BSE financials and balance sheet

NSE: BSECapital MarketsLarge Cap

₹3,230.80₹34.20 (1.05%)

Share price at the NSE close on 23 Oct 2026. Previous close ₹3,265.00.

52-week range of traded prices to 23 Oct 2026

₹2,326.10Low, 31 Oct 2025₹4,446.80High, 27 May 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results.

Market cap: ₹1,31,779 Cr74th largest listed
P/E: 46.5
P/B: 19.7
Dividend yield: 0.31%
ROE: 51.0%
ROCE: 48.9%
Debt to equity: 0.00
Volume, NSE: 19,83,93726.2% delivered

9 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹4,834 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

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

From revenue to net profit

Revenue4,834
Employee costs−298
Other expenses−1,458
Operating profit3,079
Depreciation−159
Other income+314
One-off items0.0
Finance costs0.0
Profit before tax3,234
Tax−824
Joint ventures+65
Discontinued businesses+12
Net profit2,487

What the company owns

Plant, investments and other assets₹5,375 Cr
Cash and bank₹5,173 Cr
Current investments₹2,345 Cr
Receivables₹553 Cr

What pays for it: net worth and liabilities

Net worth₹6,796 Cr
Other liabilities₹6,520 Cr
Owed to suppliers₹131 Cr

Profit and loss

Consolidated, ₹ crore, years to March.BSE quarterly results

₹ crore	Mar 2018Filed 25 May	Mar 2019Filed 9 May	Mar 2020Filed 20 Aug	Mar 2021Filed 14 May	Mar 2022Filed 11 May	Mar 2023Filed 12 May	Mar 2024Filed 8 May	Mar 2025Filed 6 May	Mar 2026Filed 7 May
Revenue from operations	477	450	451	501	743	816	1,390	2,957	4,834
	377	434	500	463	530	618	990	1,458	1,755
Materials and goods bought	0	0	0	0	0	0	0	0	0
Employee costs	120	139	151	149	177	180	205	237	298
Other expenses	257	294	349	314	353	438	786	1,221	1,458
Operating profit before depreciation	100	17	−49	39	213	197	400	1,500	3,079
Operating margin	21.0%	3.7%	−10.9%	7.7%	28.7%	24.2%	28.8%	50.7%	63.7%
Materials, % of revenue	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	25.2%	30.9%	33.6%	29.7%	23.9%	22.1%	14.7%	8.0%	6.2%
Other expenses, % of revenue	53.9%	65.4%	77.4%	62.6%	47.5%	53.7%	56.5%	41.3%	30.2%
Depreciation and amortisation	45	51	51	58	48	60	95	113	159
Operating profit after depreciation	55	−34	−100	−19	165	137	304	1,387	2,920
Other income	222	237	179	153	120	138	228	279	314
Finance costs	1	1	2	10	22	27	15	0	0
Profit before one-off items and tax	275	202	77	124	263	248	517	1,666	3,234
One-off items	−3	−14	32	−15	0	0	407	0	0
Profit before tax	273	188	109	109	263	248	924	1,666	3,234
	55	23	15	11	82	92	224	431	824
Current tax	112	38	40	30	56	57	201	392	828
Deferred tax	−56	−15	−25	−19	27	35	23	39	−5
Share of profit of joint ventures and associates	20	29	27	43	64	49	72	83	65
Profit from discontinued businesses	487	5	–	–	–	–	–	5	12
	725	199	121	142	245	206	772	1,322	2,487
Belonging to the company's shareholders	711	199	122	145	254	221	778	1,326	2,497
Belonging to outside owners of subsidiaries	13	0	−2	−3	−9	−15	−7	−4	−10
Other comprehensive income	0	7	11	0	6	20	3	5	37
Total comprehensive income	725	206	132	141	251	226	775	1,327	2,525
Net margin	–	44.3%	26.8%	28.3%	33.0%	25.2%	55.5%	44.7%	51.5%
Net margin without joint ventures and associates	–	37.8%	20.9%	19.7%	24.3%	19.2%	50.3%	41.9%	50.1%

Net margin is left blank for the year to Mar 2018: 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 2023Filed 12 May	Mar 2024Filed 8 May	Mar 2025Filed 6 May	Mar 2026Filed 7 May
	2,829	3,455	4,576	6,796
	2,701	3,302	4,424	6,673
Share capital	27	27	27	82
Reserves	2,674	3,275	4,397	6,591
Belonging to outside owners of subsidiaries	128	152	152	122
Borrowings	0	0	0	0
	2,393	5,027	4,599	5,370
Trade payables	80	360	114	131
Other financial liabilities	2,028	4,206	3,895	4,064
Other liabilities	246	427	425	937
Provisions	18	19	81	37
Tax owed	20	15	84	201
	772	969	1,151	1,280
Other financial liabilities	768	966	1,143	10
Other liabilities	1	0	6	1,264
Provisions	4	3	2	5
Liabilities going with businesses held for sale	–	–	16	–
	5,994	9,450	10,342	13,446
Held for sale or for a demerger	109	–	68	1
	2,137	3,480	2,999	5,229
Plant in use, after depreciation	155	198	222	563
Plant being built	0	11	41	33
Intangible assets	59	49	39	41
Goodwill	37	37	38	38
Intangible assets being developed	2	3	13	44
Property held to earn rent	1	1	1	0
Investments	485	692	824	955
Stakes in joint ventures and associates	410	460	501	537
Other financial assets	751	1,848	1,177	2,925
Deferred tax	85	59	19	24
Other assets	151	121	124	69
	3,748	5,970	7,275	8,216
Trade receivables	91	211	310	553
Cash and cash equivalents	453	2,081	1,551	1,672
Other bank balances	2,597	2,381	3,633	3,501
Current investments	558	1,238	1,521	2,345
Other financial assets	14	4	5	29
Other assets	36	55	256	116
Net debt	−3,608	−5,701	−6,705	−7,518

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 2018, Mar 2019, Mar 2020, Mar 2021 and Mar 2022, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 14 May	Mar 2022Filed 11 May	Mar 2023Filed 12 May	Mar 2024Filed 8 May	Mar 2025Filed 6 May	Mar 2026Filed 7 May
	−68	1,442	−137	2,842	410	3,104
	−68	1,524	−71	3,171	738	3,759
	−183	1,205	−418	2,405	−820	586
Receivables	−35	24	−42	−121	−126	−306
Payables	22	−25	8	280	−79	17
Other working capital	−170	1,206	−384	2,246	−615	875
Tax paid	0	−83	−66	−174	−328	−655
Capital spending	38	32	143	131	153	515
Free cash flow	−106	1,410	−281	2,711	257	2,589
	−189	−980	−111	−1,065	−767	−2,740
Plant and property sold	0	0	0	0	1	1
Interest received	25	18	66	104	88	238
Dividends received	0	0	0	0	0	0
Cash from financing	−55	9	−186	−149	−193	−242
Dividends paid	78	96	186	165	206	316
Shares bought back	0	0	0	14	0	0
Shares issued	23	105	0	0	0	12
Net change in cash	−313	471	−434	1,628	−550	122

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.BSE dividend history

₹ per share	Mar 2018Filed 25 May	Mar 2019Filed 9 May	Mar 2020Filed 20 Aug	Mar 2021Filed 14 May	Mar 2022Filed 11 May	Mar 2023Filed 12 May	Mar 2024Filed 8 May	Mar 2025Filed 6 May	Mar 2026Filed 7 May
	₹14.49	₹4.19	₹2.73	₹3.67	₹6.17	₹5.35	₹9.97	₹32.18	₹60.61
As stated that year	₹130.41	₹37.75	₹24.57	₹33.00	₹18.51	₹16.06	₹29.91	₹96.55	₹60.61
	₹14.49	₹4.19	₹2.73	₹3.67	₹6.17	₹5.35	–	₹32.18	₹60.61
As stated that year	₹130.41	₹37.75	₹24.57	₹33.00	₹18.51	₹16.06	–	₹96.55	₹60.61
	₹4.00	₹3.33	₹1.89	₹2.33	₹4.50	₹4.00	₹5.00	₹7.67	₹10.00
As declared that year	₹36.00	₹30.00	₹17.00	₹21.00	₹13.50	₹12.00	₹15.00	₹23.00	₹10.00
	–	–	–	–	–	₹66.47	–	₹108.95	₹163.59
On that year's share count	–	–	–	–	–	₹199.42	–	₹326.84	₹163.59
Dividend payout	27.0%	78.0%	–	65.2%	71.8%	73.7%	–	23.5%	16.3%
Shareholder yield	–	–	–	2.1%	−0.1%	4.3%	0.5%	0.3%	0.3%
Market cap at the year end (₹ crore)	4,068	3,166	1,336	2,570	12,744	4,318	34,053	74,169	1,09,456

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.BSE PE ratio and valuation

Ratio	Mar 2018Filed 25 May	Mar 2019Filed 9 May	Mar 2020Filed 20 Aug	Mar 2021Filed 14 May	Mar 2022Filed 11 May	Mar 2023Filed 12 May	Mar 2024Filed 8 May	Mar 2025Filed 6 May	Mar 2026Filed 7 May
Revenue growth	–	−5.6%	0.0%	11.3%	48.2%	9.7%	70.4%	112.8%	63.5%
Operating profit growth	–	−83.4%	–	–	448.8%	−7.4%	102.4%	275.2%	105.3%
Net profit growth	–	−72.5%	−39.5%	17.5%	72.9%	−16.0%	275.2%	71.4%	88.1%
Earnings per share growth	–	−71.1%	−34.9%	34.3%	68.3%	−13.2%	86.2%	222.8%	88.3%
	–	–	–	–	–	8.2%	25.9%	34.3%	45.0%
	–	–	–	–	–	–	17.8 pts	8.4 pts	10.7 pts
From the net margin	–	–	–	–	–	–	8.7 pts	−5.2 pts	5.2 pts
From asset turnover	–	–	–	–	–	–	5.5 pts	13.7 pts	14.2 pts
From borrowing	–	–	–	–	–	–	3.6 pts	−0.1 pts	−8.8 pts
Return on capital employed	–	–	–	–	–	4.8%	8.8%	30.3%	43.0%
Cash conversion	–	–	–	−47.9%	588.6%	−66.7%	368.3%	31.0%	124.8%
Interest cover	53.0	–	–	–	7.4	5.0	20.2	–	–
Debt to equity	–	–	–	–	–	0.00	0.00	0.00	0.00
Receivable days	–	–	–	–	–	41	55	38	42
Working capital days	–	–	–	–	–	−1,008	−1,249	−497	−353
Asset turnover	–	–	–	–	–	0.14	0.18	0.30	0.41
Assets per rupee of net worth	–	–	–	–	–	2.22	2.57	2.56	2.14
Sales per rupee of plant	–	–	–	–	–	5.27	7.01	13.31	8.59
Capital spending to depreciation	–	–	–	0.66	0.66	2.38	1.38	1.36	3.24
Plant being built, % of plant in use	–	–	–	–	–	0.1%	5.6%	18.3%	5.8%

Interest cover is left blank for the years to Mar 2019, Mar 2020 and Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2018, Mar 2019, Mar 2020, Mar 2021 and Mar 2022, 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: 21.0%
Cash from operations against operating profit: 100.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	57.3%	81.0%
Profit growth, yearly rate	–	76.7%	124.5%
Return on equity, average	–	28.4%	35.1%
Return on capital employed, average	–	21.7%	27.4%
Operating margin, average	24.2%	39.2%	47.7%
Net margin, average	–	42.0%	50.6%
Asset turnover, average	–	0.26	0.30
Debt to equity, average	–	0.00	0.00

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	7,661	6,356	3,104
Cash from investing	−5,663	−4,571	−2,740
Cash from financing	−760	−584	−242
Capital spending	975	800	515
Dividends paid	968	687	316
Shares bought back	14	14	0
Shares issued for cash	117	12	12
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

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	–	–	–	–	–	–	–	6	5
Altman Z-scorePublished threshold 1.1	–	–	–	–	–	4.18	3.06	5.00	5.68
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	–	−2.68	−1.40	−1.76
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	–	−13.03	16.97	17.85
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	2.09	3.39	1.35	1.39
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	–	–	61.56	−65.90	15.17
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	–	–	0.68	6.82	−2.39
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	–	0.08	0.30	0.07
Effective tax ratePublished threshold 17.16 per cent	20.32	12.40	13.67	9.93	31.29	36.94	24.24	25.89	25.48
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−0.14	10.31	5.41	6.20	5.21

A threshold marked as ours has no published figure; it is the line we read the check against.