Hindalco Industries financials and balance sheet

NSE: HINDALCOBSE: 500440Non - Ferrous MetalsLarge Cap

₹869.85₹15.75 (1.78%)BSE ₹860.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹885.60.

52-week range of traded prices to 23 Oct 2026

₹770.15Low, 6 Nov 2025₹1,176.00High, 29 May 2026

Next results date: the board meets on 6 Nov 2026 to consider: financial results.

Market cap: ₹1,95,475 Cr39th largest listed
P/E: 11.9
P/E without one-offs: 7.6
P/B: 1.4
Dividend yield: 0.57%
ROE: 12.6%
ROE without one-offs: 19.7%
ROCE: 13.6%
Debt to equity: 0.71
Volume, NSE: 76,73,66961.3% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,74,944 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

Revenue2,74,944
Materials and goods−1,77,038
Employee costs−17,148
Other expenses−45,874
Operating profit34,884
Depreciation−8,830
Other income+2,889
One-off items−6,963
Finance costs−3,480
Profit before tax18,500
Tax−5,105
Joint ventures−4.0
Net profit13,391

What the company owns

Plant, investments and other assets₹2,22,364 Cr
Inventory₹75,517 Cr
Receivables₹27,222 Cr
Cash and bank₹14,808 Cr
Current investments₹7,884 Cr

What pays for it: net worth and liabilities

Net worth₹1,36,595 Cr
Borrowings₹96,659 Cr
Owed to suppliers₹61,624 Cr
Other liabilities₹52,917 Cr

Hindalco Industries 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.Hindalco Industries segment results by quarter

Revenue by segment

₹2,90,105 CrTotal

Novelis₹1,62,882 Cr56.1% of total
Copper₹69,838 Cr24.1% of total
Aluminium upstream₹41,447 Cr14.3% of total
Aluminium downstream₹15,938 Cr5.5% of total

Profit by segment

Novelis₹14,546 Cr39.1% of total
Copper₹2,809 Cr7.5% of total
Aluminium upstream₹18,884 Cr50.7% of total
Aluminium downstream₹978 Cr2.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Novelis
Revenue, ₹ crore
84,211
79,527
1,27,747
1,48,471
1,34,175
1,45,068
1,62,882
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
9,194
10,435
15,229
14,543
15,507
15,242
14,546
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Copper
Revenue, ₹ crore
22,198
18,533
36,723
41,702
49,321
54,703
69,838
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,516
1,276
1,390
2,253
2,616
3,025
2,809
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Aluminium upstream
Revenue, ₹ crore
33,010
32,382
38,268
41,447
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
8,402
9,161
16,262
18,884
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Aluminium downstream
Revenue, ₹ crore
11,009
10,531
12,819
15,938
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
627
573
633
978
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	1,30,568	1,20,243	–	1,96,918	2,34,192	2,26,409	2,50,858	2,90,105
Company revenue, as in its results	1,30,542	1,18,144	–	1,95,059	2,23,202	2,15,962	2,38,496	2,74,944
Revenue	84,211	79,527	–	1,27,747	1,48,471	1,34,175	1,45,068	1,62,882
Revenue growth	–	−5.6%	–	–	16.2%	−9.6%	8.1%	12.3%
Profit	9,194	10,435	–	15,229	14,543	15,507	15,242	14,546
Profit growth	–	13.5%	–	–	−4.5%	6.6%	−1.7%	−4.6%
Margin	10.9%	13.1%	–	11.9%	9.8%	11.6%	10.5%	8.9%
Return on capital	–	20.1%	–	24.9%	19.5%	19.6%	16.7%	11.9%
Assets	–	82,797	–	1,14,539	1,18,015	1,21,953	1,41,140	1,96,015
Liabilities	–	30,815	–	53,458	43,298	43,021	49,953	73,466
Capital employed	–	51,982	–	61,081	74,717	78,932	91,187	1,22,549
Revenue	22,198	18,533	–	36,723	41,702	49,321	54,703	69,838
Revenue growth	–	−16.5%	–	–	13.6%	18.3%	10.9%	27.7%
Profit	1,516	1,276	–	1,390	2,253	2,616	3,025	2,809
Profit growth	–	−15.8%	–	–	62.1%	16.1%	15.6%	−7.1%
Margin	6.8%	6.9%	–	3.8%	5.4%	5.3%	5.5%	4.0%
Return on capital	–	17.7%	–	17.7%	49.9%	41.9%	27.1%	16.9%
Assets	–	10,148	–	19,407	17,892	18,297	22,308	36,727
Liabilities	–	2,930	–	11,541	13,376	12,049	11,130	20,069
Capital employed	–	7,218	–	7,866	4,516	6,248	11,178	16,658
Revenue	–	–	–	–	33,010	32,382	38,268	41,447
Revenue growth	–	–	–	–	–	−1.9%	18.2%	8.3%
Profit	–	–	–	–	8,402	9,161	16,262	18,884
Profit growth	–	–	–	–	–	9.0%	77.5%	16.1%
Margin	–	–	–	–	25.5%	28.3%	42.5%	45.6%
Return on capital	–	–	–	–	19.7%	22.5%	39.9%	43.3%
Assets	–	–	–	–	48,277	46,183	46,329	52,081
Liabilities	–	–	–	–	5,656	5,412	5,587	8,463
Capital employed	–	–	–	–	42,621	40,771	40,742	43,618
Revenue	–	–	–	–	11,009	10,531	12,819	15,938
Revenue growth	–	–	–	–	–	−4.3%	21.7%	24.3%
Profit	–	–	–	–	627	573	633	978
Profit growth	–	–	–	–	–	−8.6%	10.5%	54.5%
Margin	–	–	–	–	5.7%	5.4%	4.9%	6.1%
Return on capital	–	–	–	–	11.7%	8.0%	5.9%	7.3%
Assets	–	–	–	–	6,405	8,598	12,573	15,770
Liabilities	–	–	–	–	1,062	1,417	1,918	2,323
Capital employed	–	–	–	–	5,343	7,181	10,655	13,447
Revenue	–	21,749	–	32,169	–	–	–	–
Profit	–	3,729	–	13,025	–	–	–	–
Margin	–	17.1%	–	40.5%	–	–	–	–
Return on capital	–	8.4%	–	31.4%	–	–	–	–
Assets	–	50,036	–	51,280	–	–	–	–
Liabilities	–	5,516	–	9,763	–	–	–	–
Capital employed	–	44,520	–	41,517	–	–	–	–
Revenue	–	434	–	279	–	–	–	–
Profit	–	−16	–	26	–	–	–	–
Margin	–	−3.7%	–	9.3%	–	–	–	–
Return on capital	–	−4.2%	–	6.4%	–	–	–	–
Assets	–	559	–	415	–	–	–	–
Liabilities	–	174	–	6	–	–	–	–
Capital employed	–	385	–	409	–	–	–	–
Revenue	–	−1,991	–	−1,804	–	–	–	–
Profit	–	287	–	323	–	–	–	–
Return on capital	–	2.5%	–	2.9%	–	–	–	–
Assets	–	12,505	–	12,743	–	–	–	–
Liabilities	–	849	–	1,454	–	–	–	–
Capital employed	–	11,656	–	11,289	–	–	–	–
Revenue	24,160	–	–	–	–	–	–	–
Profit	5,107	–	–	–	–	–	–	–
Margin	21.1%	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Hindalco Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 13 Jun	Mar 2021	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
Revenue from operations	1,02,631	1,15,809	1,30,542	1,18,144	1,31,985	1,95,059	2,23,202	2,15,962	2,38,496	2,74,944
	–	–	1,15,032	1,03,838	1,14,449	1,66,712	2,00,536	1,92,090	2,06,691	2,40,060
Materials and goods bought	55,661	68,879	78,689	68,271	76,582	1,17,540	1,40,770	1,33,855	1,44,949	1,77,038
Employee costs	–	–	9,043	8,832	–	11,936	13,063	14,778	15,406	17,148
Other expenses	–	–	27,299	26,735	–	37,236	46,703	43,457	46,336	45,874
Operating profit before depreciation	–	–	15,511	14,306	17,536	28,347	22,666	23,872	31,805	34,884
Operating margin	–	–	11.9%	12.1%	13.3%	14.5%	10.2%	11.1%	13.3%	12.7%
Materials, % of revenue	–	–	60.3%	57.8%	–	60.3%	63.1%	62.0%	60.8%	64.4%
Employee costs, % of revenue	–	–	6.9%	7.5%	–	6.1%	5.9%	6.8%	6.5%	6.2%
Other expenses, % of revenue	–	–	20.9%	22.6%	–	19.1%	20.9%	20.1%	19.4%	16.7%
Depreciation and amortisation	–	–	4,777	5,091	6,628	6,729	7,086	7,521	7,881	8,830
Operating profit after depreciation	–	–	10,734	9,215	10,908	21,618	15,580	16,351	23,924	26,054
Other income	1,111	1,105	1,127	1,186	1,222	1,136	1,257	1,496	2,708	2,889
Finance costs	5,742	3,911	3,778	4,197	3,738	3,768	3,646	3,858	3,419	3,480
Profit before one-off items and tax	3,347	6,508	8,083	6,204	8,392	18,986	13,191	13,989	23,213	25,463
One-off items	−33	1,649	0	−284	−492	582	41	21	−879	−6,963
Profit before tax	3,314	8,157	8,083	5,920	7,900	19,568	13,232	14,010	22,334	18,500
	1,433	2,074	2,588	2,157	2,723	5,373	3,144	3,857	6,335	5,105
Current tax	–	1,585	1,910	1,541	1,881	3,801	2,856	3,005	6,354	7,531
Deferred tax	–	489	678	616	842	1,572	288	852	−19	−2,426
Share of profit of joint ventures and associates	1	–	–	–	5	6	9	2	3	−4
Profit from discontinued businesses	–	–	–	–	–	−471	–	–	–	–
	1,882	6,083	5,495	3,767	3,483	13,730	10,097	10,155	16,002	13,391
Belonging to the company's shareholders	1,882	6,083	5,496	3,767	3,483	13,730	10,097	10,155	16,001	13,391
Belonging to outside owners of subsidiaries	–	–	1	0	–	0	0	–	1	0
Other comprehensive income	–	–	−2,752	−2,723	–	−1,148	7,460	1,930	2,366	728
Total comprehensive income	–	–	2,743	1,044	–	12,582	17,557	12,085	18,368	14,119
Net margin	1.8%	5.3%	4.2%	3.2%	2.6%	7.0%	4.5%	4.7%	6.7%	4.9%
Net margin without joint ventures and associates	1.8%	–	–	–	2.6%	7.0%	4.5%	4.7%	6.7%	4.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2021 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the years to Mar 2017 and Mar 2018: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given. Share of profit of joint ventures and associates is left blank for the year to Mar 2020: 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.

₹ crore	Mar 2019Filed 18 May	Mar 2020Filed 13 Jun	Mar 2021	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
	57,511	58,327	–	78,202	94,817	1,06,157	1,23,721	1,36,595
	57,502	58,317	–	78,191	94,806	1,06,146	1,23,709	1,36,583
Share capital	222	222	–	222	222	222	222	222
Reserves	57,279	58,095	–	77,969	94,584	1,05,924	1,23,487	1,36,361
Belonging to outside owners of subsidiaries	9	10	–	11	11	11	12	12
	52,257	67,096	–	63,235	58,335	54,501	61,931	96,659
Repayable after a year	48,032	58,379	–	51,635	51,434	47,395	56,217	75,595
Repayable within a year	4,226	8,717	–	11,600	6,901	7,106	5,714	21,064
	33,739	37,217	–	77,180	60,457	59,351	65,516	1,16,509
Trade payables	20,723	18,300	–	41,382	35,860	34,444	40,632	61,624
Other financial liabilities	4,092	5,336	–	16,999	10,270	9,845	9,415	21,261
Other liabilities	1,407	1,077	–	2,238	4,220	2,346	2,801	5,180
Provisions	1,978	2,211	–	2,841	3,206	3,158	3,409	2,881
Tax owed	1,313	1,576	–	2,120	–	2,452	3,545	4,499
	61,382	73,984	–	67,587	69,543	66,399	76,754	94,691
Other financial liabilities	179	1,206	–	1,575	1,754	1,787	2,154	2,680
Other liabilities	1,275	1,391	–	1,898	1,814	1,638	1,685	7,907
Provisions	7,440	8,337	–	6,848	5,891	6,235	6,227	830
Deferred tax	4,453	4,671	–	5,631	8,650	9,344	10,471	7,679
Trade payables	2	0	–	–	–	–	–	0
Liabilities going with businesses held for sale	0	–	–	93	–	–	–	–
	1,52,632	1,69,528	–	2,23,062	2,24,817	2,31,907	2,65,991	3,47,795
Held for sale or for a demerger	129	110	–	88	51	44	58	159
	98,638	1,03,246	–	1,24,519	1,35,506	1,49,564	1,64,032	2,06,765
Plant in use, after depreciation	64,185	66,067	–	76,470	78,530	79,698	84,237	94,217
Plant being built	3,975	7,610	–	4,727	7,340	14,643	27,023	47,569
Intangible assets	3,077	3,008	–	6,418	6,331	5,991	5,591	6,420
Goodwill	18,575	20,098	–	23,965	25,745	26,075	26,683	29,553
Intangible assets being developed	122	111	–	218	360	224	374	1,957
Property held to earn rent	23	22	–	21	20	46	45	61
Investments	5,136	3,091	–	8,616	8,180	12,062	13,502	16,817
Stakes in joint ventures and associates	21	41	–	51	79	110	124	257
Loans given	73	12	–	50	47	7	6	47
Other financial assets	361	341	–	1,091	3,250	3,828	1,221	2,002
Deferred tax	1,087	910	–	1,207	1,328	1,184	1,691	3,114
Trade receivables	–	56	–	0	–	–	–	0
Other assets	2,004	1,879	–	1,685	4,296	5,696	3,535	4,751
	53,864	66,172	–	98,455	89,260	82,299	1,01,901	1,40,871
Inventories	22,194	22,384	–	44,483	42,958	40,812	48,801	75,517
Trade receivables	11,460	9,345	–	21,076	16,214	16,404	19,834	27,222
Cash and cash equivalents	9,119	21,303	–	11,639	12,840	11,816	9,808	14,350
Other bank balances	668	266	–	5,753	2,528	2,621	1,038	458
Current investments	3,855	6,279	–	5,452	5,857	3,272	10,532	7,884
Loans given	58	55	–	7	8	32	7	8
Other financial assets	1,995	3,192	–	5,497	3,107	2,523	6,767	7,977
Tax paid in advance	1,441	255	–	186	109	117	197	154
Other assets	3,076	3,093	–	4,362	5,639	4,702	4,917	7,301
Net debt	38,615	39,248	–	40,391	37,110	36,792	40,553	73,967

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, Mar 2018 and Mar 2021, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
	16,838	19,208	24,056	24,410	10,250
	20,594	21,941	26,731	29,877	16,726
	−9,132	−457	1,798	−2,321	−14,237
Receivables	−7,886	5,751	1	−3,139	−5,306
Inventories	−13,690	2,839	2,381	−7,194	−24,518
Payables	12,683	−6,409	−1,731	7,508	19,316
Other working capital	−239	−2,638	1,147	504	−3,729
Tax paid	−3,773	−2,733	−2,675	−5,467	−6,476
Capital spending	5,426	9,842	15,728	20,649	30,096
Free cash flow	11,412	9,366	8,328	3,761	−19,846
	−7,074	−8,121	−14,276	−24,739	−26,583
Plant and property sold	71	100	50	245	338
Companies bought	−412	0	0	0	0
Interest received	207	445	551	819	1,162
Dividends received	32	34	34	38	39
	−6,765	−10,345	−10,817	−1,816	20,087
Borrowings raised	14,197	701	3,990	18,728	36,709
Borrowings repaid	−18,793	−9,625	−5,750	−15,221	−10,246
Interest paid	−3,250	0	−3,912	−4,044	−4,791
Lease payments	0	0	−500	−397	−358
Dividends paid	667	–	667	778	1,110
Shares bought back	0	0	0	153	164
Shares issued	6	0	0	0	0
Net change in cash	2,999	742	−1,037	−2,145	3,754

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, Mar 2020 and Mar 2021. Dividends paid is left blank for the year to Mar 2023: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Consolidated, ₹ per share, years to March.Hindalco Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 13 Jun	Mar 2021	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
Earnings per share	₹9.22	₹27.30	₹24.67	₹16.94	₹15.66	₹61.73	₹45.42	₹45.71	₹72.05	₹60.31
Diluted earnings per share	₹9.21	₹27.29	₹24.66	₹16.93	₹15.65	₹61.65	₹45.36	₹45.65	₹71.91	₹60.20
Dividend per share	₹1.10	₹1.20	₹1.20	₹1.00	₹3.00	₹4.00	₹3.00	₹3.50	₹5.00	₹5.00
Book value per share	–	–	₹256.07	₹262.69	–	₹352.21	₹427.05	₹478.14	₹557.25	₹615.24
Dividend payout	13.1%	4.4%	4.9%	5.9%	19.4%	6.5%	6.6%	7.7%	6.9%	8.3%
Shareholder yield	–	–	–	–	–	0.5%	–	0.5%	0.6%	0.6%
Market cap at the year end (₹ crore)	40,300	48,164	46,145	21,495	73,430	1,27,976	91,090	1,25,900	1,53,362	1,98,756

Shareholder yield is left blank for the year to Mar 2023: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Ratios

Consolidated, years to March.Hindalco Industries PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 13 Jun	Mar 2021	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
Revenue growth	12.8%	12.7%	−9.5%	11.7%	47.8%	14.4%	−3.2%	10.4%	15.3%
Operating profit growth	–	–	−7.8%	22.6%	61.7%	−20.0%	5.3%	33.2%	9.7%
Net profit growth	223.2%	−9.7%	−31.4%	−7.5%	294.2%	−26.5%	0.6%	57.6%	−16.3%
Earnings per share growth	196.1%	−9.6%	−31.3%	−7.6%	294.2%	−26.4%	0.6%	57.6%	−16.3%
	–	9.6%	6.5%	–	17.6%	11.7%	10.1%	13.9%	10.3%
	–	–	−3.1 pts	–	–	−5.9 pts	−1.6 pts	3.8 pts	−3.6 pts
From the net margin	–	–	−2.3 pts	–	–	−6.3 pts	0.5 pts	4.3 pts	−3.8 pts
From asset turnover	–	–	−1.0 pts	–	–	1.6 pts	−0.6 pts	0.2 pts	−0.7 pts
From borrowing	–	–	0.3 pts	–	–	−1.2 pts	−1.4 pts	−0.7 pts	0.8 pts
Return on capital employed	–	9.8%	7.3%	–	15.3%	10.2%	10.2%	12.9%	11.2%
Cash conversion	–	–	–	–	122.6%	190.2%	236.9%	152.5%	76.5%
Interest cover	–	2.8	2.2	2.9	5.7	4.3	4.2	7.0	7.5
Debt to equity	–	0.91	1.15	–	0.81	0.62	0.51	0.50	0.71
Receivable days	–	32	29	–	39	27	28	30	36
Inventory days	–	103	120	–	138	111	111	123	156
Payable days	–	96	98	–	129	93	94	102	127
Cash conversion cycle, days	–	39	51	–	49	45	45	51	65
Working capital days	–	30	30	–	19	24	21	32	30
Asset turnover	–	0.86	0.73	–	0.87	1.00	0.95	0.96	0.90
Assets per rupee of net worth	–	2.65	2.78	–	2.85	2.59	2.27	2.17	2.36
Sales per rupee of plant	–	2.03	1.79	–	2.55	2.84	2.71	2.83	2.92
Capital spending to depreciation	–	–	–	–	0.81	1.39	2.09	2.62	3.41
Plant being built, % of plant in use	–	6.2%	11.5%	–	6.2%	9.3%	18.4%	32.1%	50.5%

No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2021, 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: 4.4%
Cash from operations against operating profit: 29.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	15.8%	7.2%
Profit growth, yearly rate	–	30.9%	9.9%
Return on equity, average	–	12.7%	11.4%
Return on capital employed, average	–	11.9%	11.4%
Operating margin, average	–	12.4%	12.4%
Net margin, average	4.5%	5.6%	5.4%
Asset turnover, average	–	0.93	0.93
Cash conversion cycle, days, average	–	51	54
Interest cover, average	–	5.7	6.2
Debt to equity, average	–	0.63	0.57

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	94,762	58,716	10,250
Cash from investing	−80,793	−65,598	−26,583
Cash from financing	−9,656	7,454	20,087
Capital spending	81,741	66,473	30,096
Dividends paid	–	2,555	1,110
Shares bought back	317	317	164
Shares issued for cash	6	0	0
Borrowings raised	74,325	59,427	36,709
Borrowings repaid	59,635	31,217	10,246

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	–	–	–	–	–	–	–	6	8	4
Altman Z-scorePublished threshold 1.81	–	–	2.09	1.69	–	2.35	2.40	2.54	2.67	2.19
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	–	−2.67	−2.69	−2.45	−2.10
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	–	−0.44	0.16	6.56	9.69
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	1.77	1.87	1.48
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−8.96	–	–	−37.50	4.42	10.48	21.97
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	14.10	–	–	−23.19	−0.08	11.29	32.61
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.02	–	–	−0.53	−0.70	1.90	1.29
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.09	–	–	0.80	1.69	2.18	2.53
Effective tax ratePublished threshold 17.16 per cent	43.22	25.43	32.02	36.44	34.47	27.46	23.76	27.53	28.36	27.59
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	8.18	3.11	8.44	3.89	−7.41

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
12 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE AA+Review, Re-affirm	Stable	6,745.07
12 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LCLong and short-term scales	CARE AA+ / CARE A1+Review, Re-affirm	Stable	48,005.40
12 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Working Capital LimitsLong-term scale	CARE AA+Review, Re-affirm	Stable	2,757.50
2 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		2,000

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