GAIL (India) financials and balance sheet

NSE: GAILBSE: 532155GasLarge Cap

Formerly Gas Authority of India

₹163.96₹4.53 (2.69%)BSE ₹163.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹168.49.

52-week range of traded prices to 23 Oct 2026

₹134.36Low, 23 Mar 2026₹186.87High, 27 Nov 2025

Next results date: the board meets on 30 Oct 2026 to consider: financial results.

Market cap: ₹1,07,805 Cr100th largest listed
P/E: 10.9
P/B: 1.2
Dividend yield: 3.35%
ROE: 11.4%
ROCE: 10.2%
Debt to equity: 0.22
Volume, NSE: 49,63,84348.4% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,45,875 Cr, year to Mar 2023

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 2.4% 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

Revenue1,42,094
Materials and goods−1,17,396
Employee costs−2,079
Other expenses−11,109
Operating profit11,510
Depreciation−3,835
Other income+1,510
One-off items0.0
Finance costs−964
Profit before tax8,221
Tax−2,144
Joint ventures+1,504
Net profit7,582

What the company owns

Plant, investments and other assets₹1,24,650 Cr
Receivables₹8,605 Cr
Inventory₹5,155 Cr
Cash and bank₹2,127 Cr

What pays for it: net worth and liabilities

Net worth₹89,292 Cr
Other liabilities₹25,177 Cr
Borrowings₹19,964 Cr
Owed to suppliers₹6,104 Cr

GAIL (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.GAIL (India) segment results by quarter

Revenue by segment

₹1,77,342 CrTotal

Natural Gas Transmission/Marketing₹1,55,919 Cr87.9% of total
Petrochemicals₹7,574 Cr4.3% of total
City Gas₹7,401 Cr4.2% of total
LPG and Liquid Hydrocarbons₹4,293 Cr2.4% of total
Other Segment₹1,238 Cr0.7% of total
LPG Transmission₹916 Cr0.5% of total

Profit by segment

Natural Gas Transmission/Marketing₹9,404 Cr81.8% of total
City Gas₹699 Cr6.1% of total
LPG and Liquid Hydrocarbons₹489 Cr4.3% of total
Other Segment₹453 Cr3.9% of total
LPG Transmission₹456 Cr4.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Natural Gas Transmission/Marketing
Revenue, ₹ crore
1,55,416
1,55,919
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
13,284
9,404
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Petrochemicals
Revenue, ₹ crore
6,704
5,432
7,061
8,549
4,917
7,753
8,088
7,574
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
385
−246
1,065
1,245
−1,061
125
−41
−1,410
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
City Gas
Revenue, ₹ crore
5,476
5,317
4,218
7,222
11,287
11,852
6,054
7,401
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
138
221
252
470
429
561
742
699
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
LPG and Liquid Hydrocarbons
Revenue, ₹ crore
5,083
4,234
3,294
4,865
5,570
5,076
5,180
4,293
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,547
1,581
1,303
2,900
1,228
770
1,149
489
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other Segment
Revenue, ₹ crore
4,244
1,052
901
915
1,214
1,102
1,166
1,238
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
96
562
383
342
514
319
468
453
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
LPG Transmission
Revenue, ₹ crore
624
636
667
669
722
732
835
916
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
301
331
351
335
369
317
421
456
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	94,670	93,917	74,830	1,18,544	1,89,438	1,64,238	1,76,739	1,77,342
Company revenue, as in its results	76,234	72,568	57,428	92,874	1,45,875	1,33,500	1,42,291	1,42,094
Revenue	–	–	–	–	–	–	1,55,416	1,55,919
Profit	–	–	–	–	–	–	13,284	9,404
Margin	–	–	–	–	–	–	8.5%	6.0%
Return on capital	–	–	–	–	–	–	25.6%	18.8%
Assets	–	–	–	–	–	–	73,606	70,560
Liabilities	–	–	–	–	–	–	21,783	20,462
Capital employed	–	–	–	–	–	–	51,823	50,098
Revenue	6,704	5,432	7,061	8,549	4,917	7,753	8,088	7,574
Revenue growth	–	−19.0%	30.0%	21.1%	−42.5%	57.7%	4.3%	−6.4%
Profit	385	−246	1,065	1,245	−1,061	125	−41	−1,410
Profit growth	–	–	–	16.9%	–	–	–	–
Margin	5.7%	−4.5%	15.1%	14.6%	−21.6%	1.6%	−0.5%	−18.6%
Return on capital	–	−2.6%	11.7%	14.1%	−10.3%	0.7%	−0.2%	−5.7%
Assets	–	10,001	9,665	9,497	11,176	19,216	22,804	25,894
Liabilities	–	466	556	637	895	1,468	1,577	1,348
Capital employed	–	9,535	9,109	8,861	10,281	17,748	21,227	24,546
Revenue	5,476	5,317	4,218	7,222	11,287	11,852	6,054	7,401
Revenue growth	–	−2.9%	−20.7%	71.2%	56.3%	5.0%	–	22.3%
Profit	138	221	252	470	429	561	742	699
Profit growth	–	60.1%	13.9%	86.4%	−8.7%	30.6%	–	−5.9%
Margin	2.5%	4.2%	6.0%	6.5%	3.8%	4.7%	12.3%	9.4%
Return on capital	–	8.0%	7.3%	10.4%	7.3%	8.3%	10.6%	9.1%
Assets	–	3,450	4,285	5,648	7,002	7,931	8,253	9,077
Liabilities	–	689	847	1,141	1,111	1,176	1,246	1,409
Capital employed	–	2,761	3,438	4,508	5,891	6,755	7,007	7,668
Revenue	5,083	4,234	3,294	4,865	5,570	5,076	5,180	4,293
Revenue growth	–	−16.7%	−22.2%	47.7%	14.5%	−8.9%	2.1%	−17.1%
Profit	2,547	1,581	1,303	2,900	1,228	770	1,149	489
Profit growth	–	−37.9%	−17.5%	122.5%	−57.6%	−37.4%	49.3%	−57.4%
Margin	50.1%	37.3%	39.6%	59.6%	22.1%	15.2%	22.2%	11.4%
Return on capital	–	197.2%	173.1%	267.2%	92.9%	55.3%	73.9%	25.8%
Assets	–	963	927	1,273	1,492	1,755	1,748	2,115
Liabilities	–	162	174	188	169	364	193	221
Capital employed	–	801	753	1,085	1,323	1,391	1,555	1,894
Revenue	4,244	1,052	901	915	1,214	1,102	1,166	1,238
Revenue growth	–	−75.2%	−14.3%	1.5%	–	–	–	–
Profit	96	562	383	342	514	319	468	453
Profit growth	–	487.7%	−31.8%	−10.9%	–	–	–	–
Margin	2.3%	53.4%	42.5%	37.3%	42.3%	28.9%	40.1%	36.6%
Return on capital	–	38.9%	26.8%	21.0%	29.9%	20.3%	28.7%	28.0%
Assets	–	1,637	1,593	1,824	2,014	1,858	1,892	2,043
Liabilities	–	193	161	201	298	284	264	422
Capital employed	–	1,444	1,432	1,623	1,716	1,574	1,629	1,621
Revenue	624	636	667	669	722	732	835	916
Profit	301	331	351	335	369	317	421	456
Margin	48.3%	52.0%	52.7%	50.1%	51.1%	43.3%	50.5%	49.7%
Return on capital	–	34.4%	36.7%	36.4%	40.3%	36.0%	49.0%	56.2%
Assets	–	1,086	1,090	1,058	1,030	1,029	1,016	963
Liabilities	–	124	132	137	115	148	156	153
Capital employed	–	962	958	921	915	882	859	810
Revenue	–	77,246	58,689	96,325	1,65,729	1,37,723	–	–
Revenue growth	–	–	−24.0%	64.1%	72.1%	−16.9%	–	–
Profit	–	6,178	3,243	9,226	5,148	10,677	–	–
Profit growth	–	–	−47.5%	184.5%	−44.2%	107.4%	–	–
Margin	–	8.0%	5.5%	9.6%	3.1%	7.8%	–	–
Return on capital	–	17.7%	9.1%	21.6%	10.5%	21.0%	–	–
Assets	–	45,695	48,457	57,974	66,252	69,245	–	–
Liabilities	–	10,805	12,827	15,321	17,157	18,520	–	–
Capital employed	–	34,890	35,630	42,653	49,094	50,726	–	–
Revenue	72,539	–	–	–	–	–	–	–
Profit	6,183	–	–	–	–	–	–	–
Margin	8.5%	–	–	–	–	–	–	–
Revenue	9	9	1	5	2	1	1	1
Profit	0	0	0	0	0	0	0	0
Assets	0	12,081	15,369	19,284	18,815	23,682	23,830	29,884
Liabilities	0	13,120	13,410	14,630	22,927	25,561	22,690	27,229

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

Profit and loss

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

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 24 Jun	Mar 2021Filed 10 Jun	Mar 2022Filed 28 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 21 May
Revenue from operations	49,334	54,694	76,234	72,568	57,428	92,874	1,45,875	1,33,500	1,42,291	1,42,094
	42,740	46,915	66,567	63,543	50,185	77,722	1,38,387	1,19,203	1,26,860	1,30,584
Materials and goods bought	36,442	40,828	59,340	56,862	43,725	70,107	1,28,831	1,07,955	1,15,738	1,17,396
Employee costs	–	–	1,863	1,634	1,646	1,816	1,902	2,274	2,236	2,079
Other expenses	–	–	5,363	5,047	4,813	5,800	7,653	8,975	8,885	11,109
Operating profit before depreciation	6,594	7,779	9,668	9,025	7,244	15,152	7,488	14,296	15,432	11,510
Operating margin	13.4%	14.2%	12.7%	12.4%	12.6%	16.3%	5.1%	10.7%	10.8%	8.1%
Materials, % of revenue	–	–	77.8%	78.4%	76.1%	75.5%	88.3%	80.9%	81.3%	82.6%
Employee costs, % of revenue	–	–	2.4%	2.3%	2.9%	2.0%	1.3%	1.7%	1.6%	1.5%
Other expenses, % of revenue	–	–	7.0%	7.0%	8.4%	6.2%	5.2%	6.7%	6.2%	7.8%
Depreciation and amortisation	1,543	1,527	1,667	2,080	2,174	2,420	2,702	3,672	3,799	3,835
Operating profit after depreciation	5,051	6,252	8,001	6,945	5,070	12,731	4,786	10,624	11,633	7,675
Other income	1,006	813	1,214	1,546	1,120	1,172	1,328	1,008	1,268	1,510
Finance costs	511	295	159	309	179	202	367	719	748	964
Profit before one-off items and tax	5,547	6,770	9,056	8,182	6,011	13,701	5,748	10,913	12,152	8,221
One-off items	211	0	775	0	0	1,762	0	0	2,440	0
Profit before tax	5,757	6,770	9,831	8,182	6,011	15,464	5,748	10,913	14,592	8,221
	1,809	2,123	3,278	914	1,583	3,160	1,660	2,692	3,633	2,144
Current tax	–	–	2,468	2,116	1,592	3,256	1,356	2,681	3,460	1,276
Deferred tax	–	–	810	−1,202	−9	−96	305	12	172	868
Share of profit of joint ventures and associates	−574	–	–	2,247	1,715	–	1,508	1,682	1,503	1,504
	3,374	4,805	6,553	9,515	6,143	12,304	5,596	9,903	12,463	7,582
Belonging to the company's shareholders	3,374	4,805	6,546	9,422	6,136	12,256	5,616	9,899	12,450	7,582
Belonging to outside owners of subsidiaries	–	–	7	93	6	48	−20	4	13	−1
Other comprehensive income	–	–	−123	−2,733	1,326	2,670	−583	3,139	−511	733
Total comprehensive income	–	–	6,430	6,782	7,469	14,973	5,013	13,042	11,952	8,315
Net margin	6.8%	8.8%	8.6%	13.1%	10.7%	13.2%	3.8%	7.4%	8.8%	5.3%
Net margin without joint ventures and associates	8.0%	–	–	10.0%	7.7%	–	2.8%	6.2%	7.7%	4.3%

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. Share of profit of joint ventures and associates is left blank for the year to Mar 2022: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 24 Jun	Mar 2021Filed 10 Jun	Mar 2022Filed 28 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 21 May
	46,050	49,355	53,280	64,305	65,107	77,196	85,240	89,292
	46,004	49,268	53,182	64,114	64,927	76,997	84,998	89,050
Share capital	2,255	4,510	4,440	4,440	6,575	6,575	6,575	6,575
Reserves	43,749	44,758	48,742	59,674	58,352	70,422	78,422	82,475
Belonging to outside owners of subsidiaries	46	87	97	191	180	199	243	242
	2,071	6,338	6,760	7,830	16,275	18,608	16,307	19,964
Repayable after a year	1,028	3,773	5,237	5,468	8,880	12,806	10,781	13,628
Repayable within a year	1,043	2,564	1,523	2,362	7,395	5,802	5,526	6,336
	10,660	12,476	12,552	15,093	21,711	21,641	21,900	23,281
Trade payables	3,876	3,922	4,453	5,361	7,144	6,640	7,760	6,104
Other financial liabilities	3,789	4,033	4,486	4,725	4,463	6,328	5,969	8,122
Other liabilities	573	1,182	1,262	1,771	1,780	1,795	1,558	1,794
Provisions	755	775	829	873	929	1,076	980	923
Tax owed	624	–	–	0	0	0	107	3
	11,697	13,083	15,553	17,161	20,963	25,881	26,009	27,964
Other financial liabilities	745	964	1,143	1,694	1,851	3,049	5,047	4,164
Other liabilities	2,564	3,768	4,527	5,124	5,028	4,948	4,926	5,040
Provisions	702	539	557	676	809	942	994	19
Deferred tax	6,510	4,039	4,088	4,199	4,395	4,136	4,260	5,113
Trade payables	148	–	–	0	0	0	–	–
Total assets	68,407	74,914	81,385	96,559	1,07,781	1,24,717	1,33,149	1,40,537
	57,359	62,920	70,518	80,252	87,250	1,04,445	1,11,647	1,20,775
Plant in use, after depreciation	31,288	35,897	37,953	40,410	44,651	47,957	49,353	59,424
Plant being built	9,738	11,666	13,400	15,490	16,647	23,627	27,421	24,072
Intangible assets	1,413	2,333	3,208	4,162	5,046	7,232	6,158	5,777
Goodwill	0	0	0	0	0	0	3,325	3,465
Investments	10,626	0	0	16,408	17,248	21,910	14,639	16,873
Loans given	669	556	390	285	281	306	329	341
Other financial assets	165	10,007	12,945	1,144	551	329	8,233	9,708
Deferred tax	1,486	676	414	432	744	888	0	–
Trade receivables	1,012	1,030	1,093	1,056	1,048	1,050	1,047	0
Other assets	963	754	1,115	865	1,034	1,147	1,143	1,113
	11,049	11,994	10,867	16,307	20,531	20,272	21,502	19,762
Inventories	2,503	3,183	2,990	3,577	5,918	5,970	6,250	5,155
Trade receivables	4,363	4,818	3,502	7,447	10,680	9,580	9,436	8,605
Cash and cash equivalents	297	624	1,507	1,520	244	1,146	1,317	959
Other bank balances	1,128	626	518	1,284	859	566	1,403	1,167
Current investments	0	0	468	0	0	0	0	0
Loans given	824	1,070	686	100	68	73	74	75
Other financial assets	299	766	487	1,679	1,824	1,540	1,151	1,182
Tax paid in advance	–	–	–	0	0	0	24	8
Other assets	1,635	907	710	701	938	1,396	1,845	2,610
Net debt	646	5,087	4,267	5,026	15,172	16,896	13,587	17,838

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 10 Jun	Mar 2022Filed 28 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 21 May
	8,993	9,629	3,205	12,586	15,735	11,249
	10,295	12,913	4,818	15,860	18,225	13,026
	2,381	−3,334	−3,103	1,222	1,639	240
Receivables	1,942	−5,942	−2,344	1,426	452	673
Inventories	192	−591	−2,341	−45	289	1,089
Payables	286	2,985	1,256	−212	820	−1,117
Other working capital	−40	215	326	53	77	−406
Tax paid	−1,302	−3,284	−1,614	−3,274	−2,490	−1,778
Capital spending	5,697	6,971	8,831	12,501	7,930	8,806
Free cash flow	3,296	2,657	−5,626	85	7,805	2,442
	−4,693	−5,646	−7,640	−8,273	−6,738	−9,154
Plant and property sold	13	33	77	14	13	9
Interest received	436	93	128	346	376	257
Dividends received	89	285	292	459	483	478
	−3,471	−3,916	2,972	−3,457	−8,941	−2,750
Borrowings raised	3,924	2,240	10,522	13,060	7,713	6,143
Borrowings repaid	−3,349	−1,614	−2,077	−10,727	−10,014	−2,486
Interest paid	−350	−363	−679	−1,398	−1,486	−1,446
Lease payments	−177	−217	−313	−788	−912	−1,018
Dividends paid	2,238	3,995	3,069	3,621	4,275	3,945
Shares bought back	1,281	0	1,329	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	830	67	−1,463	855	56	−655

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.GAIL (India) dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 24 Jun	Mar 2021Filed 10 Jun	Mar 2022Filed 28 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 21 May
	–	₹7.09	–	₹13.93	₹9.07	₹18.40	₹8.52	₹15.06	₹18.93	₹11.53
As stated that year	–	₹21.28	–	₹20.89	₹13.61	₹27.60	₹8.52	₹15.06	₹18.93	₹11.53
	–	₹7.09	–	₹13.93	₹9.07	₹18.40	₹8.52	₹15.06	₹18.93	₹11.53
As stated that year	–	₹21.28	–	₹20.89	₹13.61	₹27.60	₹8.52	₹15.06	₹18.93	₹11.53
	₹2.27	₹2.39	₹2.67	₹4.27	₹3.33	₹6.67	₹4.00	₹5.50	₹7.50	₹5.50
As declared that year	–	–	–	₹6.40	₹5.00	₹10.00	₹4.00	₹5.50	₹7.50	₹5.50
	–	–	₹67.42	₹72.83	₹79.85	₹96.26	₹98.75	₹117.10	₹129.27	₹135.43
On that year's share count	–	–	₹202.27	₹109.24	₹119.77	₹144.39	₹98.75	₹117.10	₹129.27	₹135.43
Dividend payout	45.5%	33.7%	27.9%	30.6%	36.2%	36.2%	46.8%	36.5%	39.6%	47.7%
Shareholder yield	–	–	–	–	5.8%	5.8%	6.4%	3.0%	3.6%	4.4%
Market cap at the year end (₹ crore)	63,754	74,090	78,398	34,525	61,112	69,115	69,137	1,19,042	1,20,351	90,546

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. The dividend as declared is blank for the years to Mar 2017, Mar 2018 and Mar 2019: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure. As stated that year and earnings per share are left blank for the year to Mar 2019: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

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

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 24 Jun	Mar 2021Filed 10 Jun	Mar 2022Filed 28 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 21 May
Revenue growth	−10.1%	10.9%	39.4%	−4.8%	−20.9%	61.7%	57.1%	−8.5%	6.6%	−0.1%
Operating profit growth	29.4%	18.0%	24.3%	−6.6%	−19.7%	109.2%	−50.6%	90.9%	7.9%	−25.4%
Net profit growth	49.8%	42.4%	36.4%	45.2%	−35.4%	100.3%	−54.5%	77.0%	25.9%	−39.2%
Earnings per share growth	–	–	–	–	−34.8%	102.8%	−53.7%	76.8%	25.7%	−39.1%
	–	–	14.2%	19.8%	12.0%	20.9%	8.7%	14.0%	15.4%	8.7%
	–	–	–	5.6 pts	−7.8 pts	8.9 pts	−12.2 pts	5.2 pts	1.4 pts	−6.7 pts
From the net margin	–	–	–	7.3 pts	−3.5 pts	2.8 pts	−14.8 pts	8.1 pts	2.5 pts	−6.0 pts
From asset turnover	–	–	–	−2.0 pts	−4.5 pts	6.2 pts	2.2 pts	−3.3 pts	−0.6 pts	−0.6 pts
From borrowing	–	–	–	0.2 pts	0.2 pts	−0.1 pts	0.4 pts	0.5 pts	−0.4 pts	−0.1 pts
Return on capital employed	–	–	16.6%	12.5%	8.4%	17.6%	5.9%	11.1%	11.5%	7.0%
Cash conversion	–	–	–	–	146.4%	78.3%	57.3%	127.1%	126.3%	148.4%
Interest cover	9.9	21.2	50.3	22.5	28.3	62.9	13.1	14.8	15.6	8.0
Debt to equity	–	–	0.05	0.13	0.13	0.12	0.25	0.24	0.19	0.22
Receivable days	–	–	21	24	22	29	27	26	24	22
Inventory days	–	–	15	20	25	19	17	20	20	16
Payable days	–	–	24	25	37	28	20	22	24	19
Cash conversion cycle, days	–	–	12	19	10	20	23	24	19	19
Working capital days	–	–	0	4	−17	3	13	7	6	2
Asset turnover	–	–	1.11	1.01	0.73	1.04	1.43	1.15	1.10	1.04
Assets per rupee of net worth	–	–	1.49	1.50	1.53	1.52	1.58	1.64	1.59	1.57
Sales per rupee of plant	–	–	2.44	2.02	1.51	2.30	3.27	2.78	2.88	2.39
Capital spending to depreciation	–	–	–	–	2.62	2.88	3.27	3.40	2.09	2.30
Plant being built, % of plant in use	–	–	31.1%	32.5%	35.3%	38.3%	37.3%	49.3%	55.6%	40.5%

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: 5.5%
Cash from operations against operating profit: 97.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.0%	19.9%	−0.9%
Profit growth, yearly rate	12.9%	4.3%	10.5%
Return on equity, average	–	13.5%	12.7%
Return on capital employed, average	–	10.6%	9.9%
Operating margin, average	11.6%	10.2%	9.9%
Net margin, average	8.7%	7.7%	7.2%
Asset turnover, average	–	1.15	1.10
Cash conversion cycle, days, average	–	21	21
Interest cover, average	24.6	22.8	12.8
Debt to equity, average	–	0.21	0.22

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	52,403	39,569	11,249
Cash from investing	−37,451	−24,165	−9,154
Cash from financing	−16,092	−15,148	−2,750
Capital spending	45,039	29,237	8,806
Dividends paid	18,905	11,840	3,945
Shares bought back	1,329	0	0
Shares issued for cash	0	0	0
Borrowings raised	39,678	26,916	6,143
Borrowings repaid	26,918	23,227	2,486

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	3	6	7	4
Altman Z-scorePublished threshold 1.81	–	–	4.62	2.98	3.05	3.66	3.26	3.66	3.78	3.08
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.03	−1.64	−1.57	−2.92	−2.48	−2.78
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	2.36	9.35	9.82	4.81	2.69	4.01
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.91	0.91	1.13	1.32
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	15.24	−6.47	50.95	−13.65	−1.81	−8.09	−8.67
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	31.36	17.03	−40.71	−18.30	17.08	−2.52	−18.95
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.36	−0.83	1.27	0.26	0.13	0.06	0.55
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.74	3.17	3.18	2.40	3.39	5.28	1.73
Effective tax ratePublished threshold 17.16 per cent	31.43	31.36	33.35	11.17	26.33	20.43	28.89	24.67	24.89	26.08
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.80	0.81	−5.33	7.83	4.45

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 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	4,000
30 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAAReview, Re-affirm	Stable	3,000
6 Aug 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LCLong and short-term scales	CARE AAA / CARE A1+Review, Re-affirm	Stable	1,500
6 Aug 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LCLong and short-term scales	CARE AAA / CARE A1+Review, Re-affirm	Stable	1,000
6 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE AAAReview, Re-affirm	Stable	7,000
6 Aug 2026	CARE Ratings Limited (opens in a new tab)	BondsLong-term scale	CARE AAAReview, Re-affirmProposed	Stable	925
6 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital LimitsLong and short-term scales	CARE AAA / CARE A1+Review, Re-affirm	Stable	1,000
6 Aug 2026	CARE Ratings Limited (opens in a new tab)	BondsLong-term scale	CARE AAAReview, Re-affirm	Stable	1,575
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Demand loanLong and short-term scales	WithdrawnWithdrawn
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/STLong and short-term scales	WithdrawnWithdrawn
21 Jan 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AAAReview, Re-affirm	Stable
21 Jan 2026	India Ratings and Research Private Limited (opens in a new tab)	Bond	IND AAAReview, Re-affirm	Stable	1,575
21 Jan 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAA; IND A1+Review, Re-affirm	Stable	22,600
5 Dec 2025	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AAA /[ICRA]A1+Review, Other	Stable	1,612

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