Aster DM Quality Care financials and balance sheet

NSE: ASTERDMBSE: 540975Healthcare ServicesMid Cap

Formerly Aster DM Healthcare

₹644.75₹9.95 (1.52%)BSE ₹645.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹654.70.

52-week range of traded prices to 23 Oct 2026

₹519.10Low, 4 Feb 2026₹891.30High, 10 Aug 2026

Market cap: ₹56,201 Cr244th largest listed
P/E: 176.4
P/E without one-offs: 121.8
P/B: Shares changed
Dividend yield: 0.47%
ROE: 8.0%
ROE without one-offs: 11.5%
ROCE: 12.4%
Debt to equity: 0.15
Volume, NSE: 6,45,62453.1% delivered

9 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Aster DM Quality Care 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 22.7% 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 2024, the company's revenue for that year, ₹3,699 Cr, differs from its quarters added, ₹11,216 Cr. From the year to Mar 2025, the company reports a discontinued business.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue4,643
Materials and goods−1,049
Employee costs−848
Other expenses−1,845
Operating profit901
Depreciation−264
Other income+126
One-off items−33
Finance costs−123
Profit before tax607
Tax−143
Joint ventures−37
Net profit427

What the company owns

Plant, investments and other assets₹6,387 Cr
Cash and bank₹1,325 Cr
Receivables₹307 Cr
Inventory₹91 Cr
Current investments₹1 Cr

What pays for it: net worth and liabilities

Net worth₹4,834 Cr
Other liabilities₹2,096 Cr
Borrowings₹701 Cr
Owed to suppliers₹482 Cr

Aster DM Quality Care 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.Aster DM Quality Care segment results by quarter

Revenue by segment

₹4,783 CrTotal

Hospitals & Clinics₹4,506 Cr94.2% of total
Labs₹154 Cr3.2% of total
Wholesale Pharmacies₹108 Cr2.3% of total
Others₹15 Cr0.3% of total

Profit by segment

Hospitals & Clinics₹780 Cr98.0% of total
Labs₹15 Cr1.9% of total
Wholesale Pharmacies₹1 Cr0.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Hospitals & Clinics
Revenue, ₹ crore
4,506
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
780
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Labs
Revenue, ₹ crore
154
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Wholesale Pharmacies
Revenue, ₹ crore
2,021
2,143
1,783
2,013
2,733
3,143
127
108
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
200
223
149
203
251
268
−34
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
14
16
12
23
30
50
8
15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
1
1
2
2
0
−24
−17
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	7,963	8,739	8,608	10,253	11,933	13,978	4,222	4,783
Company revenue, as in its results	7,963	8,739	8,608	10,253	11,933	3,699	4,138	4,643
Revenue	–	–	–	–	–	–	–	4,506
Profit	–	–	–	–	–	–	–	780
Margin	–	–	–	–	–	–	–	17.3%
Return on capital	–	–	–	–	–	–	–	20.7%
Assets	–	–	–	–	–	–	–	6,712
Liabilities	–	–	–	–	–	–	–	2,937
Capital employed	–	–	–	–	–	–	–	3,775
Revenue	–	–	–	–	–	–	–	154
Profit	–	–	–	–	–	–	–	15
Margin	–	–	–	–	–	–	–	9.7%
Return on capital	–	–	–	–	–	–	–	62.3%
Assets	–	–	–	–	–	–	–	83
Liabilities	–	–	–	–	–	–	–	60
Capital employed	–	–	–	–	–	–	–	24
Revenue	2,021	2,143	1,783	2,013	2,733	3,143	127	108
Revenue growth	–	6.1%	−16.8%	12.9%	35.7%	15.0%	−96.0%	−14.5%
Profit	200	223	149	203	251	268	−34	1
Profit growth	–	11.6%	−33.4%	36.5%	23.6%	6.8%	–	–
Margin	9.9%	10.4%	8.3%	10.1%	9.2%	8.5%	−26.5%	0.7%
Return on capital	42.9%	35.8%	24.8%	26.0%	25.1%	28.4%	−114.3%	1.7%
Assets	1,180	1,635	1,362	1,758	2,232	2,571	53	55
Liabilities	714	1,011	763	978	1,232	1,630	24	9
Capital employed	466	624	599	780	999	942	29	47
Revenue	14	16	12	23	30	50	8	15
Profit	1	1	1	2	2	0	−24	−17
Margin	10.3%	6.2%	12.3%	9.8%	5.9%	0.6%	−304.7%	−114.9%
Return on capital	78.7%	4.7%	8.6%	13.3%	12.8%	1.1%	−70.2%	−63.9%
Assets	2	22	17	17	14	29	34	27
Liabilities	0	0	0	0	0	0	0	0
Capital employed	2	22	17	17	14	29	34	27
Revenue	3,950	4,573	4,799	5,774	6,795	8,105	4,030	–
Revenue growth	–	15.8%	4.9%	20.3%	17.7%	19.3%	−50.3%	–
Profit	270	416	357	634	654	915	686	–
Profit growth	–	54.1%	−14.2%	77.5%	3.1%	39.8%	−25.0%	–
Margin	6.8%	9.1%	7.4%	11.0%	9.6%	11.3%	17.0%	–
Return on capital	6.8%	10.3%	9.7%	15.4%	17.3%	21.7%	30.5%	–
Assets	5,475	7,692	7,394	8,124	9,464	10,527	5,014	–
Liabilities	1,473	3,634	3,721	4,009	5,688	6,304	2,759	–
Capital employed	4,002	4,058	3,673	4,115	3,776	4,223	2,254	–
Revenue	1,978	2,006	2,014	2,443	2,375	2,681	58	–
Revenue growth	–	1.4%	0.4%	21.3%	−2.8%	12.9%	−97.8%	–
Profit	259	233	152	293	252	271	−5	–
Profit growth	–	−10.1%	−34.6%	92.5%	−14.0%	7.6%	–	–
Margin	13.1%	11.6%	7.6%	12.0%	10.6%	10.1%	−9.2%	–
Return on capital	27.8%	20.7%	15.9%	30.8%	21.9%	30.6%	−14.0%	–
Assets	1,558	2,006	1,806	1,835	2,398	2,342	49	–
Liabilities	626	881	847	885	1,246	1,458	10	–
Capital employed	931	1,125	958	950	1,152	885	38	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Aster DM Quality Care quarterly results

₹ crore	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 24 Jun	Mar 2021Filed 23 Jun	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Revenue from operations	6,721	7,963	8,739	8,608	10,253	11,933	3,699	4,138	4,643
	6,108	7,100	7,481	7,546	8,770	10,368	3,121	3,374	3,742
Materials and goods bought	2,059	2,420	2,635	2,549	2,892	3,532	916	938	1,049
Employee costs	–	2,688	2,904	2,755	3,264	3,965	676	760	848
Other expenses	–	1,992	1,941	2,241	2,614	2,871	1,529	1,675	1,845
Operating profit before depreciation	613	863	1,258	1,063	1,483	1,565	578	765	901
Operating margin	9.1%	10.8%	14.4%	12.3%	14.5%	13.1%	15.6%	18.5%	19.4%
Materials, % of revenue	–	30.4%	30.2%	29.6%	28.2%	29.6%	24.8%	22.7%	22.6%
Employee costs, % of revenue	–	33.8%	33.2%	32.0%	31.8%	33.2%	18.3%	18.4%	18.3%
Other expenses, % of revenue	–	25.0%	22.2%	26.0%	25.5%	24.1%	41.3%	40.5%	39.7%
Depreciation and amortisation	298	306	586	618	641	780	220	249	264
Operating profit after depreciation	315	557	672	445	843	785	358	516	637
Other income	45	35	38	50	51	78	25	148	126
Finance costs	185	179	360	294	257	329	110	124	123
Profit before one-off items and tax	176	412	350	202	636	534	273	540	639
One-off items	130	−2	−20	0	0	0	0	−50	−33
Profit before tax	305	411	330	202	636	534	273	490	607
	26	43	15	27	36	60	57	134	143
Current tax	29	45	28	22	44	86	32	126	186
Deferred tax	−3	−2	−13	6	−8	−26	24	9	−43
Share of profit of joint ventures and associates	–	0	0	4	1	1	−11	−19	−37
Profit from discontinued businesses	–	–	–	–	–	–	7	5,071	–
	282	367	315	178	601	475	212	5,408	427
Belonging to the company's shareholders	282	333	277	148	526	425	129	5,378	388
Belonging to outside owners of subsidiaries	–	34	38	30	75	51	82	30	39
Other comprehensive income	–	62	145	−50	93	199	46	−2	0
Total comprehensive income	–	430	459	128	695	674	258	5,406	427
Net margin	4.2%	4.6%	3.6%	2.1%	5.9%	4.0%	5.7%	–	9.2%
Net margin without joint ventures and associates	–	4.6%	3.6%	2.0%	5.9%	4.0%	6.0%	–	10.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 Jun	Mar 2020Filed 24 Jun	Mar 2021Filed 23 Jun	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
	3,680	3,719	3,834	4,483	4,860	5,030	3,651	4,834
	3,214	3,272	3,372	3,953	4,448	4,560	3,428	4,576
Share capital	505	500	497	497	500	500	500	518
Reserves	2,709	2,773	2,875	3,456	3,949	4,060	2,929	4,058
Belonging to outside owners of subsidiaries	466	446	462	529	412	470	223	258
	2,608	2,479	1,914	2,192	2,287	669	642	701
Repayable after a year	1,966	1,892	1,755	1,466	1,312	446	484	558
Repayable within a year	642	587	159	726	975	223	158	143
	2,668	3,722	3,196	3,559	4,655	871	879	979
Trade payables	1,014	1,294	2,027	2,118	2,988	459	426	482
Other financial liabilities	830	1,627	860	464	368	123	219	120
Other liabilities	107	124	58	147	196	61	62	214
Provisions	51	76	85	93	109	5	5	12
Tax owed	23	13	5	11	19	1	0	0
	2,589	4,997	4,614	4,505	5,365	1,673	2,076	2,299
Other financial liabilities	152	2,593	2,317	2,485	3,371	897	1,352	1,493
Other liabilities	56	30	30	26	37	49	0	0
Provisions	267	327	359	359	407	33	42	53
Deferred tax	149	155	153	169	238	248	146	133
Liabilities going with businesses held for sale	–	–	–	–	–	10,417	–	–
	8,936	12,438	11,643	12,546	14,881	17,991	6,606	8,112
Held for sale or for a demerger	–	–	–	–	–	13,600	–	–
	5,320	8,342	8,014	8,450	9,960	3,826	4,705	6,164
Plant in use, after depreciation	3,322	3,526	3,279	3,358	4,629	2,880	3,628	2,619
Plant being built	550	736	934	978	255	170	291	413
Intangible assets	127	2,529	2,417	2,563	3,264	31	28	19
Goodwill	840	1,069	1,052	1,088	1,160	264	264	264
Intangible assets being developed	0	–	0	20	24	0	2	7
Investments	0	0	0	38	68	14	12	971
Stakes in joint ventures and associates	20	23	39	–	0	0	231	194
Loans given	46	47	55	28	112	167	1	1
Other financial assets	175	204	101	180	210	104	84	136
Deferred tax	8	33	23	25	46	121	6	36
Other assets	232	176	114	172	192	75	157	1,504
	3,617	4,096	3,629	4,096	4,922	565	1,901	1,948
Inventories	732	961	849	1,026	1,306	111	92	91
Trade receivables	2,029	2,366	2,019	2,021	2,336	233	258	307
Cash and cash equivalents	228	151	258	343	379	82	165	228
Other bank balances	114	26	23	36	50	30	1,215	1,097
Current investments	2	12	24	7	11	3	1	1
Loans given	23	30	68	0	0	0	0	0
Other financial assets	29	53	36	168	189	40	116	159
Other assets	460	497	351	496	651	65	54	64
Net debt	2,264	2,291	1,609	1,806	1,848	553	−739	−626

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 23 Jun	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
	1,569	1,313	1,834	158	425	656
	1,580	1,371	1,893	229	540	816
	465	−402	88	−1,671	−140	−95
Receivables	36	−182	−318	−222	−34	−62
Inventories	95	−145	−193	−303	18	1
Other working capital	334	−75	599	−1,146	−124	−35
Tax paid	−11	−57	−59	−71	−115	−160
Capital spending	374	483	717	797	346	469
Free cash flow	1,195	830	1,117	−639	79	187
	−330	−570	−972	−885	6,015	−288
Plant and property sold	0	4	9	47	2	1
Companies bought	0	−15	−17	0	0	0
Interest received	3	2	2	1	64	68
Dividends received	0	1	0	0	0	0
	−1,116	−685	−817	1,053	−6,358	−304
Borrowings raised	0	187	357	1,807	188	165
Borrowings repaid	−618	−367	−602	0	−217	−150
Interest paid	−163	−122	−149	−210	−57	−53
Lease payments	0	−337	−445	−481	−114	−131
Dividends paid	9	20	27	18	6,175	55
Shares bought back	0	0	0	0	0	0
Shares issued	0	1	0	0	0	3
Net change in cash	123	58	45	326	82	63

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 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Aster DM Quality Care dividend history

₹ per share	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 24 Jun	Mar 2021Filed 23 Jun	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Earnings per share	₹5.75	₹6.63	₹5.51	₹2.97	₹10.58	₹8.55	₹2.60	₹107.98	₹7.53
Diluted earnings per share	₹5.74	₹6.62	₹5.50	₹2.97	₹10.57	₹8.54	₹2.60	₹107.85	₹7.52
Dividend per share	–	–	–	–	–	–	₹120.00	₹5.00	₹3.00
Book value per share	–	₹63.61	₹65.51	₹67.85	₹79.51	₹89.05	₹91.28	₹68.63	₹88.31
Dividend payout	–	–	–	–	–	–	4,636.6%	4.6%	40.0%
Shareholder yield	–	–	–	0.1%	0.2%	0.2%	0.1%	25.6%	0.2%
Market cap at the year end (₹ crore)	8,579	7,788	4,807	6,866	9,865	12,023	20,445	24,151	34,714

Ratios

Consolidated, years to March.Aster DM Quality Care PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 24 Jun	Mar 2021Filed 23 Jun	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Revenue growth	–	18.5%	9.7%	−1.5%	19.1%	16.4%	–	–	12.2%
Operating profit growth	–	40.8%	45.7%	−15.5%	39.6%	5.5%	–	–	17.9%
Net profit growth	–	30.4%	−14.3%	−43.5%	238.0%	−20.9%	−55.5%	–	−92.1%
Earnings per share growth	–	15.3%	−16.9%	−46.1%	256.2%	−19.2%	−69.6%	–	−93.0%
	–	10.4%	8.5%	4.4%	14.4%	10.1%	–	–	9.7%
	–	–	−1.8 pts	−4.1 pts	9.9 pts	−4.2 pts	–	–	–
From the net margin	–	–	−2.5 pts	−3.9 pts	8.8 pts	−4.4 pts	–	–	–
From asset turnover	–	–	−0.6 pts	−0.6 pts	2.5 pts	0.3 pts	–	–	–
From borrowing	–	–	1.3 pts	0.4 pts	−1.4 pts	−0.1 pts	–	–	–
Return on capital employed	–	8.9%	10.8%	7.7%	12.6%	11.0%	–	12.0%	11.5%
Cash conversion	–	–	–	882.4%	218.5%	385.7%	74.6%	7.9%	153.6%
Interest cover	1.7	3.1	1.9	1.5	3.3	2.4	3.2	4.2	5.2
Debt to equity	–	0.71	0.67	0.50	0.49	0.47	–	0.18	0.15
Receivable days	–	93	99	86	72	71	–	23	24
Inventory days	–	110	133	122	129	135	–	36	32
Payable days	–	153	179	290	267	309	–	166	168
Cash conversion cycle, days	–	50	53	−83	−66	−102	–	−107	−112
Working capital days	–	57	32	12	31	25	–	−18	−17
Asset turnover	–	0.89	0.82	0.71	0.85	0.87	–	–	0.63
Assets per rupee of net worth	–	2.78	3.30	3.62	3.30	3.26	–	–	1.84
Sales per rupee of plant	–	2.40	2.48	2.63	3.05	2.58	1.28	1.14	1.77
Capital spending to depreciation	–	–	–	0.61	0.75	0.92	3.62	1.39	1.78
Plant being built, % of plant in use	–	16.6%	20.9%	28.5%	29.1%	5.5%	5.9%	8.0%	15.8%

Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2024 and Mar 2025: 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 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 year to Mar 2024: 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. Revenue growth and operating profit growth are left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2025: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the year to 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: 5.3%
Cash from operations against operating profit: 72.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−11.6%	−27.0%
Profit growth, yearly rate	–	21.3%	−3.0%
Return on capital employed, average	–	11.8%	11.8%
Operating margin, average	14.2%	16.2%	17.8%
Net margin, average	–	6.2%	7.5%
Cash conversion cycle, days, average	–	−97	−109
Interest cover, average	2.9	3.7	4.2
Debt to equity, average	–	0.32	0.16

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	4,386	1,239	656
Cash from investing	3,300	4,842	−288
Cash from financing	−7,112	−5,609	−304
Capital spending	2,812	1,612	469
Dividends paid	6,296	6,248	55
Shares bought back	0	0	0
Shares issued for cash	3	3	3
Borrowings raised	2,705	2,160	165
Borrowings repaid	1,335	367	150

Accounting checks

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

Check	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	5	5	6	6
Altman Z-scorePublished threshold 1.81	–	2.55	1.56	1.80	2.22	2.11	1.52	6.64	8.07
Beneish M-scorePublished threshold −1.78	–	–	–	−3.14	−2.75	−2.80	−2.84	−3.31	−2.03
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−8.81	−1.17	−2.82	5.71	−8.39	0.81
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	3.76	2.57	0.40	0.20
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	6.91	−13.19	−19.03	−0.75	−21.01	−1.40	6.97
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	22.34	−8.37	7.36	5.16	−17.47	−18.89	−13.06
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	0.69	−1.88	2.69	1.47	−19.86	1.56	1.14
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.93	2.52	1.36	0.12	–	0.29	–
Effective tax ratePublished threshold 17.16 per cent	8.54	10.46	4.66	13.51	5.63	11.16	20.74	27.42	23.50
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−3.35	0.12	−5.41	4.05	−2.91

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
29 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+New, New		10
29 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+New, New	Stable	5
3 Oct 2025	ICRA Limited (opens in a new tab)	Non Fund Based-Others	[ICRA]A1+Review, Re-affirm		30
3 Oct 2025	ICRA Limited (opens in a new tab)	Fund Based-Others	[ICRA]A1+Review, Re-affirm		190
3 Oct 2025	ICRA Limited (opens in a new tab)	Fund Based-Term Loan	[ICRA]A+ Rating Watch with Positive ImplicationsReview, Other		382

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