Century Plyboards (India) financials and balance sheet

NSE: CENTURYPLYBSE: 532548Consumer DurablesSmall Cap

₹634.30₹16.50 (2.54%)BSE ₹634.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹650.80.

52-week range of traded prices to 23 Oct 2026

₹617.50Low, 23 Oct 2026₹859.00High, 3 Feb 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results and other business matters.

Market cap: ₹14,092 Cr389th largest listed
P/E: 48.4
P/B: 5.4
Dividend yield: 0.16%
ROE: 11.7%
ROCE: 12.2%
Debt to equity: 0.62
Volume, NSE: 44,61849.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Century Plyboards (India) annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

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 1.1% 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.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue5,397
Materials and goods−2,776
Employee costs−824
Other expenses−1,146
Operating profit650
Depreciation−182
Other income+10
One-off items−7.7
Finance costs−113
Profit before tax357
Tax−89
Net profit268

What the company owns

Plant, investments and other assets₹3,340 Cr
Inventory₹1,087 Cr
Receivables₹618 Cr
Cash and bank₹59 Cr

What pays for it: net worth and liabilities

Net worth₹2,630 Cr
Borrowings₹1,630 Cr
Other liabilities₹438 Cr
Owed to suppliers₹405 Cr

Century Plyboards (India) 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.Century Plyboards (India) segment results by quarter

Revenue by segment

₹5,405 CrTotal

Plywood and allied products₹2,915 Cr53.9% of total
Medium Density Fibre Board₹1,284 Cr23.8% of total
Laminate and Allied Products₹743 Cr13.8% of total
Particle board₹200 Cr3.7% of total
Container freight station services₹165 Cr3.0% of total
Others₹97 Cr1.8% of total

Profit by segment

Plywood and allied products₹428 Cr71.5% of total
Medium Density Fibre Board₹104 Cr17.3% of total
Laminate and Allied Products₹43 Cr7.1% of total
Container freight station services₹12 Cr2.1% of total
Others₹12 Cr2.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Plywood and allied products
Revenue, ₹ crore
1,294
1,269
1,140
1,610
2,038
2,174
2,522
2,915
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
176
78
129
213
227
259
338
428
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Medium Density Fibre Board
Revenue, ₹ crore
295
351
359
561
640
749
1,022
1,284
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
20
68
76
165
163
135
45
104
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Laminate and Allied Products
Revenue, ₹ crore
439
463
415
575
658
658
653
743
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
34
56
70
86
93
73
9
43
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Particle board
Revenue, ₹ crore
97
99
90
151
174
157
145
200
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
18
19
14
38
44
28
8
−32
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Container freight station services
Revenue, ₹ crore
104
87
83
79
83
99
126
165
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
26
15
13
8
13
6
17
12
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
54
52
46
57
60
55
66
97
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
2
6
7
4
10
−1
12
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	2,284	2,320	2,134	3,032	3,653	3,891	4,534	5,405
Company revenue, as in its results	2,280	2,317	2,130	3,027	3,647	3,886	4,528	5,397
Revenue	1,294	1,269	1,140	1,610	2,038	2,174	2,522	2,915
Revenue growth	–	−2.0%	−10.1%	41.2%	26.6%	6.7%	16.0%	15.6%
Profit	176	78	129	213	227	259	338	428
Profit growth	–	−55.9%	66.7%	64.9%	6.6%	14.0%	30.5%	26.6%
Margin	13.6%	6.1%	11.3%	13.2%	11.2%	11.9%	13.4%	14.7%
Return on capital	–	13.5%	26.3%	35.5%	35.1%	30.5%	33.4%	40.6%
Assets	–	732	727	864	900	1,082	1,257	1,367
Liabilities	–	158	236	264	253	231	245	312
Capital employed	–	574	491	600	647	850	1,011	1,055
Revenue	295	351	359	561	640	749	1,022	1,284
Revenue growth	–	18.7%	2.5%	56.1%	14.1%	16.9%	36.6%	25.6%
Profit	20	68	76	165	163	135	45	104
Profit growth	–	242.4%	11.6%	116.2%	−1.5%	−17.0%	−66.6%	130.3%
Margin	6.8%	19.5%	21.3%	29.5%	25.4%	18.0%	4.4%	8.1%
Return on capital	–	20.7%	23.3%	32.5%	20.6%	10.5%	2.9%	6.8%
Assets	–	364	363	555	867	1,410	1,615	1,603
Liabilities	–	33	35	47	78	123	71	77
Capital employed	–	331	328	508	789	1,286	1,544	1,526
Revenue	439	463	415	575	658	658	653	743
Revenue growth	–	5.5%	−10.4%	38.5%	14.4%	0.0%	−0.7%	13.9%
Profit	34	56	70	86	93	73	9	43
Profit growth	–	66.4%	23.9%	24.1%	7.3%	−21.2%	−87.7%	372.5%
Margin	7.7%	12.1%	16.8%	15.0%	14.1%	11.1%	1.4%	5.7%
Return on capital	–	29.5%	32.4%	32.7%	27.9%	17.2%	2.0%	8.5%
Assets	–	242	275	336	415	546	592	657
Liabilities	–	52	61	72	83	121	144	159
Capital employed	–	190	214	264	333	425	447	499
Revenue	97	99	90	151	174	157	145	200
Revenue growth	–	1.7%	−9.1%	67.4%	15.5%	−9.8%	−7.7%	38.2%
Profit	18	19	14	38	44	28	8	−32
Profit growth	–	9.3%	−28.3%	170.7%	16.2%	−35.7%	−72.7%	–
Margin	18.2%	19.5%	15.4%	24.9%	25.1%	17.9%	5.3%	−16.1%
Return on capital	–	29.3%	27.1%	65.7%	35.6%	10.2%	1.3%	−4.6%
Assets	–	72	61	68	129	293	637	727
Liabilities	–	6	10	11	7	18	48	27
Capital employed	–	66	51	57	123	276	590	700
Revenue	104	87	83	79	83	99	126	165
Revenue growth	–	−16.1%	−4.6%	−4.7%	4.3%	20.2%	27.3%	30.3%
Profit	26	15	13	8	13	6	17	12
Profit growth	–	−41.7%	−11.4%	−42.4%	65.5%	−52.0%	172.7%	−25.7%
Margin	25.1%	17.4%	16.2%	9.8%	15.5%	6.2%	13.2%	7.6%
Return on capital	–	41.5%	49.9%	50.6%	38.7%	11.2%	16.3%	6.6%
Assets	–	72	59	45	57	127	261	360
Liabilities	–	36	32	30	24	72	159	173
Capital employed	–	37	27	15	33	55	103	187
Revenue	54	52	46	57	60	55	66	97
Revenue growth	–	−3.8%	−11.4%	23.7%	6.4%	−9.0%	19.7%	46.6%
Profit	3	2	6	7	4	10	−1	12
Profit growth	–	−43.6%	254.1%	23.9%	−38.3%	126.1%	–	–
Margin	5.4%	3.2%	12.7%	12.7%	7.4%	18.4%	−1.2%	12.4%
Return on capital	–	12.7%	31.1%	23.6%	28.9%	67.0%	−1.5%	7.9%
Assets	–	22	24	35	22	23	71	182
Liabilities	–	9	6	4	6	8	16	31
Capital employed	–	13	19	31	15	15	55	151

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

Profit and loss

Consolidated, ₹ crore, years to March.Century Plyboards (India) quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 26 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 17 May	Mar 2023Filed 16 May	Mar 2024Filed 25 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Revenue from operations	1,962	2,060	2,280	2,317	2,130	3,027	3,647	3,886	4,528	5,397
	1,650	1,729	1,979	2,037	1,795	2,496	3,088	3,365	4,041	4,747
Materials and goods bought	895	986	1,151	1,161	1,041	1,502	1,916	2,035	2,434	2,776
Employee costs	–	–	346	358	332	418	475	540	691	824
Other expenses	–	–	482	518	423	577	697	790	916	1,146
Operating profit before depreciation	312	331	302	280	336	531	559	521	487	650
Operating margin	15.9%	16.1%	13.2%	12.1%	15.7%	17.5%	15.3%	13.4%	10.7%	12.1%
Materials, % of revenue	–	–	50.5%	50.1%	48.8%	49.6%	52.5%	52.4%	53.8%	51.4%
Employee costs, % of revenue	–	–	15.2%	15.5%	15.6%	13.8%	13.0%	13.9%	15.3%	15.3%
Other expenses, % of revenue	–	–	21.1%	22.4%	19.8%	19.0%	19.1%	20.3%	20.2%	21.2%
Depreciation and amortisation	59	91	59	76	69	74	78	95	137	182
Operating profit after depreciation	253	240	242	203	267	457	481	426	349	468
Other income	23	8	7	13	17	23	48	44	10	10
Finance costs	30	36	47	39	13	11	17	31	69	113
Profit before one-off items and tax	245	212	202	177	271	468	512	439	291	365
One-off items	0	0	0	0	−12	0	0	0	−13	−8
Profit before tax	245	212	202	177	260	468	512	439	277	357
	51	46	53	52	68	155	128	114	91	89
Current tax	–	45	47	49	65	123	117	109	111	93
Deferred tax	–	1	7	3	3	32	11	5	−20	−4
	193	166	149	125	191	313	384	325	186	268
Belonging to the company's shareholders	193	166	149	151	191	313	383	326	185	263
Belonging to outside owners of subsidiaries	–	–	–	−25	0	0	1	−1	1	6
Other comprehensive income	–	–	2	18	−6	−1	8	0	−7	5
Total comprehensive income	–	–	151	144	185	312	392	325	179	273
Net margin	9.9%	8.1%	6.5%	5.4%	9.0%	10.3%	10.5%	8.4%	4.1%	5.0%

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 28 May	Mar 2020Filed 26 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 17 May	Mar 2023Filed 16 May	Mar 2024Filed 25 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
	1,000	1,089	1,266	1,554	1,911	2,207	2,379	2,630
	975	1,091	1,267	1,557	1,914	2,212	2,365	2,610
Share capital	22	22	22	22	22	22	22	22
Reserves	953	1,068	1,245	1,535	1,892	2,189	2,343	2,588
Belonging to outside owners of subsidiaries	25	−2	−1	−3	−4	−5	14	20
	482	236	114	218	313	718	1,474	1,630
Repayable after a year	132	53	26	2	2	157	428	427
Repayable within a year	349	183	88	216	312	561	1,045	1,203
	675	487	494	631	757	1,085	1,626	1,868
Trade payables	159	152	209	253	275	286	357	405
Other financial liabilities	117	96	116	107	120	191	167	174
Other liabilities	40	40	57	45	41	36	38	62
Provisions	10	7	7	7	8	9	17	22
Tax owed	0	8	17	2	0	1	1	2
	136	84	51	46	49	261	588	606
Other financial liabilities	1	21	15	13	11	53	105	122
Other liabilities	0	2	2	1	1	0	0	0
Provisions	2	7	8	12	7	11	12	12
Deferred tax	1	0	0	17	28	40	43	45
Liabilities going with businesses held for sale	–	–	–	–	–	0	–	–
	1,812	1,660	1,812	2,230	2,716	3,553	4,593	5,104
Held for sale or for a demerger	–	–	–	–	–	8	–	–
	959	897	869	1,015	1,422	2,268	2,860	3,146
Plant in use, after depreciation	835	776	754	768	1,061	1,906	2,034	2,795
Plant being built	27	16	28	177	236	267	730	180
Intangible assets	1	1	1	1	0	0	1	2
Goodwill	0	1	1	1	1	1	1	1
Intangible assets being developed	0	0	0	0	0	0	0	9
Property held to earn rent	6	6	6	6	6	6	6	6
Investments	0	0	0	0	0	3	3	6
Loans given	14	15	16	0	0	0	0	0
Other financial assets	0	0	0	14	12	23	28	66
Deferred tax	62	58	42	0	0	0	25	32
Other assets	14	23	21	47	104	61	32	51
	853	763	942	1,215	1,294	1,277	1,733	1,957
Inventories	461	398	369	526	529	646	987	1,087
Trade receivables	296	257	303	352	390	417	500	618
Cash and cash equivalents	23	21	26	17	14	41	20	30
Other bank balances	3	3	65	244	264	26	29	29
Current investments	0	0	111	0	0	0	0	0
Loans given	6	6	9	3	3	3	7	8
Other financial assets	17	24	27	39	34	25	41	41
Tax paid in advance	3	4	5	7	3	6	4	3
Other assets	43	50	28	26	57	114	144	141
Net debt	455	211	−87	−43	35	651	1,425	1,571

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 11 Jun	Mar 2022Filed 17 May	Mar 2023Filed 16 May	Mar 2024Filed 25 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
	371	276	438	252	−3	457
	417	385	551	369	107	558
	77	−163	−47	−196	−398	−131
Receivables	−46	−52	−46	−27	−89	−120
Inventories	29	−157	−3	−117	−341	−101
Payables	64	44	36	12	67	46
Other working capital	29	2	−35	−64	−35	43
Tax paid	−46	−108	−113	−118	−110	−101
Capital spending	64	283	491	850	665	412
Free cash flow	307	−6	−53	−598	−668	45
	−226	−320	−480	−578	−678	−425
Plant and property sold	10	25	8	5	2	2
Interest received	2	4	21	31	4	5
	−140	35	39	353	660	−22
Borrowings raised	22	106	116	518	753	105
Borrowings repaid	−146	−33	−25	−113	0	−2
Interest paid	−12	−12	−13	−27	−68	−100
Lease payments	−4	−5	−5	−2	−3	−4
Dividends paid	0	22	33	22	22	22
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	4	−9	−3	27	−21	10

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.Century Plyboards (India) dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 26 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 17 May	Mar 2023Filed 16 May	Mar 2024Filed 25 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Earnings per share	₹8.71	₹7.34	₹6.68	₹5.64	₹8.62	₹14.09	₹17.25	₹14.69	₹8.34	₹11.82
Diluted earnings per share	₹8.71	₹7.34	₹6.68	₹5.64	₹8.62	₹14.09	₹17.25	₹14.69	₹8.34	₹11.82
Dividend per share	₹1.00	₹1.00	₹1.00	₹1.00	₹1.00	₹1.50	₹1.00	₹1.00	₹1.00	₹1.00
Book value per share	–	–	₹43.81	₹49.09	₹56.96	₹69.96	₹86.03	₹99.39	₹106.28	₹117.28
Dividend payout	11.5%	13.4%	14.9%	14.8%	11.6%	10.7%	5.8%	6.8%	12.0%	8.5%
Shareholder yield	–	–	–	–	0.0%	0.1%	0.3%	0.2%	0.1%	0.1%
Market cap at the year end (₹ crore)	5,765	7,256	4,628	2,465	7,071	15,914	10,358	14,220	15,751	15,585

Ratios

Consolidated, years to March.Century Plyboards (India) PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 26 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 17 May	Mar 2023Filed 16 May	Mar 2024Filed 25 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Revenue growth	17.9%	–	–	1.6%	−8.1%	42.1%	20.5%	6.6%	16.5%	19.2%
Operating profit growth	–	6.1%	−8.9%	−7.3%	20.0%	58.2%	5.2%	−6.8%	−6.6%	33.7%
Net profit growth	15.7%	−14.1%	−10.4%	−15.8%	52.6%	63.8%	22.6%	−15.3%	−42.8%	44.2%
Earnings per share growth	–	−15.7%	−9.0%	−15.6%	52.8%	63.5%	22.4%	−14.8%	−43.2%	41.7%
	–	–	15.3%	14.6%	16.2%	22.2%	22.1%	15.8%	8.1%	10.6%
	–	–	–	−0.7 pts	1.7 pts	5.9 pts	−0.1 pts	−6.3 pts	−7.7 pts	2.5 pts
From the net margin	–	–	–	−0.1 pts	5.6 pts	2.4 pts	0.4 pts	−4.4 pts	−8.1 pts	1.5 pts
From asset turnover	–	–	–	0.9 pts	−1.6 pts	4.1 pts	−0.4 pts	−2.8 pts	−0.8 pts	0.0 pts
From borrowing	–	–	–	−1.5 pts	−2.3 pts	−0.6 pts	−0.1 pts	1.0 pts	1.2 pts	0.9 pts
Return on capital employed	–	–	16.3%	15.3%	19.3%	25.8%	21.6%	14.6%	9.1%	11.0%
Cash conversion	–	–	–	–	193.8%	88.2%	114.0%	77.4%	−1.5%	170.3%
Interest cover	8.4	6.7	5.2	5.2	20.9	39.9	28.3	13.8	5.1	4.1
Debt to equity	–	–	0.48	0.22	0.09	0.14	0.16	0.33	0.62	0.62
Receivable days	–	–	47	40	52	42	39	39	40	42
Inventory days	–	–	146	125	129	128	101	116	148	143
Payable days	–	–	51	48	73	61	52	51	54	53
Cash conversion cycle, days	–	–	143	118	108	109	87	104	135	131
Working capital days	–	–	80	69	57	65	57	65	89	83
Asset turnover	–	–	1.26	1.33	1.23	1.50	1.47	1.24	1.11	1.11
Assets per rupee of net worth	–	–	1.86	1.68	1.47	1.43	1.43	1.52	1.78	1.95
Sales per rupee of plant	–	–	2.73	2.98	2.83	3.94	3.44	2.04	2.23	1.93
Capital spending to depreciation	–	–	–	–	0.93	3.80	6.33	8.97	4.85	2.26
Plant being built, % of plant in use	–	–	3.2%	2.1%	3.8%	23.0%	22.3%	14.0%	35.9%	6.4%

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. 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: 5.4%
Cash from operations against operating profit: 70.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.5%	20.4%	14.0%
Profit growth, yearly rate	4.6%	6.5%	−11.8%
Return on equity, average	–	15.7%	11.5%
Return on capital employed, average	–	16.4%	11.5%
Operating margin, average	14.2%	13.8%	12.1%
Net margin, average	7.7%	7.7%	5.8%
Asset turnover, average	–	1.29	1.15
Cash conversion cycle, days, average	–	113	123
Interest cover, average	13.8	18.3	7.7
Debt to equity, average	–	0.37	0.52

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	1,420	706	457
Cash from investing	−2,481	−1,681	−425
Cash from financing	1,065	991	−22
Capital spending	2,700	1,927	412
Dividends paid	122	67	22
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	1,598	1,376	105
Borrowings repaid	171	114	2

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	–	–	–	–	9	7	5	4	2	7
Altman Z-scorePublished threshold 1.81	–	–	5.99	5.52	10.72	17.49	10.92	8.81	6.25	5.88
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.72	−1.92	−2.32	−2.47	−1.94	−2.73
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	2.69	17.66	17.21	20.79	21.29	4.87
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.22	0.94	0.77	0.91
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−14.74	25.90	−25.65	−9.71	0.21	3.45	4.32
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−14.56	3.10	−1.77	−27.08	15.83	33.24	−3.89
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.62	−0.84	0.39	0.61	1.31	0.99	−0.09
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.89	0.62	1.99	0.64	0.28	2.74	0.19
Effective tax ratePublished threshold 17.16 per cent	21.02	21.79	26.42	29.30	26.33	33.12	24.97	25.92	32.89	24.92
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	9.97	2.87	−0.89	−6.83	−3.37

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
30 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AAReview, Re-affirm	Stable	700
30 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAReview, Re-affirm	Stable	100
30 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AAReview, Re-affirm	Stable	375
30 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]A1+New, New		329
30 Jun 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		460

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