DCM Shriram financials and balance sheet

NSE: DCMSHRIRAMBSE: 523367DiversifiedSmall Cap

Formerly DCM Shriram Consolidated

₹964.50₹26.40 (2.66%)BSE ₹962.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹990.90.

52-week range of traded prices to 23 Oct 2026

₹886.30Low, 1 Oct 2026₹1,409.00High, 29 Oct 2025

Next results date: the board meets on 26 Oct 2026 to consider: financial results and dividend.

Market cap: ₹15,041 Cr381st largest listed
P/E: 10.5
P/B: 2.0
Dividend yield: 1.16%
ROE: 19.5%
ROCE: 9.6%
Debt to equity: 0.36
Volume, NSE: 51,51342.3% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹14,264 Cr, year to Mar 2026

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

Revenue14,264
Materials and goods−6,999
Employee costs−1,260
Other expenses−4,508
Operating profit1,497
Depreciation−502
Other income+196
One-off items−23
Finance costs−176
Profit before tax992
Tax−136
Net profit856

What the company owns

Plant, investments and other assets₹9,030 Cr
Inventory₹3,108 Cr
Receivables₹1,081 Cr
Cash and bank₹854 Cr
Current investments₹63 Cr

What pays for it: net worth and liabilities

Net worth₹7,733 Cr
Borrowings₹2,812 Cr
Other liabilities₹2,373 Cr
Owed to suppliers₹1,218 Cr

DCM Shriram 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.DCM Shriram segment results by quarter

Revenue by segment

₹14,345 CrTotal

Chemicals and Vinyl₹4,651 Cr32.4% of total
Sugar and Ethanol₹4,496 Cr31.3% of total
Shriram Farm Solutions₹1,689 Cr11.8% of total
Fertiliser₹1,445 Cr10.1% of total
Fenesta Building Systems₹1,112 Cr7.8% of total
Bioseed₹666 Cr4.6% of total
Others₹286 Cr2.0% of total

Profit by segment

Chemicals and Vinyl₹560 Cr39.6% of total
Sugar and Ethanol₹309 Cr21.9% of total
Shriram Farm Solutions₹289 Cr20.5% of total
Fertiliser₹90 Cr6.4% of total
Fenesta Building Systems₹116 Cr8.2% of total
Bioseed₹49 Cr3.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Chemicals and Vinyl
Revenue, ₹ crore
4,651
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
560
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sugar and Ethanol
Revenue, ₹ crore
2,353
2,522
3,385
2,696
3,526
4,207
4,526
4,496
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
355
391
429
323
237
424
304
309
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Shriram Farm Solutions
Revenue, ₹ crore
717
762
858
949
1,034
1,186
1,436
1,689
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
41
68
109
135
184
221
279
289
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Fertiliser
Revenue, ₹ crore
1,041
1,017
901
1,327
1,987
1,519
1,461
1,445
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
18
80
59
76
129
54
73
90
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Fenesta Building Systems
Revenue, ₹ crore
696
824
868
1,112
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
121
145
125
116
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Bioseed
Revenue, ₹ crore
472
416
464
406
483
552
648
666
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
10
4
−76
−9
20
58
49
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
815
832
741
968
525
546
307
286
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
38
45
40
55
−39
10
−4
−14
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	7,900	7,826	8,364	9,962	12,205	11,544	12,808	14,345
Company revenue, as in its results	7,771	7,767	8,308	9,849	12,080	11,431	12,741	14,264
Revenue	–	–	–	–	–	–	–	4,651
Profit	–	–	–	–	–	–	–	560
Margin	–	–	–	–	–	–	–	12.0%
Return on capital	–	–	–	–	–	–	–	10.3%
Assets	–	–	–	–	–	–	–	6,315
Liabilities	–	–	–	–	–	–	–	859
Capital employed	–	–	–	–	–	–	–	5,455
Revenue	2,353	2,522	3,385	2,696	3,526	4,207	4,526	4,496
Revenue growth	–	7.2%	34.2%	−20.4%	30.8%	19.3%	7.6%	−0.7%
Profit	355	391	429	323	237	424	304	309
Profit growth	–	10.2%	9.8%	−24.8%	−26.6%	79.0%	−28.4%	1.8%
Margin	15.1%	15.5%	12.7%	12.0%	6.7%	10.1%	6.7%	6.9%
Return on capital	17.4%	14.4%	16.4%	10.9%	7.1%	11.4%	7.7%	8.3%
Assets	2,892	3,394	3,088	3,466	3,909	4,271	4,461	4,160
Liabilities	853	689	466	511	556	537	511	449
Capital employed	2,039	2,705	2,621	2,954	3,354	3,733	3,950	3,712
Revenue	717	762	858	949	1,034	1,186	1,436	1,689
Revenue growth	–	6.3%	12.6%	10.6%	8.9%	14.7%	21.1%	17.6%
Profit	41	68	109	135	184	221	279	289
Profit growth	–	66.2%	61.6%	23.3%	36.4%	20.3%	26.3%	3.7%
Margin	5.7%	8.9%	12.7%	14.2%	17.8%	18.6%	19.4%	17.1%
Return on capital	19.7%	55.7%	–	891.7%	363.0%	386.0%	436.0%	854.4%
Assets	292	210	125	184	233	259	296	353
Liabilities	86	89	126	169	183	202	232	319
Capital employed	206	121	−1	15	51	57	64	34
Revenue	1,041	1,017	901	1,327	1,987	1,519	1,461	1,445
Revenue growth	–	−2.3%	−11.4%	47.3%	49.8%	−23.6%	−3.8%	−1.1%
Profit	18	80	59	76	129	54	73	90
Profit growth	–	349.1%	−25.8%	29.4%	69.2%	−58.6%	36.1%	23.5%
Margin	1.7%	7.8%	6.6%	5.8%	6.5%	3.5%	5.0%	6.2%
Return on capital	2.9%	10.4%	25.7%	16.0%	41.9%	56.8%	62.7%	55.5%
Assets	734	904	346	711	532	343	417	472
Liabilities	128	135	116	233	224	248	301	309
Capital employed	606	768	229	478	309	94	116	162
Revenue	–	–	–	–	696	824	868	1,112
Revenue growth	–	–	–	–	–	18.4%	5.5%	28.1%
Profit	–	–	–	–	121	145	125	116
Profit growth	–	–	–	–	–	19.1%	−13.6%	−7.6%
Margin	–	–	–	–	17.4%	17.6%	14.4%	10.4%
Return on capital	–	–	–	–	–	317.9%	342.4%	51.7%
Assets	–	–	–	–	302	358	395	675
Liabilities	–	–	–	–	309	312	359	452
Capital employed	–	–	–	–	−8	45	36	223
Revenue	472	416	464	406	483	552	648	666
Revenue growth	–	−12.0%	11.6%	−12.5%	19.0%	14.2%	17.4%	2.8%
Profit	3	10	4	−76	−9	20	58	49
Profit growth	–	215.9%	−56.3%	–	–	–	193.6%	−14.8%
Margin	0.7%	2.4%	1.0%	−18.8%	−1.9%	3.6%	8.9%	7.4%
Return on capital	0.7%	2.4%	1.0%	−19.5%	−2.2%	4.6%	11.0%	7.1%
Assets	652	594	605	579	601	661	802	939
Liabilities	219	169	177	188	196	233	273	243
Capital employed	433	425	427	392	405	428	529	696
Revenue	815	832	741	968	525	546	307	286
Revenue growth	–	2.1%	−10.9%	30.6%	–	4.0%	−43.9%	−6.6%
Profit	38	45	40	55	−39	10	−4	−14
Profit growth	–	18.3%	−10.9%	35.5%	–	–	–	–
Margin	4.7%	5.4%	5.4%	5.6%	−7.3%	1.8%	−1.5%	−4.8%
Return on capital	44.7%	75.9%	725.6%	82.2%	−39.5%	8.2%	−11.3%	−36.2%
Assets	311	309	312	435	190	205	92	104
Liabilities	225	249	307	368	92	86	52	66
Capital employed	85	60	6	66	98	120	39	38
Revenue	2,503	2,278	2,015	3,616	3,954	2,711	3,562	–
Revenue growth	–	−9.0%	−11.5%	79.5%	9.3%	−31.4%	31.4%	–
Profit	994	652	518	1,267	983	78	407	–
Profit growth	–	−34.4%	−20.5%	144.3%	−22.4%	−92.0%	419.7%	–
Margin	39.7%	28.6%	25.7%	35.0%	24.9%	2.9%	11.4%	–
Return on capital	76.3%	43.7%	34.7%	66.2%	31.5%	1.9%	9.2%	–
Assets	1,647	1,863	1,815	2,401	3,797	4,674	5,148	–
Liabilities	346	370	322	489	675	621	727	–
Capital employed	1,301	1,493	1,492	1,912	3,122	4,053	4,421	–

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

Profit and loss

Consolidated, ₹ crore, years to March.DCM Shriram quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 4 Jun	Mar 2021Filed 5 May	Mar 2022Filed 7 May	Mar 2023Filed 4 May	Mar 2024Filed 7 May	Mar 2025Filed 24 Jun	Mar 2026Filed 12 Oct
Revenue from operations	6,117	7,007	7,771	7,767	8,308	9,849	12,080	11,431	12,741	14,264
	5,346	5,972	6,402	6,575	7,156	8,053	10,473	10,441	11,411	12,767
Materials and goods bought	3,043	3,694	3,691	3,815	4,526	4,436	5,674	5,805	6,288	6,999
Employee costs	–	–	664	736	733	783	891	984	1,070	1,260
Other expenses	–	–	2,047	2,024	1,898	2,834	3,908	3,651	4,053	4,508
Operating profit before depreciation	771	1,035	1,369	1,192	1,152	1,796	1,606	991	1,330	1,497
Operating margin	12.6%	14.8%	17.6%	15.4%	13.9%	18.2%	13.3%	8.7%	10.4%	10.5%
Materials, % of revenue	–	–	47.5%	49.1%	54.5%	45.0%	47.0%	50.8%	49.4%	49.1%
Employee costs, % of revenue	–	–	8.5%	9.5%	8.8%	8.0%	7.4%	8.6%	8.4%	8.8%
Other expenses, % of revenue	–	–	26.3%	26.1%	22.8%	28.8%	32.4%	31.9%	31.8%	31.6%
Depreciation and amortisation	114	141	157	219	233	238	260	303	410	502
Operating profit after depreciation	657	894	1,212	973	919	1,558	1,346	688	920	995
Other income	47	56	88	102	92	92	120	99	142	196
Finance costs	71	83	119	164	122	85	53	88	153	176
Profit before one-off items and tax	633	867	1,180	912	889	1,565	1,413	699	909	1,016
One-off items	0	0	0	−15	0	0	0	0	0	−23
Profit before tax	633	867	1,180	897	889	1,565	1,413	699	909	992
	80	199	278	178	217	499	502	252	305	136
Current tax	–	–	251	106	167	484	257	198	162	194
Deferred tax	–	–	27	72	50	14	245	54	143	−57
Share of profit of joint ventures and associates	–	0	2	3	2	1	–	–	–	–
	552	670	904	722	674	1,067	911	447	604	856
Belonging to the company's shareholders	552	670	904	722	674	1,067	911	447	604	853
Belonging to outside owners of subsidiaries	–	–	–	–	–	–	–	–	–	3
Other comprehensive income	–	–	0	−12	4	−19	13	−8	−6	4
Total comprehensive income	–	–	904	710	678	1,048	924	439	599	860
Net margin	9.0%	9.6%	11.6%	9.3%	8.1%	10.8%	7.5%	3.9%	4.7%	6.0%
Net margin without joint ventures and associates	–	9.6%	11.6%	9.3%	8.1%	10.8%	–	–	–	–

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 2 May	Mar 2020Filed 4 Jun	Mar 2021Filed 5 May	Mar 2022Filed 7 May	Mar 2023Filed 4 May	Mar 2024Filed 7 May	Mar 2025Filed 24 Jun	Mar 2026Filed 12 Oct
	3,526	4,056	4,648	5,502	6,194	6,522	7,004	7,733
	3,526	4,050	4,648	5,502	6,194	6,522	7,004	7,712
Share capital	31	31	31	31	31	31	31	31
Reserves	3,494	4,018	4,617	5,470	6,162	6,491	6,973	7,681
Belonging to outside owners of subsidiaries	1	6	–	0	–	–	0	21
	1,475	2,046	1,288	1,509	1,633	2,083	2,408	2,812
Repayable after a year	937	975	1,012	951	1,154	1,385	1,391	1,601
Repayable within a year	538	1,071	275	558	479	698	1,017	1,211
	2,414	2,731	1,801	2,360	2,550	2,758	3,237	3,725
Trade payables	1,144	927	702	960	1,011	1,040	1,185	1,218
Other financial liabilities	312	306	338	240	428	357	341	385
Other liabilities	375	375	426	544	569	591	621	753
Provisions	45	52	59	56	62	70	72	99
Tax owed	0	0	–	2	2	2	0	60
	1,186	1,334	1,323	1,490	1,962	2,261	2,485	2,669
Other financial liabilities	1	99	52	56	61	53	104	91
Other liabilities	27	18	10	5	6	4	3	2
Provisions	222	242	245	256	266	294	323	361
Deferred tax	–	–	4	222	475	525	664	614
Liabilities going with businesses held for sale	10	14	19	19	16	9	6	9
	7,136	8,135	7,791	9,371	10,722	11,549	12,732	14,137
Held for sale or for a demerger	95	85	71	43	23	14	20	17
	3,283	3,724	3,626	4,193	6,013	7,075	7,619	8,555
Plant in use, after depreciation	2,586	3,392	3,267	3,315	4,012	4,130	6,426	7,359
Plant being built	330	51	103	485	1,618	2,597	805	532
Intangible assets	22	19	13	12	12	10	10	19
Goodwill	75	81	79	81	81	81	81	139
Intangible assets being developed	2	8	6	9	12	18	29	39
Property held to earn rent	7	7	1	1	1	1	1	1
Investments	31	29	30	3	12	54	56	73
Loans given	12	10	14	25	21	31	40	43
Other financial assets	32	43	40	34	43	52	94	217
Deferred tax	67	56	1	2	2	2	1	22
Other assets	119	27	73	227	200	99	77	110
	3,758	4,327	4,094	5,135	4,686	4,460	5,093	5,564
Inventories	1,925	2,177	1,804	2,306	2,376	2,677	2,799	3,108
Trade receivables	1,039	1,079	463	907	869	646	919	1,081
Cash and cash equivalents	382	543	870	932	450	343	620	306
Other bank balances	34	17	464	675	524	329	366	548
Current investments	0	0	0	0	0	0	0	63
Loans given	3	13	7	4	8	5	9	13
Other financial assets	120	231	236	33	35	27	27	100
Tax paid in advance	38	39	40	41	112	109	47	0
Other assets	218	228	210	237	311	325	305	344
Net debt	1,059	1,486	−46	−98	659	1,410	1,422	1,895

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 5 May	Mar 2022Filed 7 May	Mar 2023Filed 4 May	Mar 2024Filed 7 May	Mar 2025Filed 24 Jun	Mar 2026Filed 12 Oct
	1,887	1,224	1,296	794	1,128	1,234
	2,066	1,454	1,625	990	1,225	1,322
	817	−308	−13	−27	−171	−287
Receivables	606	−340	37	218	−277	−134
Inventories	365	−495	−71	−301	−122	−270
Payables	−224	229	50	29	145	8
Other working capital	70	298	−30	26	84	109
Tax paid	−161	−276	−328	−196	−97	−88
Interest paid	0	85	0	0	0	0
Capital spending	251	768	1,797	1,310	845	869
Free cash flow	1,635	456	−501	−516	283	365
	−642	−904	−1,543	−1,070	−850	−1,241
Plant and property sold	9	12	45	13	13	17
Companies bought	0	0	0	0	0	−78
Interest received	6	27	54	38	47	50
Dividends received	0	0	0	0	0	0
	−918	−259	−235	169	−1	−307
Borrowings raised	113	168	432	654	486	445
Borrowings repaid	−796	−118	−326	−210	−168	−392
Interest paid	−134	−79	−82	−132	−165	−163
Lease payments	0	−18	0	−24	−26	−32
Dividends paid	86	212	239	119	128	165
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	327	62	−482	−107	277	−314

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.DCM Shriram dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 4 Jun	Mar 2021Filed 5 May	Mar 2022Filed 7 May	Mar 2023Filed 4 May	Mar 2024Filed 7 May	Mar 2025Filed 24 Jun	Mar 2026Filed 12 Oct
Earnings per share	₹33.97	₹41.22	₹57.09	₹45.96	₹43.17	₹68.45	₹58.41	₹28.67	₹38.75	₹54.73
Diluted earnings per share	₹33.97	₹41.22	₹57.09	₹45.96	₹43.17	₹68.45	₹58.41	₹28.67	₹38.75	₹54.73
Dividend per share	₹5.80	₹8.20	₹9.80	₹8.20	₹9.30	₹14.70	₹14.00	₹6.60	₹9.00	₹11.20
Book value per share	–	–	₹224.92	₹258.36	₹296.53	₹350.99	₹395.14	₹416.08	₹446.83	₹491.99
Dividend payout	17.1%	19.9%	17.0%	17.8%	21.6%	21.6%	24.1%	23.1%	23.3%	20.6%
Shareholder yield	–	–	–	–	1.1%	1.2%	2.0%	0.9%	0.8%	0.9%
Market cap at the year end (₹ crore)	4,797	6,891	6,456	3,356	7,815	17,623	11,655	13,321	16,829	17,411

Ratios

Consolidated, years to March.DCM Shriram PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 4 Jun	Mar 2021Filed 5 May	Mar 2022Filed 7 May	Mar 2023Filed 4 May	Mar 2024Filed 7 May	Mar 2025Filed 24 Jun	Mar 2026Filed 12 Oct
Revenue growth	–	14.5%	10.9%	−0.1%	7.0%	18.6%	22.6%	−5.4%	11.5%	12.0%
Operating profit growth	–	34.2%	32.2%	−12.9%	−3.4%	55.9%	−10.6%	−38.3%	34.3%	12.6%
Net profit growth	85.6%	21.4%	35.1%	−20.1%	−6.7%	58.4%	−14.7%	−50.9%	35.2%	41.7%
Earnings per share growth	–	21.3%	38.5%	−19.5%	−6.1%	58.6%	−14.7%	−50.9%	35.2%	41.2%
	–	–	25.7%	19.1%	15.5%	21.0%	15.6%	7.0%	8.9%	11.6%
	–	–	–	−6.6 pts	−3.6 pts	5.5 pts	−5.5 pts	−8.5 pts	1.9 pts	2.7 pts
From the net margin	–	–	–	−5.2 pts	−2.4 pts	5.2 pts	−6.4 pts	−7.5 pts	1.5 pts	2.3 pts
From asset turnover	–	–	–	−1.4 pts	0.4 pts	2.1 pts	0.7 pts	−1.2 pts	0.2 pts	0.1 pts
From borrowing	–	–	–	−0.1 pts	−1.6 pts	−1.7 pts	0.2 pts	0.1 pts	0.2 pts	0.2 pts
Return on capital employed	–	–	24.2%	16.0%	15.5%	22.2%	17.2%	8.0%	9.8%	9.4%
Cash conversion	–	–	–	–	279.9%	114.7%	142.3%	177.5%	186.6%	144.1%
Interest cover	9.2	10.8	10.2	5.9	7.5	18.3	25.5	7.9	6.0	5.7
Debt to equity	–	–	0.42	0.50	0.28	0.27	0.26	0.32	0.34	0.36
Receivable days	–	–	49	51	20	34	26	21	26	28
Inventory days	–	–	190	208	145	190	153	168	162	162
Payable days	–	–	113	89	57	79	65	65	69	64
Cash conversion cycle, days	–	–	126	170	109	144	114	124	120	126
Working capital days	–	–	69	99	54	64	50	55	54	55
Asset turnover	–	–	1.09	1.02	1.04	1.15	1.20	1.03	1.05	1.06
Assets per rupee of net worth	–	–	2.02	2.02	1.83	1.69	1.72	1.75	1.80	1.83
Sales per rupee of plant	–	–	3.01	2.29	2.54	2.97	3.01	2.77	1.98	1.94
Capital spending to depreciation	–	–	–	–	1.08	3.23	6.91	4.32	2.06	1.73
Plant being built, % of plant in use	–	–	12.8%	1.5%	3.2%	14.6%	40.3%	62.9%	12.5%	7.2%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, 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: 6.4%
Cash from operations against operating profit: 82.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.3%	11.4%	5.7%
Profit growth, yearly rate	11.1%	4.8%	−2.1%
Return on equity, average	–	12.8%	9.2%
Return on capital employed, average	–	13.3%	9.1%
Operating margin, average	13.5%	12.2%	9.9%
Net margin, average	8.1%	6.6%	4.9%
Asset turnover, average	–	1.10	1.05
Cash conversion cycle, days, average	–	126	123
Interest cover, average	10.7	12.7	6.5
Debt to equity, average	–	0.31	0.34

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	5,676	3,155	1,234
Cash from investing	−5,607	−3,161	−1,241
Cash from financing	−633	−139	−307
Capital spending	5,590	3,024	869
Dividends paid	862	412	165
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	2,185	1,584	445
Borrowings repaid	1,214	770	392

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	5	4	8	7
Altman Z-scorePublished threshold 1.1	–	–	5.08	4.82	6.29	6.52	5.54	4.62	4.59	4.45
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.49	−1.56	−2.24	−2.73	−2.59	−2.52
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−7.17	8.71	11.52	6.50	2.69	6.42
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.66	1.37	1.64	1.65
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	3.86	−64.00	77.10	−26.82	−20.30	30.85	5.67
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	9.74	−35.77	29.81	−24.86	10.33	−3.74	−0.27
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.58	−0.14	−1.78	1.22	0.02	−0.63	0.46
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	0.96	1.70	1.69	6.17	0.30	0.37
Effective tax ratePublished threshold 17.16 per cent	12.70	22.91	23.52	19.82	24.39	31.88	35.54	36.01	33.55	13.73
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	14.25	12.31	7.95	22.87	4.84

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
31 Aug 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	17.96
31 Aug 2026	ICRA Limited (opens in a new tab)	Fixed Deposit	[ICRA]AA+Review, Re-affirm	Stable	40
31 Aug 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		1,500
31 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA+Review, Re-affirm	Stable	1,019.82
31 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Working capital demand loan	[ICRA]A1+Review, Re-affirm		100
31 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA+Review, Re-affirm	Stable	1,349
31 Aug 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		120
31 Aug 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+ / -Review, Re-affirm		580
20 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		700
29 Aug 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	125.62

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