Bharat Petroleum Corporation financials and balance sheet

NSE: BPCLBSE: 500547Petroleum ProductsLarge Cap

₹281.95₹5.00 (1.74%)BSE ₹281.25

Share price at the NSE close on 23 Oct 2026. Previous close ₹286.95.

52-week range of traded prices to 23 Oct 2026

₹266.60Low, 2 Apr 2026₹391.65High, 5 Feb 2026

Next results date: the board meets on 23 Oct 2026 to consider: financial results.

Market cap: ₹1,22,324 Cr62nd largest listed
P/E: 7.1
P/B: 1.2
Dividend yield: 6.21%
ROE: 18.9%
ROCE: 13.5%
Debt to equity: 0.43
Volume, NSE: 31,98,57548.3% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹5,33,547 Cr, year to Mar 2023

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 3.1% 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

Revenue5,22,820
Materials and goods−3,79,186
Employee costs−3,774
Other expenses−98,658
Operating profit41,202
Depreciation−7,856
Other income+3,299
One-off items−411
Finance costs−2,953
Profit before tax33,280
Tax−8,948
Joint ventures+1,511
Net profit25,843

What the company owns

Plant, investments and other assets₹1,70,163 Cr
Inventory₹53,304 Cr
Cash and bank₹17,761 Cr
Receivables₹4,980 Cr
Current investments₹2,408 Cr

What pays for it: net worth and liabilities

Net worth₹1,00,170 Cr
Other liabilities₹62,310 Cr
Borrowings₹43,482 Cr
Owed to suppliers₹42,654 Cr

Bharat Petroleum 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.Bharat Petroleum Corporation segment results by quarter

Revenue by segment

₹5,22,820 CrTotal

Downstream Petroleum₹5,22,668 Cr100.0% of total
Exploration & Production of Hydrocarbons₹152 Cr0.0% of total

Profit by segment

Downstream Petroleum₹34,596 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Downstream Petroleum
Revenue, ₹ crore
3,40,749
3,29,691
3,04,197
4,32,422
5,33,401
5,06,804
5,00,371
5,22,668
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
11,692
3,653
22,561
13,708
4,709
38,500
19,424
34,596
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Exploration & Production of Hydrocarbons
Revenue, ₹ crore
131
106
69
147
146
188
146
152
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
−695
−334
−478
−670
−392
−335
−150
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	3,40,879	3,29,797	3,04,266	4,32,570	5,33,547	5,06,993	5,00,517	5,22,820
Company revenue, as in its results	3,40,879	3,29,797	3,04,266	4,32,570	5,33,547	5,06,993	5,00,517	5,22,820
Revenue	3,40,749	3,29,691	3,04,197	4,32,422	5,33,401	5,06,804	5,00,371	5,22,668
Revenue growth	–	−3.2%	−7.7%	42.2%	23.4%	−5.0%	−1.3%	4.5%
Profit	11,692	3,653	22,561	13,708	4,709	38,500	19,424	34,596
Profit growth	–	−68.8%	517.6%	−39.2%	−65.6%	717.5%	−49.5%	78.1%
Margin	3.4%	1.1%	7.4%	3.2%	0.9%	7.6%	3.9%	6.6%
Return on capital	–	4.9%	30.0%	16.1%	5.5%	42.0%	19.8%	36.4%
Assets	–	1,17,054	1,25,410	1,53,518	1,51,059	1,60,473	1,71,982	1,86,913
Liabilities	–	42,276	50,316	68,173	65,524	68,731	73,888	91,762
Capital employed	–	74,778	75,094	85,345	85,535	91,742	98,094	95,151
Revenue	131	106	69	147	146	188	146	152
Profit	2	−695	−334	−478	−670	−392	−335	−150
Margin	1.6%	−652.3%	−484.5%	−325.1%	−459.5%	−208.1%	−229.3%	−98.3%
Return on capital	–	−3.2%	−1.5%	−2.0%	−2.5%	−1.5%	−1.3%	−0.5%
Assets	–	22,300	21,754	24,040	26,374	26,403	25,734	33,101
Liabilities	–	278	229	52	39	56	31	210
Capital employed	–	22,022	21,525	23,987	26,335	26,346	25,703	32,891
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Bharat Petroleum Corporation quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 4 Jun	Mar 2021Filed 27 May	Mar 2022Filed 26 May	Mar 2023Filed 23 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue from operations	2,43,747	2,79,313	3,40,879	3,29,797	3,04,266	4,32,570	5,33,547	5,06,993	5,00,517	5,22,820
	2,30,235	2,64,140	3,25,767	3,21,448	2,82,970	4,13,432	5,22,659	4,62,911	4,75,116	4,81,618
Materials and goods bought	1,71,411	2,02,112	2,61,142	2,52,592	1,87,399	3,03,401	4,33,212	3,76,096	3,85,297	3,79,186
Employee costs	–	–	3,985	4,021	4,856	3,408	2,775	3,577	3,510	3,774
Other expenses	–	–	60,640	64,836	90,715	1,06,623	86,672	83,237	86,310	98,658
Operating profit before depreciation	13,512	15,173	15,112	8,349	21,296	19,137	10,888	44,082	25,401	41,202
Operating margin	5.5%	5.4%	4.4%	2.5%	7.0%	4.4%	2.0%	8.7%	5.1%	7.9%
Materials, % of revenue	–	–	76.6%	76.6%	61.6%	70.1%	81.2%	74.2%	77.0%	72.5%
Employee costs, % of revenue	–	–	1.2%	1.2%	1.6%	0.8%	0.5%	0.7%	0.7%	0.7%
Other expenses, % of revenue	–	–	17.8%	19.7%	29.8%	24.6%	16.2%	16.4%	17.2%	18.9%
Depreciation and amortisation	2,108	2,885	3,418	4,080	4,334	5,434	6,369	6,771	7,257	7,856
Operating profit after depreciation	11,405	12,288	11,694	4,269	16,962	13,703	4,519	37,311	18,145	33,346
Other income	2,048	1,783	2,038	1,929	2,253	2,269	1,498	2,235	2,685	3,299
Finance costs	696	1,186	1,764	2,637	1,723	2,606	3,745	4,149	3,591	2,953
Profit before one-off items and tax	12,756	12,885	11,968	3,561	17,492	13,366	2,272	35,397	17,238	33,691
One-off items	943	1,289	0	−1,310	5,266	1,135	−1,643	−268	−378	−411
Profit before tax	13,700	14,174	11,968	2,251	22,758	14,501	629	35,129	16,860	33,280
	4,193	4,382	4,378	−14	5,112	4,355	690	9,336	4,846	8,948
Current tax	–	–	3,010	0	5,030	3,664	353	9,420	4,471	9,228
Deferred tax	–	–	1,368	−14	82	691	337	−84	375	−281
Share of profit of joint ventures and associates	–	–	937	1,401	−326	1,536	2,192	1,066	1,323	1,511
	9,507	9,792	8,528	3,666	17,320	11,682	2,131	26,859	13,337	25,843
Belonging to the company's shareholders	9,507	9,792	7,802	3,055	16,165	11,682	2,131	26,859	13,337	25,843
Belonging to outside owners of subsidiaries	–	–	726	610	1,155	0	0	0	0	0
Other comprehensive income	–	–	−1,172	588	−1,275	402	761	213	−962	2,584
Total comprehensive income	–	–	7,355	4,254	16,045	12,084	2,892	27,072	12,375	28,427
Net margin	3.9%	3.5%	2.5%	1.1%	5.7%	2.7%	0.4%	5.3%	2.7%	4.9%
Net margin without joint ventures and associates	–	–	2.2%	0.7%	5.8%	2.3%	0.0%	5.1%	2.4%	4.7%

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. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 21 May	Mar 2020Filed 4 Jun	Mar 2021Filed 27 May	Mar 2022Filed 26 May	Mar 2023Filed 23 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May	Sep 2026Half yearFiled 23 Oct
	40,835	38,589	53,555	51,906	53,522	75,635	81,384	1,00,170	1,01,464
	38,765	36,532	53,555	51,906	53,522	75,635	81,384	1,00,170	1,01,464
Share capital	1,967	1,967	2,093	2,129	2,129	2,136	4,273	4,273	4,273
Reserves	36,798	34,565	51,462	49,776	51,393	73,499	77,112	95,898	97,191
Belonging to outside owners of subsidiaries	2,070	2,056	0	0	0	–	0	0	0
	42,915	61,648	47,588	55,933	60,455	45,485	51,061	43,482	51,218
Repayable after a year	34,316	43,853	43,355	36,359	41,369	26,877	26,528	22,203	15,984
Repayable within a year	8,599	17,795	4,233	19,574	19,085	18,608	24,533	21,279	35,233
	53,110	60,222	56,930	83,068	74,842	80,883	90,672	1,05,452	1,22,670
Trade payables	17,385	13,107	16,263	30,348	24,024	28,306	30,634	42,654	42,589
Other financial liabilities	20,059	23,121	26,878	21,544	21,977	23,272	26,319	30,069	29,591
Other liabilities	4,707	4,126	6,781	7,260	6,929	7,065	6,713	7,997	12,803
Provisions	2,029	2,039	1,950	2,925	2,729	3,023	2,331	2,247	2,399
Tax owed	331	33	826	1,418	1	609	141	1,206	55
	42,986	52,053	50,507	52,555	59,745	45,899	46,326	42,993	37,385
Other financial liabilities	57	59	58	8,097	8,334	8,671	8,899	9,667	10,310
Other liabilities	284	382	550	1,488	585	2,070	2,281	2,502	2,499
Provisions	1,538	1,596	1,609	234	208	305	326	421	431
Deferred tax	6,792	6,164	4,934	6,376	7,921	7,976	8,293	8,199	8,161
	1,36,930	1,50,864	1,60,992	1,87,529	1,88,109	2,02,418	2,18,382	2,48,616	2,61,519
Held for sale or for a demerger	14	21	22	13	17	42	32	53	37
	88,149	1,07,612	1,09,010	1,25,529	1,32,096	1,36,724	1,45,550	1,64,897	1,76,789
Plant in use, after depreciation	48,971	59,761	63,589	81,507	84,465	84,718	86,594	91,701	–
Plant being built	7,293	9,949	7,645	4,980	5,645	8,680	13,240	16,394	–
Intangible assets	344	381	509	1,190	1,006	876	830	719	706
Goodwill	0	0	0	1,204	1,204	1,204	1,204	1,204	1,204
Intangible assets being developed	6,362	7,808	9,495	10,453	10,604	11,524	13,147	16,517	19,726
Property held to earn rent	0	33	0	0	0	0	0	0	0
Investments	1,019	288	424	758	800	1,779	1,777	2,146	2,032
Stakes in joint ventures and associates	18,089	21,532	19,550	18,415	21,701	20,561	21,091	25,582	29,080
Loans given	3,829	4,987	5,312	3,957	4,336	4,453	4,940	6,085	4,121
Other financial assets	110	27	48	707	538	654	757	1,221	982
Deferred tax	4	4	4	0	0	477	0	0	0
Other assets	2,128	2,842	2,434	2,358	1,797	1,797	1,970	3,329	4,042
	48,768	43,231	51,961	61,987	55,996	65,652	72,800	83,665	84,693
Inventories	22,935	22,243	26,706	42,179	38,069	42,836	45,265	53,304	58,636
Trade receivables	6,906	5,378	7,835	9,707	6,724	8,342	9,339	4,980	7,865
Cash and cash equivalents	414	800	7,568	2,159	2,313	2,301	558	320	376
Other bank balances	248	365	543	78	262	3,986	9,918	17,441	6,515
Current investments	5,799	5,209	6,794	4,442	4,277	4,291	3,663	2,408	2,889
Loans given	1,685	705	138	136	143	137	142	143	127
Other financial assets	9,416	6,741	594	560	1,072	1,258	1,772	2,754	4,830
Tax paid in advance	33	137	535	895	969	828	165	1	1
Other assets	1,331	1,654	1,248	1,831	2,168	1,674	1,979	2,316	3,453
Net debt	36,453	55,275	32,684	49,254	53,603	34,908	36,922	23,313	41,438

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. 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. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 27 May	Mar 2022Filed 26 May	Mar 2023Filed 23 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May	Sep 2026Half yearFiled 23 Oct
	23,554	20,336	12,466	35,936	23,678	50,769	−2,983
	27,358	22,193	13,267	44,757	27,667	58,813	−1,347
	4,236	1,323	−176	−1,236	907	9,030	−9,557
Receivables	−2,585	−2,317	2,853	−1,605	−1,112	4,120	−3,011
Inventories	−6,367	−9,672	4,110	−5,005	−2,994	−10,150	−6,852
Payables	3,890	15,108	−6,333	4,173	2,459	11,600	2,809
Other working capital	9,298	−1,795	−805	1,201	2,553	3,460	−2,503
Tax paid	−3,663	−1,710	−710	−8,660	−3,990	−8,044	−1,635
Capital spending	7,321	7,410	7,444	8,839	13,343	15,956	8,635
Free cash flow	16,232	12,925	5,021	27,097	10,335	34,813	−11,618
	−2,573	−8,138	−7,806	−10,521	−19,180	−26,067	−1,383
Plant and property sold	55	0	43	34	39	132	70
Companies bought	0	−2,468	0	0	0	0	0
Interest received	970	873	682	1,269	1,044	1,210	938
Dividends received	1,555	983	1,644	1,120	588	561	45
	−13,981	−17,672	−4,402	−25,427	−6,241	−24,940	4,422
Borrowings raised	4,996	7,798	14,784	5,560	16,412	6,702	10,411
Borrowings repaid	−16,986	−8,782	−13,355	−21,051	−11,684	−17,491	−3,212
Interest paid	−1,922	−1,775	−3,232	−3,632	−2,821	−2,571	−1,396
Lease payments	−664	−892	−1,318	−1,354	−1,586	−2,055	−1,236
Dividends paid	4,924	14,483	1,282	5,329	6,561	9,525	144
Shares bought back	0	0	0	0	0	0	0
Shares issued	5,520	0	0	379	0	0	0
Net change in cash	7,000	−5,474	257	−12	−1,743	−238	56

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.Bharat Petroleum Corporation dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 4 Jun	Mar 2021Filed 27 May	Mar 2022Filed 26 May	Mar 2023Filed 23 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	₹22.17	₹22.90	₹19.84	₹7.77	₹40.94	₹27.46	₹5.01	₹63.04	₹31.21	₹60.49
As stated that year	₹66.51	₹45.80	₹39.67	₹15.53	₹81.87	₹54.91	₹10.01	₹126.08	₹31.21	₹60.49
	₹22.17	₹22.90	₹19.84	₹7.77	₹40.80	₹27.46	₹5.01	₹63.04	₹31.21	₹60.49
As stated that year	₹66.51	₹45.80	₹39.67	₹15.53	₹81.60	₹54.91	₹10.01	₹126.08	₹31.21	₹60.49
	₹10.83	₹10.50	₹9.50	₹8.25	₹39.50	₹8.00	₹2.00	₹21.00	₹10.00	₹17.50
As declared that year	₹32.50	₹21.00	₹19.00	₹16.50	₹79.00	₹16.00	₹4.00	–	₹10.00	₹17.50
	–	–	₹98.54	₹92.87	₹127.94	₹121.88	₹125.67	₹177.02	₹190.48	₹234.45
On that year's share count	–	–	₹197.09	₹185.74	₹255.89	₹243.75	₹251.34	₹354.05	₹190.48	₹234.45
Dividend payout	49.4%	46.5%	47.9%	106.2%	102.3%	29.2%	40.0%	33.4%	32.0%	28.9%
Shareholder yield	–	–	–	–	−0.6%	18.6%	1.7%	3.8%	5.4%	7.8%
Market cap at the year end (₹ crore)	93,979	92,725	86,239	68,744	92,833	77,952	74,687	1,30,676	1,20,814	1,21,912

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. The dividend as declared is blank for the year to Mar 2024: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.Bharat Petroleum Corporation PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 4 Jun	Mar 2021Filed 27 May	Mar 2022Filed 26 May	Mar 2023Filed 23 May	Mar 2024Filed 10 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue growth	29.2%	14.6%	22.0%	−3.3%	−7.7%	42.2%	23.3%	−5.0%	−1.3%	4.5%
Operating profit growth	−6.3%	12.3%	−0.4%	−44.8%	155.1%	−10.1%	−43.1%	304.9%	−42.4%	62.2%
Net profit growth	19.1%	3.0%	−12.9%	−57.0%	372.5%	−32.6%	−81.8%	1,160.4%	−50.3%	93.8%
Earnings per share growth	–	3.3%	−13.4%	−60.8%	427.0%	−32.9%	−81.8%	1,159.5%	−50.5%	93.8%
	–	–	20.1%	8.1%	35.9%	22.2%	4.0%	41.6%	17.0%	28.5%
	–	–	–	−12.0 pts	27.8 pts	−13.7 pts	−18.1 pts	37.5 pts	−24.6 pts	11.5 pts
From the net margin	–	–	–	−12.0 pts	38.4 pts	−17.6 pts	−18.9 pts	49.6 pts	−20.7 pts	14.5 pts
From asset turnover	–	–	–	−0.6 pts	−6.9 pts	5.0 pts	0.5 pts	−4.6 pts	−1.8 pts	−1.9 pts
From borrowing	–	–	–	0.6 pts	−3.7 pts	−1.1 pts	0.3 pts	−7.4 pts	−2.2 pts	−1.2 pts
Return on capital employed	–	–	14.0%	4.3%	16.8%	12.7%	4.0%	30.8%	13.7%	23.2%
Cash conversion	–	–	–	–	136.0%	174.1%	585.0%	133.8%	177.5%	196.4%
Interest cover	16.4	10.4	6.6	1.6	9.8	5.3	1.2	9.0	5.1	11.3
Debt to equity	–	–	1.05	1.60	0.89	1.08	1.13	0.60	0.63	0.43
Receivable days	–	–	7	6	9	8	5	6	7	3
Inventory days	–	–	32	32	52	51	32	42	43	51
Payable days	–	–	24	19	32	37	20	27	29	41
Cash conversion cycle, days	–	–	15	19	30	22	16	20	21	14
Working capital days	–	–	−2	−6	−19	−7	−5	−5	−5	−14
Asset turnover	–	–	2.49	2.29	1.95	2.48	2.84	2.60	2.38	2.24
Assets per rupee of net worth	–	–	3.53	3.82	3.46	3.30	3.56	3.02	2.68	2.57
Sales per rupee of plant	–	–	6.96	5.52	4.78	5.31	6.32	5.98	5.78	5.70
Capital spending to depreciation	–	–	–	–	1.69	1.36	1.17	1.31	1.84	2.03
Plant being built, % of plant in use	–	–	14.9%	16.6%	12.0%	6.1%	6.7%	10.2%	15.3%	17.9%

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: 11.1%
Cash from operations against operating profit: 123.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.7%	11.4%	−0.7%
Profit growth, yearly rate	12.5%	9.8%	129.7%
Return on equity, average	–	22.6%	29.0%
Return on capital employed, average	–	16.9%	22.6%
Operating margin, average	5.3%	5.6%	7.2%
Net margin, average	3.3%	3.2%	4.3%
Asset turnover, average	–	2.51	2.40
Cash conversion cycle, days, average	–	19	18
Interest cover, average	7.7	6.4	8.4
Debt to equity, average	–	0.77	0.55

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	1,43,184	1,10,383	50,769
Cash from investing	−71,712	−55,768	−26,067
Cash from financing	−78,681	−56,608	−24,940
Capital spending	52,991	38,137	15,956
Dividends paid	37,179	21,414	9,525
Shares bought back	0	0	0
Shares issued for cash	379	379	0
Borrowings raised	51,257	28,674	6,702
Borrowings repaid	72,364	50,227	17,491

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	5	6	7	4	7
Altman Z-scorePublished threshold 1.81	–	–	3.65	2.85	3.30	3.18	3.50	4.17	3.52	3.50
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.46	−2.41	−2.59	−2.59	−2.56	−3.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.35	−0.30	−1.35	0.74	4.20	0.49
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.81	1.69	1.70	1.67
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−18.88	53.42	−18.27	−54.08	29.04	13.23	−51.13
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	0.26	45.88	−3.96	−52.53	25.71	3.22	19.35
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.68	−2.02	0.21	0.17	−0.09	0.03	0.22
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.67	0.94	0.21	0.61	1.24	1.45	1.26
Effective tax ratePublished threshold 17.16 per cent	30.60	30.91	36.58	−0.63	22.46	30.03	109.67	26.58	28.74	26.89
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	18.24	−3.09	1.92	5.08	2.71

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	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AAARating Reaffirmed	Stable	21,666
1 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	Crisil A1+Rating Reaffirmed		10,000
1 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	WithdrawnRating WithdrawnINE029A08073 Debt ISIN		935.61
1 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+Rating Reaffirmed		22,111
1 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	Crisil AAARating ReaffirmedINE322J08040 Debt ISIN	Stable	1,000
3 Aug 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+New, New		3,500
3 Aug 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AAAReview, Re-affirm	Stable	500
10 Mar 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAAReview, Re-affirm	Stable	1,000

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