GMM Pfaudler financials and balance sheet

NSE: GMMPFAUDLRBSE: 505255Industrial ManufacturingSmall Cap

₹1,211.00₹64.00 (5.02%)BSE ₹1,208.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,275.00.

52-week range of traded prices to 23 Oct 2026

₹735.00Low, 11 Jun 2026₹1,533.60High, 21 Sep 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results.

Market cap: ₹5,444 Cr848th largest listed
P/E: Earlier quarters restated in the year
P/B: 4.5
Dividend yield: 0.17%
ROCE: 11.6%
Debt to equity: 0.68
Volume, NSE: 2,70,00055.3% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,524 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 7.5% 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

Revenue3,524
Materials and goods−1,395
Employee costs−1,007
Other expenses−719
Operating profit403
Depreciation−158
Other income+45
One-off items−65
Finance costs−123
Profit before tax102
Tax−50
Net profit52

What the company owns

Plant, investments and other assets₹2,234 Cr
Cash and bank₹688 Cr
Inventory₹637 Cr
Receivables₹465 Cr

What pays for it: net worth and liabilities

Other liabilities₹1,485 Cr
Net worth₹1,233 Cr
Borrowings₹835 Cr
Owed to suppliers₹471 Cr

GMM Pfaudler 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.GMM Pfaudler segment results by quarter

Revenue by segment

₹3,524 CrTotal

Overseas₹2,548 Cr72.3% of total
India₹976 Cr27.7% of total

Profit by segment

Overseas₹112 Cr49.6% of total
India₹113 Cr50.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Overseas
Revenue, ₹ crore
385
1,834
2,234
2,550
2,345
2,548
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−34
36
178
238
122
112
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
India
Revenue, ₹ crore
617
706
943
896
854
976
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
112
122
163
113
78
113
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	503	591	1,001	2,541	3,178	3,446	3,199	3,524
Company revenue, as in its results	503	591	1,001	2,541	3,178	3,446	3,199	3,524
Revenue	–	–	385	1,834	2,234	2,550	2,345	2,548
Revenue growth	–	–	–	377.0%	21.8%	14.1%	−8.0%	8.6%
Profit	–	–	−34	36	178	238	122	112
Profit growth	–	–	–	–	390.3%	33.3%	−48.8%	−8.2%
Margin	–	–	−8.9%	2.0%	8.0%	9.3%	5.2%	4.4%
Return on capital	–	–	−10.2%	9.2%	27.1%	29.5%	15.5%	12.0%
Assets	–	–	1,929	2,082	2,602	2,536	2,431	3,240
Liabilities	–	–	1,593	1,685	1,943	1,731	1,648	2,313
Capital employed	–	–	336	397	659	806	783	927
Revenue	–	–	617	706	943	896	854	976
Revenue growth	–	–	–	14.6%	33.5%	−5.0%	−4.8%	14.4%
Profit	–	–	112	122	163	113	78	113
Profit growth	–	–	–	8.2%	34.4%	−31.2%	−30.8%	45.4%
Margin	–	–	18.2%	17.2%	17.3%	12.6%	9.1%	11.6%
Return on capital	–	–	57.9%	44.8%	104.5%	66.7%	31.6%	37.0%
Assets	–	–	488	645	752	621	672	783
Liabilities	–	–	294	374	596	452	426	477
Capital employed	–	–	194	271	157	169	246	306
Revenue	285	355	–	–	–	–	–	–
Revenue growth	–	24.5%	–	–	–	–	–	–
Profit	56	80	–	–	–	–	–	–
Profit growth	–	43.1%	–	–	–	–	–	–
Margin	19.5%	22.4%	–	–	–	–	–	–
Return on capital	–	101.0%	–	–	–	–	–	–
Assets	–	159	–	–	–	–	–	–
Liabilities	–	80	–	–	–	–	–	–
Capital employed	–	79	–	–	–	–	–	–
Revenue	162	186	–	–	–	–	–	–
Revenue growth	–	14.7%	–	–	–	–	–	–
Profit	20	25	–	–	–	–	–	–
Profit growth	–	25.1%	–	–	–	–	–	–
Margin	12.2%	13.3%	–	–	–	–	–	–
Return on capital	–	22.5%	–	–	–	–	–	–
Assets	–	192	–	–	–	–	–	–
Liabilities	–	82	–	–	–	–	–	–
Capital employed	–	110	–	–	–	–	–	–
Revenue	55	50	–	–	–	–	–	–
Revenue growth	–	−9.3%	–	–	–	–	–	–
Profit	6	5	–	–	–	–	–	–
Profit growth	–	−19.4%	–	–	–	–	–	–
Margin	11.6%	10.3%	–	–	–	–	–	–
Return on capital	–	7.6%	–	–	–	–	–	–
Assets	–	83	–	–	–	–	–	–
Liabilities	–	15	–	–	–	–	–	–
Capital employed	–	68	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.GMM Pfaudler quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 25 May	Mar 2021Filed 29 May	Mar 2022Filed 26 May	Mar 2023Filed 26 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Revenue from operations	353	411	503	591	1,001	2,541	3,178	3,446	3,199	3,524
	–	349	426	480	862	2,257	2,746	2,970	2,838	3,121
Materials and goods bought	149	169	233	254	448	1,014	1,282	1,379	1,257	1,395
Employee costs	–	–	73	88	207	713	792	904	892	1,007
Other expenses	–	–	120	138	207	529	673	687	688	719
Operating profit before depreciation	–	62	77	111	139	284	431	477	361	403
Operating margin	–	15.1%	15.3%	18.8%	13.8%	11.2%	13.6%	13.8%	11.3%	11.4%
Materials, % of revenue	–	–	46.3%	43.0%	44.7%	39.9%	40.3%	40.0%	39.3%	39.6%
Employee costs, % of revenue	–	–	14.4%	14.9%	20.7%	28.1%	24.9%	26.2%	27.9%	28.6%
Other expenses, % of revenue	–	–	23.9%	23.3%	20.7%	20.8%	21.2%	19.9%	21.5%	20.4%
Depreciation and amortisation	8	10	11	21	51	133	119	147	144	158
Operating profit after depreciation	–	52	66	90	88	151	312	330	217	245
Other income	8	9	8	6	23	7	52	20	30	45
Finance costs	–	1	1	3	10	25	67	95	103	123
Profit before one-off items and tax	47	61	73	92	101	133	297	255	144	167
One-off items	0	0	0	0	−34	0	−22	0	−48	−65
Profit before tax	47	61	73	92	68	133	275	255	96	102
	14	18	23	21	4	58	62	81	47	50
Current tax	15	15	22	21	31	57	82	95	69	73
Deferred tax	−1	3	0	0	−26	1	−20	−13	−22	−23
	33	43	51	71	63	75	214	174	49	52
Belonging to the company's shareholders	33	43	51	71	73	85	204	179	53	58
Belonging to outside owners of subsidiaries	–	–	0	0	−10	−10	10	−5	−4	−6
Other comprehensive income	–	–	0	11	24	73	108	−5	14	136
Total comprehensive income	–	–	50	82	87	149	321	169	63	188
Net margin	9.4%	10.4%	10.1%	12.0%	6.3%	3.0%	6.7%	5.1%	1.5%	1.5%

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. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 12 Jun	Mar 2020Filed 25 May	Mar 2021Filed 29 May	Mar 2022Filed 26 May	Mar 2023Filed 26 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
	269	343	530	668	815	974	1,030	1,233
	269	343	407	527	804	968	1,023	1,205
Share capital	3	3	3	3	9	9	9	9
Reserves	266	340	404	524	795	959	1,014	1,196
Belonging to outside owners of subsidiaries	0	–	123	141	11	6	7	28
	0	11	458	505	797	712	651	835
Repayable after a year	0	0	443	450	641	501	434	545
Repayable within a year	0	11	15	55	156	211	217	290
	145	164	802	1,049	1,391	1,153	1,131	1,515
Trade payables	64	64	296	391	537	402	401	471
Other financial liabilities	9	19	83	57	82	104	100	135
Other liabilities	66	65	293	415	427	264	246	387
Provisions	3	5	97	126	179	159	161	216
Tax owed	2	–	18	5	9	14	6	16
	21	36	1,085	988	1,149	1,030	943	1,274
Other financial liabilities	0	18	122	109	143	156	160	161
Other liabilities	0	0	12	15	1	3	2	59
Provisions	15	13	456	365	293	300	286	396
Deferred tax	5	5	52	49	71	70	62	114
Liabilities going with businesses held for sale	–	–	–	22	–	0	–	1
	434	543	2,417	2,728	3,355	3,157	3,103	4,024
Held for sale or for a demerger	–	–	–	127	–	–	46	0
	89	154	1,087	1,039	1,285	1,305	1,219	1,598
Plant in use, after depreciation	60	87	381	382	412	410	366	411
Plant being built	5	2	4	13	13	27	12	20
Intangible assets	5	18	453	554	652	688	690	857
Goodwill	12	20	64	66	149	135	109	230
Intangible assets being developed	0	0	0	0	0	0	0	0
Investments	0	0	0	0	0	0	0	3
Loans given	0	0	0	2	2	1	1	1
Other financial assets	2	3	3	5	8	5	5	7
Deferred tax	1	1	35	10	12	12	13	35
Other assets	4	23	146	7	36	26	24	34
	345	390	1,331	1,561	2,070	1,852	1,837	2,426
Inventories	115	126	585	670	771	625	540	637
Trade receivables	67	74	310	356	436	433	387	465
Cash and cash equivalents	75	48	243	291	311	320	445	635
Other bank balances	0	29	49	37	60	24	22	52
Current investments	47	36	1	0	0	0	0	0
Loans given	8	17	0	0	1	4	3	3
Other financial assets	24	42	74	88	291	305	312	496
Other assets	8	18	69	119	200	142	129	137
Net debt	−123	−101	165	177	425	368	184	147

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 29 May	Mar 2022Filed 26 May	Mar 2023Filed 26 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
	157	236	185	284	378	389
	168	308	259	378	455	457
	16	−83	−221	−124	91	49
Receivables	−56	0	−299	58	52	−227
Inventories	62	−122	−62	151	69	−82
Payables	−4	0	0	0	0	357
Other working capital	14	39	140	−333	−31	2
Tax paid	−22	−72	−75	−94	−77	−69
Capital spending	79	132	69	64	63	78
Free cash flow	78	105	116	220	315	311
	−66	−117	−311	−32	−52	−154
Plant and property sold	2	3	45	1	3	56
Companies bought	−24	0	−264	−23	0	−108
Interest received	3	0	0	14	6	10
	105	−55	130	−244	−201	−44
Borrowings raised	153	131	566	250	149	341
Borrowings repaid	−22	−136	−340	−351	−216	−234
Interest paid	−8	−19	−58	−88	−79	−87
Lease payments	−10	−25	−29	−46	−50	−55
Dividends paid	7	7	9	9	9	9
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	4	0
Net change in cash	196	65	4	8	125	191

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.GMM Pfaudler dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 25 May	Mar 2021Filed 29 May	Mar 2022Filed 26 May	Mar 2023Filed 26 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
	₹7.59	₹9.73	₹11.53	₹16.22	₹16.73	₹19.39	₹37.52	₹39.80	₹11.78	₹12.86
As stated that year	₹22.76	₹29.20	₹34.60	₹48.66	₹50.19	₹58.18	₹37.52	₹39.80	₹11.78	₹12.86
	₹7.59	₹9.73	₹11.53	₹16.22	₹16.73	₹19.39	₹37.51	₹39.79	₹11.78	₹12.86
As stated that year	₹22.76	₹29.20	₹34.60	₹48.66	₹50.19	₹58.17	₹37.51	₹39.79	₹11.78	₹12.86
	–	₹0.63	₹1.50	₹1.67	₹1.67	₹2.00	₹2.00	₹2.00	₹2.00	₹2.00
As declared that year	–	₹1.90	₹4.50	₹5.00	₹5.00	–	₹2.00	₹2.00	₹2.00	₹2.00
	–	–	₹61.34	₹78.21	₹92.86	₹120.34	₹178.84	₹215.31	₹227.54	₹267.96
On that year's share count	–	–	₹184.01	₹234.64	₹278.58	₹361.03	₹178.84	₹215.31	₹227.54	₹267.96
Dividend payout	–	6.5%	13.0%	10.3%	10.0%	10.3%	4.4%	5.0%	17.0%	15.5%
Shareholder yield	–	–	–	–	0.1%	0.1%	0.1%	0.2%	0.1%	0.2%
Market cap at the year end (₹ crore)	761	1,002	1,768	3,673	6,295	6,659	6,591	5,556	4,558	3,565

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 year to Mar 2022: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.GMM Pfaudler PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 25 May	Mar 2021Filed 29 May	Mar 2022Filed 26 May	Mar 2023Filed 26 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Revenue growth	20.9%	16.4%	22.3%	17.6%	69.4%	153.8%	25.1%	8.5%	−7.2%	10.2%
Operating profit growth	–	–	24.0%	44.4%	24.7%	104.8%	51.9%	10.6%	−24.3%	11.5%
Net profit growth	65.4%	28.3%	18.5%	40.6%	−10.9%	18.9%	183.3%	−18.5%	−71.8%	5.4%
Earnings per share growth	–	28.3%	18.5%	40.6%	3.1%	15.9%	93.5%	6.1%	−70.4%	9.2%
	–	–	18.8%	23.3%	19.6%	18.2%	30.6%	20.2%	5.3%	5.2%
	–	–	–	4.4 pts	−3.7 pts	−1.4 pts	12.4 pts	−10.4 pts	−14.9 pts	−0.1 pts
From the net margin	–	–	–	3.7 pts	−9.1 pts	−10.6 pts	16.7 pts	−5.8 pts	−13.8 pts	0.0 pts
From asset turnover	–	–	–	1.0 pts	−6.2 pts	4.1 pts	2.0 pts	0.3 pts	−0.2 pts	−0.2 pts
From borrowing	–	–	–	−0.2 pts	11.6 pts	5.2 pts	−6.3 pts	−4.9 pts	−0.9 pts	0.1 pts
Return on capital employed	–	–	24.5%	25.4%	8.9%	12.9%	19.3%	19.6%	12.9%	11.8%
Cash conversion	–	–	–	–	247.1%	313.7%	86.5%	163.1%	769.0%	750.3%
Interest cover	–	50.7	56.3	25.8	8.7	6.1	4.7	3.5	2.1	2.0
Debt to equity	–	–	0.00	0.03	0.86	0.76	0.98	0.73	0.63	0.68
Receivable days	–	–	49	46	113	51	50	46	44	48
Inventory days	–	–	181	181	477	241	220	165	157	167
Payable days	–	–	100	92	241	141	153	106	116	123
Cash conversion cycle, days	–	–	130	134	348	151	117	105	85	92
Working capital days	–	–	56	77	91	35	53	60	52	53
Asset turnover	–	–	1.16	1.21	0.68	0.99	1.04	1.06	1.02	0.99
Assets per rupee of net worth	–	–	1.62	1.60	3.95	5.51	4.57	3.68	3.14	3.20
Sales per rupee of plant	–	–	8.41	6.78	2.63	6.66	7.71	8.41	8.74	8.58
Capital spending to depreciation	–	–	–	–	1.56	0.99	0.58	0.43	0.44	0.49
Plant being built, % of plant in use	–	–	8.3%	1.8%	1.1%	3.3%	3.2%	6.7%	3.3%	4.8%

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: 1.6%
Cash from operations against operating profit: 96.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	28.3%	28.6%	3.5%
Profit growth, yearly rate	11.1%	−4.7%	−34.3%
Return on equity, average	–	15.9%	10.2%
Return on capital employed, average	–	15.3%	14.8%
Operating margin, average	13.8%	12.3%	12.2%
Net margin, average	6.6%	3.5%	2.7%
Asset turnover, average	–	1.02	1.02
Cash conversion cycle, days, average	–	110	94
Interest cover, average	17.8	3.7	2.5
Debt to equity, average	–	0.75	0.68

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	1,472	1,051	389
Cash from investing	−666	−238	−154
Cash from financing	−414	−489	−44
Capital spending	405	205	78
Dividends paid	42	26	9
Shares bought back	0	0	0
Shares issued for cash	4	4	0
Borrowings raised	1,437	740	341
Borrowings repaid	1,277	801	234

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	6	4	7	7	7
Altman Z-scorePublished threshold 1.81	–	–	9.54	14.03	3.02	3.56	3.42	3.68	3.29	2.51
Beneish M-scorePublished threshold −1.78	–	–	–	–	−0.25	−2.06	−2.29	−2.60	−3.08	−2.69
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.85	−1.73	11.18	−2.40	−8.84	−5.13
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.64	1.52	1.94	3.82
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−6.99	247.17	−138.72	−2.81	−9.08	−3.45	10.14
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−0.25	288.87	−112.00	−11.25	−26.52	−4.74	6.90
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	4.98	8.26	2.52	8.92	−1.30	−0.18	5.44
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.03	0.01	0.09	0.09	0.19	0.12	0.10
Effective tax ratePublished threshold 17.16 per cent	29.00	29.64	30.97	22.92	6.57	43.50	22.43	31.83	48.92	49.18
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−10.38	−4.64	−4.97	−30.72	−18.17

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
17 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		11.65
17 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Stable	17.65
9 Dec 2025	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		135
9 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA-Review, Re-affirm	Stable	131
9 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA-Review, Re-affirm	Stable	34

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