EID Parry India financials and balance sheet

NSE: EIDPARRYBSE: 500125Food ProductsSmall Cap

₹627.50₹19.90 (3.07%)BSE ₹628.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹647.40.

52-week range of traded prices to 23 Oct 2026

₹622.05Low, 23 Oct 2026₹1,118.00High, 28 Oct 2025

Market cap: ₹11,167 Cr426th largest listed
P/E: 24.0
P/E without one-offs: 11.8
P/B: 1.3
Dividend yield: Nonein the last 12 months
ROE: 5.6%
ROE without one-offs: 11.3%
ROCE: 14.4%
Debt to equity: 0.19
Volume, NSE: 4,18,55144.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.EID Parry 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 1.4% 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

Revenue38,534
Materials and goods−29,578
Employee costs−1,309
Other expenses−4,198
Operating profit3,450
Depreciation−763
Other income+349
One-off items−478
Finance costs−454
Profit before tax2,103
Tax−723
Joint ventures−0.1
Net profit1,380

What the company owns

Plant, investments and other assets₹14,894 Cr
Inventory₹8,661 Cr
Receivables₹2,361 Cr
Current investments₹2,030 Cr
Cash and bank₹1,309 Cr

What pays for it: net worth and liabilities

Net worth₹14,920 Cr
Other liabilities₹7,065 Cr
Owed to suppliers₹4,415 Cr
Borrowings₹2,854 Cr

EID Parry 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.EID Parry India segment results by quarter

Revenue by segment

₹39,141 CrTotal

Nutrient and allied business₹27,727 Cr70.8% of total
Sugar₹5,366 Cr13.7% of total
Crop protection₹3,968 Cr10.1% of total
Distillery₹1,151 Cr2.9% of total
Consumer products₹607 Cr1.6% of total
Nutraceuticals₹200 Cr0.5% of total
Co-generation₹122 Cr0.3% of total

Profit by segment

Nutrient and allied business₹2,464 Cr80.8% of total
Sugar₹54 Cr1.8% of total
Crop protection₹511 Cr16.8% of total
Nutraceuticals₹19 Cr0.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Nutrient and allied business
Revenue, ₹ crore
11,505
11,550
12,232
16,714
27,162
19,775
21,652
27,727
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,180
1,507
1,685
1,773
2,594
2,166
2,206
2,464
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sugar
Revenue, ₹ crore
2,743
3,346
3,685
3,553
4,548
6,235
5,779
5,366
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−114
24
−68
122
−16
50
−115
54
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Crop protection
Revenue, ₹ crore
1,802
1,685
2,084
2,511
2,636
2,457
2,637
3,968
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
283
220
347
368
366
290
363
511
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Distillery
Revenue, ₹ crore
318
357
362
491
644
799
1,102
1,151
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
27
61
32
43
32
66
37
−14
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Consumer products
Revenue, ₹ crore
884
607
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−58
−109
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Nutraceuticals
Revenue, ₹ crore
212
210
254
277
259
219
198
200
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
8
−7
19
−5
−63
25
3
19
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Co-generation
Revenue, ₹ crore
125
131
142
163
253
190
126
122
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−35
−37
−21
−13
−18
−75
−58
−47
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	16,708	17,280	18,758	23,709	35,501	29,675	32,377	39,141
Company revenue, as in its results	16,565	17,129	18,587	23,528	35,244	29,413	31,609	38,534
Revenue	11,505	11,550	12,232	16,714	27,162	19,775	21,652	27,727
Revenue growth	–	0.4%	5.9%	36.6%	62.5%	−27.2%	9.5%	28.1%
Profit	1,180	1,507	1,685	1,773	2,594	2,166	2,206	2,464
Profit growth	–	27.7%	11.8%	5.2%	46.3%	−16.5%	1.8%	11.7%
Margin	10.3%	13.0%	13.8%	10.6%	9.5%	11.0%	10.2%	8.9%
Return on capital	25.0%	32.2%	82.3%	120.8%	75.0%	46.7%	45.3%	38.2%
Assets	8,421	7,837	4,959	5,747	8,831	10,346	11,362	15,470
Liabilities	3,699	3,158	2,910	4,280	5,374	5,709	6,495	9,018
Capital employed	4,722	4,679	2,049	1,467	3,457	4,637	4,867	6,453
Revenue	2,743	3,346	3,685	3,553	4,548	6,235	5,779	5,366
Revenue growth	–	22.0%	10.1%	−3.6%	28.0%	37.1%	−7.3%	−7.2%
Profit	−114	24	−68	122	−16	50	−115	54
Margin	−4.2%	0.7%	−1.9%	3.4%	−0.3%	0.8%	−2.0%	1.0%
Return on capital	−13.3%	2.9%	−6.2%	18.5%	−1.7%	4.1%	−13.1%	7.4%
Assets	4,098	3,455	2,945	3,116	3,017	3,683	2,998	2,035
Liabilities	3,236	2,633	1,838	2,458	2,075	2,454	2,117	1,302
Capital employed	862	822	1,106	657	942	1,229	882	733
Revenue	1,802	1,685	2,084	2,511	2,636	2,457	2,637	3,968
Revenue growth	–	−6.5%	23.6%	20.5%	5.0%	−6.8%	7.3%	50.5%
Profit	283	220	347	368	366	290	363	511
Profit growth	–	−22.2%	57.4%	6.2%	−0.7%	−20.8%	25.4%	40.6%
Margin	15.7%	13.1%	16.6%	14.7%	13.9%	11.8%	13.8%	12.9%
Return on capital	26.6%	20.7%	43.6%	32.1%	28.0%	22.5%	26.8%	15.3%
Assets	1,348	1,519	1,455	1,570	2,031	1,766	2,042	4,517
Liabilities	283	454	659	421	723	478	688	1,167
Capital employed	1,065	1,065	796	1,149	1,308	1,288	1,354	3,349
Revenue	318	357	362	491	644	799	1,102	1,151
Revenue growth	–	12.4%	1.3%	35.9%	31.1%	24.0%	37.9%	4.5%
Profit	27	61	32	43	32	66	37	−14
Profit growth	–	129.5%	−48.3%	37.5%	−25.8%	105.0%	−44.1%	–
Margin	8.4%	17.1%	8.7%	8.8%	5.0%	8.3%	3.3%	−1.2%
Return on capital	12.9%	22.8%	8.6%	12.0%	6.7%	9.1%	3.8%	−1.8%
Assets	225	285	389	372	507	779	1,025	808
Liabilities	19	17	24	9	25	56	54	62
Capital employed	206	268	366	363	482	723	972	746
Revenue	–	–	–	–	–	–	884	607
Revenue growth	–	–	–	–	–	–	–	−31.3%
Profit	–	–	–	–	–	–	−58	−109
Margin	–	–	–	–	–	–	−6.6%	−17.9%
Return on capital	–	–	–	–	–	–	−42.8%	−132.1%
Assets	–	–	–	–	–	–	158	118
Liabilities	–	–	–	–	–	–	22	36
Capital employed	–	–	–	–	–	–	136	82
Revenue	212	210	254	277	259	219	198	200
Revenue growth	–	−0.7%	21.0%	8.8%	−6.6%	–	–	–
Profit	8	−7	19	−5	−63	25	3	19
Margin	3.8%	−3.1%	7.6%	−2.0%	−24.2%	11.4%	1.3%	9.4%
Return on capital	3.6%	−3.0%	8.3%	−2.4%	−38.9%	14.2%	1.6%	10.2%
Assets	285	309	312	331	272	283	271	270
Liabilities	66	89	78	108	110	106	115	86
Capital employed	219	220	234	223	161	177	156	184
Revenue	125	131	142	163	253	190	126	122
Profit	−35	−37	−21	−13	−18	−75	−58	−47
Margin	−27.9%	−28.5%	−14.6%	−7.9%	−7.0%	−39.3%	−46.5%	−38.4%
Return on capital	−11.0%	−11.6%	−7.8%	−4.9%	−7.8%	−32.3%	−30.6%	−31.5%
Assets	353	351	283	289	250	255	215	168
Liabilities	34	29	19	25	23	23	24	19
Capital employed	319	322	264	264	227	231	191	149
Revenue	3	1	0	0	0	0	–	–
Profit	0	0	0	0	0	0	–	–
Margin	0.0%	0.0%	–	–	–	–	–	–
Return on capital	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	–	–
Assets	25	22	27	30	30	27	–	–
Liabilities	1	1	1	1	1	1	–	–
Capital employed	24	21	26	29	29	26	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.EID Parry India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 12 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue from operations	14,667	15,438	16,565	17,129	18,587	23,528	35,244	29,413	31,609	38,534
	13,241	14,069	14,960	15,130	16,414	21,116	32,050	26,798	28,921	35,084
Materials and goods bought	10,258	11,170	11,957	12,160	13,233	17,620	27,911	22,647	24,279	29,578
Employee costs	–	–	595	664	725	771	871	932	1,035	1,309
Other expenses	–	–	2,408	2,306	2,456	2,725	3,268	3,219	3,607	4,198
Operating profit before depreciation	1,426	1,369	1,605	1,999	2,173	2,412	3,194	2,616	2,687	3,450
Operating margin	9.7%	8.9%	9.7%	11.7%	11.7%	10.3%	9.1%	8.9%	8.5%	9.0%
Materials, % of revenue	–	–	72.2%	71.0%	71.2%	74.9%	79.2%	77.0%	76.8%	76.8%
Employee costs, % of revenue	–	–	3.6%	3.9%	3.9%	3.3%	2.5%	3.2%	3.3%	3.4%
Other expenses, % of revenue	–	–	14.5%	13.5%	13.2%	11.6%	9.3%	10.9%	11.4%	10.9%
Depreciation and amortisation	248	251	272	319	332	334	376	421	512	763
Operating profit after depreciation	1,178	1,117	1,333	1,680	1,842	2,078	2,817	2,195	2,175	2,687
Other income	159	173	−48	19	43	216	39	304	359	349
Finance costs	417	336	425	430	236	152	298	295	372	454
Profit before one-off items and tax	919	955	861	1,269	1,649	2,142	2,558	2,203	2,162	2,582
One-off items	0	−87	−24	0	−112	−14	44	0	347	−478
Profit before tax	919	868	837	1,269	1,537	2,128	2,602	2,203	2,508	2,103
	211	351	399	377	540	555	737	558	682	723
Current tax	277	383	412	383	459	531	749	559	678	787
Deferred tax	−66	−32	−12	−5	80	25	−13	−1	4	−64
Share of profit of joint ventures and associates	0	0	0	−2	2	1	−38	−28	−54	0
	521	517	438	889	1,000	1,574	1,828	1,618	1,773	1,380
Belonging to the company's shareholders	521	256	153	468	447	907	947	900	878	570
Belonging to outside owners of subsidiaries	–	–	284	421	552	667	880	718	894	811
Other comprehensive income	–	–	18	−104	9	199	−90	181	−204	−32
Total comprehensive income	–	–	456	785	1,008	1,773	1,737	1,799	1,568	1,348
Net margin	3.6%	3.4%	2.6%	5.2%	5.4%	6.7%	5.2%	5.5%	5.6%	3.6%
Net margin without joint ventures and associates	3.5%	3.4%	2.6%	5.2%	5.4%	6.7%	5.3%	5.6%	5.8%	3.6%

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 9 May	Mar 2020Filed 12 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	4,452	5,226	6,829	8,100	9,539	11,212	12,932	14,920
	3,128	3,519	4,583	5,326	6,085	7,058	7,936	8,766
Share capital	18	18	18	18	18	18	18	18
Reserves	3,110	3,502	4,565	5,308	6,067	7,041	7,918	8,748
Belonging to outside owners of subsidiaries	1,325	1,707	2,246	2,774	3,454	4,154	4,996	6,153
	4,885	3,766	577	822	1,191	1,264	2,121	2,854
Repayable after a year	452	610	79	79	111	204	227	145
Repayable within a year	4,433	3,156	497	743	1,080	1,061	1,895	2,709
	10,912	8,590	5,745	7,108	8,471	9,333	10,395	13,207
Trade payables	4,859	4,000	3,962	5,001	6,453	7,598	7,508	4,415
Other financial liabilities	1,463	1,256	1,102	993	657	467	590	5,605
Other liabilities	96	104	111	266	187	168	291	298
Provisions	24	30	35	30	36	40	104	164
Tax owed	38	43	37	75	57	1	9	16
	625	1,208	690	735	769	948	1,055	1,127
Other financial liabilities	1	421	400	402	415	456	16	639
Other liabilities	9	7	5	3	2	0	542	6
Provisions	22	31	23	23	29	34	45	71
Deferred tax	140	139	183	228	212	255	225	266
	15,990	15,024	13,264	15,943	18,778	21,493	24,381	29,254
Held for sale or for a demerger	37	30	65	44	–	4	0	–
	3,987	4,505	4,291	4,984	6,134	6,232	8,063	10,507
Plant in use, after depreciation	3,006	3,778	3,511	3,697	3,809	4,492	4,494	5,788
Plant being built	187	69	192	139	476	490	378	304
Intangible assets	23	24	23	19	20	46	703	1,063
Goodwill	26	31	16	16	17	301	301	617
Intangible assets being developed	17	16	14	21	23	30	43	52
Property held to earn rent	23	25	34	31	31	57	61	68
Investments	393	395	413	551	443	508	0	439
Stakes in joint ventures and associates	0	0	0	0	154	122	390	8
Loans given	12	8	4	400	978	75	785	1,146
Other financial assets	5	5	5	6	8	7	10	720
Deferred tax	155	88	7	0	0	6	10	42
Other assets	141	66	72	103	177	99	887	260
	11,966	10,489	8,908	10,915	12,644	15,257	16,318	18,747
Inventories	5,743	4,354	4,071	5,363	6,195	6,948	6,686	8,661
Trade receivables	2,072	2,116	861	573	812	1,835	1,757	2,361
Cash and cash equivalents	171	106	731	778	1,440	1,174	404	1,222
Other bank balances	111	32	62	1,061	27	1,742	3,287	87
Current investments	25	18	40	12	12	646	1,063	2,030
Loans given	432	433	1,518	1,540	720	0	0	419
Other financial assets	2,549	2,692	906	549	2,555	1,532	79	2,451
Tax paid in advance	0	71	99	120	51	85	63	–
Other assets	864	667	620	919	833	1,294	2,979	1,516
Net debt	4,579	3,609	−256	−1,029	−287	−2,298	−2,633	−484

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 30 Jun	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	4,771	2,278	359	1,972	1,936	1,542
	5,266	2,790	1,056	2,621	2,929	2,300
	3,279	241	−1,945	−13	42	−1,157
Receivables	1,242	279	−244	−1,017	80	−80
Inventories	294	−1,289	−823	−741	282	−1,610
Payables	87	1,065	1,468	1,148	27	−776
Other working capital	1,656	185	−2,347	598	−347	1,309
Tax paid	−495	−511	−698	−649	−740	−759
Capital spending	334	449	860	975	1,046	1,617
Free cash flow	4,437	1,829	−501	998	890	−76
	−560	−1,733	486	−1,740	−2,782	−174
Plant and property sold	18	16	132	51	0	81
Companies bought	−12	0	0	0	0	−810
Interest received	35	107	145	98	268	186
Dividends received	1	1	1	1	1	4
	−3,598	−499	−184	−497	74	−551
Borrowings raised	64	22	74	192	713	441
Borrowings repaid	−510	−226	−24	−56	−90	−256
Interest paid	−261	−110	−251	−254	−319	−392
Lease payments	−31	−72	−70	0	−89	−103
Dividends paid	223	349	246	228	154	231
Shares bought back	0	0	0	25	15	0
Shares issued	17	12	23	17	29	–
Net change in cash	613	46	660	−265	−772	817

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. Shares issued is left blank for the year to Mar 2026: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.EID Parry India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 12 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Earnings per share	₹29.44	₹14.46	₹8.67	₹26.43	₹25.27	₹51.17	₹53.39	₹50.68	₹49.47	₹32.03
Diluted earnings per share	₹29.41	₹14.36	₹8.63	₹26.34	₹25.15	₹51.04	₹53.25	₹50.61	₹49.33	₹31.91
Dividend per share	₹4.00	₹3.00	₹3.00	–	–	₹11.00	₹9.50	₹4.00	–	–
Book value per share	–	–	₹176.72	₹198.84	₹258.78	₹300.21	₹342.81	₹397.65	₹446.33	₹492.76
Dividend payout	13.5%	20.7%	34.6%	–	–	21.5%	17.8%	7.9%	–	–
Shareholder yield	–	–	–	–	3.6%	4.2%	2.7%	2.4%	1.0%	–
Market cap at the year end (₹ crore)	4,980	4,844	3,622	2,461	5,637	8,026	8,320	9,687	13,951	13,794

Shareholder yield is left blank for the year to Mar 2026: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.EID Parry India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 12 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue growth	−4.7%	–	–	3.4%	8.5%	26.6%	49.8%	−16.5%	7.5%	21.9%
Operating profit growth	68.7%	−4.0%	17.3%	24.6%	8.7%	11.0%	32.4%	−18.1%	2.7%	28.4%
Net profit growth	3,636.1%	−0.6%	−15.4%	103.1%	12.5%	57.4%	16.1%	−11.5%	9.6%	−22.1%
Earnings per share growth	–	−50.9%	−40.0%	204.8%	−4.4%	102.5%	4.3%	−5.1%	−2.4%	−35.3%
	–	–	4.9%	14.1%	11.0%	18.3%	16.6%	13.7%	11.7%	6.8%
	–	–	–	9.2 pts	−3.0 pts	7.3 pts	−1.7 pts	−2.9 pts	−2.0 pts	−4.9 pts
From the net margin	–	–	–	9.6 pts	−1.7 pts	6.6 pts	−5.5 pts	2.3 pts	−1.3 pts	−5.5 pts
From asset turnover	–	–	–	1.0 pts	2.4 pts	4.0 pts	3.3 pts	−5.3 pts	−0.7 pts	0.3 pts
From borrowing	–	–	–	−1.3 pts	−3.7 pts	−3.4 pts	0.5 pts	0.1 pts	0.0 pts	0.3 pts
Return on capital employed	–	–	14.3%	18.7%	24.9%	23.3%	26.3%	17.6%	14.4%	15.1%
Cash conversion	–	–	–	–	477.2%	144.8%	19.6%	121.9%	109.2%	111.7%
Interest cover	2.8	3.3	3.1	3.9	7.8	13.7	9.4	7.4	5.8	5.9
Debt to equity	–	–	1.10	0.72	0.08	0.10	0.12	0.11	0.16	0.19
Receivable days	–	–	46	45	17	9	8	23	20	22
Inventory days	–	–	175	131	112	111	81	112	101	107
Payable days	–	–	148	120	109	104	84	122	113	54
Cash conversion cycle, days	–	–	73	56	20	16	5	12	8	75
Working capital days	–	–	114	104	56	42	39	42	35	47
Asset turnover	–	–	1.04	1.10	1.31	1.61	2.03	1.46	1.38	1.44
Assets per rupee of net worth	–	–	5.11	4.67	3.49	2.95	3.04	3.06	3.06	3.21
Sales per rupee of plant	–	–	5.51	4.53	5.29	6.36	9.25	6.55	7.03	6.66
Capital spending to depreciation	–	–	–	–	1.01	1.35	2.28	2.32	2.04	2.12
Plant being built, % of plant in use	–	–	6.2%	1.8%	5.5%	3.7%	12.5%	10.9%	8.4%	5.3%

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: 2.1%
Cash from operations against operating profit: 44.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.6%	15.7%	3.0%
Profit growth, yearly rate	44.9%	4.9%	−15.6%
Return on equity, average	–	13.4%	10.7%
Return on capital employed, average	–	19.3%	15.7%
Operating margin, average	9.7%	9.1%	8.8%
Net margin, average	4.7%	5.3%	4.9%
Asset turnover, average	–	1.58	1.43
Cash conversion cycle, days, average	–	23	32
Interest cover, average	6.3	8.5	6.4
Debt to equity, average	–	0.14	0.16

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	8,087	5,450	1,542
Cash from investing	−5,944	−4,696	−174
Cash from financing	−1,658	−974	−551
Capital spending	4,948	3,639	1,617
Dividends paid	1,209	614	231
Shares bought back	40	40	0
Borrowings raised	1,443	1,346	441
Borrowings repaid	652	402	256

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	–	–	–	–	7	6	3	6	5	6
Altman Z-scorePublished threshold 1.81	–	–	1.84	2.14	3.14	3.31	3.65	3.11	3.16	2.83
Beneish M-scorePublished threshold −1.78	–	–	–	–	−4.04	−2.59	−1.16	−1.37	−1.95	−2.25
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−22.70	7.04	5.67	6.88	11.42	0.05
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.68	0.92	0.82	1.14
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−1.27	−67.81	−60.00	−8.22	142.49	−11.67	12.45
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−25.88	−15.33	−1.41	−42.89	31.03	−10.99	7.71
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.10	−9.71	−0.16	5.25	−1.80	0.67	2.20
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.06	2.93	0.27	0.98	0.44	0.74	0.15
Effective tax ratePublished threshold 17.16 per cent	22.99	40.40	47.72	29.75	35.10	26.10	28.30	25.31	27.19	34.37
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	2.07	1.49	−4.13	−2.31	−1.70

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
22 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		135
22 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		650
22 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Stable	500
26 Jun 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		650

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