Brigade Enterprises financials and balance sheet

NSE: BRIGADEBSE: 532929RealtySmall Cap

₹547.60₹9.50 (1.71%)BSE ₹547.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹557.10.

52-week range of traded prices to 23 Oct 2026

₹450.75Low, 23 Mar 2026₹802.01High, 31 Oct 2025

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹17,866 Cr372nd largest listed
P/E: 25.7
P/B: 2.6
Dividend yield: 0.37%
ROE: 11.2%
ROCE: 8.5%
Debt to equity: 0.81
Volume, NSE: 2,02,54446.5% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹5,697 Cr, year to Mar 2026A loss in 2 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 1.0% 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

Revenue5,697
Materials and goods+1,761
Employee costs−482
Other expenses−5,549
Operating profit1,427
Depreciation−312
Other income+212
One-off items−14
Finance costs−409
Profit before tax904
Tax−179
Joint ventures+0.4
Net profit725

What the company owns

Plant, investments and other assets₹11,516 Cr
Inventory₹11,401 Cr
Cash and bank₹2,685 Cr
Receivables₹601 Cr
Current investments₹50 Cr

What pays for it: net worth and liabilities

Other liabilities₹11,738 Cr
Net worth₹7,524 Cr
Borrowings₹6,110 Cr
Owed to suppliers₹882 Cr

Brigade Enterprises 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.Brigade Enterprises segment results by quarter

Revenue by segment

₹5,863 CrTotal

Real estate₹3,970 Cr67.7% of total
Leasing₹1,297 Cr22.1% of total
Hospitality₹596 Cr10.2% of total

Profit by segment

Real estate₹560 Cr34.4% of total
Leasing₹731 Cr44.8% of total
Hospitality₹128 Cr7.8% of total
Other income₹212 Cr13.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Real estate
Revenue, ₹ crore
2,374
1,957
1,522
2,265
2,329
3,536
3,403
3,970
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
588
444
294
477
339
500
650
560
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Leasing
Revenue, ₹ crore
331
376
362
584
768
941
1,181
1,297
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
142
144
123
147
308
459
583
731
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Hospitality
Revenue, ₹ crore
305
334
97
176
394
468
539
596
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
12
11
−88
−45
60
112
125
128
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other income
Revenue, ₹ crore
0
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
54
49
60
67
119
167
239
212
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	3,011	2,667	1,981	3,025	3,491	4,945	5,122	5,863
Company revenue, as in its results	2,973	2,632	1,950	2,999	3,445	4,897	5,074	5,697
Revenue	2,374	1,957	1,522	2,265	2,329	3,536	3,403	3,970
Revenue growth	–	−17.6%	−22.2%	48.8%	2.9%	51.8%	−3.8%	16.7%
Profit	588	444	294	477	339	500	650	560
Profit growth	–	−24.6%	−33.8%	62.5%	−29.0%	47.7%	29.9%	−13.8%
Margin	24.8%	22.7%	19.3%	21.1%	14.5%	14.1%	19.1%	14.1%
Return on capital	30.7%	21.5%	15.7%	39.3%	17.7%	20.3%	26.7%	18.0%
Assets	5,895	6,318	7,169	7,470	9,385	10,330	12,000	14,322
Liabilities	3,976	4,252	5,298	6,257	7,468	7,862	9,561	11,219
Capital employed	1,919	2,066	1,871	1,213	1,916	2,469	2,439	3,103
Revenue	331	376	362	584	768	941	1,181	1,297
Revenue growth	–	13.6%	−3.8%	61.5%	31.5%	22.6%	25.5%	9.9%
Profit	142	144	123	147	308	459	583	731
Profit growth	–	1.1%	−14.7%	19.7%	109.5%	48.8%	27.1%	25.3%
Margin	43.1%	38.3%	34.0%	25.2%	40.2%	48.8%	49.4%	56.3%
Return on capital	4.7%	4.0%	3.2%	3.7%	7.6%	10.9%	11.2%	11.0%
Assets	3,315	4,169	4,510	4,629	4,721	4,892	6,056	7,594
Liabilities	280	556	643	626	651	683	829	968
Capital employed	3,035	3,612	3,867	4,003	4,070	4,209	5,227	6,626
Revenue	305	334	97	176	394	468	539	596
Revenue growth	–	9.6%	−71.0%	81.8%	123.3%	18.8%	15.1%	10.6%
Profit	12	11	−88	−45	60	112	125	128
Profit growth	–	−5.4%	–	–	–	87.6%	10.9%	2.5%
Margin	3.9%	3.4%	−90.4%	−25.5%	15.2%	24.0%	23.1%	21.4%
Return on capital	1.6%	1.5%	−11.7%	−6.5%	9.1%	15.7%	14.7%	13.5%
Assets	942	974	947	866	842	943	1,101	1,209
Liabilities	170	215	195	176	186	229	252	264
Capital employed	772	759	752	690	656	714	849	944
	0	0	0	0	0	0	0	0
Profit	54	49	60	67	119	167	239	212
Assets	0	0	0	0	0	0	0	0
Liabilities	0	0	0	0	0	0	0	0
Capital employed	0	0	0	0	0	0	0	0
	–	0	0	0	0	0	–	0
Profit	–	−21	−76	−57	45	0	–	−14
Assets	–	0	0	0	0	0	–	0
Liabilities	–	0	0	0	0	0	–	0
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	0
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
	0	0	0	0	0	0	–	–
Profit	2	2	3	3	4	0	–	–
Assets	0	0	0	0	0	0	–	–
Liabilities	0	0	0	0	0	0	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Brigade Enterprises quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 19 Jun	Mar 2021Filed 19 May	Mar 2022Filed 13 May	Mar 2023Filed 24 May	Mar 2024Filed 29 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue from operations	2,024	1,897	2,973	2,632	1,950	2,999	3,445	4,897	5,074	5,697
	1,450	1,343	2,183	1,969	1,478	2,232	2,586	3,702	3,660	4,270
Materials and goods bought	–	107	−539	−271	−622	−321	−966	−620	−844	−1,761
Employee costs	–	–	188	216	151	207	268	318	405	482
Other expenses	–	–	2,534	2,024	1,949	2,347	3,284	4,005	4,099	5,549
Operating profit before depreciation	574	554	790	663	472	766	859	1,194	1,414	1,427
Operating margin	28.4%	29.2%	26.6%	25.2%	24.2%	25.6%	24.9%	24.4%	27.9%	25.1%
Materials, % of revenue	–	–	−18.1%	−10.3%	−31.9%	−10.7%	−28.0%	−12.7%	−16.6%	−30.9%
Employee costs, % of revenue	–	–	6.3%	8.2%	7.7%	6.9%	7.8%	6.5%	8.0%	8.5%
Other expenses, % of revenue	–	–	85.2%	76.9%	99.9%	78.3%	95.3%	81.8%	80.8%	97.4%
Depreciation and amortisation	123	138	140	192	237	351	315	302	289	312
Operating profit after depreciation	452	417	650	471	235	416	544	892	1,125	1,115
Other income	34	48	54	49	60	67	119	167	239	212
Finance costs	246	259	279	340	347	444	434	491	495	409
Profit before one-off items and tax	240	206	426	180	−51	39	229	569	869	917
One-off items	0	−12	0	−21	−76	−57	45	0	0	−14
Profit before tax	240	194	426	160	−128	−18	274	569	869	904
	73	63	146	47	−29	50	56	168	189	179
Current tax	–	98	103	72	58	99	150	201	303	456
Deferred tax	–	−35	43	−25	−86	−49	−95	−33	−114	−277
Share of profit of joint ventures and associates	1	2	2	2	3	3	4	–	–	0
	167	133	282	114	−96	−65	222	401	680	725
Belonging to the company's shareholders	153	133	240	131	−46	83	291	452	686	644
Belonging to outside owners of subsidiaries	–	–	42	−17	−50	−148	−69	−51	−5	80
Other comprehensive income	–	–	1	−2	0	2	0	0	−4	3
Total comprehensive income	–	–	283	112	−97	−63	222	401	676	728
Net margin	8.3%	7.0%	9.5%	4.3%	−4.9%	−2.2%	6.4%	8.2%	13.4%	12.7%
Net margin without joint ventures and associates	8.2%	6.9%	9.4%	4.3%	−5.1%	−2.2%	6.3%	–	–	12.7%

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.

₹ crore	Mar 2019Filed 9 May	Mar 2020Filed 19 Jun	Mar 2021Filed 19 May	Mar 2022Filed 13 May	Mar 2023Filed 24 May	Mar 2024Filed 29 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	2,358	2,447	2,463	2,878	3,144	3,558	5,915	7,524
	2,169	2,281	2,348	2,910	3,245	3,649	5,638	6,820
Share capital	136	204	211	230	231	231	244	245
Reserves	2,033	2,077	2,137	2,680	3,014	3,418	5,394	6,576
Belonging to outside owners of subsidiaries	188	166	116	−32	−101	−91	277	704
	3,378	3,911	4,007	4,833	4,549	5,337	5,274	6,110
Repayable after a year	3,316	3,867	3,934	4,385	4,193	4,887	4,361	5,268
Repayable within a year	62	44	73	448	355	450	913	842
	4,958	5,698	7,142	7,585	8,752	9,039	11,408	12,980
Trade payables	608	500	577	649	735	760	786	882
Other financial liabilities	865	1,446	1,809	959	911	716	893	940
Other liabilities	3,406	3,677	4,659	5,517	6,726	7,079	8,779	10,242
Provisions	8	9	7	7	9	21	31	46
Tax owed	8	23	17	6	16	12	7	28
	3,484	4,116	4,215	4,695	4,482	5,290	4,766	5,749
Other financial liabilities	92	164	195	190	211	298	316	360
Other liabilities	75	73	77	62	64	77	72	65
Provisions	2	2	2	2	2	2	3	7
Deferred tax	0	10	7	57	12	27	14	49
Total assets	10,800	12,261	13,820	15,158	16,377	17,886	22,090	26,253
	5,038	5,949	6,410	6,600	6,665	7,380	8,308	10,140
Plant in use, after depreciation	912	1,012	994	925	881	901	992	1,057
Plant being built	2,001	2,089	495	541	740	1,232	1,929	3,584
Intangible assets	13	12	18	16	17	15	15	17
Goodwill	4	4	4	4	20	20	20	20
Intangible assets being developed	8	8	0	0	0	0	–	6
Property held to earn rent	1,348	1,969	4,003	3,960	3,763	3,657	4,081	4,075
Investments	56	56	38	49	6	3	4	9
Stakes in joint ventures and associates	0	0	0	0	0	0	2	3
Loans given	289	275	339	386	411	382	0	0
Other financial assets	92	83	106	196	166	214	287	290
Deferred tax	114	147	222	321	344	370	459	740
Other assets	200	293	190	203	318	587	517	339
	5,762	6,312	7,410	8,557	9,712	10,507	13,782	16,114
Inventories	4,816	5,209	5,902	6,223	7,327	7,736	8,869	11,401
Trade receivables	421	431	527	504	462	500	629	601
Cash and cash equivalents	181	240	314	377	396	574	1,870	1,486
Other bank balances	41	65	246	568	1,082	1,163	1,391	1,199
Current investments	41	16	51	460	56	47	37	50
Loans given	15	20	22	13	21	2	2	0
Other financial assets	8	16	30	41	74	151	472	668
Tax paid in advance	0	0	0	36	0	0	0	–
Other assets	238	314	318	335	295	334	512	709
Net debt	3,114	3,590	3,397	3,428	3,015	3,552	1,977	3,374

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 May	Mar 2022Filed 13 May	Mar 2023Filed 24 May	Mar 2024Filed 29 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	796	1,032	966	334	995	−137
	910	1,170	1,204	580	1,315	368
	435	405	237	−677	−157	−1,084
Receivables	−92	21	57	−42	−132	26
Inventories	−704	−411	−1,105	−816	−1,357	−2,545
Payables	76	72	84	26	29	105
Other working capital	1,155	722	1,201	155	1,304	1,330
Tax paid	−54	−104	−159	−242	−320	−505
Capital spending	495	208	0	0	0	1,739
Free cash flow	300	824	966	334	995	−1,876
	−748	−971	−271	−385	−590	−1,436
Plant and property sold	0	0	0	0	2	5
Companies bought	0	0	−35	0	0	−19
Interest received	9	21	45	99	161	166
	37	33	−695	246	860	1,202
Borrowings raised	1,852	1,481	397	2,151	878	2,484
Borrowings repaid	−1,509	−1,564	−679	−1,269	−970	−1,573
Interest paid	−394	−351	−384	−587	−467	−464
Lease payments	0	−8	−2	−11	−4	−32
Dividends paid	0	28	35	46	46	61
Shares bought back	0	0	0	0	0	0
Shares issued	88	503	8	8	1,480	8
Net change in cash	84	94	1	195	1,265	−372

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.Brigade Enterprises dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 19 Jun	Mar 2021Filed 19 May	Mar 2022Filed 13 May	Mar 2023Filed 24 May	Mar 2024Filed 29 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	₹6.75	₹5.20	₹8.81	₹4.79	−₹1.68	₹2.75	₹9.48	₹14.67	₹21.56	₹19.77
As stated that year	₹13.50	₹10.40	₹17.62	₹6.39	−₹2.24	₹3.67	₹12.64	₹19.56	₹28.74	₹26.36
	₹6.73	₹5.19	₹8.79	₹4.76	−₹1.68	₹2.75	₹9.46	₹14.63	₹21.51	₹19.75
As stated that year	₹13.45	₹10.38	₹17.58	₹6.34	−₹2.24	₹3.66	₹12.61	₹19.51	₹28.68	₹26.33
	₹1.25	₹1.00	₹1.00	₹0.75	₹0.90	₹1.13	₹1.50	₹1.50	₹1.88	₹2.00
As declared that year	₹2.50	₹2.00	₹2.00	₹1.00	₹1.20	₹1.50	₹2.00	₹2.00	₹2.50	₹2.00
	–	–	₹79.65	₹83.71	₹83.48	₹94.78	₹105.48	₹118.43	₹173.05	₹209.13
On that year's share count	–	–	₹159.30	₹111.61	₹111.31	₹126.38	₹140.64	₹157.91	₹230.73	₹278.84
Dividend payout	18.5%	20.5%	11.4%	15.7%	–	41.7%	15.8%	10.2%	8.9%	10.1%
Shareholder yield	–	–	–	–	−1.5%	−4.0%	0.2%	0.2%	−6.0%	0.3%
Market cap at the year end (₹ crore)	2,631	3,343	3,412	2,659	5,787	11,893	10,950	21,599	23,855	15,911

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.

Ratios

Consolidated, years to March.Brigade Enterprises PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 19 Jun	Mar 2021Filed 19 May	Mar 2022Filed 13 May	Mar 2023Filed 24 May	Mar 2024Filed 29 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue growth	20.8%	−6.3%	56.7%	−11.5%	−25.9%	53.8%	14.9%	42.2%	3.6%	12.3%
Operating profit growth	14.9%	−3.5%	42.4%	−16.0%	−28.8%	62.4%	12.1%	39.0%	18.4%	0.9%
Net profit growth	28.5%	−20.5%	112.1%	−59.6%	–	–	–	80.5%	69.7%	6.5%
Earnings per share growth	17.1%	−23.0%	69.4%	−45.6%	–	–	244.4%	54.7%	46.9%	−8.3%
	–	–	11.1%	5.9%	−2.0%	3.1%	9.5%	13.1%	14.8%	10.3%
	–	–	–	−5.2 pts	−7.9 pts	5.2 pts	6.3 pts	3.6 pts	1.7 pts	−4.4 pts
From the net margin	–	–	–	−4.3 pts	−8.7 pts	4.3 pts	6.5 pts	0.9 pts	6.1 pts	−2.4 pts
From asset turnover	–	–	–	−1.2 pts	1.0 pts	0.9 pts	0.5 pts	3.2 pts	−2.1 pts	−0.9 pts
From borrowing	–	–	–	0.2 pts	−0.2 pts	−0.1 pts	−0.7 pts	−0.4 pts	−2.3 pts	−1.1 pts
Return on capital employed	–	–	11.3%	7.4%	3.6%	5.4%	7.1%	10.0%	10.1%	8.2%
Cash conversion	–	–	–	–	–	–	435.0%	83.3%	146.3%	−18.9%
Interest cover	1.8	1.6	2.3	1.4	0.7	0.9	1.3	1.8	2.3	2.7
Debt to equity	–	–	1.43	1.60	1.63	1.68	1.45	1.50	0.89	0.81
Receivable days	–	–	52	60	99	61	49	37	45	38
Inventory days	–	–	−3,263	−7,005	−3,465	−7,077	−2,768	−4,553	−3,837	−2,363
Payable days	–	–	−412	−673	−339	−738	−278	−447	−340	−183
Cash conversion cycle, days	–	–	−2,800	−6,272	−3,028	−6,277	−2,442	−4,068	−3,452	−2,141
Working capital days	–	–	74	47	−50	2	−23	10	−1	79
Asset turnover	–	–	0.28	0.23	0.15	0.21	0.22	0.29	0.25	0.24
Assets per rupee of net worth	–	–	4.98	5.18	5.63	5.51	5.12	4.97	4.30	3.88
Sales per rupee of plant	–	–	3.26	2.60	1.96	3.24	3.91	5.44	5.11	5.39
Capital spending to depreciation	–	–	–	–	2.09	0.59	0.00	0.00	0.00	5.57
Plant being built, % of plant in use	–	–	219.4%	206.5%	49.8%	58.5%	84.0%	136.7%	194.3%	339.2%

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: 2.7%
Cash from operations against operating profit: −9.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	13.0%	23.9%	18.3%
Profit growth, yearly rate	17.3%	–	30.3%
Return on equity, average	–	10.2%	12.7%
Return on capital employed, average	–	8.1%	9.4%
Operating margin, average	26.1%	25.6%	25.8%
Net margin, average	6.3%	7.7%	11.4%
Asset turnover, average	–	0.24	0.26
Cash conversion cycle, days, average	–	−3,676	−3,221
Interest cover, average	1.7	1.8	2.3
Debt to equity, average	–	1.27	1.07

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	3,191	1,192	−137
Cash from investing	−3,653	−2,411	−1,436
Cash from financing	1,645	2,307	1,202
Capital spending	1,947	1,739	1,739
Dividends paid	216	154	61
Shares bought back	0	0	0
Shares issued for cash	2,007	1,496	8
Borrowings raised	7,390	5,513	2,484
Borrowings repaid	6,055	3,812	1,573

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	–	–	–	–	4	5	7	5	7	3
Altman Z-scorePublished threshold 1.1	–	–	1.83	1.42	0.97	1.43	1.52	1.82	2.30	2.36
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.58	−2.61	−2.87	−2.19	−2.34	−2.42
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.10	−0.87	−3.00	2.64	1.38	9.51
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	45.80	4.18	1.76	0.66
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	13.78	48.35	−58.15	−23.31	−33.90	22.27	−16.80
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−41.45	142.33	−42.94	218.80	−30.24	50.67	137.34
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.19	0.95	2.14	−1.28	2.36	9.86	6.88
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	7.16	2.26	1.92	2.73	3.83	5.07	9.51
Effective tax ratePublished threshold 17.16 per cent	30.54	32.35	34.19	29.64	–	–	20.38	29.48	21.72	19.82
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	−37.70	−13.08	−15.04	−36.03

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
25 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Positive	500
25 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		200
20 Nov 2025	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AAReview, Re-affirm	Stable	227
20 Nov 2025	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]A1+Review, Re-affirm		350
20 Nov 2025	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+New, New		200
20 Nov 2025	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAReview, Re-affirm	Stable	2,423

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