Havells India financials and balance sheet

NSE: HAVELLSBSE: 517354Consumer DurablesMid Cap

₹1,031.00₹42.00 (3.91%)BSE ₹1,032.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,073.00.

52-week range of traded prices to 23 Oct 2026

₹1,002.80Low, 23 Oct 2026₹1,516.60High, 30 Oct 2025

Market cap: ₹64,702 Cr132nd largest listed
P/E: 38.9
P/B: 6.6
Dividend yield: 0.97%
ROE: 18.0%
ROCE: 18.6%
Debt to equity: 0.00
Volume, NSE: 28,48,19936.4% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹22,528 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 2.3% 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

Revenue22,528
Materials and goods−15,080
Employee costs−1,984
Other expenses−3,265
Operating profit2,200
Depreciation−432
Other income+494
One-off items−45
Finance costs−37
Profit before tax2,180
Tax−520
Joint ventures+30
Net profit1,689

What the company owns

Plant, investments and other assets₹7,152 Cr
Inventory₹4,441 Cr
Cash and bank₹2,364 Cr
Receivables₹790 Cr

What pays for it: net worth and liabilities

Net worth₹9,469 Cr
Owed to suppliers₹2,908 Cr
Other liabilities₹2,369 Cr

Havells 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.Havells India segment results by quarter

Revenue by segment

₹22,528 CrTotal

Cables₹8,677 Cr38.5% of total
Lloyd Consumer₹3,974 Cr17.6% of total
Electrical Consumer Durables₹3,876 Cr17.2% of total
Switchgears₹2,586 Cr11.5% of total
Others₹1,727 Cr7.7% of total
Lighting & Fixtures₹1,688 Cr7.5% of total

Profit by segment

Cables₹1,138 Cr47.9% of total
Electrical Consumer Durables₹343 Cr14.4% of total
Switchgears₹589 Cr24.8% of total
Others₹61 Cr2.6% of total
Lighting & Fixtures₹244 Cr10.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Cables
Revenue, ₹ crore
3,235
2,994
3,180
4,645
5,533
6,318
7,184
8,677
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
522
489
404
541
525
716
772
1,138
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Lloyd Consumer
Revenue, ₹ crore
1,856
1,590
1,689
2,273
3,395
3,810
5,134
3,974
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
318
169
74
−73
−223
−167
118
−214
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Electrical Consumer Durables
Revenue, ₹ crore
1,994
2,216
2,377
3,074
3,298
3,482
4,014
3,876
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
535
574
404
458
419
387
399
343
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Switchgears
Revenue, ₹ crore
1,680
1,498
1,461
1,796
2,120
2,246
2,397
2,586
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
646
577
405
494
557
596
540
589
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
637
759
950
1,094
1,379
1,727
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
31
57
35
25
25
61
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Lighting & Fixtures
Revenue, ₹ crore
1,309
1,142
1,114
1,392
1,615
1,640
1,671
1,688
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
381
325
210
262
248
248
251
244
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	10,073	9,440	10,457	13,938	16,911	18,590	21,778	22,528
Company revenue, as in its results	10,073	9,440	10,457	13,938	16,911	18,590	21,778	22,528
Revenue	3,235	2,994	3,180	4,645	5,533	6,318	7,184	8,677
Revenue growth	–	−7.4%	6.2%	46.1%	19.1%	14.2%	13.7%	20.8%
Profit	522	489	404	541	525	716	772	1,138
Profit growth	–	−6.3%	−17.4%	33.9%	−2.9%	36.5%	7.7%	47.5%
Margin	16.1%	16.3%	12.7%	11.6%	9.5%	11.3%	10.7%	13.1%
Return on capital	–	126.1%	57.0%	139.6%	116.6%	183.3%	103.4%	64.7%
Assets	–	909	1,086	1,127	1,309	1,569	1,936	2,849
Liabilities	–	522	378	740	859	1,178	1,190	1,092
Capital employed	–	387	708	387	450	391	746	1,757
Revenue	1,856	1,590	1,689	2,273	3,395	3,810	5,134	3,974
Revenue growth	–	−14.3%	6.2%	34.6%	49.3%	12.2%	34.7%	−22.6%
Profit	318	169	74	−73	−223	−167	118	−214
Profit growth	–	−46.9%	−56.1%	–	–	–	–	–
Margin	17.1%	10.6%	4.4%	−3.2%	−6.6%	−4.4%	2.3%	−5.4%
Return on capital	–	8.3%	3.4%	−3.4%	−7.1%	−5.3%	3.9%	−6.4%
Assets	–	2,403	2,831	3,076	4,263	4,127	4,489	4,488
Liabilities	–	382	621	907	1,105	993	1,461	1,113
Capital employed	–	2,021	2,211	2,169	3,158	3,134	3,027	3,375
Revenue	1,994	2,216	2,377	3,074	3,298	3,482	4,014	3,876
Revenue growth	–	11.1%	7.3%	29.3%	7.3%	5.6%	15.3%	−3.4%
Profit	535	574	404	458	419	387	399	343
Profit growth	–	7.3%	−29.7%	13.4%	−8.4%	−7.6%	3.1%	−14.1%
Margin	26.8%	25.9%	17.0%	14.9%	12.7%	11.1%	9.9%	8.8%
Return on capital	–	131.1%	112.9%	81.8%	80.4%	71.9%	70.1%	70.3%
Assets	–	930	978	1,240	1,143	1,195	1,246	1,274
Liabilities	–	492	621	681	622	657	676	786
Capital employed	–	438	357	559	521	539	570	488
Revenue	1,680	1,498	1,461	1,796	2,120	2,246	2,397	2,586
Revenue growth	–	−10.9%	−2.5%	22.9%	18.1%	5.9%	6.7%	7.9%
Profit	646	577	405	494	557	596	540	589
Profit growth	–	−10.8%	−29.8%	22.0%	12.8%	7.1%	−9.5%	9.1%
Margin	38.5%	38.5%	27.7%	27.5%	26.3%	26.5%	22.5%	22.8%
Return on capital	–	156.3%	115.6%	178.1%	288.5%	391.6%	206.3%	282.0%
Assets	–	641	685	612	581	622	745	784
Liabilities	–	272	335	335	388	470	483	576
Capital employed	–	369	350	277	193	152	262	209
Revenue	–	–	637	759	950	1,094	1,379	1,727
Revenue growth	–	–	–	19.2%	25.2%	15.1%	26.1%	25.2%
Profit	–	–	31	57	35	25	25	61
Profit growth	–	–	–	83.7%	−38.5%	−29.9%	2.6%	142.4%
Margin	–	–	4.9%	7.5%	3.7%	2.2%	1.8%	3.5%
Return on capital	–	–	22.6%	49.0%	41.8%	25.7%	14.1%	47.8%
Assets	–	–	260	239	286	325	456	450
Liabilities	–	–	123	123	202	230	277	322
Capital employed	–	–	137	116	84	95	179	128
Revenue	1,309	1,142	1,114	1,392	1,615	1,640	1,671	1,688
Revenue growth	–	−12.7%	−2.5%	24.9%	16.0%	1.6%	1.9%	1.0%
Profit	381	325	210	262	248	248	251	244
Profit growth	–	−14.7%	−35.4%	24.8%	−5.4%	−0.1%	1.2%	−2.8%
Margin	29.1%	28.5%	18.9%	18.8%	15.4%	15.1%	15.0%	14.4%
Return on capital	–	113.9%	61.4%	75.6%	71.1%	86.8%	70.0%	110.8%
Assets	–	520	590	612	694	661	703	589
Liabilities	–	234	248	266	346	375	345	369
Capital employed	–	286	342	347	349	285	358	220

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

Profit and loss

Consolidated, ₹ crore, years to March.Havells India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 13 May	Mar 2021Filed 21 May	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 Apr
Revenue from operations	6,613	8,269	10,073	9,440	10,457	13,938	16,911	18,590	21,778	22,528
	5,795	7,226	8,889	8,412	8,886	12,178	15,312	16,747	19,647	20,328
Materials and goods bought	3,653	4,970	6,283	5,833	6,490	9,422	11,705	12,569	14,608	15,080
Employee costs	–	–	842	907	891	1,021	1,268	1,549	1,870	1,984
Other expenses	–	–	1,765	1,672	1,505	1,735	2,338	2,630	3,169	3,265
Operating profit before depreciation	818	1,043	1,184	1,029	1,572	1,760	1,599	1,843	2,131	2,200
Operating margin	12.4%	12.6%	11.8%	10.9%	15.0%	12.6%	9.5%	9.9%	9.8%	9.8%
Materials, % of revenue	–	–	62.4%	61.8%	62.1%	67.6%	69.2%	67.6%	67.1%	66.9%
Employee costs, % of revenue	–	–	8.4%	9.6%	8.5%	7.3%	7.5%	8.3%	8.6%	8.8%
Other expenses, % of revenue	–	–	17.5%	17.7%	14.4%	12.5%	13.8%	14.1%	14.6%	14.5%
Depreciation and amortisation	121	140	153	218	249	261	296	339	400	432
Operating profit after depreciation	698	903	1,032	811	1,323	1,500	1,303	1,504	1,730	1,768
Other income	138	118	129	113	187	160	178	249	303	494
Finance costs	13	25	16	20	73	53	34	46	43	37
Profit before one-off items and tax	823	996	1,144	904	1,438	1,607	1,447	1,707	1,990	2,225
One-off items	−107	−19	0	0	0	0	0	0	0	−45
Profit before tax	716	977	1,144	904	1,438	1,607	1,447	1,707	1,990	2,180
	229	304	358	169	393	410	375	437	520	520
Current tax	202	–	270	199	341	399	364	441	502	461
Deferred tax	27	–	88	−30	53	12	11	−4	18	59
Share of profit of joint ventures and associates	–	–	–	–	–	–	–	–	–	30
Profit from discontinued businesses	–	–	0	0	–	–	–	–	–	–
	494	661	786	735	1,044	1,196	1,072	1,271	1,470	1,689
Belonging to the company's shareholders	494	661	786	735	1,044	1,196	1,072	1,266	1,472	1,691
Belonging to outside owners of subsidiaries	–	–	0	0	–	0	0	–	−2	−1
Other comprehensive income	–	–	−5	−3	−2	6	−8	−5	−21	10
Total comprehensive income	–	–	781	732	1,043	1,203	1,064	1,266	1,449	1,699
Net margin	7.5%	8.0%	7.8%	7.8%	10.0%	8.6%	6.3%	6.8%	6.8%	7.5%
Net margin without joint ventures and associates	–	–	–	–	–	–	–	–	–	7.4%

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. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 30 May	Mar 2020Filed 13 May	Mar 2021Filed 21 May	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 Apr	Sep 2026Half yearFiled 22 Oct
	4,218	4,312	5,176	6,003	6,625	7,447	8,341	9,469	9,785
	4,218	4,312	5,176	6,003	6,625	7,447	8,324	9,455	9,773
Share capital	63	63	63	63	63	63	63	63	63
Reserves	4,155	4,249	5,114	5,940	6,563	7,384	8,261	9,393	9,710
Belonging to outside owners of subsidiaries	–	–	–	0	0	0	17	13	12
	41	0	394	396	0	0	0	0	0
Repayable after a year	41	0	394	273	0	0	0	0	0
Repayable within a year	0	0	0	123	0	0	0	0	0
	2,540	2,327	2,777	3,633	3,836	4,283	4,775	4,585	4,274
Trade payables	1,560	1,414	1,597	2,380	2,643	2,692	3,047	2,908	2,771
Other financial liabilities	627	582	717	525	625	848	948	1,100	1,040
Other liabilities	118	121	132	289	260	380	383	288	134
Provisions	203	210	258	253	275	278	335	277	259
Tax owed	31	0	74	63	32	85	63	11	70
	415	435	899	887	696	703	694	693	684
Other financial liabilities	1	91	103	4	7	246	254	213	187
Other liabilities	20	22	5	184	191	11	10	14	15
Provisions	33	36	58	76	137	88	55	32	38
Deferred tax	320	287	339	351	362	358	375	435	444
	7,172	7,073	8,852	10,523	11,157	12,433	13,809	14,746	14,743
Held for sale or for a demerger	18	20	1	1	11	2	3	3	1
	3,328	3,593	3,532	3,917	4,091	4,533	4,939	6,921	7,373
Plant in use, after depreciation	1,434	1,900	1,861	2,021	2,228	2,606	3,252	3,813	–
Plant being built	232	83	86	57	163	297	116	439	–
Intangible assets	1,170	1,140	1,119	1,102	1,082	1,071	1,089	1,219	1,220
Goodwill	324	310	310	310	310	310	310	310	310
Intangible assets being developed	1	3	4	0	3	2	2	3	1
Investments	0	0	0	273	20	20	11	0	0
Other financial assets	91	82	20	42	149	33	36	888	888
Deferred tax	–	17	55	0	0	0	23	18	18
Trade receivables	18	8	3	3	2	0	0	65	75
Other assets	59	51	73	108	134	193	98	165	150
	3,826	3,461	5,320	6,606	7,056	7,897	8,867	7,822	7,369
Inventories	1,919	1,872	2,620	2,968	3,709	3,409	4,047	4,441	5,038
Trade receivables	407	242	564	766	974	1,165	1,258	790	813
Cash and cash equivalents	705	268	355	776	465	266	807	791	501
Other bank balances	607	865	1,298	1,772	1,405	2,772	2,571	1,573	707
Current investments	0	0	306	153	181	0	0	0	0
Other financial assets	39	49	46	30	117	21	6	9	4
Tax paid in advance	–	0	0	27	0	0	0	–	–
Other assets	150	165	131	114	205	265	178	219	306
Net debt	−1,271	−1,133	−1,565	−2,306	−2,051	−3,038	−3,378	−2,364	−1,208

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. 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. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 21 May	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 Apr	Sep 2026Half yearFiled 22 Oct
	660	1,728	565	1,953	1,515	1,572	−162
	910	2,085	1,048	2,345	2,021	2,082	−4
	−700	324	−739	224	−244	−158	−1,087
Receivables	−332	−209	−225	−206	−104	483	−18
Inventories	−748	−348	−741	300	−638	−394	−598
Payables	182	788	273	53	364	−152	−136
Other working capital	198	93	−46	77	134	−95	−335
Tax paid	−273	−415	−392	−392	−505	−510	−158
Interest paid	58	32	0	0	0	0	0
Capital spending	250	258	588	786	766	1,484	655
Free cash flow	410	1,470	−23	1,167	749	88	−817
	−763	−759	35	−1,614	−302	−893	268
Plant and property sold	96	6	2	24	12	68	6
Companies bought	0	0	0	0	0	−600	0
Interest received	89	96	120	151	239	158	61
	190	−547	−907	−534	−669	−693	−395
Borrowings raised	1,488	0	0	0	0	0	0
Borrowings repaid	−1,038	−97	−394	0	0	0	0
Interest paid	−46	−24	−7	−8	−7	−1	−1
Lease payments	−37	−49	−63	−77	−96	−98	−52
Dividends paid	188	407	470	470	627	627	377
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	36	0
Net change in cash	87	422	−307	−195	545	−14	−290

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.Havells India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 13 May	Mar 2021Filed 21 May	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 Apr
Earnings per share	₹7.91	₹10.57	₹12.56	₹11.76	₹16.68	₹19.11	₹17.11	₹20.28	₹23.49	₹26.95
Diluted earnings per share	₹7.91	₹10.57	₹12.56	₹11.76	₹16.68	₹19.10	₹17.11	₹20.28	₹23.48	₹26.94
Dividend per share	₹3.50	₹4.00	₹4.50	₹4.00	₹6.50	₹7.50	₹7.50	₹9.00	₹10.00	₹10.00
Book value per share	–	–	₹67.43	₹68.90	₹82.69	₹95.85	₹105.75	₹118.83	₹132.78	₹150.74
Dividend payout	44.3%	37.8%	35.8%	34.0%	39.0%	39.3%	43.8%	44.6%	42.6%	37.1%
Shareholder yield	–	–	–	–	0.3%	0.6%	0.6%	0.5%	0.7%	0.8%
Market cap at the year end (₹ crore)	29,103	30,498	48,318	30,067	65,756	72,185	74,461	94,942	95,853	74,681

Ratios

Consolidated, years to March.Havells India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 13 May	Mar 2021Filed 21 May	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 Apr
Revenue growth	−14.3%	25.0%	21.8%	−6.3%	10.8%	33.3%	21.3%	9.9%	17.1%	3.4%
Operating profit growth	2.2%	27.5%	13.5%	−13.1%	52.8%	12.0%	−9.2%	15.2%	15.6%	3.2%
Net profit growth	−59.1%	33.8%	18.8%	−6.4%	42.0%	14.6%	−10.4%	18.6%	15.7%	14.9%
Earnings per share growth	–	33.6%	18.8%	−6.4%	41.8%	14.6%	−10.5%	18.5%	15.8%	14.7%
	–	–	18.6%	17.2%	22.0%	21.4%	17.0%	18.0%	18.7%	19.0%
	–	–	–	−1.4 pts	4.8 pts	−0.6 pts	−4.4 pts	1.0 pts	0.7 pts	0.3 pts
From the net margin	–	–	–	0.0 pts	4.9 pts	−3.1 pts	−5.6 pts	1.3 pts	−0.1 pts	2.1 pts
From asset turnover	–	–	–	−1.0 pts	−0.2 pts	1.8 pts	1.3 pts	0.2 pts	0.9 pts	−1.0 pts
From borrowing	–	–	–	−0.3 pts	0.1 pts	0.7 pts	−0.2 pts	−0.4 pts	−0.1 pts	−0.7 pts
Return on capital employed	–	–	24.2%	18.8%	23.8%	23.4%	19.7%	20.2%	20.7%	18.7%
Cash conversion	–	–	–	–	63.2%	144.4%	52.7%	153.7%	103.1%	93.1%
Interest cover	52.3	36.4	63.5	41.1	18.2	28.1	38.8	32.9	40.0	47.4
Debt to equity	–	–	0.01	0.00	0.08	0.07	0.00	0.00	0.00	0.00
Receivable days	–	–	15	9	20	20	21	23	21	13
Inventory days	–	–	111	117	147	115	116	99	101	107
Payable days	–	–	91	88	90	92	82	78	76	70
Cash conversion cycle, days	–	–	36	38	77	43	54	44	46	50
Working capital days	–	–	−1	0	20	10	25	11	12	14
Asset turnover	–	–	1.40	1.33	1.31	1.44	1.56	1.58	1.66	1.58
Assets per rupee of net worth	–	–	1.70	1.67	1.68	1.73	1.72	1.68	1.66	1.61
Sales per rupee of plant	–	–	7.03	4.97	5.62	6.90	7.59	7.13	6.70	5.91
Capital spending to depreciation	–	–	–	–	1.00	0.99	1.98	2.32	1.91	3.44
Plant being built, % of plant in use	–	–	16.2%	4.4%	4.6%	2.8%	7.3%	11.4%	3.6%	11.5%

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: 11.8%
Cash from operations against operating profit: 71.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.3%	16.6%	10.0%
Profit growth, yearly rate	3.4%	10.1%	16.4%
Return on equity, average	–	18.8%	18.6%
Return on capital employed, average	–	20.5%	19.9%
Operating margin, average	11.4%	10.3%	9.8%
Net margin, average	7.7%	7.2%	7.0%
Asset turnover, average	–	1.56	1.60
Cash conversion cycle, days, average	–	47	47
Interest cover, average	39.9	37.4	40.1
Debt to equity, average	–	0.01	0.00

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	7,333	5,040	1,572
Cash from investing	−3,532	−2,808	−893
Cash from financing	−3,350	−1,896	−693
Capital spending	3,883	3,036	1,484
Dividends paid	2,601	1,724	627
Shares bought back	0	0	0
Shares issued for cash	36	36	36
Borrowings raised	0	0	0
Borrowings repaid	491	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	–	–	–	–	5	5	5	7	7	4
Altman Z-scorePublished threshold 1.81	–	–	12.78	9.33	13.63	12.56	12.98	14.57	13.77	11.67
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.26	−2.38	−1.96	−2.63	−2.51	−2.45
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	14.40	2.35	4.35	7.90	1.96	7.08
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.89	1.20	1.06	1.14
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−34.28	122.50	2.64	5.78	9.68	−9.13	−40.68
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	4.70	28.71	−31.89	0.71	−15.46	2.50	6.51
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.27	−0.36	−0.05	0.90	−0.20	−0.47	0.20
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.12	0.41	0.13	0.33	0.41	0.11	0.44
Effective tax ratePublished threshold 17.16 per cent	31.96	31.09	31.31	18.66	27.35	25.53	25.94	25.57	26.14	23.87
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.30	−1.15	2.62	0.74	0.46

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
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE AAANew, New	Stable	500
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LCShort-term scale	CARE A1+Review, Re-affirm		1,427.50
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE AAAReview, Re-affirm	Stable	100
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	CARE A1+Review, Re-affirmProposed		500

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