Ashoka Buildcon financials and balance sheet

NSE: ASHOKABSE: 533271ConstructionSmall Cap

₹98.49₹2.60 (2.57%)BSE ₹98.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹101.09.

52-week range of traded prices to 23 Oct 2026

₹97.50Low, 23 Oct 2026₹214.50High, 4 Nov 2025

Market cap: ₹2,765 Cr879th largest listed
P/E: 1.1
P/E without one-offs: 8.7
P/B: 0.4
Dividend yield: Nonein the last 12 months
ROE: Assets held for saleon the latest balance sheet
ROCE: Assets held for saleon the latest balance sheet
Debt to equity: Assets held for saleon the latest balance sheet
Volume, NSE: 9,87,43047.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Ashoka Buildcon annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹10,037 Cr, year to Mar 2025A loss in 3 of the 10 years shown

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 0.3% 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

Revenue7,520
Materials and goods−1,874
Employee costs−416
Other expenses−3,348
Operating profit1,882
Depreciation−161
Other income+184
One-off items+2,144
Finance costs−912
Profit before tax3,137
Tax−557
Joint ventures−4.8
Net profit2,576

What the company owns

Plant, investments and other assets₹10,326 Cr
Receivables₹1,610 Cr
Cash and bank₹663 Cr
Inventory₹440 Cr
Current investments₹12 Cr

What pays for it: net worth and liabilities

Net worth₹6,576 Cr
Other liabilities₹4,038 Cr
Borrowings₹1,511 Cr
Owed to suppliers₹926 Cr

Ashoka Buildcon 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.Ashoka Buildcon segment results by quarter

Revenue by segment

₹7,520 CrTotal

Construction & Contract₹5,300 Cr70.5% of total
BOT/Annuity Project₹1,984 Cr26.4% of total
Sale of Goods₹235 Cr3.1% of total

Profit by segment

Construction & Contract₹245 Cr25.4% of total
BOT/Annuity Project₹708 Cr73.2% of total
Sale of Goods₹13 Cr1.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Construction & Contract
Revenue, ₹ crore
2,149
1,774
2,159
2,780
4,468
6,165
6,326
5,300
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
624
495
449
429
420
406
292
245
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
BOT/Annuity Project
Revenue, ₹ crore
2,565
3,138
2,675
2,864
3,163
3,210
2,995
1,984
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−274
−106
−86
67
239
387
803
708
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sale of Goods
Revenue, ₹ crore
216
158
158
301
470
424
715
235
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
26
22
27
35
34
44
419
13
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Assets Held for Sale
Revenue, ₹ crore
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Liabilities Held for Sale
Revenue, ₹ crore
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
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	4,931	5,070	4,992	5,946	8,100	9,798	10,037	7,520
Company revenue, as in its results	4,930	5,070	4,992	5,946	8,100	9,798	10,037	7,520
Revenue	2,149	1,774	2,159	2,780	4,468	6,165	6,326	5,300
Revenue growth	–	−17.4%	21.7%	28.8%	60.7%	38.0%	2.6%	−16.2%
Profit	624	495	449	429	420	406	292	245
Profit growth	–	−20.7%	−9.3%	−4.4%	−2.1%	−3.4%	−28.0%	−16.0%
Margin	29.0%	27.9%	20.8%	15.4%	9.4%	6.6%	4.6%	4.6%
Return on capital	–	79.8%	102.7%	80.4%	63.8%	35.7%	15.4%	7.9%
Assets	–	2,018	2,050	2,263	3,277	4,309	5,264	5,742
Liabilities	–	1,399	1,613	1,730	2,619	3,173	3,364	2,626
Capital employed	–	620	437	533	658	1,136	1,900	3,116
Revenue	2,565	3,138	2,675	2,864	3,163	3,210	2,995	1,984
Revenue growth	–	22.3%	−14.8%	7.1%	10.4%	1.5%	−6.7%	−33.7%
Profit	−274	−106	−86	67	239	387	803	708
Profit growth	–	–	–	–	258.6%	62.4%	107.3%	−11.9%
Margin	−10.7%	−3.4%	−3.2%	2.3%	7.5%	12.1%	26.8%	35.7%
Return on capital	–	–	–	11.5%	–	–	–	61.5%
Assets	–	10,307	10,967	5,510	1,725	8,156	1,861	2,140
Liabilities	–	11,105	11,426	4,931	2,461	9,332	2,356	989
Capital employed	–	−798	−459	579	−736	−1,176	−495	1,151
Revenue	216	158	158	301	470	424	715	235
Revenue growth	–	−26.9%	0.1%	90.2%	56.0%	−9.7%	68.7%	−67.1%
Profit	26	22	27	35	34	44	419	13
Profit growth	–	−16.6%	24.6%	29.7%	−2.2%	27.8%	861.2%	−96.9%
Margin	12.0%	13.6%	17.0%	11.6%	7.3%	10.3%	58.6%	5.6%
Return on capital	–	5.4%	6.3%	9.1%	14.3%	19.0%	268.0%	3.0%
Assets	–	525	573	655	447	427	461	610
Liabilities	–	122	148	270	208	197	305	174
Capital employed	–	403	425	385	238	230	156	437
	–	–	–	–	–	–	0	0
Profit	–	–	–	–	–	–	0	0
Return on capital	–	–	–	–	–	–	0.0%	0.0%
Assets	–	–	–	–	–	–	12,062	3,494
Liabilities	–	–	–	–	–	–	0	0
Capital employed	–	–	–	–	–	–	12,062	3,494
	–	–	–	–	–	–	0	0
Profit	–	–	–	–	–	–	0	0
Assets	–	–	–	–	–	–	0	0
Liabilities	–	–	–	–	–	–	9,402	1,489
Capital employed	–	–	–	–	–	–	−9,402	−1,489
	–	–	–	–	0	0	–	–
Profit	–	–	–	–	0	0	–	–
Return on capital	–	–	–	–	0.0%	0.0%	–	–
Assets	–	–	–	–	11,069	5,333	–	–
Liabilities	–	–	–	–	9,363	2,878	–	–
Capital employed	–	–	–	–	1,706	2,456	–	–
	0	–	–	–	0	0	–	–
Profit	0	–	–	–	0	0	–	–
Assets	0	–	–	–	628	898	–	–
Liabilities	0	–	–	–	519	1,120	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Ashoka Buildcon quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 16 Jun	Mar 2021Filed 19 Jun	Mar 2022Filed 26 May	Mar 2023Filed 25 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 22 May
Revenue from operations	2,979	3,603	4,930	5,070	4,992	5,946	8,100	9,798	10,037	7,520
	2,086	2,463	3,536	3,495	3,456	4,210	6,132	7,547	7,117	5,638
Materials and goods bought	96	832	1,508	1,159	1,291	1,520	2,662	3,592	2,979	1,874
Employee costs	–	–	188	293	321	354	388	439	446	416
Other expenses	–	–	1,839	2,043	1,844	2,335	3,082	3,516	3,692	3,348
Operating profit before depreciation	893	1,140	1,394	1,575	1,535	1,736	1,969	2,252	2,920	1,882
Operating margin	30.0%	31.6%	28.3%	31.1%	30.8%	29.2%	24.3%	23.0%	29.1%	25.0%
Materials, % of revenue	–	–	30.6%	22.9%	25.9%	25.6%	32.9%	36.7%	29.7%	24.9%
Employee costs, % of revenue	–	–	3.8%	5.8%	6.4%	6.0%	4.8%	4.5%	4.4%	5.5%
Other expenses, % of revenue	–	–	37.3%	40.3%	36.9%	39.3%	38.0%	35.9%	36.8%	44.5%
Depreciation and amortisation	273	291	258	300	276	338	341	367	290	161
Operating profit after depreciation	620	848	1,136	1,275	1,260	1,398	1,628	1,885	2,630	1,722
Other income	122	52	77	82	130	201	135	207	169	184
Finance costs	788	994	1,021	1,043	970	1,004	1,104	1,310	1,245	912
Profit before one-off items and tax	−46	−94	192	315	420	595	659	781	1,554	993
One-off items	0	0	−60	0	0	326	−72	107	0	2,144
Profit before tax	−46	−94	132	315	420	921	587	888	1,554	3,137
	79	84	171	166	164	161	215	349	−179	557
Current tax	–	90	187	193	148	130	181	263	287	211
Deferred tax	–	−7	−16	−27	16	31	35	86	−466	345
Share of profit of joint ventures and associates	–	59	−1	12	17	11	2	−18	1	−5
	−10	−119	−40	160	273	771	373	521	1,734	2,576
Belonging to the company's shareholders	–	–	−33	165	276	779	371	503	1,694	2,550
Belonging to outside owners of subsidiaries	–	–	−7	−5	−3	−7	2	18	39	26
Other comprehensive income	–	–	−1	−2	0	1	2	0	1	6
Total comprehensive income	–	–	−41	158	273	773	375	521	1,735	2,582
Net margin	−0.3%	−3.3%	−0.8%	3.2%	5.5%	13.0%	4.6%	5.3%	17.3%	34.3%
Net margin without joint ventures and associates	–	−4.9%	−0.8%	2.9%	5.1%	12.8%	4.6%	5.5%	17.3%	34.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the years to Mar 2017 and 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 period is a loss, which leaves no share to compare with the company's other periods.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 23 May	Mar 2020Filed 16 Jun	Mar 2021Filed 19 Jun	Mar 2022Filed 26 May	Mar 2023Filed 25 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 22 May
	406	542	830	1,600	1,975	2,425	4,159	6,576
	287	414	619	1,381	1,755	2,220	3,915	6,579
Share capital	140	140	140	140	140	140	140	140
Reserves	147	274	479	1,240	1,614	2,080	3,775	6,439
Belonging to outside owners of subsidiaries	119	128	211	219	220	204	244	−3
	5,736	5,816	6,163	3,623	1,906	5,443	3,855	1,511
Repayable after a year	5,410	5,645	5,876	2,936	764	3,790	1,551	446
Repayable within a year	326	172	287	687	1,142	1,653	2,304	1,065
	4,333	4,437	4,409	3,460	4,380	6,226	5,021	3,068
Trade payables	1,025	738	727	859	1,061	1,573	988	926
Other financial liabilities	2,082	2,368	2,497	1,389	1,363	1,897	1,632	399
Other liabilities	599	774	598	422	783	1,051	62	629
Provisions	279	359	259	91	25	32	26	44
Tax owed	21	27	40	12	6	19	10	6
	8,363	8,654	8,994	3,707	1,428	7,596	2,187	1,917
Other financial liabilities	2,558	2,614	2,655	281	100	2,724	169	251
Other liabilities	256	230	218	264	373	432	0	728
Provisions	138	85	120	61	49	363	99	121
Deferred tax	1	0	16	60	21	181	201	175
Trade payables	–	80	109	104	120	107	167	196
Liabilities going with businesses held for sale	–	–	–	6,699	9,363	2,878	9,402	1,489
	13,101	13,634	14,233	15,465	17,145	19,124	20,770	13,050
Held for sale or for a demerger	–	–	–	6,564	11,069	5,333	12,062	3,494
	9,685	10,141	10,310	4,102	1,294	8,094	3,012	2,908
Plant in use, after depreciation	432	409	386	407	287	336	324	307
Plant being built	42	70	45	73	62	39	53	54
Intangible assets	7,441	7,262	7,063	855	7	6,313	721	121
Intangible assets being developed	16	16	16	0	0	0	330	671
Property held to earn rent	–	0	31	34	35	33	38	63
Investments	1	0	1	30	32	12	12	0
Stakes in joint ventures and associates	166	179	198	0	0	0	0	428
Loans given	108	125	136	7	4	4	31	87
Other financial assets	855	65	1,114	1,774	451	315	187	623
Deferred tax	56	83	77	91	194	119	600	241
Trade receivables	268	174	172	65	157	330	496	312
Other assets	299	1,757	1,071	767	64	593	221	–
	3,416	3,493	3,923	4,800	4,783	5,697	5,696	6,649
Inventories	426	435	437	450	561	699	539	440
Trade receivables	1,048	909	896	764	910	1,058	1,212	1,610
Cash and cash equivalents	82	573	323	369	174	459	167	591
Other bank balances	152	181	307	360	352	358	209	72
Current investments	117	7	15	35	0	101	209	12
Loans given	15	3	3	9	13	17	104	96
Other financial assets	1,391	44	415	1,053	2,233	214	2,578	263
Tax paid in advance	–	0	0	–	0	36	3	11
Other assets	185	1,340	1,527	1,760	541	2,756	674	3,554
Net debt	5,385	5,055	5,517	2,859	1,380	4,526	3,269	836

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 19 Jun	Mar 2022Filed 26 May	Mar 2023Filed 25 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 22 May
	155	353	492	767	1,692	655
	300	627	665	1,006	1,996	884
	−1,297	−1,293	−1,336	−1,335	−196	−682
Receivables	−875	−1,071	−1,639	−1,253	−37	24
Inventories	−2	−13	−113	−136	158	96
Payables	18	180	273	520	−219	−6
Other working capital	−438	−388	143	−467	−98	−797
Tax paid	−145	−184	−173	−239	−303	−224
Interest paid	0	−101	0	0	0	0
Capital spending	86	0	179	146	156	117
Free cash flow	70	353	313	621	1,536	537
	−176	−233	−264	234	−660	1,276
Plant and property sold	4	8	4	4	18	10
Interest received	32	69	54	300	76	152
	−221	−35	−311	−407	−1,014	−1,590
Borrowings raised	806	1,120	2,667	1,542	722	130
Borrowings repaid	−387	−659	−2,194	−1,078	−558	−1,047
Interest paid	−1	−697	−777	−868	−921	−647
Lease payments	−5	−6	−6	−4	26	−26
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	15	2	0	0	0	0
Net change in cash	−242	85	−83	593	18	341

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.Ashoka Buildcon dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 16 Jun	Mar 2021Filed 19 Jun	Mar 2022Filed 26 May	Mar 2023Filed 25 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 22 May
	−₹0.37	−₹3.96	−₹1.19	₹5.89	₹9.84	₹27.73	₹13.23	₹17.92	₹60.35	–
As stated that year	−₹0.55	−₹5.94	−₹1.19	₹5.89	₹9.84	₹27.73	₹13.23	₹17.92	₹60.35	–
	−₹0.37	−₹3.96	–	₹5.89	₹9.84	₹27.73	₹13.23	₹17.92	₹60.35	–
As stated that year	−₹0.55	−₹5.94	–	₹5.89	₹9.84	₹27.73	₹13.23	₹17.92	₹60.35	–
	₹1.07	₹0.53	–	–	–	–	–	–	–	–
As declared that year	₹1.60	₹0.80	–	–	–	–	–	–	–	–
Book value per share	–	–	₹10.22	₹14.76	₹22.06	₹49.19	₹62.50	₹79.09	₹139.47	₹234.37
Shareholder yield	–	–	–	–	−0.5%	−0.1%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	3,687	4,650	3,562	1,161	2,861	2,409	2,077	4,396	5,404	2,867

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. As stated that year and earnings per share are left blank for the year to 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.Ashoka Buildcon PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 16 Jun	Mar 2021Filed 19 Jun	Mar 2022Filed 26 May	Mar 2023Filed 25 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 22 May
Revenue growth	14.0%	20.9%	36.8%	2.8%	−1.6%	19.1%	36.2%	21.0%	2.4%	−25.1%
Operating profit growth	15.7%	27.6%	22.4%	13.0%	−2.5%	13.0%	13.4%	14.4%	29.7%	−35.5%
Net profit growth	–	–	–	–	70.5%	182.1%	−51.7%	39.8%	232.6%	48.6%
Earnings per share growth	–	–	–	–	67.1%	181.8%	−52.3%	35.5%	236.8%	–
	–	–	−11.7%	47.2%	53.4%	–	–	–	–	–
	–	–	–	58.8 pts	6.3 pts	–	–	–	–	–
From the net margin	–	–	–	67.7 pts	32.9 pts	–	–	–	–	–
From asset turnover	–	–	–	0.4 pts	−4.4 pts	–	–	–	–	–
From borrowing	–	–	–	−9.3 pts	−22.1 pts	–	–	–	–	–
Return on capital employed	–	–	18.5%	20.1%	18.0%	–	–	–	–	–
Cash conversion	–	–	–	–	56.8%	45.7%	132.0%	147.1%	97.6%	25.4%
Interest cover	0.8	0.9	1.1	1.2	1.3	1.4	1.5	1.4	2.1	1.9
Debt to equity	–	–	14.13	10.73	7.42	–	–	–	–	–
Receivable days	–	–	78	65	66	–	–	–	–	–
Inventory days	–	–	103	137	123	–	–	–	–	–
Payable days	–	–	248	232	206	–	–	–	–	–
Cash conversion cycle, days	–	–	−67	−30	−17	–	–	–	–	–
Working capital days	–	–	−70	−110	−62	–	–	–	–	–
Asset turnover	–	–	0.38	0.38	0.36	–	–	–	–	–
Assets per rupee of net worth	–	–	45.67	38.13	26.96	–	–	–	–	–
Sales per rupee of plant	–	–	11.40	12.41	12.92	14.61	28.25	29.17	31.02	24.46
Capital spending to depreciation	–	–	–	–	0.31	0.00	0.52	0.40	0.54	0.73
Plant being built, % of plant in use	–	–	9.7%	17.2%	11.7%	17.8%	21.7%	11.7%	16.3%	17.5%

Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. 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: 15.1%
Cash from operations against operating profit: 34.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.1%	8.5%	−2.4%
Profit growth, yearly rate	45.9%	56.0%	90.1%
Operating margin, average	28.2%	26.1%	25.7%
Net margin, average	7.9%	14.9%	18.9%
Interest cover, average	1.4	1.7	1.8

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	3,958	3,113	655
Cash from investing	354	850	1,276
Cash from financing	−3,358	−3,012	−1,590
Capital spending	598	419	117
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	2	0	0
Borrowings raised	6,182	2,395	130
Borrowings repaid	5,536	2,683	1,047

Accounting checks

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

Check	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	–	–	6	8	6	6	7	7
Altman Z-scorePublished threshold 1.81	0.77	0.70	0.81	1.12	1.04	1.17	1.42	2.89
Beneish M-scorePublished threshold −1.78	–	–	−2.43	−2.36	−2.17	−2.57	−2.27	−1.41
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	2.11	4.39	0.89	−2.64	3.52	3.81
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	0.71	0.97	1.12	0.64
Receivables growth less revenue growthOur threshold 0 percentage points	–	−16.13	0.09	−33.81	−17.15	−4.65	12.08	57.91
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	25.09	−10.90	−14.76	−50.51	−10.30	−5.75	18.77
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−3.78	11.16	14.65	−0.48	2.37	2.48	7.62
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.25	0.18	0.20	0.28	0.09	0.19	0.37
Effective tax ratePublished threshold 17.16 per cent	129.80	52.73	39.07	17.45	36.70	39.26	−11.51	17.74
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	−2.55	7.22	12.38	−31.04	10.59

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
12 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	WithdrawnReview, Other		5,756
12 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	WithdrawnReview, Other		200
24 Feb 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	ACUITE A1+Review, Re-affirm		7,230
24 Feb 2026	Acuite Ratings & Research Limited (opens in a new tab)	Commercial Papers	ACUITE A1+New, New		200
24 Feb 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	ACUITE AAReview, Re-affirm	Stable	1,770
9 Jan 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA- (Rating Watch with Positive Implications)Review, Re-affirm		200
9 Jan 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Limits	CARE AA- / CARE A1+ (Rating Watch with Positive Implications)Review, Re-affirm		500
9 Jan 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AA- (Rating Watch with Positive Implications)Review, Re-affirm		100
30 Oct 2025	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		50

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