Godrej Agrovet financials and balance sheet

NSE: GODREJAGROBSE: 540743Food ProductsSmall Cap

₹607.50₹25.50 (4.03%)BSE ₹607.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹633.00.

52-week range of traded prices to 23 Oct 2026

₹506.10Low, 27 Jan 2026₹698.40High, 24 Sep 2026

Market cap: ₹11,689 Cr524th largest listed
P/E: 26.3
P/B: 5.8
Dividend yield: 1.81%
ROE: 20.1%
ROCE: 16.7%
Debt to equity: 0.68
Volume, NSE: 1,66,19649.1% delivered

9 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹10,233 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 2.1% 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

Revenue10,233
Materials and goods−7,576
Employee costs−635
Other expenses−1,158
Operating profit864
Depreciation−229
Other income+106
One-off items−30
Finance costs−138
Profit before tax572
Tax−167
Joint ventures+40
Net profit445

What the company owns

Plant, investments and other assets₹3,827 Cr
Inventory₹1,358 Cr
Receivables₹673 Cr
Cash and bank₹302 Cr
Current investments₹10 Cr

What pays for it: net worth and liabilities

Net worth₹2,164 Cr
Owed to suppliers₹1,651 Cr
Borrowings₹1,468 Cr
Other liabilities₹887 Cr

Godrej Agrovet 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.Godrej Agrovet segment results by quarter

Revenue by segment

₹10,642 CrTotal

Animal Nutrition₹4,942 Cr46.4% of total
Vegetable Oil₹1,998 Cr18.8% of total
Dairy₹1,589 Cr14.9% of total
Crop Care Business₹1,188 Cr11.2% of total
Poultry and processed food₹768 Cr7.2% of total
Others₹157 Cr1.5% of total

Profit by segment

Animal Nutrition₹347 Cr36.0% of total
Vegetable Oil₹386 Cr40.0% of total
Dairy₹20 Cr2.0% of total
Crop Care Business₹179 Cr18.6% of total
Poultry and processed food₹32 Cr3.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Animal Nutrition
Revenue, ₹ crore
3,046
3,718
3,093
4,350
4,957
5,008
4,781
4,942
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
129
154
191
233
176
231
291
347
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Vegetable Oil
Revenue, ₹ crore
679
674
710
1,265
1,298
1,221
1,433
1,998
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
113
89
84
241
249
173
231
386
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Dairy
Revenue, ₹ crore
1,161
1,193
1,032
1,175
1,501
1,573
1,585
1,589
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
15
0
11
−25
−44
31
43
20
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Crop Care Business
Revenue, ₹ crore
988
1,096
1,140
1,197
1,196
1,238
1,125
1,188
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
231
231
248
234
126
216
199
179
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Poultry and processed food
Revenue, ₹ crore
515
602
784
1,003
986
826
768
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−64
25
5
16
46
30
32
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
17
35
30
38
55
100
107
157
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
27
−8
−4
−8
−7
−15
−8
−2
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	5,892	7,366	6,618	8,809	10,010	10,126	9,857	10,642
Company revenue, as in its results	5,871	6,964	6,267	8,306	9,374	9,561	9,383	10,233
Revenue	3,046	3,718	3,093	4,350	4,957	5,008	4,781	4,942
Revenue growth	–	22.0%	−16.8%	40.6%	13.9%	1.0%	−4.5%	3.4%
Profit	129	154	191	233	176	231	291	347
Profit growth	–	19.6%	24.1%	22.2%	−24.5%	31.3%	25.9%	19.3%
Margin	4.2%	4.1%	6.2%	5.4%	3.6%	4.6%	6.1%	7.0%
Return on capital	148.8%	45.8%	19.7%	17.1%	13.3%	17.1%	30.1%	138.6%
Assets	1,114	1,297	1,365	1,778	1,805	1,871	1,616	1,629
Liabilities	1,028	962	395	412	481	515	648	1,379
Capital employed	86	336	970	1,366	1,324	1,355	968	251
Revenue	679	674	710	1,265	1,298	1,221	1,433	1,998
Revenue growth	–	−0.9%	5.4%	78.1%	2.7%	−6.0%	17.3%	39.4%
Profit	113	89	84	241	249	173	231	386
Profit growth	–	−21.3%	−6.3%	187.6%	3.4%	−30.5%	33.7%	66.8%
Margin	16.7%	13.3%	11.8%	19.0%	19.2%	14.2%	16.2%	19.3%
Return on capital	35.8%	28.4%	26.2%	75.3%	64.0%	37.4%	47.1%	65.5%
Assets	363	360	368	366	445	522	587	749
Liabilities	46	45	48	46	55	58	96	159
Capital employed	317	315	320	320	389	463	492	589
Revenue	1,161	1,193	1,032	1,175	1,501	1,573	1,585	1,589
Revenue growth	–	2.7%	−13.5%	13.8%	27.8%	4.8%	0.8%	0.2%
Profit	15	0	11	−25	−44	31	43	20
Profit growth	–	–	–	–	–	–	38.2%	−54.1%
Margin	1.3%	0.0%	1.0%	−2.1%	−2.9%	2.0%	2.7%	1.2%
Return on capital	3.1%	0.0%	2.3%	−5.8%	−11.5%	8.0%	10.0%	4.6%
Assets	758	806	809	819	809	848	788	790
Liabilities	284	335	342	397	429	460	359	364
Capital employed	473	472	467	422	380	388	430	426
Revenue	988	1,096	1,140	1,197	1,196	1,238	1,125	1,188
Revenue growth	–	11.0%	4.0%	5.0%	−0.1%	3.5%	−9.1%	5.6%
Profit	231	231	248	234	126	216	199	179
Profit growth	–	−0.1%	7.6%	−5.9%	−46.3%	72.5%	−7.9%	−10.1%
Margin	23.4%	21.1%	21.8%	19.5%	10.5%	17.5%	17.7%	15.1%
Return on capital	31.4%	26.3%	27.9%	22.8%	17.2%	37.9%	31.3%	19.1%
Assets	1,197	1,340	1,459	1,776	1,549	1,469	1,619	1,874
Liabilities	460	463	567	751	818	898	981	936
Capital employed	737	877	891	1,025	732	570	638	938
Revenue	–	515	602	784	1,003	986	826	768
Revenue growth	–	–	16.9%	30.1%	28.0%	−1.7%	−16.3%	−7.0%
Profit	–	−64	25	5	16	46	30	32
Profit growth	–	–	–	−78.7%	207.4%	187.7%	−34.6%	5.5%
Margin	–	−12.5%	4.1%	0.7%	1.6%	4.7%	3.7%	4.2%
Return on capital	–	−26.3%	9.5%	2.0%	6.0%	15.7%	9.7%	9.9%
Assets	–	445	437	462	520	517	493	506
Liabilities	–	199	177	200	251	221	181	183
Capital employed	–	246	260	262	270	296	312	323
Revenue	17	35	30	38	55	100	107	157
Revenue growth	–	–	–	–	–	–	–	47.8%
Profit	27	−8	−4	−8	−7	−15	−8	−2
Margin	151.9%	−23.7%	−13.1%	−21.3%	−12.4%	−14.6%	−7.2%	−1.1%
Return on capital	6.5%	−21.0%	−12.7%	−12.2%	−8.3%	−15.1%	−9.5%	−2.2%
Assets	567	91	106	110	130	130	128	122
Liabilities	159	51	75	43	49	33	48	40
Capital employed	408	40	31	67	81	97	80	82
Revenue	–	135	10	0	–	–	–	–
Revenue growth	–	–	−92.9%	–	–	–	–	–
Profit	–	78	2	0	–	–	–	–
Profit growth	–	–	−96.8%	–	–	–	–	–
Margin	–	58.0%	25.9%	–	–	–	–	–
Return on capital	–	52.9%	57.6%	0.0%	–	–	–	–
Assets	–	148	7	7	–	–	–	–
Liabilities	–	0	3	6	–	–	–	–
Capital employed	–	148	4	1	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Godrej Agrovet quarterly results

₹ crore	Mar 2018	Mar 2019Filed 7 May	Mar 2020Filed 12 May	Mar 2021Filed 8 May	Mar 2022Filed 10 May	Mar 2023Filed 10 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue from operations	5,206	5,871	6,964	6,267	8,306	9,374	9,561	9,383	10,233
	4,763	5,415	6,476	5,703	7,641	8,851	8,859	8,567	9,369
Materials and goods bought	3,954	4,574	5,376	4,608	6,305	7,389	7,244	6,946	7,576
Employee costs	–	294	354	376	439	453	539	535	635
Other expenses	–	547	745	719	897	1,008	1,076	1,086	1,158
Operating profit before depreciation	443	456	488	564	665	523	701	816	864
Operating margin	8.5%	7.8%	7.0%	9.0%	8.0%	5.6%	7.3%	8.7%	8.4%
Materials, % of revenue	–	77.9%	77.2%	73.5%	75.9%	78.8%	75.8%	74.0%	74.0%
Employee costs, % of revenue	–	5.0%	5.1%	6.0%	5.3%	4.8%	5.6%	5.7%	6.2%
Other expenses, % of revenue	–	9.3%	10.7%	11.5%	10.8%	10.8%	11.3%	11.6%	11.3%
Depreciation and amortisation	86	98	148	154	173	185	214	226	229
Operating profit after depreciation	357	358	340	410	492	337	487	590	635
Other income	32	53	47	40	80	108	41	43	106
Finance costs	45	34	42	46	63	99	108	133	138
Profit before one-off items and tax	344	377	346	403	509	346	421	500	602
One-off items	12	88	−10	0	−17	0	0	0	−30
Profit before tax	356	465	336	403	491	346	421	500	572
	121	128	48	106	122	82	113	150	167
Current tax	–	108	104	101	145	75	119	149	161
Deferred tax	–	20	−56	4	−23	7	−6	1	6
Share of profit of joint ventures and associates	16	12	13	50	50	32	52	54	40
	251	349	301	348	419	295	359	403	445
Belonging to the company's shareholders	231	329	306	314	403	302	360	430	473
Belonging to outside owners of subsidiaries	–	20	−6	34	17	−7	0	−26	–
Other comprehensive income	–	−1	−4	3	−2	−5	−2	−4	0
Total comprehensive income	–	348	297	350	417	291	358	399	446
Net margin	4.8%	6.0%	4.3%	5.5%	5.0%	3.2%	3.8%	4.3%	4.4%
Net margin without joint ventures and associates	4.5%	5.7%	4.1%	4.7%	4.4%	2.8%	3.2%	3.7%	4.0%

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.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 7 May	Mar 2020Filed 12 May	Mar 2021Filed 8 May	Mar 2022Filed 10 May	Mar 2023Filed 10 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	2,050	2,221	2,461	2,689	2,744	2,921	2,603	2,164
	1,649	1,838	2,051	2,268	2,338	2,517	2,381	2,032
Share capital	192	192	192	192	192	192	192	192
Reserves	1,457	1,646	1,859	2,076	2,145	2,324	2,189	1,840
Belonging to outside owners of subsidiaries	401	382	410	420	406	404	222	132
	388	618	943	1,566	1,321	1,309	1,281	1,468
Repayable after a year	64	43	149	47	55	293	456	817
Repayable within a year	324	576	794	1,519	1,267	1,016	825	652
	1,883	2,210	1,972	2,636	2,378	2,193	2,202	2,929
Trade payables	1,239	1,289	733	695	704	628	885	1,651
Other financial liabilities	218	226	299	203	223	264	263	364
Other liabilities	49	53	71	81	96	176	164	179
Provisions	41	43	61	133	85	69	33	50
Tax owed	13	25	13	4	2	40	31	33
	300	269	366	260	364	589	711	1,078
Other financial liabilities	1	22	19	34	109	108	90	75
Other liabilities	20	21	0	0	0	14	14	13
Provisions	7	8	9	7	6	7	9	25
Deferred tax	209	175	171	156	180	168	143	148
	4,234	4,700	4,799	5,584	5,486	5,703	5,516	6,170
Held for sale or for a demerger	–	–	–	–	–	–	7	14
	2,369	2,568	2,661	2,788	3,180	3,419	3,323	3,398
Plant in use, after depreciation	1,722	1,828	1,954	2,060	2,198	2,405	2,500	2,392
Plant being built	92	150	137	81	190	173	40	178
Intangible assets	64	64	62	62	71	69	68	69
Goodwill	265	265	265	265	265	265	265	265
Intangible assets being developed	1	3	5	9	15	18	24	23
Property held to earn rent	0	0	0	0	0	0	0	7
Investments	0	1	4	19	17	17	17	13
Stakes in joint ventures and associates	117	128	120	140	141	152	122	91
Loans given	19	25	23	1	68	63	31	35
Other financial assets	2	2	3	42	50	42	41	130
Deferred tax	4	28	20	27	42	37	11	9
Other assets	64	52	53	60	90	111	125	115
	1,864	2,132	2,138	2,796	2,305	2,284	2,187	2,759
Inventories	899	944	980	1,429	1,344	1,383	1,259	1,358
Trade receivables	735	854	823	951	574	519	572	673
Cash and cash equivalents	28	49	49	31	27	50	37	299
Other bank balances	2	2	2	3	3	3	3	3
Current investments	0	0	0	0	0	8	0	10
Loans given	18	19	27	40	5	19	24	10
Other financial assets	26	170	57	62	66	50	36	52
Other assets	157	95	201	280	287	252	256	353
Net debt	358	568	892	1,531	1,292	1,248	1,242	1,156

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 8 May	Mar 2022Filed 10 May	Mar 2023Filed 10 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	−2	−120	874	678	969	1,281
	110	33	967	802	1,116	1,441
	−533	−709	392	47	257	557
Receivables	−20	−183	346	27	−63	−87
Inventories	−93	−466	57	−42	120	−101
Payables	−544	−82	13	−73	263	767
Other working capital	125	23	−24	135	−63	−21
Tax paid	−112	−153	−93	−124	−147	−160
Capital spending	256	271	359	384	225	297
Free cash flow	−258	−391	515	294	745	984
	−187	−208	−284	−327	−82	−150
Plant and property sold	7	3	80	8	0	0
Interest received	3	4	11	10	13	8
Dividends received	60	30	7	48	67	71
	189	311	−594	−328	−901	−869
Borrowings raised	2,285	4,850	5,316	6,395	8,300	8,444
Borrowings repaid	−1,927	−4,273	−5,561	−6,408	−8,328	−8,258
Interest paid	−43	−60	−96	−101	−122	−129
Lease payments	0	−14	−15	−30	−32	−34
Dividends paid	112	159	184	184	192	212
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	37
Net change in cash	0	−17	−5	23	−13	262

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 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Godrej Agrovet dividend history

₹ per share	Mar 2018	Mar 2019Filed 7 May	Mar 2020Filed 12 May	Mar 2021Filed 8 May	Mar 2022Filed 10 May	Mar 2023Filed 10 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Earnings per share	₹12.02	₹16.99	₹15.94	₹16.34	₹20.96	₹15.71	₹18.71	₹22.35	₹24.58
Diluted earnings per share	₹12.02	₹16.99	₹15.94	₹16.33	₹20.95	₹15.71	₹18.71	₹22.34	₹24.57
Dividend per share	₹4.50	₹4.50	₹5.50	₹8.00	₹9.50	₹9.50	₹10.00	₹11.00	₹11.00
Book value per share	–	₹85.87	₹95.72	₹106.79	₹118.08	₹121.65	₹130.93	₹123.83	₹105.66
Dividend payout	37.4%	26.3%	34.5%	49.0%	45.3%	60.5%	53.4%	49.2%	44.8%
Shareholder yield	–	–	–	1.1%	1.9%	2.3%	2.0%	1.3%	1.7%
Market cap at the year end (₹ crore)	12,248	9,761	7,062	10,061	8,494	7,930	9,361	14,491	10,284

Ratios

Consolidated, years to March.Godrej Agrovet PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 7 May	Mar 2020Filed 12 May	Mar 2021Filed 8 May	Mar 2022Filed 10 May	Mar 2023Filed 10 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue growth	–	12.8%	18.6%	−10.0%	32.5%	12.9%	2.0%	−1.9%	9.1%
Operating profit growth	–	2.9%	7.2%	15.4%	18.0%	−21.4%	34.2%	16.4%	5.8%
Net profit growth	–	39.2%	−14.0%	15.6%	20.6%	−29.5%	21.7%	12.2%	10.4%
Earnings per share growth	–	41.3%	−6.2%	2.5%	28.3%	−25.0%	19.1%	19.5%	10.0%
	–	20.0%	17.6%	16.1%	18.6%	13.1%	14.8%	17.5%	21.4%
	–	–	−2.4 pts	−1.4 pts	2.5 pts	−5.5 pts	1.7 pts	2.7 pts	3.9 pts
From the net margin	–	–	−4.3 pts	2.4 pts	−0.5 pts	−6.3 pts	2.2 pts	3.2 pts	0.2 pts
From asset turnover	–	–	1.9 pts	−3.1 pts	3.3 pts	0.7 pts	0.1 pts	−0.4 pts	0.8 pts
From borrowing	–	–	0.0 pts	−0.8 pts	−0.3 pts	0.0 pts	−0.6 pts	−0.1 pts	2.9 pts
Return on capital employed	–	14.7%	12.0%	12.0%	11.6%	8.3%	11.5%	15.2%	17.5%
Cash conversion	–	–	–	−0.5%	−28.6%	295.9%	188.6%	240.3%	287.8%
Interest cover	7.9	10.6	8.2	8.8	7.8	3.4	4.5	4.4	4.6
Debt to equity	–	0.19	0.28	0.38	0.58	0.48	0.45	0.49	0.68
Receivable days	–	46	45	48	42	22	20	22	24
Inventory days	–	72	64	78	83	66	70	66	65
Payable days	–	99	87	58	40	35	32	47	80
Cash conversion cycle, days	–	19	21	68	84	54	58	42	10
Working capital days	–	17	23	53	72	45	40	30	6
Asset turnover	–	1.39	1.56	1.32	1.60	1.69	1.71	1.67	1.75
Assets per rupee of net worth	–	2.57	2.56	2.44	2.40	2.40	2.31	2.29	2.65
Sales per rupee of plant	–	3.41	3.81	3.21	4.03	4.26	3.98	3.75	4.28
Capital spending to depreciation	–	–	–	1.66	1.56	1.94	1.79	0.99	1.30
Plant being built, % of plant in use	–	5.3%	8.2%	7.0%	3.9%	8.6%	7.2%	1.6%	7.5%

No balance sheet is on record for the year to 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: 8.1%
Cash from operations against operating profit: 148.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	10.3%	3.0%
Profit growth, yearly rate	–	8.5%	16.1%
Return on equity, average	–	17.1%	17.9%
Return on capital employed, average	–	12.8%	14.7%
Operating margin, average	7.8%	7.6%	8.2%
Net margin, average	4.6%	4.1%	4.1%
Asset turnover, average	–	1.69	1.71
Cash conversion cycle, days, average	–	50	37
Interest cover, average	6.7	4.9	4.5
Debt to equity, average	–	0.54	0.54

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	3,682	2,929	1,281
Cash from investing	−1,052	−559	−150
Cash from financing	−2,381	−2,097	−869
Capital spending	1,536	906	297
Dividends paid	930	587	212
Shares bought back	0	0	0
Shares issued for cash	37	37	37
Borrowings raised	33,305	23,139	8,444
Borrowings repaid	32,827	22,994	8,258

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	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	–	–	–	4	4	3	7	5	5
Altman Z-scorePublished threshold 1.81	–	4.93	3.93	4.78	4.13	4.24	4.59	5.62	3.96
Beneish M-scorePublished threshold −1.78	–	–	–	−2.33	−1.97	−3.05	−2.93	−3.02	−3.00
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	11.30	14.39	−5.32	0.16	−8.64	−11.73
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	0.71	1.33	2.38	2.42
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−2.43	6.35	−16.89	−52.51	−11.60	12.11	8.57
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−12.56	18.19	8.91	−23.12	4.86	−4.88	−1.15
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	1.19	−0.12	1.02	0.11	−0.53	−0.10	1.10
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.59	0.49	0.29	0.59	0.41	0.12	1.47
Effective tax ratePublished threshold 17.16 per cent	33.94	27.51	14.31	26.20	24.91	23.81	26.91	30.07	29.17
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−6.28	−3.18	−2.49	0.78	1.20

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
28 Jul 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+ / -Review, Re-affirm		50
28 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAReview, Re-affirm	Stable	7.50
28 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]AAReview, Re-affirm	Stable	60
28 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]A1+ / -Review, Re-affirm		236.20
28 Jul 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+ / -Review, Re-affirm		425
6 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		1,500
17 Mar 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+New, New	Stable	800

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