The Bombay Burmah Trading Corporation financials and balance sheet

NSE: BBTCBSE: 501425Food ProductsSmall Cap

₹1,128.60₹27.10 (2.34%)BSE ₹1,125.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,155.70.

52-week range of traded prices to 23 Oct 2026

₹1,107.50Low, 23 Oct 2026₹2,135.00High, 23 Oct 2025

Market cap: ₹7,874 Cr521st largest listed
P/E: 6.1
P/B: 1.1
Dividend yield: 1.51%
ROE: 20.4%
ROCE: 28.6%
Debt to equity: 0.16
Volume, NSE: 56,26542.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.The Bombay Burmah Trading Corporation annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 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 0.2% 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 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2023, 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

Revenue19,539
Materials and goods−11,312
Employee costs−932
Other expenses−3,849
Operating profit3,445
Depreciation−352
Other income+315
One-off items+94
Finance costs−138
Profit before tax3,365
Tax−852
Joint ventures−14
Net profit2,499

What the company owns

Plant, investments and other assets₹10,110 Cr
Current investments₹1,640 Cr
Inventory₹1,408 Cr
Cash and bank₹843 Cr
Receivables₹538 Cr

What pays for it: net worth and liabilities

Net worth₹9,598 Cr
Owed to suppliers₹1,940 Cr
Borrowings₹1,556 Cr
Other liabilities₹1,445 Cr

The Bombay Burmah Trading Corporation 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.The Bombay Burmah Trading Corporation segment results by quarter

Revenue by segment

₹20,880 CrTotal

Food-bakery and dairy products₹19,163 Cr91.8% of total
Investments₹1,320 Cr6.3% of total
Auto electrical components₹192 Cr0.9% of total
Horticulture₹95 Cr0.5% of total
Plantations (Tea)₹69 Cr0.3% of total
Healthcare₹38 Cr0.2% of total
Others₹3 Cr0.0% of total

Profit by segment

Food-bakery and dairy products₹3,219 Cr93.3% of total
Investments₹210 Cr6.1% of total
Auto electrical components₹7 Cr0.2% of total
Horticulture₹6 Cr0.2% of total
Healthcare₹6 Cr0.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Food-bakery and dairy products
Revenue, ₹ crore
11,124
11,702
13,214
14,174
16,353
16,805
18,034
19,163
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,641
1,744
2,389
2,038
3,033
2,905
2,943
3,219
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Investments
Revenue, ₹ crore
142
177
1,725
1,588
1,157
1,357
1,263
1,320
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
142
177
271
299
−1,490
207
136
210
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Auto electrical components
Revenue, ₹ crore
111
100
103
134
152
170
175
192
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5
5
5
10
13
14
8
7
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Horticulture
Revenue, ₹ crore
66
69
58
69
83
84
87
95
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
9
11
4
5
9
14
11
6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Plantations (Tea)
Revenue, ₹ crore
152
91
74
70
66
61
69
69
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−12
−25
−13
−34
−37
−44
9
−14
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Healthcare
Revenue, ₹ crore
22
22
10
19
28
31
35
38
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
2
0
2
4
5
5
6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
3
0
0
0
1
1
1
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−18
1
−36
0
15
1
−25
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	11,642	12,193	15,205	16,092	17,840	18,509	19,664	20,880
Company revenue, as in its results	11,423	11,890	13,396	14,544	16,623	17,109	18,298	19,539
Revenue	11,124	11,702	13,214	14,174	16,353	16,805	18,034	19,163
Revenue growth	–	5.2%	12.9%	7.3%	15.4%	2.8%	7.3%	6.3%
Profit	1,641	1,744	2,389	2,038	3,033	2,905	2,943	3,219
Profit growth	–	6.3%	37.0%	−14.7%	48.8%	−4.2%	1.3%	9.4%
Margin	14.8%	14.9%	18.1%	14.4%	18.5%	17.3%	16.3%	16.8%
Return on capital	–	55.4%	–	–	–	447.9%	206.1%	241.4%
Assets	–	6,554	4,048	4,782	5,218	5,661	5,760	5,845
Liabilities	–	3,404	4,340	4,855	5,718	5,013	4,332	4,512
Capital employed	–	3,150	−292	−73	−500	649	1,428	1,333
Revenue	142	177	1,725	1,588	1,157	1,357	1,263	1,320
Revenue growth	–	24.4%	–	−7.9%	−27.2%	17.3%	−6.9%	4.5%
Profit	142	177	271	299	−1,490	207	136	210
Profit growth	–	24.4%	–	10.4%	–	–	−34.4%	54.8%
Margin	100.0%	100.0%	15.7%	18.8%	−128.8%	15.3%	10.7%	15.9%
Return on capital	–	5.8%	4.7%	4.2%	−23.1%	3.6%	2.1%	2.6%
Assets	–	3,077	5,737	9,882	9,792	5,734	6,433	8,066
Liabilities	–	0	8	2,791	3,346	0	99	10
Capital employed	–	3,077	5,728	7,091	6,446	5,734	6,335	8,056
Revenue	111	100	103	134	152	170	175	192
Profit	5	5	5	10	13	14	8	7
Margin	4.7%	4.7%	4.8%	7.3%	8.5%	8.3%	4.4%	3.9%
Return on capital	–	8.0%	7.1%	11.1%	14.1%	15.6%	8.1%	8.2%
Assets	–	81	95	107	119	120	136	131
Liabilities	–	22	26	20	27	29	42	40
Capital employed	–	59	69	87	92	91	94	91
Revenue	66	69	58	69	83	84	87	95
Profit	9	11	4	5	9	14	11	6
Margin	13.1%	15.6%	6.3%	7.7%	10.8%	16.3%	12.5%	6.2%
Return on capital	–	8.4%	2.7%	3.7%	7.6%	10.4%	7.5%	3.4%
Assets	–	150	154	167	137	151	166	194
Liabilities	–	21	20	24	18	20	22	19
Capital employed	–	128	134	144	119	131	144	175
Revenue	152	91	74	70	66	61	69	69
Revenue growth	–	−40.2%	–	–	–	–	–	–
Profit	−12	−25	−13	−34	−37	−44	9	−14
Margin	−7.9%	−27.1%	−17.8%	−48.4%	−56.1%	−72.3%	12.7%	−20.6%
Return on capital	–	−30.2%	−16.1%	−42.7%	−50.1%	−79.0%	20.7%	−129.8%
Assets	–	100	102	99	93	87	69	53
Liabilities	–	18	20	20	19	31	27	42
Capital employed	–	82	83	79	74	56	42	11
Revenue	22	22	10	19	28	31	35	38
Profit	3	2	0	2	4	5	5	6
Margin	11.7%	10.9%	4.9%	10.1%	15.2%	15.1%	14.9%	16.2%
Return on capital	–	27.6%	6.9%	28.7%	53.5%	57.6%	60.2%	108.3%
Assets	–	12	9	9	11	11	12	10
Liabilities	–	3	2	2	3	3	3	4
Capital employed	–	9	7	7	8	8	9	6
Revenue	3	0	0	0	1	1	1	3
Profit	−18	1	−36	0	15	1	−25	0
Margin	−636.6%	1,016.8%	−8,25,131.8%	−24.1%	2,056.2%	74.7%	−1,764.9%	−12.2%
Return on capital	–	14.6%	–	–	94.7%	6.6%	−223.3%	−3.5%
Assets	–	4	1	1	17	14	20	21
Liabilities	–	0	2	2	1	2	9	11
Capital employed	–	4	0	0	16	13	11	10
Revenue	21	33	20	38	0	–	–	–
Profit	8	−4	−2	8	0	–	–	–
Margin	36.6%	−12.8%	−9.9%	20.0%	–	–	–	–
Return on capital	–	−7.2%	−3.4%	15.8%	–	–	–	–
Assets	–	61	59	50	0	–	–	–
Liabilities	–	3	2	2	0	–	–	–
Capital employed	–	58	57	48	0	–	–	–
Revenue	6	20	19	85	2	4	5	1
Profit	−42	−52	−79	54	−23	−22	−20	−25
Assets	0	1,319	2,230	208	328	183	128	219
Liabilities	0	580	745	797	780	214	377	303

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

Profit and loss

Consolidated, ₹ crore, years to March.The Bombay Burmah Trading Corporation quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 15 May	Mar 2020Filed 26 Jun	Mar 2021Filed 7 May	Mar 2022Filed 16 Jul	Mar 2023Filed 27 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
Revenue from operations	9,712	10,316	11,423	11,890	13,396	14,544	16,623	17,109	18,298	19,539
	8,448	8,878	9,741	10,138	10,982	12,314	13,840	14,009	15,162	16,093
Materials and goods bought	5,757	6,235	6,706	7,060	7,728	8,931	9,752	9,659	10,760	11,312
Employee costs	–	–	579	615	629	643	769	833	819	932
Other expenses	–	–	2,456	2,463	2,625	2,740	3,318	3,517	3,584	3,849
Operating profit before depreciation	1,265	1,438	1,683	1,752	2,414	2,230	2,783	3,100	3,136	3,445
Operating margin	13.0%	13.9%	14.7%	14.7%	18.0%	15.3%	16.7%	18.1%	17.1%	17.6%
Materials, % of revenue	–	–	58.7%	59.4%	57.7%	61.4%	58.7%	56.5%	58.8%	57.9%
Employee costs, % of revenue	–	–	5.1%	5.2%	4.7%	4.4%	4.6%	4.9%	4.5%	4.8%
Other expenses, % of revenue	–	–	21.5%	20.7%	19.6%	18.8%	20.0%	20.6%	19.6%	19.7%
Depreciation and amortisation	131	153	173	200	213	215	239	313	327	352
Operating profit after depreciation	1,134	1,285	1,510	1,552	2,201	2,015	2,544	2,787	2,809	3,093
Other income	188	201	225	323	339	367	456	398	269	315
Finance costs	43	55	60	124	150	252	425	364	158	138
Profit before one-off items and tax	1,279	1,431	1,675	1,752	2,390	2,131	2,576	2,821	2,920	3,271
One-off items	0	0	0	−17	−1	0	−1,475	−106	−12	94
Profit before tax	1,279	1,431	1,675	1,735	2,389	2,131	1,100	2,715	2,908	3,365
	420	539	652	587	847	706	814	790	857	852
Current tax	404	541	606	572	805	756	799	869	848	858
Deferred tax	17	−2	46	15	41	−50	15	−79	9	−7
Share of profit of joint ventures and associates	–	−119	434	133	−265	−616	−1,058	−186	149	−14
Profit from discontinued businesses	–	–	–	–	–	–	238	−2	–	–
	858	773	1,457	1,280	1,278	809	−533	1,737	2,199	2,499
Belonging to the company's shareholders	858	–	889	598	370	63	−1,676	684	1,123	1,243
Belonging to outside owners of subsidiaries	–	–	569	682	908	745	1,142	1,053	1,077	1,257
Other comprehensive income	–	–	−24	−10	64	−21	229	−32	11	297
Total comprehensive income	–	–	1,433	1,270	1,342	788	−304	1,705	2,210	2,796
Net margin	8.8%	7.5%	12.8%	10.8%	9.5%	5.6%	–	10.2%	12.0%	12.8%
Net margin without joint ventures and associates	–	8.6%	9.0%	9.7%	11.5%	9.8%	–	11.2%	11.2%	12.9%

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 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. Net margin is left blank for the year to Mar 2023: 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 15 May	Mar 2020Filed 26 Jun	Mar 2021Filed 7 May	Mar 2022Filed 16 Jul	Mar 2023Filed 27 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
	6,907	7,306	7,271	6,793	5,814	6,651	7,813	9,598
	4,764	5,094	5,476	5,497	4,034	4,676	5,632	7,042
Share capital	14	14	14	14	14	14	14	14
Reserves	4,750	5,080	5,462	5,483	4,020	4,662	5,618	7,028
Belonging to outside owners of subsidiaries	2,143	2,212	1,795	1,296	1,781	1,975	2,181	2,556
	795	1,865	2,629	5,653	6,541	2,134	1,538	1,556
Repayable after a year	472	772	1,127	3,574	4,287	913	713	286
Repayable within a year	323	1,093	1,501	2,079	2,254	1,221	825	1,270
	2,320	3,159	3,889	4,805	5,427	4,262	4,048	4,489
Trade payables	1,172	1,150	1,350	1,322	1,474	1,657	1,789	1,940
Other financial liabilities	443	514	397	451	523	515	460	453
Other liabilities	97	153	148	373	239	174	203	99
Provisions	210	202	416	504	866	596	640	641
Tax owed	74	47	77	75	71	99	131	85
	556	893	1,276	3,707	4,487	1,045	861	437
Other financial liabilities	61	47	57	53	60	87	72	73
Other liabilities	–	0	0	0	–	–	31	28
Provisions	13	15	3	6	44	42	43	47
Deferred tax	10	59	89	74	95	3	3	3
Liabilities going with businesses held for sale	–	–	–	–	4	3	1	15
	9,784	11,357	12,436	15,305	15,732	11,962	12,723	14,539
Held for sale or for a demerger	–	–	–	–	–	8	0	0
	5,821	7,215	6,441	6,619	7,027	6,778	8,377	9,186
Plant in use, after depreciation	1,653	1,843	1,763	1,726	2,574	2,702	2,830	2,757
Plant being built	108	51	130	547	107	189	90	42
Intangible assets	9	9	9	17	15	13	9	6
Goodwill	1,041	1,022	1,015	1,019	1,008	1,009	1,012	1,023
Intangible assets being developed	0	0	1	1	1	–	–	0
Property held to earn rent	15	15	14	14	41	28	29	28
Investments	730	1,984	1,540	1,067	1,034	628	2,120	3,021
Stakes in joint ventures and associates	2,041	1,901	1,651	1,890	1,916	2,004	2,098	2,091
Loans given	21	206	76	102	152	1	25	25
Other financial assets	33	32	32	34	26	28	36	34
Deferred tax	22	29	18	54	60	46	37	43
Other assets	148	123	190	149	94	131	92	116
	3,963	4,142	5,995	8,686	8,705	5,177	4,346	5,352
Inventories	882	836	1,184	1,435	1,268	1,244	1,306	1,408
Trade receivables	459	368	313	392	390	463	515	538
Cash and cash equivalents	139	179	605	598	542	747	341	704
Other bank balances	53	45	923	3,969	3,116	127	202	139
Current investments	797	1,114	1,446	861	1,846	1,697	1,115	1,640
Loans given	1,313	1,192	950	788	542	211	61	76
Other financial assets	146	255	437	499	753	687	646	687
Other assets	174	154	137	143	248	–	159	160
Net debt	−194	527	−345	225	1,037	−437	−120	−927

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 7 May	Mar 2022Filed 16 Jul	Mar 2023Filed 27 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
	1,663	1,447	2,474	2,038	2,328	2,418
	2,445	2,172	3,524	2,896	3,131	3,348
	−77	−138	2,086	−278	−56	−270
Receivables	53	−78	−185	−152	−166	−68
Inventories	−348	−251	166	24	−61	−104
Payables	409	51	330	−150	171	53
Other working capital	−190	140	1,776	0	0	−151
Tax paid	−782	−725	−798	−857	−795	−930
Interest paid	0	0	0	0	158	0
Capital spending	262	575	721	574	388	233
Free cash flow	1,402	872	1,752	1,464	1,940	2,185
	−365	−2,997	−857	3,786	−958	−938
Plant and property sold	9	14	133	317	72	117
Companies bought	0	0	−1	0	0	0
Interest received	240	268	268	262	158	201
Dividends received	2	1	0	3	16	26
	−863	1,494	−1,161	−5,647	−1,844	−1,132
Borrowings raised	611	3,016	1,155	0	−441	324
Borrowings repaid	0	0	−721	−4,412	−215	−205
Interest paid	−142	−233	−464	−371	−188	−133
Lease payments	0	−5	−4	−4	0	−6
Dividends paid	1,442	1,284	682	862	997	1,011
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	435	−55	456	177	−474	347

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.The Bombay Burmah Trading Corporation dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 15 May	Mar 2020Filed 26 Jun	Mar 2021Filed 7 May	Mar 2022Filed 16 Jul	Mar 2023Filed 27 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
Earnings per share	₹123.04	₹39.76	₹127.37	₹85.75	₹52.96	₹9.09	−₹240.94	₹98.03	₹160.90	₹178.10
Diluted earnings per share	₹123.04	₹39.76	₹127.37	₹85.75	₹52.96	₹9.09	−₹240.94	₹98.03	–	₹178.10
Dividend per share	₹1.00	₹1.00	₹1.00	₹1.20	₹1.20	₹1.20	₹1.20	₹1.20	₹17.00	₹17.00
Book value per share	–	–	₹682.76	₹730.13	₹784.90	₹787.79	₹577.76	₹669.80	₹807.16	₹1,009.60
Dividend payout	0.8%	–	0.8%	1.4%	2.3%	13.2%	–	1.2%	10.6%	9.5%
Shareholder yield	–	–	–	–	18.6%	21.4%	12.0%	7.9%	8.1%	11.0%
Market cap at the year end (₹ crore)	5,954	8,169	9,065	5,111	7,747	6,006	5,661	10,938	12,309	9,224

Ratios

Consolidated, years to March.The Bombay Burmah Trading Corporation PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 15 May	Mar 2020Filed 26 Jun	Mar 2021Filed 7 May	Mar 2022Filed 16 Jul	Mar 2023Filed 27 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
Revenue growth	7.1%	–	–	4.1%	12.7%	8.6%	–	2.9%	6.9%	6.8%
Operating profit growth	2.6%	13.7%	17.0%	4.2%	37.7%	−7.6%	–	11.4%	1.2%	9.9%
Net profit growth	125.3%	−10.0%	88.6%	−12.1%	−0.2%	−36.7%	–	–	26.6%	13.6%
Earnings per share growth	–	−67.7%	220.3%	−32.7%	−38.2%	−82.8%	–	–	64.1%	10.7%
	–	–	18.7%	12.1%	7.0%	1.2%	−35.2%	15.7%	21.8%	19.6%
	–	–	–	−6.5 pts	−5.1 pts	−5.8 pts	−36.3 pts	50.9 pts	6.1 pts	−2.2 pts
From the net margin	–	–	–	−6.6 pts	−5.5 pts	−5.9 pts	–	–	8.4 pts	0.8 pts
From asset turnover	–	–	–	−0.4 pts	0.0 pts	−0.1 pts	–	–	4.8 pts	−0.7 pts
From borrowing	–	–	–	0.5 pts	0.3 pts	0.1 pts	–	–	−7.1 pts	−2.2 pts
Return on capital employed	–	–	19.6%	16.9%	22.2%	16.2%	20.6%	31.7%	30.0%	27.7%
Cash conversion	–	–	–	–	130.2%	179.0%	–	117.3%	105.8%	96.7%
Interest cover	26.1	23.3	25.0	12.5	14.6	8.0	6.0	7.7	17.7	22.5
Debt to equity	–	–	0.12	0.26	0.36	0.83	1.13	0.32	0.20	0.16
Receivable days	–	–	15	11	9	10	9	10	10	10
Inventory days	–	–	48	43	56	59	47	47	44	45
Payable days	–	–	64	59	64	54	55	63	61	63
Cash conversion cycle, days	–	–	−1	−5	1	14	1	−6	−6	−7
Working capital days	–	–	31	23	17	13	1	−9	−11	−7
Asset turnover	–	–	1.17	1.12	1.13	1.05	1.07	1.24	1.48	1.43
Assets per rupee of net worth	–	–	2.05	2.14	2.25	2.53	3.26	3.18	2.39	2.15
Sales per rupee of plant	–	–	6.91	6.45	7.60	8.43	6.46	6.33	6.47	7.09
Capital spending to depreciation	–	–	–	–	1.23	2.68	3.02	1.83	1.19	0.66
Plant being built, % of plant in use	–	–	6.5%	2.7%	7.4%	31.7%	4.2%	7.0%	3.2%	1.5%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2023 and Mar 2024: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2023: 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 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: 70.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.0%	7.8%	5.5%
Profit growth, yearly rate	12.6%	27.5%	–
Return on equity, average	–	4.6%	19.0%
Return on capital employed, average	–	25.3%	29.8%
Operating margin, average	15.9%	17.0%	17.6%
Net margin, average	10.0%	10.1%	11.7%
Asset turnover, average	–	1.25	1.38
Cash conversion cycle, days, average	–	−1	−6
Interest cover, average	16.4	12.4	16.0
Debt to equity, average	–	0.53	0.23

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	10,704	6,783	2,418
Cash from investing	−1,964	1,890	−938
Cash from financing	−8,290	−8,623	−1,132
Capital spending	2,491	1,195	233
Dividends paid	4,835	2,869	1,011
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	–	324
Borrowings repaid	5,552	4,831	205

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	–	–	–	–	6	5	4	8	7	8
Altman Z-scorePublished threshold 1.81	–	–	4.52	3.07	3.47	2.69	2.33	4.15	4.38	4.01
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.78	−2.32	−3.22	−2.18	−2.41	−2.47
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−0.17	17.00	−13.86	−29.51	6.72	7.48
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.60	2.96	2.01	1.05
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−24.04	−27.63	16.85	−14.74	15.54	4.46	−2.30
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−10.54	32.20	5.63	−20.88	−0.89	−6.46	2.68
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.75	1.24	0.47	2.15	−1.83	0.65	0.22
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.13	0.98	3.08	0.10	0.43	0.20	0.15
Effective tax ratePublished threshold 17.16 per cent	32.88	37.67	38.91	33.85	35.43	33.12	73.99	29.08	29.48	25.31
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.90	1.43	−2.50	2.15	−2.33

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
22 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AA-No Rating Change	Stable	115
22 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	Crisil A1+No Rating Change		250
22 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+No Rating Change		2
14 Nov 2025	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+New, New		50
14 Nov 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Re-affirm	Stable	117

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