Godrej Consumer Products financials and balance sheet

NSE: GODREJCPBSE: 532424Personal ProductsLarge Cap

₹856.35₹3.85 (0.45%)BSE ₹851.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹860.20.

52-week range of traded prices to 23 Oct 2026

₹832.60Low, 5 Oct 2026₹1,273.90High, 7 Jan 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results and dividend.

Market cap: ₹87,631 Cr93rd largest listed
P/E: 45.8
P/E without one-offs: 40.9
P/B: 6.9
Dividend yield: 2.34%
ROE: 15.5%
ROE without one-offs: 17.4%
ROCE: 17.7%
Debt to equity: 0.33
Volume, NSE: 7,72,30053.2% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

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 1.6% 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 2026, the company's revenue for that year, ₹15,178 Cr, differs from its quarters added, ₹15,487 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue15,178
Materials and goods−7,394
Employee costs−1,232
Other expenses−3,395
Operating profit3,156
Depreciation−268
Other income+266
One-off items−233
Finance costs−332
Profit before tax2,590
Tax−729
Net profit1,861

What the company owns

Plant, investments and other assets₹14,980 Cr
Current investments₹1,852 Cr
Receivables₹1,837 Cr
Inventory₹1,659 Cr
Cash and bank₹1,005 Cr

What pays for it: net worth and liabilities

Net worth₹12,653 Cr
Borrowings₹4,136 Cr
Owed to suppliers₹2,302 Cr
Other liabilities₹2,243 Cr

Godrej Consumer Products 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.Godrej Consumer Products segment results by quarter

Revenue by segment

₹15,428 CrTotal

India₹9,474 Cr61.4% of total
Africa (including Strength of Nature)₹3,154 Cr20.4% of total
Indonesia₹1,823 Cr11.8% of total
Others₹977 Cr6.3% of total

Profit by segment

India₹2,171 Cr73.2% of total
Africa (including Strength of Nature)₹250 Cr8.4% of total
Indonesia₹458 Cr15.4% of total
Others₹88 Cr3.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

India
Revenue, ₹ crore
5,679
5,474
6,254
6,952
7,667
8,411
8,910
9,474
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,538
1,458
1,634
1,770
1,882
1,690
2,219
2,171
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Africa (including Strength of Nature)
Revenue, ₹ crore
2,456
2,316
2,499
3,050
3,415
3,181
2,652
3,154
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
156
169
107
52
130
−1,342
307
250
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Indonesia
Revenue, ₹ crore
1,525
1,696
1,770
1,705
1,653
1,889
1,991
1,823
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
396
460
481
385
313
444
493
458
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
770
556
666
751
718
753
965
977
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
9
72
78
32
18
51
88
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	10,430	10,042	11,189	12,457	13,453	14,234	14,518	15,428
Company revenue, as in its results	10,314	9,911	11,029	12,277	13,316	14,096	14,364	15,178
Revenue	5,679	5,474	6,254	6,952	7,667	8,411	8,910	9,474
Revenue growth	–	−3.6%	14.2%	11.1%	10.3%	9.7%	5.9%	6.3%
Profit	1,538	1,458	1,634	1,770	1,882	1,690	2,219	2,171
Profit growth	–	−5.2%	12.1%	8.3%	6.3%	−10.2%	31.3%	−2.2%
Margin	27.1%	26.6%	26.1%	25.5%	24.5%	20.1%	24.9%	22.9%
Return on capital	76.9%	57.7%	65.5%	50.8%	43.1%	23.1%	33.0%	33.7%
Assets	3,739	4,015	3,788	4,484	5,472	8,744	9,079	9,054
Liabilities	1,738	1,487	1,293	1,001	1,109	1,429	2,351	2,604
Capital employed	2,000	2,528	2,496	3,483	4,363	7,315	6,728	6,450
Revenue	2,456	2,316	2,499	3,050	3,415	3,181	2,652	3,154
Revenue growth	–	−5.7%	7.9%	22.1%	12.0%	−6.8%	−16.6%	19.0%
Profit	156	169	107	52	130	−1,342	307	250
Profit growth	–	8.7%	−37.0%	−51.1%	149.4%	–	–	−18.6%
Margin	6.3%	7.3%	4.3%	1.7%	3.8%	−42.2%	11.6%	7.9%
Return on capital	2.7%	2.7%	1.8%	0.8%	1.9%	−31.3%	6.6%	4.7%
Assets	6,748	7,258	6,799	7,482	7,574	4,925	5,179	6,105
Liabilities	897	1,050	789	1,151	915	634	539	818
Capital employed	5,851	6,207	6,010	6,332	6,659	4,290	4,640	5,288
Revenue	1,525	1,696	1,770	1,705	1,653	1,889	1,991	1,823
Revenue growth	–	11.2%	4.4%	−3.7%	−3.1%	14.2%	5.4%	−8.5%
Profit	396	460	481	385	313	444	493	458
Profit growth	–	16.2%	4.5%	−19.9%	−18.8%	42.1%	10.9%	−7.1%
Margin	26.0%	27.1%	27.2%	22.6%	18.9%	23.5%	24.7%	25.1%
Return on capital	17.4%	19.7%	21.9%	14.6%	10.2%	13.1%	12.9%	10.2%
Assets	2,697	2,864	2,810	3,204	3,450	3,863	4,316	4,996
Liabilities	416	529	615	570	382	466	512	523
Capital employed	2,281	2,335	2,194	2,634	3,068	3,397	3,805	4,473
Revenue	770	556	666	751	718	753	965	977
Revenue growth	–	−27.9%	19.9%	12.7%	−4.4%	4.9%	28.2%	1.2%
Profit	2	9	72	78	32	18	51	88
Profit growth	–	333.0%	702.5%	8.7%	−58.9%	−43.9%	183.3%	72.4%
Margin	0.3%	1.6%	10.7%	10.4%	4.5%	2.4%	5.3%	9.0%
Return on capital	0.2%	1.2%	9.3%	9.0%	3.5%	2.0%	5.2%	8.4%
Assets	1,100	937	991	1,079	1,116	1,071	1,197	1,316
Liabilities	138	165	225	218	202	168	227	267
Capital employed	961	771	766	861	914	902	970	1,050
Revenue	–	–	–	–	0	−138	−154	−250
Profit	–	–	–	–	−48	−315	−48	−44
Assets	–	–	–	–	−114	−107	−100	−138
Liabilities	–	–	–	–	−114	−105	−101	−138
	0	0	0	0	–	–	–	–
Profit	−35	−38	−42	−17	–	–	–	–
Assets	0	−116	−106	−115	–	–	–	–
Liabilities	0	−139	−106	−116	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Godrej Consumer Products quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 14 May	Mar 2021Filed 12 May	Mar 2022Filed 20 May	Mar 2023Filed 12 May	Mar 2024Filed 7 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue from operations	9,609	9,937	10,314	9,911	11,029	12,277	13,316	14,096	14,364	15,178
	7,711	7,870	8,197	7,768	8,640	9,881	10,886	11,153	11,361	12,022
Materials and goods bought	4,133	4,274	4,554	4,262	4,929	6,075	6,703	6,320	6,536	7,394
Employee costs	–	–	1,091	1,019	1,123	1,104	1,111	1,249	1,149	1,232
Other expenses	–	–	2,552	2,487	2,588	2,702	3,071	3,583	3,676	3,395
Operating profit before depreciation	1,898	2,067	2,118	2,143	2,388	2,395	2,430	2,943	3,003	3,156
Operating margin	19.7%	20.8%	20.5%	21.6%	21.7%	19.5%	18.3%	20.9%	20.9%	20.8%
Materials, % of revenue	–	–	44.2%	43.0%	44.7%	49.5%	50.3%	44.8%	45.5%	48.7%
Employee costs, % of revenue	–	–	10.6%	10.3%	10.2%	9.0%	8.3%	8.9%	8.0%	8.1%
Other expenses, % of revenue	–	–	24.7%	25.1%	23.5%	22.0%	23.1%	25.4%	25.6%	22.4%
Depreciation and amortisation	142	156	170	197	204	210	236	241	234	268
Operating profit after depreciation	1,756	1,911	1,948	1,946	2,184	2,185	2,194	2,703	2,769	2,889
Other income	75	108	109	112	67	90	168	269	316	266
Finance costs	145	161	224	217	127	110	176	296	350	332
Profit before one-off items and tax	1,686	1,858	1,832	1,841	2,125	2,165	2,187	2,675	2,735	2,823
One-off items	0	180	253	−81	−44	−10	−54	−2,477	−63	−233
Profit before tax	1,686	2,038	2,085	1,760	2,080	2,155	2,133	198	2,672	2,590
	379	405	−256	264	360	372	430	759	820	729
Current tax	–	393	418	379	408	397	396	395	447	605
Deferred tax	–	12	−674	−115	−49	−25	34	364	373	123
Share of profit of joint ventures and associates	–	1	1	1	0	0	–	–	–	–
Net profit	1,308	1,634	2,342	1,497	1,721	1,783	1,702	−561	1,852	1,861
Other comprehensive income	–	–	139	223	−164	377	553	−134	136	888
Total comprehensive income	–	–	2,480	1,720	1,557	2,160	2,256	−695	1,988	2,749
Net margin	13.6%	16.4%	22.7%	15.1%	15.6%	14.5%	12.8%	−4.0%	12.9%	12.3%
Net margin without joint ventures and associates	–	16.4%	22.7%	15.1%	15.6%	14.5%	–	–	–	–

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 3 May	Mar 2020Filed 14 May	Mar 2021Filed 12 May	Mar 2022Filed 20 May	Mar 2023Filed 12 May	Mar 2024Filed 7 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	7,267	7,898	9,439	11,556	13,794	12,599	12,004	12,653
Share capital	102	102	102	102	102	102	102	102
Reserves	7,165	7,796	9,337	11,454	13,692	12,496	11,902	12,551
	2,876	2,664	760	1,608	1,034	3,155	3,883	4,136
Repayable after a year	2,605	2,145	480	381	189	0	0	0
Repayable within a year	271	519	279	1,227	845	3,155	3,883	4,136
	3,892	4,547	4,136	3,972	3,291	5,590	6,934	7,707
Trade payables	2,540	2,480	2,160	2,163	1,823	1,675	2,142	2,302
Other financial liabilities	828	1,358	1,490	259	304	376	455	727
Other liabilities	167	85	81	224	229	235	284	325
Provisions	51	56	72	76	75	91	107	135
Tax owed	35	48	53	22	15	58	63	83
	3,011	2,512	708	607	413	307	734	973
Other financial liabilities	218	166	67	64	58	36	92	218
Other liabilities	4	7	7	2	2	1	25	22
Provisions	108	117	115	107	103	167	149	150
Deferred tax	77	77	39	52	62	104	468	583
	14,170	14,957	14,283	16,134	17,499	18,496	19,672	21,334
Held for sale or for a demerger	–	–	–	–	–	8	11	25
	9,482	10,149	9,810	10,447	11,693	12,935	12,334	14,289
Plant in use, after depreciation	1,192	1,257	1,301	1,373	1,534	1,446	1,443	2,265
Plant being built	51	56	53	115	42	78	458	220
Intangible assets	2,560	2,635	2,474	2,469	2,577	3,957	4,002	4,490
Goodwill	4,918	5,339	5,130	5,377	5,822	5,026	5,145	5,715
Intangible assets being developed	1	1	4	2	4	5	6	9
Property held to earn rent	0	0	0	0	0	11	86	85
Investments	0	0	3	171	839	1,787	542	914
Stakes in joint ventures and associates	35	35	19	0	0	0	0	0
Loans given	19	23	22	0	0	0	0	0
Other financial assets	103	37	3	25	22	25	47	47
Deferred tax	549	647	677	732	703	384	374	392
Other assets	53	119	124	183	150	214	231	150
	4,688	4,808	4,472	5,687	5,806	5,553	7,327	7,020
Inventories	1,559	1,703	1,716	2,130	1,537	1,271	1,419	1,659
Trade receivables	1,293	1,157	1,005	1,116	1,245	1,535	1,819	1,837
Cash and cash equivalents	862	603	524	751	358	403	455	977
Other bank balances	33	167	148	357	33	144	28	29
Current investments	481	637	657	844	2,190	1,716	3,103	1,852
Loans given	4	3	5	0	0	0	0	0
Other financial assets	155	165	71	42	42	83	63	77
Tax paid in advance	0	0	–	0	–	401	0	0
Other assets	302	373	347	447	401	0	440	589
Net debt	1,500	1,256	−570	−344	−1,546	892	297	1,278

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 12 May	Mar 2022Filed 20 May	Mar 2023Filed 12 May	Mar 2024Filed 7 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	2,030	1,451	2,151	2,070	2,577	2,488
	2,427	1,898	2,569	2,444	3,047	3,017
	−45	−536	93	−456	35	55
Receivables	81	−89	−165	−479	−305	151
Inventories	−70	−384	555	−71	−159	−88
Payables	−326	83	−370	91	514	−3
Other working capital	270	−146	74	3	−15	−5
Tax paid	−397	−448	−418	−374	−470	−529
Capital spending	164	277	227	307	599	570
Free cash flow	1,866	1,174	1,923	1,763	1,977	1,919
	−316	−864	−1,758	−3,363	−344	355
Plant and property sold	0	0	8	31	40	27
Companies bought	−198	−172	0	−2,716	0	0
Interest received	0	59	111	231	168	159
Dividends received	59	0	0	0	0	0
	−1,816	−380	−794	1,406	−2,182	−2,388
Borrowings raised	0	1,278	0	2,265	732	27
Borrowings repaid	−1,619	−1,497	−634	0	0	0
Interest paid	−159	−112	−112	−262	−311	−285
Lease payments	−38	−47	−48	−85	−50	−83
Dividends paid	0	0	0	511	2,557	2,046
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	5	0
Net change in cash	−102	207	−402	113	52	456

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.Godrej Consumer Products dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 14 May	Mar 2021Filed 12 May	Mar 2022Filed 20 May	Mar 2023Filed 12 May	Mar 2024Filed 7 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	₹12.76	₹15.99	₹22.91	₹14.64	₹16.83	₹17.44	₹16.65	−₹5.48	₹18.11	₹18.19
As stated that year	₹38.29	₹23.99	₹22.91	₹14.64	₹16.83	₹17.44	₹16.65	−₹5.48	₹18.11	₹18.19
	₹12.76	₹15.99	₹22.90	₹14.64	₹16.83	₹17.44	₹16.65	−₹5.48	₹18.11	₹18.19
As stated that year	₹38.28	₹23.98	₹22.90	₹14.64	₹16.83	₹17.44	₹16.65	−₹5.48	₹18.11	₹18.19
	₹5.00	₹6.67	₹9.33	₹6.00	–	–	–	₹15.00	₹20.00	₹20.00
As declared that year	₹15.00	₹10.00	–	₹6.00	–	–	–	₹15.00	₹20.00	₹20.00
Book value per share	–	–	₹71.09	₹77.26	₹92.31	₹113.01	₹134.88	₹123.18	₹117.34	₹123.66
Dividend payout	39.1%	41.7%	40.7%	41.0%	–	–	–	–	110.5%	109.9%
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.4%	2.2%	2.0%
Market cap at the year end (₹ crore)	56,928	74,514	70,121	53,247	74,606	76,417	99,012	1,28,037	1,18,592	1,00,769

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 2019: 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.Godrej Consumer Products PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 14 May	Mar 2021Filed 12 May	Mar 2022Filed 20 May	Mar 2023Filed 12 May	Mar 2024Filed 7 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue growth	7.1%	3.4%	3.8%	−3.9%	11.3%	11.3%	8.5%	5.9%	1.9%	–
Operating profit growth	15.8%	8.9%	2.4%	1.2%	11.4%	0.3%	1.5%	21.1%	2.0%	–
Net profit growth	16.8%	24.9%	43.3%	−36.1%	15.0%	3.6%	−4.5%	–	–	0.5%
Earnings per share growth	16.5%	25.3%	43.2%	−36.1%	15.0%	3.6%	−4.5%	–	–	0.4%
	–	–	32.2%	19.7%	19.9%	17.0%	13.4%	−4.2%	15.1%	15.1%
	–	–	–	−12.5 pts	0.1 pts	−2.9 pts	−3.6 pts	−17.7 pts	19.3 pts	0.0 pts
From the net margin	–	–	–	−10.8 pts	0.7 pts	−1.4 pts	−2.0 pts	−17.6 pts	18.0 pts	−0.7 pts
From asset turnover	–	–	–	−1.4 pts	2.2 pts	1.3 pts	−0.3 pts	0.0 pts	−0.5 pts	−0.2 pts
From borrowing	–	–	–	−0.3 pts	−2.8 pts	−2.8 pts	−1.2 pts	−0.1 pts	1.8 pts	1.0 pts
Return on capital employed	–	–	19.2%	18.4%	21.4%	16.6%	14.8%	17.2%	17.4%	17.2%
Cash conversion	–	–	–	–	117.9%	81.3%	126.3%	–	139.1%	133.7%
Interest cover	12.1	11.9	8.7	8.9	17.3	19.8	12.5	9.1	7.9	8.7
Debt to equity	–	–	0.40	0.34	0.08	0.14	0.08	0.25	0.32	0.33
Receivable days	–	–	46	43	33	33	34	40	46	44
Inventory days	–	–	125	146	127	128	84	73	79	82
Payable days	–	–	204	212	160	130	99	97	120	114
Cash conversion cycle, days	–	–	−33	−24	0	31	19	16	6	12
Working capital days	–	–	−11	−23	−24	29	21	22	18	14
Asset turnover	–	–	0.73	0.68	0.75	0.81	0.79	0.78	0.75	0.74
Assets per rupee of net worth	–	–	1.95	1.92	1.69	1.45	1.33	1.36	1.55	1.66
Sales per rupee of plant	–	–	8.65	7.89	8.47	8.94	8.68	9.75	9.95	6.70
Capital spending to depreciation	–	–	–	–	0.80	1.32	0.96	1.27	2.56	2.13
Plant being built, % of plant in use	–	–	4.3%	4.4%	4.1%	8.4%	2.7%	5.4%	31.7%	9.7%

Revenue growth and operating profit growth are left blank for the year to Mar 2026: 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: 9.1%
Cash from operations against operating profit: 78.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	5.4%	6.6%	4.5%
Profit growth, yearly rate	5.2%	1.6%	3.0%
Return on equity, average	–	11.3%	8.6%
Return on capital employed, average	–	16.6%	17.3%
Operating margin, average	20.5%	20.1%	20.9%
Net margin, average	13.2%	9.7%	7.1%
Asset turnover, average	–	0.78	0.76
Cash conversion cycle, days, average	–	17	12
Interest cover, average	11.7	11.6	8.6
Debt to equity, average	–	0.22	0.30

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	10,736	7,135	2,488
Cash from investing	−5,974	−3,351	355
Cash from financing	−4,337	−3,163	−2,388
Capital spending	1,980	1,476	570
Dividends paid	5,115	5,115	2,046
Shares bought back	0	0	0
Shares issued for cash	5	5	0
Borrowings raised	4,301	3,024	27
Borrowings repaid	2,132	0	0

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	5	4	5	3
Altman Z-scorePublished threshold 1.81	–	–	8.14	6.38	11.47	12.36	18.50	14.82	11.39	8.91
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.56	−2.25	−2.41	−3.32	−2.52	−2.53
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	0.05	7.87	7.79	4.07	−2.00	−4.79
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.08	1.94	2.27	2.26
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−6.58	−24.48	−0.18	3.09	17.44	16.58	−4.70
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	15.70	−14.90	0.86	−38.16	−11.61	8.21	3.85
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.81	−1.09	0.58	−0.34	0.29	0.13	1.07
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.21	0.21	0.41	0.10	0.51	1.98	0.20
Effective tax ratePublished threshold 17.16 per cent	22.48	19.86	−12.29	14.99	17.28	17.26	20.17	382.78	30.67	28.13
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.51	0.55	194.16	13.08	7.72

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
20 Jul 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		400
20 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	800
30 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		3,000

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