HCL Technologies financials and balance sheet

NSE: HCLTECHBSE: 532281IT - SoftwareLarge Cap

₹1,422.20₹0.50 (0.04%)BSE ₹1,424.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,421.70.

52-week range of traded prices to 23 Oct 2026

₹1,030.00Low, 1 Jul 2026₹1,780.10High, 3 Feb 2026

Market cap: ₹3,85,937 Cr19th largest listed
P/E: 21.1
P/B: 5.1
Dividend yield: 4.22%
ROE: 24.9%
ROCE: 31.4%
Debt to equity: 0.01
Volume, NSE: 44,22,38344.3% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,30,144 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 5.1% 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

Revenue1,30,144
Materials and goods−2,609
Employee costs−74,143
Other expenses−26,640
Operating profit26,752
Depreciation−4,355
Other income+1,530
One-off items−956
Finance costs−869
Profit before tax22,102
Tax−5,450
Net profit16,652

What the company owns

Plant, investments and other assets₹54,093 Cr
Receivables₹31,541 Cr
Cash and bank₹23,425 Cr
Current investments₹6,960 Cr
Inventory₹239 Cr

What pays for it: net worth and liabilities

Net worth₹75,197 Cr
Other liabilities₹33,196 Cr
Owed to suppliers₹7,706 Cr
Borrowings₹159 Cr

HCL Technologies 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.HCL Technologies segment results by quarter

Revenue by segment

₹1,30,555 CrTotal

IT and Business Services₹96,095 Cr73.6% of total
Engineering and R&D Services₹22,063 Cr16.9% of total
HCL Software₹12,397 Cr9.5% of total

Profit by segment

IT and Business Services₹15,390 Cr68.7% of total
Engineering and R&D Services₹3,703 Cr16.5% of total
HCL Software₹3,304 Cr14.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

IT and Business Services
Revenue, ₹ crore
50,742
53,401
61,742
74,015
81,148
86,438
96,095
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
9,017
10,194
11,076
12,303
13,756
14,796
15,390
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Engineering and R&D Services
Revenue, ₹ crore
11,819
11,745
13,564
16,802
17,581
18,960
22,063
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,293
2,379
2,603
3,389
3,388
3,415
3,703
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
HCL Software
Revenue, ₹ crore
8,115
10,243
10,370
11,109
11,184
12,049
12,397
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,601
2,864
2,525
2,791
2,883
3,209
3,304
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	60,427	70,676	75,389	85,676	1,01,926	1,09,913	1,17,447	1,30,555
Company revenue, as in its results	60,427	70,676	75,379	85,651	1,01,456	1,09,913	1,17,055	1,30,144
Revenue	–	50,742	53,401	61,742	74,015	81,148	86,438	96,095
Revenue growth	–	–	5.2%	15.6%	19.9%	9.6%	6.5%	11.2%
Profit	–	9,017	10,194	11,076	12,303	13,756	14,796	15,390
Profit growth	–	–	13.1%	8.7%	11.1%	11.8%	7.6%	4.0%
Margin	–	17.8%	19.1%	17.9%	16.6%	17.0%	17.1%	16.0%
Revenue	–	11,819	11,745	13,564	16,802	17,581	18,960	22,063
Revenue growth	–	–	−0.6%	15.5%	23.9%	4.6%	7.8%	16.4%
Profit	–	2,293	2,379	2,603	3,389	3,388	3,415	3,703
Profit growth	–	–	3.8%	9.4%	30.2%	0.0%	0.8%	8.4%
Margin	–	19.4%	20.3%	19.2%	20.2%	19.3%	18.0%	16.8%
Revenue	–	8,115	10,243	10,370	11,109	11,184	12,049	12,397
Revenue growth	–	–	26.2%	1.2%	7.1%	0.7%	7.7%	2.9%
Profit	–	2,601	2,864	2,525	2,791	2,883	3,209	3,304
Profit growth	–	–	10.1%	−11.8%	10.5%	3.3%	11.3%	3.0%
Margin	–	32.1%	28.0%	24.3%	25.1%	25.8%	26.6%	26.7%
Revenue	34,911	–	–	–	–	–	–	–
Profit	7,016	–	–	–	–	–	–	–
Margin	20.1%	–	–	–	–	–	–	–
Revenue	22,476	–	–	–	–	–	–	–
Profit	4,476	–	–	–	–	–	–	–
Margin	19.9%	–	–	–	–	–	–	–
Revenue	3,040	–	–	–	–	–	–	–
Profit	361	–	–	–	–	–	–	–
Margin	11.9%	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.HCL Technologies quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 7 May	Mar 2021Filed 24 Apr	Mar 2022Filed 22 Apr	Mar 2023Filed 21 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 21 Apr
Revenue from operations	47,568	50,569	60,427	70,676	75,379	85,651	1,01,456	1,09,913	1,17,055	1,30,144
	37,183	39,323	46,501	53,360	55,331	65,121	78,828	85,715	91,551	1,03,392
Materials and goods bought	815	1,355	1,696	1,536	1,695	1,406	2,005	1,797	2,028	2,609
Employee costs	–	–	29,283	34,928	38,853	46,130	55,280	62,480	66,755	74,143
Other expenses	–	–	15,522	16,896	14,783	17,585	21,543	21,438	22,768	26,640
Operating profit before depreciation	10,385	11,246	13,926	17,316	20,048	20,530	22,628	24,198	25,504	26,752
Operating margin	21.8%	22.2%	23.0%	24.5%	26.6%	24.0%	22.3%	22.0%	21.8%	20.6%
Materials, % of revenue	–	–	2.8%	2.2%	2.2%	1.6%	2.0%	1.6%	1.7%	2.0%
Employee costs, % of revenue	–	–	48.5%	49.4%	51.5%	53.9%	54.5%	56.8%	57.0%	57.0%
Other expenses, % of revenue	–	–	25.7%	23.9%	19.6%	20.5%	21.2%	19.5%	19.5%	20.5%
Depreciation and amortisation	828	1,383	2,073	3,420	4,611	4,326	4,145	4,173	4,084	4,355
Operating profit after depreciation	9,556	9,863	11,853	13,896	15,437	16,204	18,483	20,025	21,420	22,397
Other income	1,073	1,217	943	589	927	1,067	1,358	1,495	2,485	1,530
Finance costs	89	69	174	505	511	319	353	553	644	869
Profit before one-off items and tax	10,541	11,011	12,622	13,980	15,853	16,952	19,488	20,967	23,261	23,058
One-off items	0	0	0	0	0	−1	0	0	0	−956
Profit before tax	10,541	11,011	12,622	13,980	15,853	16,951	19,488	20,967	23,261	22,102
	1,936	2,302	2,502	2,923	4,684	3,428	4,643	5,257	5,862	5,450
Current tax	–	2,386	3,094	2,821	3,719	3,442	4,665	4,626	5,161	5,105
Deferred tax	–	−84	−592	102	965	−14	−22	631	701	345
Share of profit of joint ventures and associates	–	13	–	–	–	–	–	–	–	–
	8,606	8,721	10,120	11,057	11,169	13,523	14,845	15,710	17,399	16,652
Belonging to the company's shareholders	8,606	8,721	10,120	11,057	11,145	13,499	14,851	15,710	17,390	16,642
Belonging to outside owners of subsidiaries	–	–	0	0	24	24	−6	–	9	10
Other comprehensive income	–	–	190	479	758	757	1,301	855	705	3,709
Total comprehensive income	–	–	10,310	11,536	11,927	14,280	16,146	16,565	18,104	20,361
Net margin	18.1%	17.2%	16.7%	15.6%	14.8%	15.8%	14.6%	14.3%	14.9%	12.8%
Net margin without joint ventures and associates	–	17.2%	–	–	–	–	–	–	–	–

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. Belonging to outside owners of subsidiaries is left blank for the year to Mar 2024: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

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 10 May	Mar 2020Filed 7 May	Mar 2021Filed 24 Apr	Mar 2022Filed 22 Apr	Mar 2023Filed 21 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 21 Apr	Sep 2026Half yearFiled 12 Oct
	41,469	51,421	60,082	62,006	65,398	68,271	69,673	75,197	76,126
	41,366	51,267	59,913	61,914	65,405	68,263	69,655	75,165	76,092
Share capital	271	543	543	543	543	543	543	543	543
Reserves	41,095	50,724	59,370	61,371	64,862	67,720	69,112	74,622	75,549
Belonging to outside owners of subsidiaries	103	154	169	92	−7	8	18	32	34
	3,701	4,693	3,828	3,985	2,251	2,327	2,291	159	954
Repayable after a year	2,977	2,848	3,828	3,923	2,111	2,223	70	37	24
Repayable within a year	724	1,845	0	62	140	104	2,221	122	930
	12,299	23,730	17,383	18,775	21,431	22,726	28,039	31,826	35,594
Trade payables	1,305	1,166	1,726	6,278	6,428	5,853	6,225	7,706	7,840
Other financial liabilities	6,950	15,055	9,112	5,495	6,081	5,691	8,356	11,104	9,190
Other liabilities	1,810	3,889	4,299	4,647	5,512	7,428	6,935	7,368	12,858
Provisions	586	706	963	955	1,120	1,337	1,487	1,664	1,875
Tax owed	924	1,069	1,283	1,338	2,150	2,313	2,815	3,862	2,901
	4,807	7,755	8,729	8,252	6,582	8,780	7,832	9,235	8,702
Other financial liabilities	536	1,194	2,876	2,111	2,170	4,117	3,102	4,581	4,230
Other liabilities	247	399	545	691	825	57	1,125	1,235	1,297
Provisions	821	1,048	1,333	1,415	1,315	1,612	1,920	2,001	1,720
Deferred tax	226	87	147	112	161	771	1,615	1,381	1,431
Trade payables	0	2,179	0	0	0	0	0	0	0
Total assets	58,575	82,906	86,194	89,033	93,411	99,777	1,05,544	1,16,258	1,20,422
	28,853	44,486	43,143	40,992	39,834	40,446	43,435	45,716	49,839
Plant in use, after depreciation	5,293	5,494	5,642	5,612	5,371	4,891	4,501	4,657	–
Plant being built	235	400	312	129	40	108	59	60	–
Intangible assets	8,534	13,194	14,311	12,048	10,681	10,040	6,899	5,160	6,324
Goodwill	9,061	16,154	17,192	17,417	18,567	20,132	21,756	23,888	25,514
Intangible assets being developed	0	0	0	0	0	0	0	82	107
Investments	85	77	89	103	110	94	91	130	131
Stakes in joint ventures and associates	0	0	0	9	0	0	0	0	1,389
Loans given	355	0	0	200	0	286	586	50	40
Other financial assets	1,201	2,373	2,569	1,220	1,279	1,346	2,212	3,585	3,261
Deferred tax	2,455	2,317	1,181	1,176	1,252	1,031	1,064	1,146	1,147
Trade receivables	0	0	0	1,072	681	624	1,022	601	508
Other assets	1,634	4,477	1,847	2,006	1,853	1,894	5,245	6,357	6,443
	29,722	38,420	43,051	48,041	53,577	59,331	62,109	70,542	70,583
Inventories	91	91	94	161	228	185	133	239	227
Trade receivables	11,706	14,131	13,663	20,671	25,506	25,521	25,842	31,541	32,219
Cash and cash equivalents	5,934	4,848	6,521	10,510	9,065	9,456	8,245	8,265	10,046
Other bank balances	1,938	128	2,367	2,126	5,659	10,694	13,044	15,160	10,358
Current investments	2,220	6,989	6,773	6,239	5,385	7,043	7,473	6,960	2,947
Loans given	1,312	3,422	4,841	3,008	2,603	795	976	1,017	637
Other financial assets	4,569	6,464	5,889	1,520	1,120	1,235	1,589	1,626	2,002
Tax paid in advance	0	157	131	234	195	161	148	226	170
Other assets	1,952	2,190	2,772	3,572	3,816	4,241	4,659	5,508	11,977
Net debt	−6,391	−7,272	−11,833	−14,890	−17,858	−24,866	−26,471	−30,226	−22,397

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 24 Apr	Mar 2022Filed 22 Apr	Mar 2023Filed 21 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 21 Apr	Sep 2026Half yearFiled 12 Oct
	19,618	16,900	18,009	22,448	22,261	19,975	7,750
	23,063	20,343	21,707	26,660	26,504	24,051	11,428
	3,041	−549	−1,305	2,305	1,010	−1,522	−2,943
Receivables	633	−2,809	−3,240	248	−119	−2,248	492
Inventories	72	207	−37	60	77	−59	35
Payables	538	718	−175	−681	249	736	3
Other working capital	1,798	1,335	2,147	2,678	803	49	−3,473
Tax paid	−3,445	−3,443	−3,698	−4,212	−4,243	−4,076	−3,678
Capital spending	1,904	1,645	1,661	1,048	1,108	1,422	999
Free cash flow	17,714	15,255	16,348	21,400	21,153	18,553	6,751
	−5,742	1,477	−3,931	−6,723	−4,914	−1,473	4,110
Plant and property sold	151	90	217	32	25	23	23
Companies bought	−1,211	0	−706	−2,043	−1,982	−159	−3,742
Interest received	676	590	636	1,041	1,322	1,430	837
	−11,180	−14,508	−15,881	−15,464	−18,561	−19,369	−9,857
Borrowings raised	4,567	77	124	358	377	318	1,816
Borrowings repaid	−4,818	−137	−1,972	−539	−458	−2,626	−950
Interest paid	−139	−69	−80	−64	−51	−46	−20
Lease payments	−1,016	0	0	0	−1,453	−1,685	−965
Dividends paid	3,256	11,389	12,995	14,073	16,250	14,618	9,737
Shares bought back	0	804	0	0	676	711	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	2,696	3,869	−1,803	261	−1,214	−867	2,003

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.HCL Technologies dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 7 May	Mar 2021Filed 24 Apr	Mar 2022Filed 22 Apr	Mar 2023Filed 21 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 21 Apr
	₹30.17	₹31.12	₹36.79	₹40.75	₹41.07	₹49.77	₹54.85	₹57.99	₹64.16	₹61.46
As stated that year	₹60.33	₹62.23	₹73.58	₹40.75	₹41.07	₹49.77	₹54.85	₹57.99	₹64.16	₹61.46
	₹30.14	₹31.10	₹36.78	₹40.75	₹41.07	₹49.77	₹54.79	₹57.86	₹64.09	₹61.36
As stated that year	₹60.27	₹62.19	₹73.55	₹40.75	₹41.07	₹49.77	₹54.79	₹57.86	₹64.09	₹61.36
	₹12.00	₹4.00	₹4.00	₹6.00	₹26.00	₹44.00	₹48.00	₹52.00	₹60.00	₹60.00
As declared that year	₹24.00	₹8.00	₹8.00	–	₹26.00	₹44.00	₹48.00	₹52.00	₹60.00	₹60.00
	–	–	₹152.50	₹188.83	₹220.67	₹228.04	₹240.90	₹251.55	₹256.56	₹276.85
On that year's share count	–	–	₹305.00	₹188.83	₹220.67	₹228.04	₹240.90	₹251.55	₹256.56	₹276.85
Dividend payout	39.8%	12.8%	10.7%	14.7%	63.3%	88.5%	87.8%	89.8%	93.7%	97.9%
Shareholder yield	–	–	–	–	1.2%	3.9%	4.4%	3.4%	3.9%	4.2%
Market cap at the year end (₹ crore)	1,23,445	1,34,841	1,47,487	1,18,424	2,66,658	3,15,803	2,94,501	4,18,868	4,32,151	3,64,065

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 2020: 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.HCL Technologies PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 7 May	Mar 2021Filed 24 Apr	Mar 2022Filed 22 Apr	Mar 2023Filed 21 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 21 Apr
Revenue growth	–	6.3%	19.5%	17.0%	6.7%	13.6%	18.5%	8.3%	6.5%	11.2%
Operating profit growth	–	8.3%	23.8%	24.3%	15.8%	2.4%	10.2%	6.9%	5.4%	4.9%
Net profit growth	–	1.3%	16.0%	9.3%	1.0%	21.1%	9.8%	5.8%	10.8%	−4.3%
Earnings per share growth	–	3.1%	18.2%	10.8%	0.8%	21.2%	10.2%	5.7%	10.6%	−4.2%
	–	–	24.5%	23.9%	20.0%	22.2%	23.3%	23.5%	25.2%	23.0%
	–	–	–	−0.6 pts	−3.8 pts	2.1 pts	1.2 pts	0.2 pts	1.7 pts	−2.2 pts
From the net margin	–	–	–	−1.6 pts	−1.3 pts	1.3 pts	−1.6 pts	−0.5 pts	0.9 pts	−3.5 pts
From asset turnover	–	–	–	−0.7 pts	−2.4 pts	2.1 pts	2.8 pts	0.5 pts	0.1 pts	0.6 pts
From borrowing	–	–	–	1.7 pts	−0.1 pts	−1.3 pts	−0.1 pts	0.2 pts	0.7 pts	0.6 pts
Return on capital employed	–	–	26.2%	24.8%	24.2%	24.6%	27.3%	28.4%	29.8%	29.7%
Cash conversion	–	–	–	–	175.6%	125.0%	121.3%	142.9%	127.9%	120.0%
Interest cover	107.3	142.9	68.1	27.5	30.2	50.8	52.4	36.2	33.3	25.8
Debt to equity	–	–	0.09	0.09	0.06	0.06	0.03	0.03	0.03	0.00
Receivable days	–	–	71	73	66	88	92	85	81	88
Inventory days	–	–	20	22	20	42	42	38	24	33
Payable days	–	–	281	277	372	1,630	1,170	1,189	1,120	1,078
Cash conversion cycle, days	–	–	−191	−182	−285	−1,500	−1,037	−1,067	−1,016	−956
Working capital days	–	–	49	24	48	45	44	32	23	24
Asset turnover	–	–	1.03	1.00	0.89	0.98	1.11	1.14	1.14	1.17
Assets per rupee of net worth	–	–	1.42	1.53	1.52	1.44	1.43	1.45	1.49	1.53
Sales per rupee of plant	–	–	11.42	12.86	13.36	15.26	18.89	22.47	26.01	27.95
Capital spending to depreciation	–	–	–	–	0.41	0.38	0.40	0.25	0.27	0.33
Plant being built, % of plant in use	–	–	4.4%	7.3%	5.5%	2.3%	0.7%	2.2%	1.3%	1.3%

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: 15.0%
Cash from operations against operating profit: 74.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	11.5%	8.7%
Profit growth, yearly rate	–	8.3%	3.9%
Return on equity, average	–	23.4%	23.9%
Return on capital employed, average	–	27.9%	29.3%
Operating margin, average	22.9%	22.1%	21.5%
Net margin, average	15.5%	14.5%	14.0%
Asset turnover, average	–	1.11	1.15
Cash conversion cycle, days, average	–	−1,115	−1,013
Interest cover, average	57.4	39.7	31.7
Debt to equity, average	–	0.03	0.02

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	99,593	64,684	19,975
Cash from investing	−15,564	−13,110	−1,473
Cash from financing	−83,783	−53,394	−19,369
Capital spending	6,884	3,578	1,422
Dividends paid	69,325	44,941	14,618
Shares bought back	2,191	1,387	711
Shares issued for cash	0	0	0
Borrowings raised	1,254	1,053	318
Borrowings repaid	5,732	3,623	2,626

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	9	7	9	6	7
Altman Z-scorePublished threshold 1.1	–	–	8.25	6.05	7.89	8.12	8.40	8.34	7.81	7.53
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.91	−2.29	−2.46	−2.81	−2.72	−2.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.20	−5.54	0.84	−0.02	0.05	−1.67
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.38	1.30	1.31	1.30
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	3.75	−9.97	37.66	4.94	−8.28	−5.24	10.87
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	9.43	−7.05	88.33	−0.99	−8.49	−40.96	51.05
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.24	−0.03	−4.05	−0.19	0.46	0.65	0.74
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.11	0.07	0.03	0.01	0.03	0.02	0.01
Effective tax ratePublished threshold 17.16 per cent	18.37	20.91	19.82	20.91	29.55	20.22	23.82	25.07	25.20	24.66
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.09	4.85	4.98	6.96	6.22

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
6 Oct 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	1,678
6 Oct 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	915

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