Hindustan Unilever financials and balance sheet

NSE: HINDUNILVRBSE: 500696Diversified FMCGLarge Cap

Formerly Hindustan Lever

₹1,814.70₹13.60 (0.74%)BSE ₹1,820.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,828.30.

52-week range of traded prices to 23 Oct 2026

₹1,781.10Low, 23 Oct 2026₹2,667.20High, 23 Oct 2025

Next results date: the board meets on 28 Oct 2026 to consider: financial results and dividend.

Market cap: ₹4,26,380 Cr10th largest listed
P/E: 28.5
P/E without one-offs: 39.8
P/B: 8.7
Dividend yield: 2.24%
ROE: 30.5%
ROE without one-offs: 21.8%
ROCE: 28.4%
Debt to equity: 0.00
Volume, NSE: 11,92,73253.4% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

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 3.5% 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, ₹64,468 Cr, differs from its quarters added, ₹65,547 Cr; the company reports the part of the business demerged on 5 Dec 2025 as discontinued, and figures before the change include it.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue64,468
Materials and goods−31,665
Employee costs−3,175
Other expenses−14,574
Operating profit15,054
Depreciation−1,333
Other income+751
One-off items−235
Finance costs−410
Profit before tax13,827
Tax−3,160
Joint ventures−15
Discontinued businesses+4,407
Net profit15,059

What the company owns

Plant, investments and other assets₹64,089 Cr
Inventory₹4,789 Cr
Current investments₹4,247 Cr
Receivables₹3,379 Cr
Cash and bank₹3,248 Cr

What pays for it: net worth and liabilities

Net worth₹49,008 Cr
Other liabilities₹17,419 Cr
Owed to suppliers₹13,325 Cr

Hindustan Unilever 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. The demerger of 5 Dec 2025 fell inside the year to Mar 2026. That year's accounts report a discontinued business, which these segments may include.Hindustan Unilever segment results by quarter

Revenue by segment

₹65,725 CrTotal

Home Care₹23,672 Cr36.0% of total
Beauty & Wellbeing₹14,990 Cr22.8% of total
Foods₹14,061 Cr21.4% of total
Personal Care₹9,564 Cr14.6% of total
Others (includes Exports)₹2,181 Cr3.3% of total
Discontinued operations₹1,257 Cr1.9% of total

Profit by segment

Home Care₹4,521 Cr32.9% of total
Beauty & Wellbeing₹4,161 Cr30.3% of total
Foods₹2,824 Cr20.6% of total
Personal Care₹1,805 Cr13.2% of total
Others (includes Exports)₹410 Cr3.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Home Care
Revenue, ₹ crore
12,874
13,640
13,957
16,570
21,223
21,882
22,958
23,672
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,156
2,559
2,773
3,183
3,913
4,127
4,429
4,521
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Beauty & Wellbeing
Revenue, ₹ crore
13,523
14,990
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4,188
4,161
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Foods
Revenue, ₹ crore
7,131
7,450
13,204
14,105
14,876
15,291
15,294
14,061
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,230
1,232
2,189
2,623
2,662
2,851
2,808
2,824
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Personal Care
Revenue, ₹ crore
9,166
9,564
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,631
1,805
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others (includes Exports)
Revenue, ₹ crore
2,181
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
410
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Discontinued operations
Revenue, ₹ crore
1,257
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−122
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	39,310	39,783	47,028	52,446	60,580	61,896	63,121	65,725
Company revenue, as in its results	39,310	39,783	47,028	52,446	60,580	61,896	63,121	64,468
Revenue	12,874	13,640	13,957	16,570	21,223	21,882	22,958	23,672
Revenue growth	–	6.0%	2.3%	18.7%	28.1%	3.1%	4.9%	3.1%
Profit	2,156	2,559	2,773	3,183	3,913	4,127	4,429	4,521
Profit growth	–	18.7%	8.4%	14.8%	22.9%	5.5%	7.3%	2.1%
Margin	16.7%	18.8%	19.9%	19.2%	18.4%	18.9%	19.3%	19.1%
Return on capital	–	–	–	1,304.5%	551.1%	–	1,401.6%	7,064.1%
Assets	–	2,966	3,175	3,999	4,785	5,016	5,573	6,395
Liabilities	–	3,342	3,404	3,755	4,075	5,203	5,257	6,331
Capital employed	–	−376	−229	244	710	−187	316	64
Revenue	–	–	–	–	–	–	13,523	14,990
Revenue growth	–	–	–	–	–	–	–	10.8%
Profit	–	–	–	–	–	–	4,188	4,161
Profit growth	–	–	–	–	–	–	–	−0.6%
Margin	–	–	–	–	–	–	31.0%	27.8%
Return on capital	–	–	–	–	–	–	3,012.9%	111.0%
Assets	–	–	–	–	–	–	4,391	8,422
Liabilities	–	–	–	–	–	–	4,252	4,673
Capital employed	–	–	–	–	–	–	139	3,749
Revenue	7,131	7,450	13,204	14,105	14,876	15,291	15,294	14,061
Revenue growth	–	4.5%	77.2%	6.8%	5.5%	2.8%	0.0%	−8.1%
Profit	1,230	1,232	2,189	2,623	2,662	2,851	2,808	2,824
Profit growth	–	0.2%	77.7%	19.8%	1.5%	7.1%	−1.5%	0.6%
Margin	17.2%	16.5%	16.6%	18.6%	17.9%	18.6%	18.4%	20.1%
Return on capital	–	129.0%	4.7%	5.6%	5.6%	6.1%	5.9%	6.1%
Assets	–	2,554	49,510	49,669	50,299	50,666	51,571	50,228
Liabilities	–	1,599	3,358	3,140	3,131	3,734	3,730	3,597
Capital employed	–	955	46,152	46,529	47,168	46,932	47,841	46,631
Revenue	–	–	–	–	–	–	9,166	9,564
Revenue growth	–	–	–	–	–	–	–	4.3%
Profit	–	–	–	–	–	–	1,631	1,805
Profit growth	–	–	–	–	–	–	–	10.7%
Margin	–	–	–	–	–	–	17.8%	18.9%
Return on capital	–	–	–	–	–	–	162.9%	200.8%
Assets	–	–	–	–	–	–	3,692	3,768
Liabilities	–	–	–	–	–	–	2,691	2,869
Capital employed	–	–	–	–	–	–	1,001	899
Revenue	–	–	–	–	–	–	–	2,181
Profit	–	–	–	–	–	–	–	410
Margin	–	–	–	–	–	–	–	18.8%
Return on capital	–	–	–	–	–	–	–	73.9%
Assets	–	–	–	–	–	–	–	1,114
Liabilities	–	–	–	–	–	–	–	559
Capital employed	–	–	–	–	–	–	–	555
Revenue	–	–	–	–	–	–	–	1,257
Profit	–	–	–	–	–	–	–	−122
Margin	–	–	–	–	–	–	–	−9.7%
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
Capital employed	–	–	–	–	–	–	–	0
Revenue	–	–	–	2,204	2,459	2,275	2,180	–
Revenue growth	–	–	–	–	11.6%	−7.5%	−4.2%	–
Profit	–	–	–	568	790	659	440	–
Profit growth	–	–	–	–	39.1%	−16.6%	−33.2%	–
Margin	–	–	–	25.8%	32.1%	29.0%	20.2%	–
Return on capital	–	–	–	77.7%	110.8%	96.1%	67.8%	–
Assets	–	–	–	1,413	1,435	1,126	1,122	–
Liabilities	–	–	–	682	722	440	473	–
Capital employed	–	–	–	731	713	686	649	–
Revenue	17,800	17,488	18,038	19,567	22,022	22,448	–	–
Revenue growth	–	−1.8%	3.1%	8.5%	12.5%	1.9%	–	–
Profit	4,751	4,896	5,134	5,392	5,647	5,810	–	–
Profit growth	–	3.1%	4.9%	5.0%	4.7%	2.9%	–	–
Margin	26.7%	28.0%	28.5%	27.6%	25.6%	25.9%	–	–
Return on capital	–	7,771.4%	1,873.7%	947.6%	552.0%	345.6%	–	–
Assets	–	5,643	5,910	6,239	7,140	7,514	–	–
Liabilities	–	5,580	5,636	5,670	6,117	5,833	–	–
Capital employed	–	63	274	569	1,023	1,681	–	–
Revenue	1,505	1,205	1,829	–	–	–	–	–
Revenue growth	–	−19.9%	51.8%	–	–	–	–	–
Profit	178	172	456	–	–	–	–	–
Profit growth	–	−3.4%	165.1%	–	–	–	–	–
Margin	11.8%	14.3%	24.9%	–	–	–	–	–
Return on capital	–	62.8%	99.1%	–	–	–	–	–
Assets	–	549	1,068	–	–	–	–	–
Liabilities	–	275	608	–	–	–	–	–
Capital employed	–	274	460	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Hindustan Unilever quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 30 Apr	Mar 2021Filed 30 Apr	Mar 2022Filed 28 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue from operations	35,759	36,238	39,310	39,783	47,028	52,446	60,580	61,896	63,121	64,468
	29,419	28,739	30,430	29,922	35,402	39,589	46,431	47,233	48,270	49,414
Materials and goods bought	16,313	16,730	18,474	18,259	22,148	25,735	31,716	29,760	30,578	31,665
Employee costs	–	–	1,875	1,820	2,358	2,545	2,854	3,009	3,077	3,175
Other expenses	–	–	10,081	9,843	10,896	11,309	11,861	14,464	14,615	14,574
Operating profit before depreciation	6,340	7,499	8,880	9,861	11,626	12,857	14,149	14,663	14,851	15,054
Operating margin	17.7%	20.7%	22.6%	24.8%	24.7%	24.5%	23.4%	23.7%	23.5%	23.4%
Materials, % of revenue	–	–	47.0%	45.9%	47.1%	49.1%	52.4%	48.1%	48.4%	49.1%
Employee costs, % of revenue	–	–	4.8%	4.6%	5.0%	4.9%	4.7%	4.9%	4.9%	4.9%
Other expenses, % of revenue	–	–	25.6%	24.7%	23.2%	21.6%	19.6%	23.4%	23.2%	22.6%
Depreciation and amortisation	432	520	565	1,002	1,074	1,091	1,137	1,216	1,355	1,333
Operating profit after depreciation	5,908	6,979	8,315	8,859	10,552	11,766	13,012	13,447	13,496	13,721
Other income	369	384	550	632	410	258	512	811	1,017	751
Finance costs	35	26	33	118	117	106	114	334	395	410
Profit before one-off items and tax	6,242	7,337	8,832	9,373	10,845	11,918	13,410	13,924	14,118	14,062
One-off items	237	−33	−228	−200	−239	−44	−64	6	305	−235
Profit before tax	6,479	7,304	8,604	9,173	10,606	11,874	13,346	13,930	14,423	13,827
	1,977	2,079	2,544	2,409	2,606	2,987	3,201	3,644	3,744	3,160
Current tax	1,947	2,216	2,610	2,243	2,520	2,840	3,001	3,521	3,620	3,163
Deferred tax	30	−137	−66	166	86	147	200	123	124	−3
Share of profit of joint ventures and associates	–	–	–	–	–	–	−1	−4	−8	−15
Profit from discontinued businesses	–	–	–	−8	−1	5	−1	–	–	4,407
	4,490	5,227	6,060	6,756	7,999	8,892	10,143	10,282	10,671	15,059
Belonging to the company's shareholders	4,490	5,227	6,054	6,748	7,995	8,879	10,120	10,277	10,649	15,040
Belonging to outside owners of subsidiaries	–	–	6	8	4	13	23	5	22	19
Other comprehensive income	–	–	−4	−89	21	115	−26	25	−19	202
Total comprehensive income	–	–	6,056	6,667	8,020	9,007	10,117	10,307	10,652	15,261
Net margin	12.6%	14.4%	15.4%	17.0%	17.0%	17.0%	16.7%	16.6%	16.9%	–
Net margin without joint ventures and associates	–	–	–	–	–	–	16.7%	16.6%	16.9%	–

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 2026: 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 4 May	Mar 2020Filed 30 Apr	Mar 2021Filed 30 Apr	Mar 2022Filed 28 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	7,885	8,246	47,694	49,087	50,522	51,423	49,609	49,008
	7,867	8,229	47,674	49,061	50,304	51,218	49,402	48,739
Share capital	216	216	235	235	235	235	235	235
Reserves	7,651	8,013	47,439	48,826	50,069	50,983	49,167	48,504
Belonging to outside owners of subsidiaries	18	17	20	26	218	205	207	269
Borrowings	99	0	0	0	98	13	1	0
	8,667	9,317	11,103	11,280	12,028	12,876	16,537	15,549
Trade payables	7,206	7,535	8,802	9,068	9,574	10,486	11,315	13,325
Other financial liabilities	286	932	1,206	1,201	1,203	1,230	1,684	1,219
Other liabilities	553	428	588	665	764	807	959	736
Provisions	523	422	507	346	389	340	675	265
Tax owed	–	0	0	0	0	0	1,903	4
	2,077	2,590	9,960	10,150	10,537	14,200	13,734	15,195
Other financial liabilities	177	939	1,027	1,098	1,667	1,824	1,923	2,345
Other liabilities	818	424	1,367	1,331	1,086	4,243	3,598	3,692
Provisions	1,082	1,227	1,578	1,580	1,363	1,576	1,528	1,684
Deferred tax	–	0	5,988	6,141	6,421	6,557	6,685	7,474
	18,629	20,153	68,757	70,517	73,087	78,499	79,880	79,752
Held for sale or for a demerger	4	18	17	13	12	12	23	14
	6,715	7,832	54,540	54,995	56,089	57,175	57,829	60,731
Plant in use, after depreciation	4,192	4,960	6,116	6,169	6,949	8,031	8,625	8,182
Plant being built	406	597	745	1,313	1,132	1,025	1,009	880
Intangible assets	406	402	27,930	27,907	28,263	28,247	28,244	31,184
Goodwill	117	117	17,397	17,397	17,466	17,466	17,466	18,062
Investments	2	2	2	2	2	2	2	112
Stakes in joint ventures and associates	–	–	–	0	69	65	57	0
Loans given	215	238	251	115	98	102	87	85
Other financial assets	11	3	617	729	725	760	763	709
Deferred tax	373	284	17	11	10	10	17	14
Other assets	993	1,229	1,465	1,352	1,375	1,467	1,559	1,503
	11,910	12,303	14,200	15,509	16,986	21,312	22,028	19,007
Inventories	2,574	2,767	3,579	4,096	4,251	4,022	4,415	4,789
Trade receivables	1,816	1,149	1,758	2,236	3,079	2,997	3,819	3,379
Cash and cash equivalents	621	3,216	1,842	1,147	714	825	6,071	2,583
Other bank balances	3,136	1,897	2,629	2,699	3,964	6,734	1,483	665
Current investments	2,714	1,253	2,707	3,519	2,811	4,558	3,751	4,247
Loans given	4	0	0	35	36	38	46	50
Other financial assets	577	1,420	1,188	1,089	1,386	1,425	1,488	1,979
Tax paid in advance	–	0	0	0	0	0	0	156
Other assets	468	601	497	688	745	713	955	1,159
Net debt	−6,372	−6,366	−7,178	−7,365	−7,391	−12,104	−11,304	−7,495

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 30 Apr	Mar 2022Filed 28 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	9,163	9,048	9,991	15,469	11,886	10,999
	11,571	11,829	13,131	15,962	14,154	15,839
	−101	−1,000	−957	1,287	−791	704
Receivables	−382	−463	−803	93	−846	441
Inventories	−543	−758	−339	74	−584	−692
Payables	734	265	475	910	833	2,119
Other working capital	90	−44	−290	210	−194	−1,164
Tax paid	−2,407	−2,784	−3,138	−381	−2,268	−4,840
Capital spending	741	1,225	1,174	1,468	1,254	1,258
Free cash flow	8,422	7,823	8,817	14,001	10,632	9,741
	−1,528	−1,728	−1,494	−5,324	6,473	−3,684
Plant and property sold	97	146	121	20	13	29
Companies bought	0	0	−334	0	0	−2,661
Interest received	277	161	259	425	835	428
Dividends received	1	1	2	3	0	0
	−9,309	−8,015	−8,953	−10,034	−13,101	−10,810
Borrowings raised	188	55	0	0	0	0
Borrowings repaid	−188	−55	−7	−85	0	−46
Interest paid	−92	−82	−88	−110	−130	−133
Lease payments	−406	−407	−467	−423	−498	−507
Dividends paid	8,811	7,526	8,474	9,416	12,473	10,124
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−1,674	−695	−456	111	5,258	−3,495

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 Unilever dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 30 Apr	Mar 2021Filed 30 Apr	Mar 2022Filed 28 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Earnings per share	₹20.62	₹24.09	₹27.97	₹31.17	₹34.03	₹37.79	₹43.07	₹43.74	₹45.32	₹64.01
Diluted earnings per share	₹20.62	₹24.08	₹27.96	₹31.17	₹34.03	₹37.79	₹43.07	₹43.74	₹45.32	₹64.00
Dividend per share	₹17.00	₹20.00	₹22.00	₹25.00	₹40.50	₹34.00	₹39.00	₹42.00	₹53.00	₹41.00
Book value per share	–	–	₹36.42	₹38.10	₹202.87	₹208.77	₹214.06	₹217.95	₹210.22	₹207.40
Dividend payout	81.9%	82.8%	78.5%	80.0%	119.0%	90.0%	90.6%	96.0%	117.0%	64.1%
Shareholder yield	–	–	–	–	1.5%	1.6%	1.4%	1.8%	2.4%	2.1%
Market cap at the year end (₹ crore)	1,97,328	2,88,601	3,69,462	4,97,582	5,71,295	4,81,349	6,01,578	5,32,030	5,30,737	4,82,888

Ratios

Consolidated, years to March.Hindustan Unilever PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 30 Apr	Mar 2021Filed 30 Apr	Mar 2022Filed 28 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue growth	7.7%	1.3%	8.5%	1.2%	18.2%	11.5%	15.5%	2.2%	2.0%	–
Operating profit growth	6.5%	18.3%	18.4%	11.0%	17.9%	10.6%	10.0%	3.6%	1.3%	–
Net profit growth	10.0%	16.4%	15.9%	11.5%	18.4%	11.2%	14.1%	1.4%	3.8%	–
Earnings per share growth	9.3%	16.8%	16.1%	11.4%	9.2%	11.1%	14.0%	1.6%	3.6%	–
	–	–	77.0%	83.8%	28.6%	18.4%	20.4%	20.2%	21.2%	30.6%
	–	–	–	6.9 pts	−55.2 pts	−10.2 pts	2.0 pts	−0.1 pts	0.9 pts	9.5 pts
From the net margin	–	–	–	7.8 pts	0.2 pts	−0.1 pts	−0.2 pts	−0.1 pts	0.3 pts	–
From asset turnover	–	–	–	−2.4 pts	−40.7 pts	−8.2 pts	2.2 pts	−0.6 pts	−0.5 pts	–
From borrowing	–	–	–	1.4 pts	−14.7 pts	−1.9 pts	0.1 pts	0.6 pts	1.1 pts	–
Return on capital employed	–	–	104.1%	107.4%	22.1%	24.0%	25.7%	26.1%	27.2%	28.0%
Cash conversion	–	–	–	–	114.6%	101.8%	98.5%	150.4%	111.4%	73.0%
Interest cover	168.8	268.4	252.0	75.1	90.2	111.0	114.1	40.3	34.2	33.5
Debt to equity	–	–	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	17	11	14	16	19	18	22	19
Inventory days	–	–	51	55	59	58	49	49	53	55
Payable days	–	–	142	151	145	129	110	129	135	154
Cash conversion cycle, days	–	–	−75	−85	−72	−55	−43	−62	−60	−79
Working capital days	–	–	−29	−31	−32	−22	−15	−22	−34	−23
Asset turnover	–	–	2.11	2.05	1.06	0.75	0.84	0.82	0.80	0.81
Assets per rupee of net worth	–	–	2.37	2.41	1.59	1.44	1.45	1.49	1.57	1.63
Sales per rupee of plant	–	–	9.38	8.02	7.69	8.50	8.72	7.71	7.32	7.88
Capital spending to depreciation	–	–	–	–	0.69	1.12	1.03	1.21	0.93	0.94
Plant being built, % of plant in use	–	–	9.7%	12.0%	12.2%	21.3%	16.3%	12.8%	11.7%	10.8%

From the net margin, from asset turnover and from borrowing are left blank for the year to Mar 2026: 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. 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 and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Net profit growth and earnings per share growth are left blank for the year to Mar 2026: between the two periods the company began reporting a business as discontinued, 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: 18.8%
Cash from operations against operating profit: 73.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.9%	6.5%	2.1%
Profit growth, yearly rate	13.9%	13.5%	14.1%
Return on equity, average	–	22.2%	24.0%
Return on capital employed, average	–	26.2%	27.1%
Operating margin, average	22.9%	23.7%	23.5%
Net margin, average	16.0%	16.8%	16.8%
Asset turnover, average	–	0.80	0.81
Cash conversion cycle, days, average	–	−60	−67
Interest cover, average	118.7	66.6	36.0
Debt to equity, average	–	0.00	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	57,393	38,354	10,999
Cash from investing	−5,757	−2,535	−3,684
Cash from financing	−50,913	−33,945	−10,810
Capital spending	6,379	3,980	1,258
Dividends paid	48,013	32,013	10,124
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	55	0	0
Borrowings repaid	193	131	46

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	6	6	4	5
Altman Z-scorePublished threshold 1.81	–	–	25.01	29.25	18.50	15.82	18.48	14.22	12.87	11.73
Beneish M-scorePublished threshold −1.78	–	–	–	–	−0.30	−2.23	−2.12	−2.90	−2.39	−2.55
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	0.82	2.26	2.29	0.18	−9.71	9.70
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.04	1.18	1.20	1.07
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−37.93	34.79	15.67	22.19	−4.84	25.45	−13.66
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	8.66	8.05	−1.75	−19.46	0.78	7.02	4.92
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	2.45	−0.71	0.18	0.58	0.01	0.48	1.32
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.34	0.33	1.15	0.59	0.45	0.52	0.99
Effective tax ratePublished threshold 17.16 per cent	30.51	28.46	29.57	26.26	24.57	25.16	23.98	26.16	25.96	22.85
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.71	0.47	23.42	10.23	−12.15

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
3 Oct 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	1,360.52
3 Oct 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		944.99

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