CL Educate financials and balance sheet

NSE: CLEDUCATEBSE: 540403Other Consumer ServicesSmall Cap

₹47.08₹0.88 (1.83%)BSE ₹47.33

Share price at the NSE close on 23 Oct 2026. Previous close ₹47.96.

52-week range of traded prices to 23 Oct 2026

₹35.48Low, 2 Mar 2026₹93.50High, 11 Nov 2025

Market cap: ₹256 Cr2,143rd largest listed
P/E: Lossover the last 12 months
P/B: 1.0
Dividend yield: Nonein the last 12 months
ROE: −9.0%
ROE without one-offs: −5.8%
ROCE: 0.8%
Debt to equity: 0.93
Volume, NSE: 2,75584.9% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 4 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.

The years either side of a change of basis do not compare. From the year to Mar 2025, 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

Revenue548
Materials and goods−9.5
Employee costs−116
Other expenses−374
Operating profit48
Depreciation−41
Other income+21
One-off items−4.8
Finance costs−44
Profit before tax−20
Tax−1.1
Discontinued businesses−4.5
Net profit−26

What the company owns

Plant, investments and other assets₹523 Cr
Cash and bank₹284 Cr
Receivables₹80 Cr
Inventory₹12 Cr

What pays for it: net worth and liabilities

Other liabilities₹334 Cr
Net worth₹251 Cr
Borrowings₹233 Cr
Owed to suppliers₹80 Cr

CL Educate 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.CL Educate segment results by quarter

Revenue by segment

₹548 CrTotal

DEX₹223 Cr40.7% of total
EdTech₹163 Cr29.8% of total
MarTech₹162 Cr29.5% of total

Profit by segment

DEX₹34.5 Cr97.2% of total
MarTech₹1.0 Cr2.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

DEX
Revenue, ₹ crore
28
223
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
34
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
EdTech
Revenue, ₹ crore
129
176
200
184
163
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
23
28
29
21
−5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
MarTech
Revenue, ₹ crore
126
115
76
78
115
119
146
162
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5
2
3
5
7
7
6
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
0
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−9
−17
−11
−1
−1
−2
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	372	310	188	207	291	319	358	548
Company revenue, as in its results	339	309	184	207	291	319	358	548
Revenue	–	–	–	–	–	–	28	223
Revenue growth	–	–	–	–	–	–	–	695.1%
Profit	–	–	–	–	–	–	0	34
Margin	–	–	–	–	–	–	−0.2%	15.4%
Return on capital	–	–	–	–	–	–	0.0%	17.6%
Assets	–	–	–	–	–	–	262	288
Liabilities	–	–	–	–	–	–	67	92
Capital employed	–	–	–	–	–	–	195	196
Revenue	–	–	–	129	176	200	184	163
Revenue growth	–	–	–	–	36.1%	13.4%	−7.7%	−11.4%
Profit	–	–	–	23	28	29	21	−5
Profit growth	–	–	–	–	21.6%	6.5%	−28.4%	–
Margin	–	–	–	17.5%	15.6%	14.7%	11.4%	−3.2%
Return on capital	–	–	–	30.5%	32.2%	34.0%	21.3%	−6.1%
Assets	–	–	–	110	120	134	141	107
Liabilities	–	–	–	36	35	48	42	21
Capital employed	–	–	–	74	85	86	99	87
Revenue	126	115	76	78	115	119	146	162
Revenue growth	–	−8.5%	−34.4%	3.3%	47.6%	3.2%	22.4%	10.9%
Profit	5	2	3	5	7	7	6	1
Profit growth	–	−64.4%	103.5%	47.0%	36.2%	1.9%	−18.4%	−83.0%
Margin	3.8%	1.5%	4.6%	6.5%	6.0%	6.0%	4.0%	0.6%
Return on capital	12.5%	4.3%	8.0%	19.6%	24.8%	14.6%	6.3%	0.9%
Assets	92	71	66	46	75	83	119	131
Liabilities	54	31	22	19	46	34	27	20
Capital employed	38	40	44	26	28	49	91	110
Revenue	0	0	0	0	0	0	0	0
Profit	−9	−17	−11	−1	−1	−2	0	0
Margin	−3,347.3%	−5,949.0%	–	–	–	–	–	–
Return on capital	−16.4%	−55.4%	−392.2%	–	−50.8%	–	–	−133.5%
Assets	105	45	10	5	3	0	0	0
Liabilities	49	14	7	7	1	1	1	0
Capital employed	56	31	3	−2	3	0	−1	0
Revenue	39	−2	−4	–	–	–	–	–
Profit	6	−1	−3	–	–	–	–	–
Margin	14.5%	–	–	–	–	–	–	–
Return on capital	12.9%	−1.4%	−9.1%	–	–	–	–	–
Assets	97	54	36	–	–	–	–	–
Liabilities	54	6	4	–	–	–	–	–
Capital employed	44	48	32	–	–	–	–	–
Revenue	25	20	8	–	–	–	–	–
Revenue growth	–	−19.4%	−57.8%	–	–	–	–	–
Profit	5	5	−6	–	–	–	–	–
Profit growth	–	−1.4%	–	–	–	–	–	–
Margin	22.0%	27.0%	−68.1%	–	–	–	–	–
Return on capital	30.9%	27.4%	−24.0%	–	–	–	–	–
Assets	31	30	29	–	–	–	–	–
Liabilities	14	10	5	–	–	–	–	–
Capital employed	18	20	24	–	–	–	–	–
Revenue	–	–	54	–	–	–	–	–
Profit	–	–	10	–	–	–	–	–
Margin	–	–	18.4%	–	–	–	–	–
Return on capital	–	–	36.8%	–	–	–	–	–
Assets	–	–	44	–	–	–	–	–
Liabilities	–	–	16	–	–	–	–	–
Capital employed	–	–	27	–	–	–	–	–
Revenue	–	–	50	–	–	–	–	–
Profit	–	–	4	–	–	–	–	–
Margin	–	–	8.0%	–	–	–	–	–
Return on capital	–	–	25.3%	–	–	–	–	–
Assets	–	–	34	–	–	–	–	–
Liabilities	–	–	18	–	–	–	–	–
Capital employed	–	–	16	–	–	–	–	–
Revenue	182	175	–	–	–	–	–	–
Revenue growth	–	−4.1%	–	–	–	–	–	–
Profit	24	9	–	–	–	–	–	–
Profit growth	–	−61.2%	–	–	–	–	–	–
Margin	13.1%	5.3%	–	–	–	–	–	–
Return on capital	41.4%	19.3%	–	–	–	–	–	–
Assets	103	85	–	–	–	–	–	–
Liabilities	45	37	–	–	–	–	–	–
Capital employed	58	48	–	–	–	–	–	–
	0	0	–	–	–	–	–	–
Profit	0	0	–	–	–	–	–	–
Return on capital	0.0%	0.0%	–	–	–	–	–	–
Assets	29	29	–	–	–	–	–	–
Liabilities	0	0	–	–	–	–	–	–
Capital employed	29	29	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	3	–	–	–	–	–	–	–
Assets	−74	–	–	–	–	–	–	–
Liabilities	−108	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.CL Educate quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 11 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 24 May	Mar 2023Filed 17 May	Mar 2024Filed 11 May	Mar 2025Filed 3 Jul	Mar 2026Filed 14 May
Revenue from operations	270	289	339	309	184	207	291	319	358	548
	240	279	312	315	195	187	266	295	336	500
Materials and goods bought	8	14	11	5	3	4	10	9	8	10
Employee costs	–	–	58	53	40	37	47	51	67	116
Other expenses	–	–	243	258	152	145	209	234	261	374
Operating profit before depreciation	30	10	27	−7	−10	20	26	24	22	48
Operating margin	11.0%	3.4%	7.9%	−2.1%	−5.6%	9.9%	8.8%	7.5%	6.2%	8.8%
Materials, % of revenue	–	–	3.3%	1.5%	1.7%	2.1%	3.5%	2.9%	2.2%	1.7%
Employee costs, % of revenue	–	–	17.1%	17.2%	21.5%	17.9%	16.0%	16.0%	18.6%	21.2%
Other expenses, % of revenue	–	–	71.7%	83.4%	82.4%	70.1%	71.7%	73.6%	73.0%	68.3%
Depreciation and amortisation	6	8	9	14	8	8	11	14	20	41
Operating profit after depreciation	23	1	17	−21	−19	12	15	10	2	7
Other income	9	13	13	15	10	9	6	14	10	21
Finance costs	8	6	6	8	6	4	2	2	8	44
Profit before one-off items and tax	25	8	24	−14	−15	18	19	22	4	−16
One-off items	0	0	0	−42	0	0	0	1	−4	−5
Profit before tax	25	8	24	−55	−15	18	19	23	0	−20
	8	5	7	−1	−3	3	−4	6	2	1
Current tax	–	–	6	2	1	3	3	3	1	13
Deferred tax	–	–	0	−3	−4	1	−7	3	0	−12
Share of profit of joint ventures and associates	–	–	0	0	0	0	0	−1	–	–
Profit from discontinued businesses	–	–	2	1	0	0	0	0	−9	−4
	17	6	20	−53	−12	14	23	16	−11	−26
Belonging to the company's shareholders	–	6	20	−53	−12	14	23	15	−11	−26
Belonging to outside owners of subsidiaries	–	–	0	0	0	–	0	1	0	0
Other comprehensive income	–	–	0	0	0	1	2	0	1	6
Total comprehensive income	–	–	20	−53	−11	15	25	16	−10	−20
Net margin	6.2%	2.0%	–	−17.2%	−6.4%	6.6%	7.7%	5.0%	–	–
Net margin without joint ventures and associates	–	–	–	−17.1%	−6.4%	6.8%	7.9%	5.3%	–	–

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. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to. Net margin is left blank for the years to Mar 2019, Mar 2025 and Mar 2026: 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 2019Filed 11 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 24 May	Mar 2023Filed 17 May	Mar 2024Filed 11 May	Mar 2025Filed 3 Jul	Mar 2026Filed 14 May
	338	284	272	262	275	279	269	251
	338	283	272	262	275	281	272	253
Share capital	14	14	14	14	28	27	27	27
Reserves	324	269	258	247	247	254	245	226
Belonging to outside owners of subsidiaries	0	0	0	–	0	−2	−2	−2
	53	43	38	17	10	21	241	233
Repayable after a year	8	4	6	3	1	1	175	172
Repayable within a year	45	39	33	14	10	20	66	61
	138	123	90	73	86	93	224	414
Trade payables	48	41	25	28	40	33	68	80
Other financial liabilities	19	18	14	9	12	13	48	236
Other liabilities	18	25	18	21	23	24	38	32
Provisions	0	0	0	1	1	1	2	4
Tax owed	8	0	0	0	0	1	1	1
	17	14	14	13	12	17	404	233
Other financial liabilities	–	4	1	4	3	8	199	28
Other liabilities	4	1	1	2	2	2	1	3
Provisions	5	6	6	5	6	6	7	12
Deferred tax	1	0	0	0	0	0	21	19
	494	421	377	348	373	388	897	898
Held for sale or for a demerger	29	29	35	53	13	13	1	–
	220	178	157	107	165	144	428	451
Plant in use, after depreciation	43	49	36	9	11	16	30	48
Plant being built	–	0	0	0	0	0	0	0
Intangible assets	21	23	26	35	46	60	140	148
Goodwill	33	33	33	10	7	15	166	166
Intangible assets being developed	2	3	4	4	5	2	14	8
Property held to earn rent	3	3	3	3	3	3	14	14
Investments	0	0	6	6	1	1	1	1
Stakes in joint ventures and associates	54	14	8	7	7	0	0	0
Loans given	2	2	1	0	0	0	0	0
Other financial assets	48	10	1	4	46	11	5	10
Deferred tax	12	13	18	12	19	17	22	31
Other assets	2	28	23	16	20	19	36	26
	244	215	185	188	195	231	468	447
Inventories	10	15	14	15	12	13	14	12
Trade receivables	130	95	52	50	70	65	111	80
Cash and cash equivalents	10	12	17	15	25	41	26	46
Other bank balances	10	3	12	6	39	62	207	238
Current investments	27	37	39	40	0	0	0	0
Loans given	21	16	16	13	1	1	1	1
Other financial assets	12	7	6	21	15	20	56	14
Other assets	23	31	28	28	33	28	54	57
Net debt	5	−9	−30	−44	−53	−83	9	−51

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 26 Jun	Mar 2022Filed 24 May	Mar 2023Filed 17 May	Mar 2024Filed 11 May	Mar 2025Filed 3 Jul	Mar 2026Filed 14 May
	26	33	24	26	16	79
	22	27	31	28	17	81
	2	3	−1	−13	−7	23
Receivables	12	1	−24	−9	−11	18
Inventories	0	−1	2	0	−1	1
Payables	−16	4	12	−7	8	13
Other working capital	5	−1	9	3	−3	−9
Tax paid	4	7	−7	−2	0	−3
Capital spending	5	21	28	1	31	29
Free cash flow	21	12	−4	25	−14	50
	−4	−1	8	−4	−245	−6
Plant and property sold	1	15	68	0	0	0
Companies bought	0	0	0	0	−262	0
Interest received	1	2	1	6	0	17
	−17	−35	−22	−6	208	−53
Borrowings raised	0	0	0	10	219	0
Borrowings repaid	−5	−26	−7	0	0	−9
Interest paid	−6	−4	−1	−1	−8	−28
Lease payments	−6	−5	0	−4	−3	−16
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	10	8	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	6	−2	10	16	−20	20

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.CL Educate dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 11 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 24 May	Mar 2023Filed 17 May	Mar 2024Filed 11 May	Mar 2025Filed 3 Jul	Mar 2026Filed 14 May
	₹3.96	₹1.05	₹3.53	−₹9.36	−₹2.09	₹2.44	₹4.08	₹2.89	−₹2.09	−₹4.81
As stated that year	₹15.84	₹4.18	₹14.10	−₹37.45	−₹8.35	₹4.87	₹4.08	₹2.89	−₹2.09	−₹4.81
	₹3.96	₹1.04	₹3.53	−₹9.36	−₹2.09	₹2.44	₹4.08	₹2.88	−₹2.09	−₹4.81
As stated that year	₹15.82	₹4.17	₹14.10	−₹37.45	−₹8.35	₹4.87	₹4.08	₹2.88	−₹2.09	−₹4.81
	–	–	₹0.25	₹0.25	–	–	–	–	–	–
As declared that year	–	–	₹1.00	₹1.00	–	–	–	–	–	–
	–	–	₹59.70	₹50.01	₹48.03	₹46.17	₹49.90	₹51.91	₹50.20	₹46.65
On that year's share count	–	–	₹238.80	₹200.05	₹192.13	₹92.35	₹49.90	₹51.91	₹50.20	₹46.65
Dividend payout	–	–	7.1%	–	–	–	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.0%	3.5%	1.8%	0.0%	0.0%
Market cap at the year end (₹ crore)	598	268	172	44	130	354	273	463	426	241

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.CL Educate PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 11 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 24 May	Mar 2023Filed 17 May	Mar 2024Filed 11 May	Mar 2025Filed 3 Jul	Mar 2026Filed 14 May
Revenue growth	–	7.0%	17.4%	−9.0%	−40.2%	12.4%	40.4%	9.4%	–	53.1%
Operating profit growth	–	−66.9%	173.8%	–	–	–	25.3%	−6.4%	–	115.5%
Net profit growth	–	−65.5%	248.1%	–	–	–	63.4%	−29.9%	–	–
Earnings per share growth	–	−73.6%	237.3%	–	–	–	67.6%	−29.2%	–	–
	–	–	5.9%	−17.1%	−4.2%	–	–	5.4%	−4.1%	−9.9%
	–	–	–	−23.0 pts	12.9 pts	–	–	–	−9.5 pts	−5.8 pts
From the net margin	–	–	–	–	10.8 pts	–	–	–	–	–
From asset turnover	–	–	–	–	2.0 pts	–	–	–	–	–
From borrowing	–	–	–	–	0.1 pts	–	–	–	–	–
Return on capital employed	–	–	4.5%	−6.3%	−6.0%	–	5.1%	3.4%	0.4%	1.3%
Cash conversion	–	–	–	–	–	242.1%	107.9%	161.8%	–	–
Interest cover	3.0	0.2	2.8	–	–	3.5	9.0	4.2	0.3	0.1
Debt to equity	–	–	0.16	0.15	0.14	–	0.04	0.08	0.90	0.93
Receivable days	–	–	140	112	104	–	87	74	113	53
Inventory days	–	–	323	1,138	1,659	–	434	504	634	450
Payable days	–	–	1,585	3,191	2,842	–	1,441	1,331	3,110	3,060
Cash conversion cycle, days	–	–	−1,122	−1,941	−1,079	–	−920	−753	−2,363	−2,557
Working capital days	–	–	111	94	117	–	68	62	80	−127
Asset turnover	–	–	0.69	0.67	0.46	–	–	0.84	0.56	0.61
Assets per rupee of net worth	–	–	1.46	1.47	1.44	–	–	1.37	2.33	3.42
Sales per rupee of plant	–	–	7.84	6.27	5.11	22.25	27.31	19.40	11.79	11.35
Capital spending to depreciation	–	–	–	–	0.61	2.60	2.53	0.06	1.51	0.71
Plant being built, % of plant in use	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

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. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020, Mar 2025 and Mar 2026: 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. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2022 and Mar 2023: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2022, Mar 2023 and Mar 2024: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2022: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth and operating profit growth are left blank for the year to Mar 2025: 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: −2.9%
Cash from operations against operating profit: 164.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	24.3%	23.5%
Return on equity, average	–	–	−2.8%
Return on capital employed, average	–	2.6%	1.7%
Operating margin, average	5.6%	8.2%	7.5%
Asset turnover, average	–	–	0.67
Cash conversion cycle, days, average	–	−1,648	−1,891
Interest cover, average	–	3.4	1.5
Debt to equity, average	–	0.48	0.63

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	179	121	79
Cash from investing	−249	−256	−6
Cash from financing	93	150	−53
Capital spending	110	61	29
Dividends paid	0	0	0
Shares bought back	18	8	0
Shares issued for cash	0	0	0
Borrowings raised	228	228	0
Borrowings repaid	41	9	9

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	–	–	–	–	5	8	6	7	4	5
Altman Z-scorePublished threshold 1.1	–	–	6.25	4.92	6.45	8.09	7.38	7.57	3.19	1.64
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.29	−2.71	−2.12	−2.75	−2.14	−3.16
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−8.61	−5.23	−2.61	−1.45	33.88	−10.99
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.42	1.60	2.45	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−18.10	−4.36	−17.27	−1.00	−16.05	57.88	−81.04
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	105.89	31.36	−35.06	−150.78	14.40	22.59	−34.65
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.97	−2.28	7.00	−0.30	0.11	17.27	−7.21
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	–	–	0.00	0.00	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	32.41	58.98	27.74	–	–	19.48	−19.80	26.20	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−18.01	−56.60	16.69	–	–

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
14 Oct 2026	ICRA Limited (opens in a new tab)	Issuer RatingLong-term scale	[ICRA]BBBNew, New	Stable

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