CG Power and Industrial Solutions financials and balance sheet

NSE: CGPOWERBSE: 500093Electrical EquipmentLarge Cap

Formerly Crompton Greaves

₹813.35₹3.75 (0.46%)BSE ₹814.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹817.10.

52-week range of traded prices to 23 Oct 2026

₹525.50Low, 27 Jan 2026₹980.90High, 2 Jul 2026

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

Market cap: ₹1,28,141 Cr88th largest listed
P/E: 102.7
P/B: 16.1
Dividend yield: 0.16%
ROE: 21.1%
ROCE: 17.5%
Debt to equity: 0.00
Volume, NSE: 92,69,80237.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.CG Power and Industrial Solutions annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 5 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 10.3% 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 2019, the company's revenue for that year, ₹7,998 Cr, differs from its quarters added, ₹6,849 Cr. From the year to Mar 2023, the company reports a discontinued business.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue12,418
Materials and goods−8,566
Employee costs−952
Other expenses−1,275
Operating profit1,625
Depreciation−196
Other income+244
One-off items−36
Finance costs−12
Profit before tax1,626
Tax−430
Discontinued businesses+2.0
Net profit1,199

What the company owns

Plant, investments and other assets₹6,730 Cr
Receivables₹2,924 Cr
Inventory₹1,584 Cr
Cash and bank₹1,028 Cr
Current investments₹402 Cr

What pays for it: net worth and liabilities

Net worth₹8,198 Cr
Owed to suppliers₹2,468 Cr
Other liabilities₹2,001 Cr
Borrowings₹0 Cr

CG Power and Industrial Solutions 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.CG Power and Industrial Solutions segment results by quarter

Revenue by segment

₹12,422 CrTotal

Industrial Systems₹6,747 Cr54.3% of total
Power Systems₹5,138 Cr41.4% of total
Semiconductors₹503 Cr4.0% of total
Others₹34 Cr0.3% of total

Profit by segment

Industrial Systems₹625 Cr35.6% of total
Power Systems₹1,123 Cr64.0% of total
Others₹6 Cr0.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Industrial Systems
Revenue, ₹ crore
3,373
2,361
2,092
3,953
4,934
5,429
6,376
6,747
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
372
247
202
482
787
790
743
625
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power Systems
Revenue, ₹ crore
4,610
2,736
862
1,594
2,023
2,598
3,510
5,138
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−23
−222
−93
161
225
410
668
1,123
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Semiconductors
Revenue, ₹ crore
0
503
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−22
−108
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
17
13
12
16
16
22
27
34
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−3
−4
0
3
3
0
7
6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Discontinued operations
Revenue, ₹ crore
0
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
0
0
0
0
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	8,001	5,110	2,965	5,562	6,973	8,049	9,913	12,422
Company revenue, as in its results	7,998	5,110	2,964	5,561	6,973	8,046	9,909	12,418
Revenue	3,373	2,361	2,092	3,953	4,934	5,429	6,376	6,747
Revenue growth	–	−30.0%	−11.4%	89.0%	24.8%	10.0%	17.4%	5.8%
Profit	372	247	202	482	787	790	743	625
Profit growth	–	−33.7%	−18.2%	138.7%	63.1%	0.3%	−6.0%	−15.8%
Margin	11.0%	10.5%	9.7%	12.2%	16.0%	14.5%	11.6%	9.3%
Return on capital	67.3%	–	52.6%	86.3%	117.5%	91.2%	46.2%	32.0%
Assets	1,504	980	1,147	1,320	1,540	1,856	2,988	3,608
Liabilities	951	1,097	763	761	869	990	1,381	1,652
Capital employed	553	−117	384	559	670	866	1,606	1,957
Revenue	4,610	2,736	862	1,594	2,023	2,598	3,510	5,138
Revenue growth	–	−40.7%	−68.5%	84.9%	26.9%	28.5%	35.1%	46.4%
Profit	−23	−222	−93	161	225	410	668	1,123
Profit growth	–	–	–	–	39.3%	82.4%	63.0%	68.0%
Margin	−0.5%	−8.1%	−10.8%	10.1%	11.1%	15.8%	19.0%	21.9%
Return on capital	−0.7%	–	–	–	76.8%	94.5%	98.3%	103.0%
Assets	6,505	1,830	1,278	1,353	1,357	1,521	2,009	3,051
Liabilities	3,198	2,410	1,907	1,776	1,064	1,088	1,329	1,961
Capital employed	3,307	−579	−629	−423	293	434	680	1,090
Revenue	–	–	–	–	–	–	0	503
Profit	–	–	–	–	–	–	−22	−108
Margin	–	–	–	–	–	–	–	−21.5%
Return on capital	–	–	–	–	–	–	−3.2%	−8.7%
Assets	–	–	–	–	–	–	774	1,421
Liabilities	–	–	–	–	–	–	64	182
Capital employed	–	–	–	–	–	–	709	1,240
Revenue	17	13	12	16	16	22	27	34
Profit	−3	−4	0	3	3	0	7	6
Margin	−19.5%	−28.3%	4.2%	21.1%	15.8%	0.8%	26.2%	18.1%
Return on capital	−22.3%	−43.2%	4.4%	23.4%	14.5%	0.4%	30.9%	23.8%
Assets	19	13	15	19	22	56	31	34
Liabilities	4	4	4	4	4	6	8	8
Capital employed	15	8	11	14	18	50	23	26
	0	0	0	0	0	0	0	0
Profit	0	0	0	0	0	0	0	0
Return on capital	0.0%	0.0%	0.0%	–	–	0.0%	0.0%	0.0%
Assets	321	309	290	8	182	73	73	2
Liabilities	48	30	11	9	714	64	64	2
Capital employed	274	280	279	−1	−531	9	9	0
	–	0	–	–	0	0	–	–
Profit	–	0	–	–	0	0	–	–
Assets	–	3,573	–	–	1,529	2,119	–	–
Liabilities	–	3,269	–	–	186	459	–	–
	–	–	–	–	0	0	–	–
Profit	–	–	–	–	52	21	–	–
Assets	–	–	–	–	0	0	–	–
Liabilities	–	–	–	–	0	0	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.CG Power and Industrial Solutions quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 2 Sep	Mar 2020Filed 30 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 11 May	Mar 2023Filed 9 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 16 May
Revenue from operations	6,120	6,288	7,998	5,110	2,964	5,561	6,973	8,046	9,909	12,418
	5,650	5,833	7,733	5,113	2,847	4,906	5,979	6,918	8,604	10,793
Materials and goods bought	4,014	4,409	5,198	3,328	1,974	3,936	4,856	5,552	6,926	8,566
Employee costs	537	–	1,063	867	372	377	422	508	613	952
Other expenses	1,098	–	1,472	918	501	592	702	858	1,065	1,275
Operating profit before depreciation	470	455	265	−3	117	655	993	1,128	1,305	1,625
Operating margin	7.7%	7.2%	3.3%	−0.1%	3.9%	11.8%	14.2%	14.0%	13.2%	13.1%
Materials, % of revenue	65.6%	–	65.0%	65.1%	66.6%	70.8%	69.6%	69.0%	69.9%	69.0%
Employee costs, % of revenue	8.8%	–	13.3%	17.0%	12.5%	6.8%	6.0%	6.3%	6.2%	7.7%
Other expenses, % of revenue	17.9%	–	18.4%	18.0%	16.9%	10.7%	10.1%	10.7%	10.7%	10.3%
Depreciation and amortisation	150	149	225	211	138	101	95	95	112	196
Operating profit after depreciation	320	306	40	−215	−21	554	899	1,033	1,193	1,430
Other income	69	40	51	48	102	42	68	106	162	244
Finance costs	188	219	383	324	197	68	16	3	7	12
Profit before one-off items and tax	201	126	−292	−490	−117	528	950	1,137	1,348	1,662
One-off items	−73	−445	−167	−1,788	−1,222	508	52	21	0	−36
Profit before tax	128	−319	−459	−2,278	−1,339	1,036	1,002	1,158	1,348	1,626
	17	75	33	−118	−945	122	206	287	375	430
Current tax	–	–	83	3	3	10	13	7	185	471
Deferred tax	–	–	−50	−121	−948	112	192	280	190	−41
Share of profit of joint ventures and associates	−2	–	–	–	–	–	–	–	–	–
Profit from discontinued businesses	–	–	−16	−7	0	0	167	556	–	2
	−491	−1,166	−507	−2,167	−394	913	963	1,428	973	1,199
Belonging to the company's shareholders	−491	−1,166	−507	−2,167	–	913	963	1,427	975	1,206
Belonging to outside owners of subsidiaries	–	–	–	–	–	0	0	−1	–	−8
Other comprehensive income	–	–	−149	52	−41	15	−10	−8	−5	72
Total comprehensive income	–	–	−656	−2,114	−435	928	953	1,420	968	1,271
Net margin	−8.0%	−18.5%	−6.3%	−42.4%	−13.3%	16.4%	–	–	9.8%	9.7%
Net margin without joint ventures and associates	−8.0%	–	–	–	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2021: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period. Net margin is left blank for the years to Mar 2023 and Mar 2024: 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. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 2 Sep	Mar 2020Filed 30 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 11 May	Mar 2023Filed 9 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 16 May	Sep 2026Half yearFiled 23 Oct
	2,185	−104	51	1,004	1,791	3,019	4,038	8,198	8,960
	2,185	−104	51	1,004	1,791	3,017	3,844	7,970	8,739
Share capital	125	125	268	288	305	305	306	315	315
Reserves	2,060	−229	−217	716	1,485	2,712	3,538	7,655	8,424
Belonging to outside owners of subsidiaries	0	–	0	0	1	1	194	228	220
	2,730	1,661	964	352	0	0	0	0	14
Repayable after a year	1,448	738	831	307	0	0	0	0	0
Repayable within a year	1,283	923	133	45	0	0	0	0	14
	6,034	5,741	3,590	2,850	2,066	2,484	3,126	4,198	5,205
Trade payables	2,314	1,306	1,032	1,149	1,273	1,484	1,870	2,468	2,797
Other financial liabilities	914	2,040	1,362	668	338	374	474	592	676
Other liabilities	1,310	974	845	817	298	374	535	808	1,344
Provisions	213	498	218	171	157	197	216	242	252
Tax owed	0	–	0	0	0	55	31	88	123
	2,069	1,039	882	364	58	59	189	270	293
Other financial liabilities	298	210	18	21	14	23	53	130	156
Other liabilities	0	1	0	1	1	0	–	–	–
Provisions	84	34	28	31	43	35	48	79	80
Deferred tax	239	57	5	4	1	1	88	60	58
Liabilities going with businesses held for sale	48	30	11	9	714	64	64	2	2
	10,336	6,706	4,534	4,226	4,629	5,626	7,417	12,668	14,460
Held for sale or for a demerger	321	309	290	8	182	73	73	2	2
	6,096	4,536	2,142	1,776	1,465	1,326	1,991	4,663	5,197
Plant in use, after depreciation	1,747	1,228	912	870	763	853	935	1,223	–
Plant being built	68	12	12	27	27	66	355	647	–
Intangible assets	162	111	78	59	46	43	263	420	436
Goodwill	141	150	156	152	162	164	281	365	365
Intangible assets being developed	23	16	8	8	11	28	30	78	71
Investments	130	2	2	1	1	1	1	52	52
Loans given	7	7	11	0	0	0	0	0	0
Other financial assets	10	2,982	6	28	7	12	18	1,403	1,292
Deferred tax	25	15	943	626	434	156	4	24	34
Trade receivables	13	4	0	0	0	0	0	–	–
Other assets	3,770	10	14	5	13	5	103	452	514
	3,918	1,861	2,102	2,442	2,982	4,226	5,353	8,002	9,261
Inventories	1,193	384	428	512	541	751	1,137	1,584	1,916
Trade receivables	1,696	522	587	944	1,297	1,534	2,009	2,924	3,704
Cash and cash equivalents	234	211	498	398	682	200	410	301	324
Other bank balances	37	50	47	90	32	655	850	727	553
Current investments	0	0	0	41	0	588	437	402	332
Loans given	31	42	33	0	0	0	0	0	0
Other financial assets	9	232	130	140	147	136	183	1,790	2,036
Tax paid in advance	34	47	53	83	83	116	101	–	–
Other assets	685	372	326	235	199	248	227	275	396
Net debt	2,460	1,400	419	−176	−714	−1,442	−1,696	−1,429	−1,195

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 12 Jun	Mar 2022Filed 11 May	Mar 2023Filed 9 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 16 May	Sep 2026Half yearFiled 23 Oct
	−255	485	947	397	944	701	309
	−239	445	948	406	1,141	1,212	597
	−464	−235	−69	−748	−201	−498	−388
Receivables	−143	−342	−365	−239	−438	−912	−788
Inventories	−86	−84	−49	−210	−325	−409	−332
Payables	−184	111	135	228	347	575	336
Other working capital	−52	79	209	−528	215	248	395
Tax paid	−4	40	−12	−3	−196	−512	−288
Capital spending	18	60	69	206	378	705	573
Free cash flow	−273	424	878	191	567	−4	−264
	−51	227	−21	−662	−568	−3,605	−298
Plant and property sold	3	370	4	11	2	3	3
Companies bought	0	0	0	0	−172	0	−13
Interest received	8	21	28	42	68	34	58
	595	−800	−612	−246	−167	2,794	12
Borrowings raised	675	81	0	0	0	42	14
Borrowings repaid	−728	−738	−316	0	−16	−42	0
Interest paid	−35	−49	−10	−1	−3	−2	−1
Lease payments	−12	−11	−12	−7	−11	−35	−26
Dividends paid	0	0	229	199	199	205	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	664	57	56	3	30	2,977	0
Net change in cash	289	−89	315	−512	210	−111	24

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.CG Power and Industrial Solutions dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 2 Sep	Mar 2020Filed 30 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 11 May	Mar 2023Filed 9 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 16 May
Earnings per share	−₹7.83	−₹18.57	−₹8.03	−₹34.45	−₹4.36	₹6.72	₹6.35	₹9.34	₹6.38	₹7.72
Diluted earnings per share	−₹7.83	−₹18.57	−₹8.03	−₹34.45	−₹4.36	₹6.35	₹6.30	₹9.33	₹6.37	₹7.71
Dividend per share	–	–	–	–	–	–	₹1.50	₹1.30	₹1.30	₹1.30
Book value per share	–	–	₹34.87	−₹1.65	₹0.38	₹6.96	₹11.72	₹19.76	₹25.14	₹50.61
Dividend payout	–	–	–	–	–	–	23.8%	13.9%	20.4%	17.0%
Shareholder yield	–	–	–	–	−7.4%	−0.2%	0.4%	0.2%	0.2%	−2.7%
Market cap at the year end (₹ crore)	4,867	4,864	2,676	317	8,951	27,316	45,821	82,611	97,611	1,03,162

Ratios

Consolidated, years to March.CG Power and Industrial Solutions PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 2 Sep	Mar 2020Filed 30 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 11 May	Mar 2023Filed 9 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 16 May
Revenue growth	–	2.7%	–	−36.1%	−42.0%	87.6%	–	15.4%	23.2%	25.3%
Operating profit growth	–	−3.2%	–	–	–	460.3%	–	13.6%	15.7%	24.6%
Net profit growth	–	–	–	–	–	–	–	48.3%	−31.8%	23.2%
Earnings per share growth	–	–	–	–	–	–	–	47.1%	−31.7%	21.0%
	–	–	−23.2%	−208.2%	–	173.1%	68.9%	59.4%	28.4%	20.4%
	–	–	–	−185.0 pts	–	–	−104.2 pts	−9.5 pts	−31.0 pts	−8.0 pts
From the net margin	–	–	–	−132.0 pts	–	–	–	–	–	−0.4 pts
From asset turnover	–	–	–	34.9 pts	–	–	–	–	–	−5.2 pts
From borrowing	–	–	–	−87.9 pts	–	–	–	–	–	−2.4 pts
Return on capital employed	–	–	0.8%	−13.8%	−2.1%	40.9%	50.2%	34.2%	29.5%	17.4%
Cash conversion	–	–	–	–	–	53.1%	98.3%	27.8%	97.1%	58.4%
Interest cover	1.7	1.4	0.1	–	–	8.1	55.5	406.8	168.2	117.5
Debt to equity	–	–	1.25	–	18.99	0.35	0.00	0.00	0.00	0.00
Receivable days	–	–	77	37	72	62	68	70	74	86
Inventory days	–	–	84	42	79	48	41	49	60	67
Payable days	–	–	163	143	191	107	96	98	99	105
Cash conversion cycle, days	–	–	−1	−64	−39	3	13	21	35	48
Working capital days	–	–	−50	−230	−234	−59	11	14	20	70
Asset turnover	–	–	0.77	0.60	0.53	1.27	1.57	1.57	1.52	1.24
Assets per rupee of net worth	–	–	4.73	8.19	−212.40	8.31	3.17	2.13	1.90	1.70
Sales per rupee of plant	–	–	4.58	4.16	3.25	6.39	9.14	9.44	10.60	10.15
Capital spending to depreciation	–	–	–	–	0.13	0.60	0.73	2.17	3.38	3.60
Plant being built, % of plant in use	–	–	3.9%	1.0%	1.3%	3.1%	3.6%	7.7%	38.0%	52.9%

Revenue growth and operating profit growth are left blank for the years to Mar 2017 and Mar 2019: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2020 and Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the year to Mar 2020: net worth is below zero, so there is no shareholders' money to set the borrowings against. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2023, Mar 2024 and Mar 2025: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2023: between the two periods the company began reporting a business as discontinued, 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: 12.0%
Cash from operations against operating profit: 43.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.9%	33.2%	21.2%
Profit growth, yearly rate	–	–	7.8%
Return on equity, average	–	70.0%	36.1%
Return on capital employed, average	–	34.5%	27.1%
Operating margin, average	8.8%	13.3%	13.4%
Net margin, average	–	–	9.7%
Asset turnover, average	–	1.43	1.44
Cash conversion cycle, days, average	–	24	35
Interest cover, average	–	151.2	230.8
Debt to equity, average	–	0.07	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	3,473	2,042	701
Cash from investing	−4,629	−4,835	−3,605
Cash from financing	969	2,381	2,794
Capital spending	1,418	1,289	705
Dividends paid	831	602	205
Shares bought back	0	0	0
Shares issued for cash	3,123	3,010	2,977
Borrowings raised	123	42	42
Borrowings repaid	1,111	58	42

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	–	–	–	–	3	6	7	6	4	5
Altman Z-scorePublished threshold 1.81	–	–	0.98	−0.91	0.56	7.39	12.61	22.17	20.30	16.46
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.19	−1.24	−2.24	−2.13	−1.94	−1.60
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.56	4.60	0.83	33.01	9.15	40.86
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.79	0.55	0.68	0.57
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−33.10	54.41	−26.88	12.08	2.88	7.81	20.21
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−31.81	52.11	−79.74	−17.74	24.37	26.67	15.66
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.50	−4.78	−0.94	−0.40	0.87	0.12	12.52
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	0.45	–	0.36	1.83	1.34
Effective tax ratePublished threshold 17.16 per cent	12.95	–	–	–	–	11.81	20.54	24.80	27.82	26.41
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	7.99	19.39	24.53	13.25	−5.06

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
18 Mar 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		500
18 Mar 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+New, New	Stable	1,400
18 Mar 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AA+Review, Re-affirm	Stable

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