Birla Corporation financials and balance sheet

NSE: BIRLACORPNBSE: 500335Cement & Cement ProductsSmall Cap

Formerly Birla Corp

₹777.80₹6.60 (0.84%)BSE ₹777.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹784.40.

52-week range of traded prices to 23 Oct 2026

₹758.20Low, 23 Oct 2026₹1,244.30High, 7 Nov 2025

Next results date: the board meets on 31 Oct 2026 to consider: financial results and fund raising.

Market cap: ₹5,989 Cr643rd largest listed
P/E: 10.8
P/B: 0.8
Dividend yield: 1.61%
ROE: 7.7%
ROCE: 8.5%
Debt to equity: 0.44
Volume, NSE: 68,54348.9% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹9,663 Cr, year to Mar 2024

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.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue9,656
Materials and goods−1,483
Employee costs−584
Other expenses−6,133
Operating profit1,454
Depreciation−532
Other income+117
One-off items−6.6
Finance costs−264
Profit before tax769
Tax−211
Net profit558

What the company owns

Plant, investments and other assets₹11,895 Cr
Inventory₹1,104 Cr
Current investments₹1,060 Cr
Receivables₹317 Cr
Cash and bank₹135 Cr

What pays for it: net worth and liabilities

Net worth₹7,365 Cr
Borrowings₹3,275 Cr
Other liabilities₹2,972 Cr
Owed to suppliers₹898 Cr

Birla 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.Birla Corporation segment results by quarter

Revenue by segment

₹9,662 CrTotal

Cement₹9,158 Cr94.8% of total
Jute₹498 Cr5.2% of total
Others₹6 Cr0.1% of total

Profit by segment

Cement₹1,044 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Cement
Revenue, ₹ crore
6,217
6,582
6,499
7,054
8,245
9,248
8,843
9,158
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
671
1,046
968
720
349
951
733
1,044
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Jute
Revenue, ₹ crore
331
333
287
408
437
415
372
498
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
11
14
14
44
26
16
−10
−7
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
7
8
6
8
8
7
4
6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−3
−3
−3
−3
−2
−2
−3
−6
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	6,555	6,924	6,792	7,470	8,689	9,669	9,220	9,662
Company revenue, as in its results	6,549	6,916	6,785	7,461	8,682	9,663	9,214	9,656
Revenue	6,217	6,582	6,499	7,054	8,245	9,248	8,843	9,158
Revenue growth	–	5.9%	−1.3%	8.5%	16.9%	12.2%	−4.4%	3.6%
Profit	671	1,046	968	720	349	951	733	1,044
Profit growth	–	55.9%	−7.4%	−25.6%	−51.5%	172.5%	−23.0%	42.5%
Margin	10.8%	15.9%	14.9%	10.2%	4.2%	10.3%	8.3%	11.4%
Return on capital	8.7%	12.6%	10.9%	7.7%	3.7%	10.1%	8.4%	11.5%
Assets	9,140	9,851	10,642	11,240	11,545	11,504	10,865	11,126
Liabilities	1,457	1,530	1,782	1,924	2,012	2,081	2,094	2,053
Capital employed	7,683	8,320	8,861	9,315	9,533	9,423	8,771	9,073
Revenue	331	333	287	408	437	415	372	498
Revenue growth	–	0.6%	−13.8%	41.9%	7.1%	−4.9%	−10.4%	33.9%
Profit	11	14	14	44	26	16	−10	−7
Profit growth	–	28.6%	0.2%	224.3%	−41.6%	−39.5%	–	–
Margin	3.2%	4.1%	4.7%	10.8%	5.9%	3.8%	−2.8%	−1.4%
Return on capital	1.2%	1.5%	1.5%	4.2%	2.4%	1.4%	−1.0%	−0.6%
Assets	940	947	927	1,075	1,105	1,099	1,113	1,156
Liabilities	26	26	18	16	12	10	19	30
Capital employed	914	920	910	1,059	1,093	1,089	1,094	1,126
Revenue	7	8	6	8	8	7	4	6
Profit	−3	−3	−3	−3	−2	−2	−3	−6
Margin	−47.4%	−32.8%	−53.7%	−38.1%	−30.7%	−34.8%	−64.5%	−90.5%
Return on capital	−2.2%	−1.8%	−2.3%	−1.8%	−1.8%	−1.6%	−1.9%	−3.7%
Assets	148	148	147	166	134	149	151	150
Liabilities	2	2	2	2	3	3	2	2
Capital employed	147	146	145	163	131	146	149	148

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

Profit and loss

Consolidated, ₹ crore, years to March.Birla Corporation quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 23 May	Mar 2021Filed 13 May	Mar 2022Filed 12 May	Mar 2023Filed 11 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 9 May
Revenue from operations	4,981	5,943	6,549	6,916	6,785	7,461	8,682	9,663	9,214	9,656
	4,358	5,136	5,600	5,580	5,448	6,351	7,910	8,225	7,997	8,201
Materials and goods bought	679	839	942	919	987	1,054	1,094	1,581	1,385	1,483
Employee costs	–	–	371	408	398	448	521	556	564	584
Other expenses	–	–	4,288	4,253	4,063	4,850	6,295	6,088	6,049	6,133
Operating profit before depreciation	623	807	949	1,336	1,338	1,110	772	1,438	1,217	1,454
Operating margin	12.5%	13.6%	14.5%	19.3%	19.7%	14.9%	8.9%	14.9%	13.2%	15.1%
Materials, % of revenue	–	–	14.4%	13.3%	14.5%	14.1%	12.6%	16.4%	15.0%	15.4%
Employee costs, % of revenue	–	–	5.7%	5.9%	5.9%	6.0%	6.0%	5.8%	6.1%	6.1%
Other expenses, % of revenue	–	–	65.5%	61.5%	59.9%	65.0%	72.5%	63.0%	65.6%	63.5%
Depreciation and amortisation	256	332	339	352	371	397	510	578	572	532
Operating profit after depreciation	367	474	609	984	967	713	262	859	645	923
Other income	147	75	78	85	100	99	113	86	98	117
Finance costs	277	378	371	388	296	243	339	372	327	264
Profit before one-off items and tax	237	172	317	682	770	569	36	573	416	775
One-off items	−7	−12	0	0	−58	−31	7	7	−38	−7
Profit before tax	230	160	317	682	713	538	43	580	378	769
	11	6	62	176	82	139	3	159	83	211
Current tax	13	–	64	57	87	76	1	57	85	199
Deferred tax	−2	–	−2	119	−4	63	1	103	−2	12
	219	154	256	505	630	399	41	421	295	558
Belonging to the company's shareholders	219	154	256	505	630	399	41	421	295	558
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	–	0	0
Other comprehensive income	–	–	20	−124	107	241	−32	291	123	−131
Total comprehensive income	–	–	276	382	738	639	9	712	418	427
Net margin	4.4%	2.6%	3.9%	7.3%	9.3%	5.3%	0.5%	4.4%	3.2%	5.8%

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.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 May	Mar 2020Filed 23 May	Mar 2021Filed 13 May	Mar 2022Filed 12 May	Mar 2023Filed 11 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 9 May
	4,495	4,806	5,486	6,049	5,981	6,674	7,015	7,365
	4,495	4,806	5,486	6,049	5,981	6,674	7,015	7,365
Share capital	77	77	77	77	77	77	77	77
Reserves	4,418	4,729	5,409	5,972	5,904	6,597	6,938	7,288
Belonging to outside owners of subsidiaries	0	0	0	0	0	0	0	0
	3,648	3,753	3,635	4,208	4,350	3,770	3,363	3,275
Repayable after a year	3,623	3,669	3,604	3,791	3,838	3,185	2,665	2,517
Repayable within a year	25	84	30	417	511	584	698	758
	1,785	2,100	2,025	2,135	2,334	2,518	2,685	2,659
Trade payables	627	523	589	762	920	868	872	898
Other financial liabilities	877	1,282	1,027	592	568	648	716	695
Other liabilities	237	195	361	350	322	374	376	283
Provisions	12	17	12	14	13	43	20	23
Tax owed	7	0	6	0	0	0	3	2
	5,051	5,269	5,385	5,668	5,757	5,244	4,631	4,486
Other financial liabilities	489	547	700	698	728	767	740	740
Other liabilities	155	146	152	143	142	135	129	131
Provisions	42	50	62	64	78	53	56	72
Deferred tax	742	857	867	972	971	1,104	1,040	1,028
	11,332	12,175	12,896	13,852	14,072	14,436	14,331	14,510
Held for sale or for a demerger	1	1	1	1	1	1	1	1
	8,827	9,482	10,228	10,985	11,052	11,455	11,400	11,163
Plant in use, after depreciation	6,293	6,373	6,373	6,586	8,776	8,748	8,536	8,592
Plant being built	912	1,602	2,103	2,549	357	480	560	471
Intangible assets	970	951	950	990	1,065	1,041	997	964
Goodwill	0	0	0	0	0	0	0	0
Intangible assets being developed	2	2	1	2	0	0	0	0
Property held to earn rent	0	0	0	0	1	1	1	1
Investments	276	160	289	407	411	702	757	586
Loans given	0	0	0	0	0	1	100	125
Other financial assets	108	124	251	230	194	254	227	201
Other assets	264	267	259	220	247	227	220	221
	2,504	2,692	2,667	2,865	3,019	2,981	2,930	3,347
Inventories	783	788	810	820	1,062	965	967	1,104
Trade receivables	262	250	280	303	323	415	339	317
Cash and cash equivalents	89	47	91	84	207	157	118	130
Other bank balances	50	209	87	54	12	2	9	5
Current investments	600	676	463	602	457	585	695	1,060
Loans given	1	1	1	1	1	1	2	2
Other financial assets	461	410	525	573	553	589	556	456
Other assets	257	311	410	429	405	267	244	273
Net debt	2,909	2,821	2,994	3,468	3,675	3,026	2,541	2,080

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 13 May	Mar 2022Filed 12 May	Mar 2023Filed 11 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 9 May
	1,328	1,039	805	1,619	1,669	950
	1,413	1,100	856	1,695	1,742	1,126
	−20	0	28	202	474	−411
Receivables	−29	−22	−22	−92	75	22
Inventories	−22	−10	−242	97	−2	−137
Payables	85	219	216	−37	20	34
Other working capital	−54	−187	75	234	382	−331
Tax paid	−84	−61	−51	−75	−72	−176
Capital spending	804	781	631	529	445	469
Free cash flow	525	259	174	1,090	1,224	481
	−582	−775	−365	−700	−886	−496
Plant and property sold	1	4	5	4	2	2
Companies bought	0	−1	0	−52	0	0
Interest received	13	11	5	12	22	36
Dividends received	1	2	3	3	4	2
	−702	−270	−318	−969	−823	−443
Borrowings raised	732	783	516	62	311	548
Borrowings repaid	−954	−643	−401	−643	−720	−639
Interest paid	−349	−318	−339	−350	−315	−253
Lease payments	−3	0	−18	0	−22	−22
Dividends paid	116	77	77	19	77	77
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	45	−6	122	−50	−39	12

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.Birla Corporation dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 23 May	Mar 2021Filed 13 May	Mar 2022Filed 12 May	Mar 2023Filed 11 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 9 May
Earnings per share	₹28.50	₹19.99	₹33.21	₹65.60	₹81.83	₹51.76	₹5.26	₹54.61	₹38.34	₹72.41
Diluted earnings per share	₹28.50	₹19.99	₹33.21	₹65.60	₹81.83	₹51.76	₹5.26	₹54.61	₹38.34	₹72.41
Dividend per share	₹6.50	₹6.50	₹7.50	₹7.50	₹10.00	₹10.00	₹2.50	₹10.00	₹10.00	₹12.50
Book value per share	–	–	₹583.72	₹624.09	₹712.37	₹785.46	₹776.63	₹866.61	₹910.94	₹956.33
Dividend payout	22.8%	32.5%	22.6%	11.4%	12.2%	19.3%	47.5%	18.3%	26.1%	17.3%
Shareholder yield	–	–	–	–	1.6%	0.8%	1.1%	0.2%	0.9%	1.2%
Market cap at the year end (₹ crore)	5,696	5,504	4,038	3,196	7,314	9,104	6,855	10,963	8,131	6,426

Ratios

Consolidated, years to March.Birla Corporation PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 23 May	Mar 2021Filed 13 May	Mar 2022Filed 12 May	Mar 2023Filed 11 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 9 May
Revenue growth	52.1%	19.3%	10.2%	5.6%	−1.9%	10.0%	16.4%	11.3%	−4.6%	4.8%
Operating profit growth	118.2%	29.5%	17.6%	40.8%	0.1%	−17.0%	−30.5%	86.2%	−15.3%	19.5%
Net profit growth	39.5%	−29.9%	66.1%	97.6%	24.7%	−36.7%	−89.8%	938.4%	−29.8%	88.9%
Earnings per share growth	–	−29.9%	66.1%	97.5%	24.7%	−36.7%	−89.8%	938.2%	−29.8%	88.9%
	–	–	5.7%	10.9%	12.2%	6.9%	0.7%	6.6%	4.3%	7.8%
	–	–	–	5.2 pts	1.4 pts	−5.3 pts	−6.2 pts	6.0 pts	−2.3 pts	3.4 pts
From the net margin	–	–	–	5.0 pts	2.9 pts	−5.2 pts	−6.3 pts	5.6 pts	−1.8 pts	3.5 pts
From asset turnover	–	–	–	0.2 pts	−1.1 pts	0.2 pts	0.1 pts	0.6 pts	−0.3 pts	0.4 pts
From borrowing	–	–	–	0.0 pts	−0.5 pts	−0.3 pts	0.0 pts	−0.2 pts	−0.3 pts	−0.4 pts
Return on capital employed	–	–	7.5%	11.5%	10.6%	7.0%	2.5%	8.2%	6.2%	8.7%
Cash conversion	–	–	–	–	210.8%	260.7%	1,988.8%	385.1%	565.5%	170.5%
Interest cover	1.3	1.3	1.6	2.5	3.3	2.9	0.8	2.3	2.0	3.5
Debt to equity	–	–	0.81	0.78	0.66	0.70	0.73	0.56	0.48	0.44
Receivable days	–	–	15	13	15	15	14	16	13	12
Inventory days	–	–	303	313	300	284	354	223	255	272
Payable days	–	–	243	208	218	264	307	200	230	221
Cash conversion cycle, days	–	–	75	118	97	35	61	38	38	63
Working capital days	–	–	0	−14	2	20	22	11	5	9
Asset turnover	–	–	0.58	0.59	0.54	0.56	0.62	0.68	0.64	0.67
Assets per rupee of net worth	–	–	2.52	2.53	2.44	2.32	2.32	2.25	2.10	2.01
Sales per rupee of plant	–	–	1.04	1.09	1.06	1.13	0.99	1.10	1.08	1.12
Capital spending to depreciation	–	–	–	–	2.17	1.97	1.24	0.92	0.78	0.88
Plant being built, % of plant in use	–	–	14.5%	25.1%	33.0%	38.7%	4.1%	5.5%	6.6%	5.5%

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: 3.9%
Cash from operations against operating profit: 65.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.4%	7.3%	3.6%
Profit growth, yearly rate	13.5%	−2.4%	139.7%
Return on equity, average	–	5.3%	6.2%
Return on capital employed, average	–	6.5%	7.7%
Operating margin, average	14.7%	13.4%	14.4%
Net margin, average	4.7%	3.8%	4.4%
Asset turnover, average	–	0.63	0.66
Cash conversion cycle, days, average	–	47	46
Interest cover, average	2.2	2.3	2.6
Debt to equity, average	–	0.58	0.50

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	6,084	4,239	950
Cash from investing	−3,222	−2,082	−496
Cash from financing	−2,823	−2,234	−443
Capital spending	2,855	1,444	469
Dividends paid	327	173	77
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	2,221	922	548
Borrowings repaid	3,045	2,001	639

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	7	6	8
Altman Z-scorePublished threshold 1.81	–	–	1.75	1.72	2.02	2.09	1.86	2.41	2.17	2.20
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.53	−2.64	−2.92	−2.55	−3.08	−2.67
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−0.93	1.01	−2.86	−3.50	−3.40	0.72
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.97	4.03	5.41	3.33
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−10.11	13.52	−1.62	−9.59	17.04	−13.63	−11.42
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	2.98	−4.53	−5.50	25.62	−53.64	12.67	6.99
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.05	3.15	0.89	−0.50	−1.05	−0.61	−0.73
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	3.71	5.68	4.18	0.13	0.87	1.56	0.80
Effective tax ratePublished threshold 17.16 per cent	4.70	3.68	19.45	25.87	11.57	25.88	6.05	27.48	21.87	27.45
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	14.53	−111.85	14.54	2.73	4.60

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
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible DebenturesLong-term scale	CARE AAReview, Re-affirm	Stable	20
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE AAReview, Re-affirm	Stable	296
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	LT/ST Fund-based/Non-fund-based-CC/WCDL/OD/LC/BGLong and short-term scales	CARE AA / CARE A1+Review, Re-affirm	Stable	960
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE AAReview, Re-affirm	Stable	400
15 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAReview, Re-affirm	Stable	378.15
8 May 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAReview, Re-affirm	Stable	80
24 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		200
27 Oct 2025	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		150

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