₹100.56	₹134.94
Dividend per share	₹6.00	₹5.00	₹6.00	₹6.00	₹3.00	₹11.75	₹15.00	₹16.00	₹19.00	₹20.00
Book value per share	–	–	₹239.61	₹240.04	₹330.84	₹392.62	₹431.02	₹482.29	₹571.15	₹659.26
Dividend payout	37.8%	–	35.4%	18.3%	27.8%	16.0%	26.3%	25.6%	18.9%	14.8%
Shareholder yield	–	–	–	–	−2.8%	0.1%	0.4%	0.2%	0.2%	0.3%
Market cap at the year end (₹ crore)	16,210	14,812	17,079	15,847	40,383	64,935	61,984	91,401	95,131	1,06,674

Ratios

Consolidated, years to March.Apollo Hospitals Enterprise PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 24 Jun	Mar 2022Filed 27 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 20 May
Revenue growth	19.2%	13.6%	16.7%	16.9%	−6.1%	38.9%	13.3%	14.7%	14.3%	15.8%
Operating profit growth	−6.9%	8.9%	34.1%	49.2%	−28.3%	92.1%	−6.2%	16.6%	26.4%	24.7%
Net profit growth	−33.2%	−73.0%	236.1%	115.7%	−68.3%	710.4%	−23.8%	10.7%	61.0%	33.1%
Earnings per share growth	–	−46.9%	101.1%	92.7%	−67.2%	583.6%	−22.4%	9.7%	60.9%	34.3%
	–	–	7.1%	13.6%	3.8%	20.6%	13.8%	13.7%	19.1%	21.9%
	–	–	–	6.6 pts	−9.8 pts	16.8 pts	−6.8 pts	−0.1 pts	5.4 pts	2.9 pts
From the net margin	–	–	–	4.6 pts	−8.8 pts	15.4 pts	−6.5 pts	−0.6 pts	5.6 pts	3.1 pts
From asset turnover	–	–	–	0.5 pts	−0.7 pts	5.4 pts	0.1 pts	0.2 pts	−0.9 pts	0.2 pts
From borrowing	–	–	–	1.4 pts	−0.3 pts	−4.0 pts	−0.4 pts	0.2 pts	0.7 pts	−0.4 pts
Return on capital employed	–	–	9.7%	14.3%	7.7%	18.6%	15.5%	16.3%	16.3%	18.5%
Cash conversion	–	–	–	–	931.1%	145.8%	163.0%	205.4%	141.9%	142.6%
Interest cover	1.6	1.5	2.0	1.8	1.3	4.2	3.8	3.8	4.9	6.4
Debt to equity	–	–	0.99	0.95	0.52	0.45	0.42	0.43	0.61	0.57
Receivable days	–	–	39	33	46	44	49	48	51	50
Inventory days	–	–	46	49	16	21	17	17	16	15
Payable days	–	–	56	60	74	79	82	88	72	63
Cash conversion cycle, days	–	–	29	22	−12	−14	−16	−23	−6	3
Working capital days	–	–	16	10	−3	10	16	−1	9	22
Asset turnover	–	–	1.05	1.10	0.93	1.19	1.20	1.22	1.17	1.18
Assets per rupee of net worth	–	–	2.75	3.08	2.87	2.40	2.33	2.37	2.47	2.42
Sales per rupee of plant	–	–	2.09	1.59	1.67	2.03	2.24	2.23	2.22	2.29
Capital spending to depreciation	–	–	–	–	0.52	1.09	1.83	1.65	2.26	2.24
Plant being built, % of plant in use	–	–	17.9%	3.3%	3.3%	0.6%	8.1%	9.9%	7.9%	9.0%

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: 9.1%
Cash from operations against operating profit: 75.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	15.3%	19.0%	14.9%
Profit growth, yearly rate	19.4%	66.8%	33.3%
Return on equity, average	–	17.8%	18.2%
Return on capital employed, average	–	17.0%	17.0%
Operating margin, average	12.4%	13.7%	13.8%
Net margin, average	4.3%	6.5%	6.6%
Asset turnover, average	–	1.19	1.19
Cash conversion cycle, days, average	–	−11	−9
Interest cover, average	3.1	4.6	5.1
Debt to equity, average	–	0.49	0.54

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	9,905	6,912	2,856
Cash from investing	−8,713	−7,066	−2,148
Cash from financing	−873	528	−478
Capital spending	6,597	4,812	1,962
Dividends paid	1,093	792	293
Shares bought back	0	0	0
Shares issued for cash	48	48	0
Borrowings raised	5,384	4,373	1,115
Borrowings repaid	2,659	1,430	734

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	–	–	–	–	5	8	6	7	6	7
Altman Z-scorePublished threshold 1.81	–	–	3.63	3.02	5.51	7.67	6.89	7.93	6.90	7.45
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.59	−2.31	−2.33	−2.70	−2.51	−2.56
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.32	2.30	2.35	3.54	14.70	6.04
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.04	1.70	1.65	1.56
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−16.55	35.69	−6.07	13.10	−2.17	5.58	−0.22
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	8.19	−69.56	39.83	−22.84	3.48	−10.78	−2.80
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.74	0.00	0.32	1.56	0.23	0.24	0.01
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.08	–	0.03	0.74	0.47	0.38	0.47
Effective tax ratePublished threshold 17.16 per cent	50.62	65.27	46.53	34.11	38.38	30.23	22.40	32.70	26.62	25.16
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	17.28	−11.00	−1.56	2.01	2.01

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
19 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Unallocated limits	[ICRA]AAA /[ICRA]A1+Review, Other	Stable	863
19 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAAReview, Other	Stable	2,137
29 May 2026	CRISIL Ratings Limited (opens in a new tab)	Non-convertible debentures	Crisil AA+Review, Other	Positive	19
29 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		300
29 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Other	Positive	313
23 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+Review, Other	Positive	2,147

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