Hindustan Construction Company financials and balance sheet

NSE: HCCBSE: 500185ConstructionSmall Cap

₹17.38₹0.16 (0.91%)BSE ₹17.39

Share price at the NSE close on 23 Oct 2026. Previous close ₹17.54.

52-week range of traded prices to 23 Oct 2026

₹13.65Low, 30 Mar 2026₹29.50High, 29 Oct 2025

Market cap: ₹4,553 Cr764th largest listed
P/E: 27.4
P/E without one-offs: 35.6
P/B: 2.1
Dividend yield: Nonein the last 12 months
ROE: 10.9%
ROE without one-offs: 8.4%
ROCE: 14.9%
Debt to equity: 0.48
Volume, NSE: 3,01,83,86437.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Hindustan Construction Company annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 5 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 1.7% 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 2022, the company's revenue for that year, ₹10,670 Cr, differs from its quarters added, ₹10,833 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue3,970
Materials and goods−527
Employee costs−340
Other expenses−2,538
Operating profit565
Depreciation−27
Other income+111
One-off items+38
Finance costs−469
Profit before tax217
Tax−57
Joint ventures+5.5
Net profit166

What the company owns

Plant, investments and other assets₹5,507 Cr
Receivables₹2,253 Cr
Cash and bank₹458 Cr
Current investments₹141 Cr
Inventory₹133 Cr

What pays for it: net worth and liabilities

Other liabilities₹3,318 Cr
Net worth₹2,127 Cr
Owed to suppliers₹2,027 Cr
Borrowings₹1,019 Cr

Hindustan Construction Company 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.Hindustan Construction Company segment results by quarter

Revenue by segment

₹3,994 CrTotal

Engineering and construction₹3,937 Cr98.6% of total
Infrastructure₹54 Cr1.3% of total
Others₹3 Cr0.1% of total
Real estate₹0 Cr0.0% of total

Profit by segment

Engineering and construction₹309 Cr86.0% of total
Infrastructure₹50 Cr13.9% of total
Real estate₹0 Cr0.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Engineering and construction
Revenue, ₹ crore
10,228
9,377
10,622
6,256
5,257
3,937
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
665
722
1,141
−149
325
309
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Infrastructure
Revenue, ₹ crore
70
78
35
54
95
164
54
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5
39
11
26
24
328
50
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
22
13
11
5
7
3
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
−2
−1
−2
−30
199
−136
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real estate
Revenue, ₹ crore
1
0
0
0
939
390
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−39
2
0
0
68
−329
0
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	10,322	9,469	8,258	10,930	–	9,076	5,814	3,994
Company revenue, as in its results	10,322	9,437	8,248	10,670	9,857	7,007	5,603	3,970
Revenue	10,228	9,377	–	10,622	–	6,256	5,257	3,937
Revenue growth	–	−8.3%	–	–	–	–	−16.0%	−25.1%
Profit	665	722	–	1,141	–	−149	325	309
Profit growth	–	8.6%	–	–	–	–	–	−4.9%
Margin	6.5%	7.7%	–	10.7%	–	−2.4%	6.2%	7.8%
Return on capital	–	–	–	–	–	–	44.0%	14.6%
Assets	–	–	–	–	–	–	7,532	7,788
Liabilities	–	–	–	–	–	–	6,793	5,670
Capital employed	–	–	–	–	–	–	739	2,118
Revenue	70	78	35	54	–	95	164	54
Revenue growth	–	–	–	–	–	–	72.4%	−67.1%
Profit	5	39	11	26	–	24	328	50
Profit growth	–	–	–	–	–	–	1,268.9%	−84.8%
Margin	6.4%	50.3%	31.1%	48.4%	–	25.3%	200.8%	93.0%
Return on capital	–	–	–	–	–	–	89.1%	22.4%
Assets	–	–	–	–	–	–	443	530
Liabilities	–	–	–	–	–	–	74	307
Capital employed	–	–	–	–	–	–	368	223
Revenue	22	13	11	5	–	7	3	3
Profit	1	−2	−1	−2	–	−30	199	−136
Margin	4.3%	−12.5%	−14.1%	−38.3%	–	−459.1%	6,273.0%	−4,130.9%
Assets	–	–	–	–	–	–	49	119
Liabilities	–	–	–	–	–	–	293	360
Capital employed	–	–	–	–	–	–	−244	−242
Revenue	1	0	0	0	–	939	390	0
Revenue growth	–	–	–	–	–	–	−58.4%	−100.0%
Profit	−39	2	0	0	–	68	−329	0
Margin	−2,805.1%	–	–	−114.3%	–	7.2%	−84.5%	1,100.0%
Return on capital	–	–	–	–	–	–	−766.3%	1.2%
Assets	–	–	–	–	–	–	65	55
Liabilities	–	–	–	–	–	–	22	27
Capital employed	–	–	–	–	–	–	43	28
Revenue	–	–	–	249	–	1,780	–	–
Profit	–	–	–	−7	–	−51	–	–
Margin	–	–	–	−2.8%	–	−2.9%	–	–
	–	–	–	–	–	0	–	–
Profit	–	–	–	–	–	14	–	–
Revenue	–	–	8,212	–	–	–	–	–
Profit	–	–	313	–	–	–	–	–
Margin	–	–	3.8%	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	0
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
Revenue	–	–	–	–	–	–	14	–
Profit	–	–	–	–	–	–	0	–
Assets	–	–	–	–	–	–	0	–
Liabilities	–	–	–	–	–	–	0	–
	–	–	–	–	–	0	–	–
Profit	–	–	–	–	–	851	–	–
Assets	–	–	–	–	–	0	–	–
Liabilities	–	–	–	–	–	0	–	–
	–	–	–	0	–	–	–	–
Profit	–	–	–	106	–	–	–	–
Assets	–	–	–	0	–	–	–	–
Liabilities	–	–	–	0	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Hindustan Construction Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 9 Jul	Mar 2021Filed 24 Jun	Mar 2022Filed 13 May	Mar 2023Filed 19 May	Mar 2024Filed 25 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	9,867	10,132	10,322	9,437	8,248	10,670	9,857	7,007	5,603	3,970
	9,105	9,363	9,558	8,600	7,857	9,477	9,280	6,336	4,810	3,404
Materials and goods bought	871	1,124	815	850	509	848	999	872	901	527
Employee costs	–	–	1,008	983	955	932	837	640	493	340
Other expenses	–	–	7,735	6,767	6,393	7,698	7,445	4,823	3,416	2,538
Operating profit before depreciation	761	770	764	837	391	1,193	577	671	794	565
Operating margin	7.7%	7.6%	7.4%	8.9%	4.7%	11.2%	5.9%	9.6%	14.2%	14.2%
Materials, % of revenue	–	–	7.9%	9.0%	6.2%	7.9%	10.1%	12.4%	16.1%	13.3%
Employee costs, % of revenue	–	–	9.8%	10.4%	11.6%	8.7%	8.5%	9.1%	8.8%	8.6%
Other expenses, % of revenue	–	–	74.9%	71.7%	77.5%	72.1%	75.5%	68.8%	61.0%	63.9%
Depreciation and amortisation	206	201	177	152	136	138	129	105	164	27
Operating profit after depreciation	556	568	586	685	256	1,054	448	566	630	538
Other income	81	56	75	85	87	152	56	133	123	111
Finance costs	1,543	1,525	808	817	1,001	1,030	1,012	813	600	469
Profit before one-off items and tax	−906	−901	−147	−47	−659	176	−508	−115	153	180
One-off items	−21	−160	−527	221	−274	106	410	851	530	38
Profit before tax	−928	−1,061	−674	174	−933	282	−99	736	683	217
	−40	−10	−484	165	−257	86	−62	248	411	57
Current tax	50	29	7	13	9	47	8	90	−14	10
Deferred tax	−90	−39	−492	152	−266	40	−71	159	424	48
Share of profit of joint ventures and associates	–	−39	−151	188	65	224	10	41	−160	6
Profit from discontinued businesses	–	–	–	–	–	−20	−1	−51	–	–
Net profit	−983	−1,090	−341	197	−610	400	−28	478	113	166
Other comprehensive income	–	–	−157	−46	59	85	−26	68	51	80
Total comprehensive income	–	–	−498	151	−551	485	−54	546	164	246
Net margin	−10.0%	−10.8%	−3.3%	2.1%	−7.4%	3.7%	−0.3%	–	2.0%	4.2%
Net margin without joint ventures and associates	–	−10.4%	−1.8%	0.1%	−8.2%	1.6%	−0.4%	–	4.9%	4.0%

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. Net margin is left blank for the year to Mar 2024: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 May	Mar 2020Filed 9 Jul	Mar 2021Filed 24 Jun	Mar 2022Filed 13 May	Mar 2023Filed 19 May	Mar 2024Filed 25 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	−936	−759	−1,318	−785	−714	−168	906	2,127
Share capital	151	151	151	151	151	151	182	262
Reserves	−1,087	−910	−1,469	−936	−866	−320	724	1,865
	3,636	2,993	3,463	1,793	5,295	2,126	1,679	1,019
Repayable after a year	2,462	1,587	1,408	1,178	4,851	1,672	1,045	648
Repayable within a year	1,174	1,406	2,055	615	443	454	634	371
	8,732	9,593	10,775	8,100	7,022	5,902	4,830	4,498
Trade payables	3,711	2,966	3,048	3,067	3,023	2,473	2,092	2,027
Other financial liabilities	1,151	1,936	2,406	1,407	857	1,016	1,028	1,023
Other liabilities	2,604	3,168	3,013	2,445	2,089	1,651	1,027	1,035
Provisions	90	117	253	467	602	307	19	34
Tax owed	0	0	1	99	9	0	28	8
	3,789	3,334	3,322	3,114	6,872	3,326	2,353	1,866
Other financial liabilities	1,128	1,515	1,724	1,780	1,709	1,567	1,266	1,160
Other liabilities	0	0	0	–	–	0	0	–
Provisions	199	233	189	124	127	87	43	53
Deferred tax	0	0	0	31	–	0	0	5
Trade payables	0	0	0	–	186	0	0	0
Liabilities going with businesses held for sale	–	–	–	3,767	–	–	–	–
	11,585	12,168	12,779	14,196	13,180	9,059	8,088	8,492
Held for sale or for a demerger	6	15	6	3,719	2	–	11	30
	2,382	4,957	2,375	2,022	5,550	2,231	2,251	3,315
Plant in use, after depreciation	509	702	795	654	605	378	186	192
Plant being built	169	178	2	1	0	1	7	19
Intangible assets	60	64	64	63	72	64	56	55
Goodwill	3	3	3	3	3	3	0	0
Property held to earn rent	3	3	3	3	3	3	0	0
Investments	177	355	418	58	19	245	35	58
Loans given	38	60	96	57	42	37	79	492
Other financial assets	3	22	24	43	3,118	0	843	1,026
Deferred tax	454	486	751	743	782	623	208	175
Trade receivables	642	2,720	0	236	670	703	689	1,178
Other assets	324	366	218	161	235	172	148	120
	9,197	7,196	10,398	8,455	7,628	6,829	5,827	5,147
Inventories	632	467	480	485	491	436	128	133
Trade receivables	3,546	1,898	4,502	2,091	2,181	2,204	2,388	2,253
Cash and cash equivalents	271	276	642	721	582	399	569	381
Other bank balances	586	567	619	821	572	114	139	77
Current investments	4	2	0	1	1	0	44	141
Loans given	27	20	21	0	0	0	0	0
Other financial assets	45	49	54	4,013	97	3,675	15	2,018
Other assets	4,088	3,918	4,080	323	3,705	0	2,544	145
Net debt	2,776	2,148	2,201	250	4,140	1,612	927	420

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 24 Jun	Mar 2022Filed 13 May	Mar 2023Filed 19 May	Mar 2024Filed 25 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	348	946	17	91	134	892
	13	766	47	130	139	898
	−197	−520	−345	−448	−1,245	271
Receivables	−134	−38	−240	426	−262	−348
Inventories	−12	−5	−6	54	307	−5
Payables	135	−575	−217	−81	241	408
Other working capital	−185	97	118	−848	−1,532	216
Tax paid	114	21	−5	0	−5	−6
Interest paid	−27	0	0	0	0	0
Capital spending	75	89	215	19	18	81
Free cash flow	273	857	−198	72	116	811
	−75	−224	425	825	−35	−364
Plant and property sold	14	34	9	99	24	14
Interest received	29	31	26	15	15	127
Dividends received	1	1	5	0	0	2
	101	−660	−603	−1,124	73	−697
Borrowings raised	649	0	0	0	0	0
Borrowings repaid	−90	−215	−201	−330	−321	−688
Interest paid	−423	−426	−392	0	−448	0
Lease payments	0	0	−10	−33	−28	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	906	967
Net change in cash	374	62	−161	−208	171	−170

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.Hindustan Construction Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 9 Jul	Mar 2021Filed 24 Jun	Mar 2022Filed 13 May	Mar 2023Filed 19 May	Mar 2024Filed 25 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Earnings per share	−₹9.12	–	−₹2.98	₹1.30	−₹4.03	₹2.69	−₹0.19	₹3.16	₹0.66	₹0.75
Diluted earnings per share	−₹9.12	–	−₹2.98	₹1.30	−₹4.03	₹2.69	−₹0.19	₹3.16	₹0.66	₹0.75
Book value per share	–	–	−₹6.19	−₹5.02	−₹8.71	−₹5.19	−₹4.72	−₹1.11	₹4.98	₹8.12
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	−19.3%	−26.9%
Market cap at the year end (₹ crore)	3,082	2,254	2,270	598	1,218	2,375	2,073	4,781	4,703	3,597

Earnings per share is left blank for the year to Mar 2018: 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.Hindustan Construction Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 9 Jul	Mar 2021Filed 24 Jun	Mar 2022Filed 13 May	Mar 2023Filed 19 May	Mar 2024Filed 25 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	12.5%	2.7%	1.9%	−8.6%	−12.6%	–	−7.6%	−28.9%	−20.0%	−29.2%
Operating profit growth	−37.5%	1.1%	−0.7%	9.6%	−53.3%	–	−51.6%	16.4%	18.3%	−28.8%
Net profit growth	–	–	–	–	–	–	–	–	−76.4%	47.0%
Earnings per share growth	–	–	–	–	–	–	–	–	−79.1%	13.6%
	–	–	36.4%	−23.2%	58.7%	–	–	−108.3%	30.6%	10.9%
	–	–	–	−59.7 pts	82.0 pts	–	–	–	138.9 pts	−19.6 pts
From the net margin	–	–	–	−59.5 pts	105.6 pts	–	–	–	–	32.8 pts
From asset turnover	–	–	–	2.5 pts	−13.8 pts	–	–	–	–	−16.9 pts
From borrowing	–	–	–	−2.7 pts	−9.8 pts	–	–	–	–	−35.5 pts
Return on capital employed	–	–	21.7%	30.7%	11.9%	–	9.8%	28.9%	24.4%	17.1%
Cash conversion	–	–	–	–	–	236.7%	–	19.0%	118.6%	538.9%
Interest cover	0.4	0.4	0.7	0.8	0.3	1.0	0.4	0.7	1.1	1.1
Debt to equity	–	–	–	–	–	–	–	–	1.85	0.48
Receivable days	–	–	125	73	199	–	81	115	156	207
Inventory days	–	–	283	201	344	–	179	183	52	92
Payable days	–	–	1,661	1,274	2,185	–	1,105	1,035	847	1,405
Cash conversion cycle, days	–	–	−1,253	−1,000	−1,642	–	−845	−738	−640	−1,106
Working capital days	–	–	28	−71	18	–	−4	45	57	39
Asset turnover	–	–	0.89	0.79	0.66	–	–	0.63	0.65	0.48
Assets per rupee of net worth	–	–	−12.37	−14.01	−12.01	–	–	−25.19	23.26	5.47
Sales per rupee of plant	–	–	20.28	13.45	10.37	16.32	16.30	18.55	30.20	20.70
Capital spending to depreciation	–	–	–	–	0.55	0.65	1.68	0.18	0.11	2.96
Plant being built, % of plant in use	–	–	33.2%	25.4%	0.2%	0.1%	0.0%	0.2%	3.6%	10.1%

Debt to equity is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2023 and Mar 2024: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2022 and Mar 2023: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2022, Mar 2023 and Mar 2024: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2022: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth and operating profit growth are left blank for the year to Mar 2022: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the year to Mar 2025: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. 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: 2.0%
Cash from operations against operating profit: 157.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−7.6%	−13.6%	−26.2%
Return on equity, average	–	–	−22.3%
Return on capital employed, average	–	20.0%	23.5%
Operating margin, average	9.1%	11.0%	12.7%
Net margin, average	−2.2%	2.4%	3.1%
Asset turnover, average	–	–	0.59
Cash conversion cycle, days, average	–	−832	−828
Interest cover, average	0.7	0.9	1.0
Debt to equity, average	–	–	1.17

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	2,079	1,116	892
Cash from investing	625	425	−364
Cash from financing	−3,011	−1,748	−697
Capital spending	422	118	81
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	1,873	1,873	967
Borrowings raised	0	0	0
Borrowings repaid	1,755	1,338	688

Accounting checks

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

Check	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	–	–	6	8	4	6	6	6
Altman Z-scorePublished threshold 1.81	0.95	0.73	0.52	1.09	1.03	1.72	1.88	1.47
Beneish M-scorePublished threshold −1.78	–	–	−1.71	−1.76	−2.53	−2.34	−2.07	−2.30
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−7.08	−2.39	−3.43	−3.93	0.17	−4.37
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	1.24	0.43	1.48
Receivables growth less revenue growthOur threshold 0 percentage points	–	−37.91	149.84	−82.91	11.91	29.99	28.38	23.49
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−30.28	42.77	−65.47	−16.60	1.61	−73.99	45.37
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−1.76	2.03	1.90	−5.42	−1.82	−19.92	−9.98
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.52	0.01	–	0.00	–	–	0.57
Effective tax ratePublished threshold 17.16 per cent	–	94.66	–	30.64	–	33.71	60.11	26.42
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	23.29	–	33.71	59.35	23.57

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 Jun 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Rating	IVR BBB-Review, Re-affirm		98.73
30 Jun 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Rating	IVR BBB-/IVR A3Review, Re-affirm		7,313.28
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-External Commercial BorrowingsLong-term scale	CARE BBB-Review, Re-affirm	Stable	98.72
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible DebenturesLong-term scale	CARE BBB-Review, Re-affirm	Stable	98.70
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible DebenturesLong-term scale	CARE BBB-Review, Re-affirm	Stable	124
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible DebenturesLong-term scale	CARE BBB-Review, Re-affirm	Stable	185.10
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible DebenturesLong-term scale	CARE BBB-Review, Re-affirm	Stable	50.10
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-Bank GuaranteeLong and short-term scales	CARE BBB- / CARE A3Review, Re-affirm	Stable	7,313.28
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Optionally Fully Convertible DebentureLong-term scale	CARE BBB-Review, Re-affirm	Stable	51.62
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Optionally Fully Convertible DebentureLong-term scale	CARE BBB-Review, Re-affirm	Stable	122.91
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Optionally Fully Convertible DebentureLong-term scale	CARE BBB-Review, Re-affirm	Stable	6.18
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible DebenturesLong-term scale	CARE BBB-Review, Re-affirm	Stable
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Optionally Fully Convertible DebentureLong-term scale	CARE BBB-Review, Re-affirm	Stable	79.02
8 Apr 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Optionally Fully Convertible DebentureLong-term scale	CARE BBB-Review, Re-affirm	Stable	15.64
17 Mar 2026	Brickwork Ratings India Private Limited (opens in a new tab)	Bank Loan Ratings	BWR C / -Review, Re-affirm		8.55
17 Mar 2026	Brickwork Ratings India Private Limited (opens in a new tab)	Bank Loan Ratings	BWR A4 / -Review, Re-affirm		9.50
18 Dec 2025	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]BBReview, Re-affirm	Stable	205.90

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