Indian Oil Corporation financials and balance sheet

NSE: IOCBSE: 530965Petroleum ProductsLarge Cap

₹129.09₹1.89 (1.44%)BSE ₹129.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹130.98.

52-week range of traded prices to 23 Oct 2026

₹124.92Low, 14 Oct 2026₹188.96High, 27 Feb 2026

Next results date: the board meets on 30 Oct 2026 to consider: financial results.

Market cap: ₹1,82,291 Cr41st largest listed
P/E: 5.4
P/B: 0.8
Dividend yield: 6.39%
ROE: 16.6%
ROCE: 13.8%
Debt to equity: 0.58
Volume, NSE: 71,42,37744.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Indian Oil Corporation annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹9,51,410 Cr, year to Mar 2023A loss in 1 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 3.7% 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

Revenue9,01,453
Materials and goods−6,33,124
Employee costs−11,435
Other expenses−1,79,833
Operating profit77,062
Depreciation−18,420
Other income+4,163
One-off items0.0
Finance costs−8,308
Profit before tax54,497
Tax−13,795
Joint ventures+2,976
Net profit43,677

What the company owns

Plant, investments and other assets₹3,85,636 Cr
Inventory₹1,17,133 Cr
Receivables₹14,635 Cr
Current investments₹7,137 Cr
Cash and bank₹4,415 Cr

What pays for it: net worth and liabilities

Net worth₹2,25,547 Cr
Borrowings₹1,31,822 Cr
Other liabilities₹1,14,217 Cr
Owed to suppliers₹57,369 Cr

Indian Oil Corporation 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.Indian Oil Corporation segment results by quarter

Revenue by segment

₹9,20,097 CrTotal

Petroleum Products₹8,42,195 Cr91.5% of total
Gas₹44,512 Cr4.8% of total
Petrochemicals₹28,102 Cr3.1% of total
Other Business Activities₹5,288 Cr0.6% of total

Profit by segment

Petroleum Products₹61,227 Cr97.7% of total
Petrochemicals₹1,015 Cr1.6% of total
Other Business Activities₹456 Cr0.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Petroleum Products
Revenue, ₹ crore
5,96,785
5,55,264
4,96,830
7,02,209
9,08,356
8,33,470
8,03,817
8,42,195
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
22,215
−1,624
25,571
29,176
18,439
59,548
18,945
61,227
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Gas
Revenue, ₹ crore
42,341
44,512
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,427
−255
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Petrochemicals
Revenue, ₹ crore
21,183
15,727
19,169
28,129
22,297
26,234
28,031
28,102
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4,198
1,714
5,218
4,685
−181
−344
−440
1,015
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other Business Activities
Revenue, ₹ crore
11,058
15,757
12,842
24,083
36,729
40,163
5,151
5,288
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
769
−1,268
−294
1,794
2,431
1,260
294
456
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	6,29,026	5,86,748	5,28,841	7,54,422	9,67,382	8,99,867	8,79,340	9,20,097
Company revenue, as in its results	6,17,243	5,76,589	5,20,237	7,36,731	9,51,410	8,81,235	8,59,363	9,01,453
Revenue	5,96,785	5,55,264	4,96,830	7,02,209	9,08,356	8,33,470	8,03,817	8,42,195
Revenue growth	–	−7.0%	−10.5%	41.3%	29.4%	−8.2%	−3.6%	4.8%
Profit	22,215	−1,624	25,571	29,176	18,439	59,548	18,945	61,227
Profit growth	–	–	–	14.1%	−36.8%	222.9%	−68.2%	223.2%
Margin	3.7%	−0.3%	5.1%	4.2%	2.0%	7.1%	2.4%	7.3%
Return on capital	14.8%	−1.0%	16.4%	16.3%	9.3%	28.1%	8.3%	26.1%
Assets	2,52,883	2,47,087	2,61,307	3,01,552	3,24,468	3,46,449	3,63,007	3,72,119
Liabilities	1,03,118	87,598	1,05,454	1,22,828	1,26,795	1,34,715	1,35,635	1,37,201
Capital employed	1,49,765	1,59,489	1,55,853	1,78,724	1,97,673	2,11,734	2,27,371	2,34,918
Revenue	–	–	–	–	–	–	42,341	44,512
Revenue growth	–	–	–	–	–	–	–	5.1%
Profit	–	–	–	–	–	–	1,427	−255
Margin	–	–	–	–	–	–	3.4%	−0.6%
Return on capital	–	–	–	–	–	–	12.2%	−3.1%
Assets	–	–	–	–	–	–	15,079	14,126
Liabilities	–	–	–	–	–	–	3,345	5,809
Capital employed	–	–	–	–	–	–	11,734	8,316
Revenue	21,183	15,727	19,169	28,129	22,297	26,234	28,031	28,102
Revenue growth	–	−25.8%	21.9%	46.7%	−20.7%	17.7%	6.8%	0.3%
Profit	4,198	1,714	5,218	4,685	−181	−344	−440	1,015
Profit growth	–	−59.2%	204.4%	−10.2%	–	–	–	–
Margin	19.8%	10.9%	27.2%	16.7%	−0.8%	−1.3%	−1.6%	3.6%
Return on capital	26.2%	9.0%	25.0%	18.5%	−0.6%	−1.0%	−1.2%	2.4%
Assets	16,848	19,970	21,734	26,330	33,558	35,188	39,172	45,225
Liabilities	808	970	847	945	1,299	1,750	1,999	2,888
Capital employed	16,040	19,000	20,887	25,385	32,259	33,438	37,174	42,336
Revenue	11,058	15,757	12,842	24,083	36,729	40,163	5,151	5,288
Revenue growth	–	42.5%	−18.5%	87.5%	52.5%	9.4%	–	–
Profit	769	−1,268	−294	1,794	2,431	1,260	294	456
Profit growth	–	–	–	–	35.5%	−48.2%	–	–
Margin	7.0%	−8.0%	−2.3%	7.5%	6.6%	3.1%	5.7%	8.6%
Return on capital	5.4%	−8.9%	−1.7%	9.4%	11.6%	5.3%	2.3%	3.1%
Assets	17,699	17,392	20,050	22,469	25,289	28,666	14,662	16,707
Liabilities	3,346	3,194	2,868	3,418	4,400	4,802	1,665	1,861
Capital employed	14,353	14,198	17,182	19,051	20,889	23,864	12,997	14,846

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

Profit and loss

Consolidated, ₹ crore, years to March.Indian Oil Corporation quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 25 Jun	Mar 2021Filed 19 May	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 2 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Revenue from operations	4,53,726	5,15,542	6,17,243	5,76,589	5,20,237	7,36,731	9,51,410	8,81,235	8,59,363	9,01,453
	4,19,713	4,73,949	5,82,019	5,60,184	4,79,652	6,88,989	9,20,711	8,05,645	8,23,372	8,24,391
Materials and goods bought	2,75,119	3,36,846	4,42,096	4,15,130	2,75,459	4,86,953	7,47,635	6,38,799	6,56,786	6,33,124
Employee costs	–	–	11,596	9,337	11,309	11,583	9,359	11,671	10,880	11,435
Other expenses	–	–	1,28,327	1,35,717	1,92,884	1,90,453	1,63,717	1,55,175	1,55,707	1,79,833
Operating profit before depreciation	34,013	41,593	35,224	16,405	40,585	47,742	30,699	75,591	35,991	77,062
Operating margin	7.5%	8.1%	5.7%	2.8%	7.8%	6.5%	3.2%	8.6%	4.2%	8.5%
Materials, % of revenue	–	–	71.6%	72.0%	52.9%	66.1%	78.6%	72.5%	76.4%	70.2%
Employee costs, % of revenue	–	–	1.9%	1.6%	2.2%	1.6%	1.0%	1.3%	1.3%	1.3%
Other expenses, % of revenue	–	–	20.8%	23.5%	37.1%	25.9%	17.2%	17.6%	18.1%	19.9%
Depreciation and amortisation	6,849	7,664	8,507	9,855	10,941	12,348	13,181	15,866	16,777	18,420
Operating profit after depreciation	27,165	33,930	26,717	6,550	29,644	35,394	17,518	59,725	19,213	58,641
Other income	3,872	3,420	2,714	2,790	3,500	3,082	4,199	3,843	3,514	4,163
Finance costs	3,721	3,811	4,888	6,579	3,589	5,423	7,541	7,826	9,262	8,308
Profit before one-off items and tax	27,316	33,539	24,543	2,761	29,554	33,053	14,176	55,742	13,465	54,497
One-off items	0	0	0	−11,304	0	0	0	0	1,838	0
Profit before tax	27,316	33,539	24,543	−8,543	29,554	33,053	14,176	55,742	15,303	54,497
	7,570	11,824	8,653	−5,300	8,989	8,562	3,333	14,127	3,275	13,795
Current tax	7,795	7,648	5,310	221	6,868	7,235	1,922	12,896	1,700	13,409
Deferred tax	−224	4,176	3,343	−5,521	2,120	1,327	1,411	1,231	1,575	386
Share of profit of joint ventures and associates	640	911	1,384	1,366	1,197	1,236	862	1,546	1,760	2,976
	20,385	22,626	17,274	−1,877	21,762	25,727	11,704	43,161	13,789	43,677
Belonging to the company's shareholders	20,385	22,626	17,377	−893	21,638	25,102	9,792	41,730	13,598	42,096
Belonging to outside owners of subsidiaries	–	–	−103	−983	124	624	1,912	1,431	191	1,581
Other comprehensive income	–	–	−2,661	−10,383	4,501	6,222	−288	13,008	−850	4,731
Total comprehensive income	–	–	14,613	−12,260	26,263	31,949	11,416	56,169	12,939	48,409
Net margin	4.5%	4.4%	2.8%	−0.3%	4.2%	3.5%	1.2%	4.9%	1.6%	4.8%
Net margin without joint ventures and associates	4.4%	4.2%	2.6%	−0.6%	4.0%	3.3%	1.1%	4.7%	1.4%	4.5%

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.

₹ crore	Mar 2019Filed 17 May	Mar 2020Filed 25 Jun	Mar 2021Filed 19 May	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 2 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
	1,14,346	96,274	1,12,814	1,35,127	1,43,214	1,88,163	1,91,025	2,25,547
	1,12,469	95,398	1,11,838	1,33,535	1,39,720	1,83,416	1,86,487	2,19,518
Share capital	9,181	9,181	9,181	9,181	13,772	13,772	13,772	13,772
Reserves	1,03,288	86,217	1,02,657	1,24,354	1,25,949	1,69,645	1,72,716	2,05,746
Belonging to outside owners of subsidiaries	1,877	876	976	1,591	3,494	4,747	4,537	6,030
	92,711	1,25,968	1,08,515	1,32,020	1,48,977	1,32,628	1,52,271	1,31,822
Repayable after a year	39,152	56,071	60,935	62,308	69,790	53,125	58,334	63,652
Repayable within a year	53,559	69,897	47,580	69,711	79,187	79,503	93,936	68,170
	1,60,719	1,61,518	1,62,175	1,92,130	2,06,647	2,16,385	2,30,599	2,11,170
Trade payables	41,194	27,604	37,248	49,046	54,734	59,454	60,535	57,369
Other financial liabilities	43,316	41,940	50,169	44,025	45,401	50,605	51,288	54,063
Other liabilities	12,476	12,468	17,073	18,980	17,151	15,241	14,788	20,084
Provisions	10,174	9,609	9,302	9,749	10,156	10,628	10,013	10,506
Tax owed	–	–	803	619	18	954	40	978
	60,090	71,945	79,927	83,344	91,889	77,795	85,228	92,202
Other financial liabilities	616	790	847	914	195	233	199	239
Other liabilities	1,600	2,048	2,583	3,181	3,708	4,062	4,623	5,253
Provisions	2,212	1,597	1,597	1,587	1,396	1,415	1,407	1,442
Deferred tax	16,510	11,439	13,964	15,354	16,800	18,961	20,665	21,616
Liabilities going with businesses held for sale	–	–	–	25	11	19	15	35
	3,35,155	3,29,737	3,54,916	4,10,625	4,41,762	4,82,362	5,06,867	5,28,955
Held for sale or for a demerger	227	238	193	788	983	1,184	1,512	1,636
	2,05,379	2,19,112	2,38,707	2,63,764	2,82,897	3,23,914	3,49,224	3,72,144
Plant in use, after depreciation	1,29,647	1,44,076	1,53,698	1,57,195	1,76,532	1,92,160	1,97,162	2,04,473
Plant being built	23,401	29,629	32,953	44,050	47,550	57,317	73,740	82,897
Intangible assets	2,846	2,945	3,385	3,318	3,514	3,837	3,979	4,095
Goodwill	1	1	1	1	1	1	1	1
Intangible assets being developed	4,880	3,216	3,337	3,419	3,583	3,716	4,181	3,153
Investments	35,510	13,707	20,424	28,004	23,716	37,065	35,458	41,152
Stakes in joint ventures and associates	–	13,572	15,010	16,335	18,038	18,097	21,392	25,009
Loans given	2,291	3,280	2,615	2,293	2,285	2,587	3,223	3,357
Other financial assets	1,583	1,562	1,953	2,639	1,748	2,355	2,337	2,572
Deferred tax	1,393	4,236	2,480	2,820	1,857	1,828	1,590	1,364
Other assets	3,827	2,888	2,850	3,690	4,071	4,951	6,161	4,071
	1,29,549	1,10,387	1,16,016	1,46,072	1,57,882	1,57,265	1,56,131	1,55,175
Inventories	77,127	67,011	83,427	1,11,737	1,21,108	1,21,376	1,13,878	1,17,133
Trade receivables	15,798	13,259	13,800	18,700	16,271	13,831	18,551	14,635
Cash and cash equivalents	933	1,435	781	1,177	996	1,247	673	1,833
Other bank balances	131	861	1,693	644	1,100	1,912	2,632	2,582
Current investments	8,417	8,291	9,283	8,013	10,437	10,380	10,369	7,137
Loans given	1,592	1,104	989	451	380	493	629	699
Other financial assets	20,491	14,171	2,256	1,509	2,661	2,758	2,259	4,658
Tax paid in advance	482	56	0	0	0	1	725	5
Other assets	4,578	4,199	3,786	3,842	4,930	5,267	6,415	6,495
Net debt	83,230	1,15,381	96,758	1,22,186	1,36,444	1,19,089	1,38,597	1,20,271

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 19 May	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 2 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
	49,862	24,570	29,644	71,099	34,699	76,142
	53,930	32,102	31,121	83,004	37,793	87,555
	9,115	−13,965	−5,149	6,323	−721	4,328
Inventories	−16,421	−28,337	−9,391	−312	7,464	−3,297
Other working capital	25,536	14,372	4,242	6,635	−8,185	7,625
Tax paid	−4,068	−7,532	−1,478	−11,905	−3,094	−11,412
Capital spending	23,833	22,804	32,600	37,175	34,850	28,363
Free cash flow	26,029	1,767	−2,956	33,923	−151	47,779
	−24,245	−21,178	−28,030	−31,464	−31,848	−22,274
Plant and property sold	793	−233	432	530	572	1,102
Interest received	1,824	1,892	2,089	2,094	1,836	1,925
Dividends received	261	1,054	3,815	1,827	1,929	2,319
	−26,270	−2,997	−1,794	−39,385	−3,425	−52,672
Borrowings raised	14,683	11,423	16,707	1,349	28,275	15,494
Borrowings repaid	−28,063	2,946	−5,930	−19,180	−10,460	−42,746
Interest paid	−4,506	−4,698	−7,010	−7,769	−8,723	−8,535
Lease payments	0	−1,773	−2,254	−2,813	−2,971	−3,183
Dividends paid	8,383	10,896	3,306	10,973	9,545	13,702
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−653	395	−180	250	−573	1,197

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.Indian Oil Corporation dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 25 Jun	Mar 2021Filed 19 May	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 2 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
	₹13.96	₹15.61	₹12.27	−₹0.65	₹15.71	₹18.23	₹7.11	₹30.30	₹9.87	₹30.57
As stated that year	₹41.88	₹23.41	₹18.41	−₹0.97	₹23.57	₹27.34	₹7.11	₹30.30	₹9.87	₹30.57
	₹13.96	₹15.61	₹12.27	−₹0.65	₹15.71	₹18.23	₹7.11	₹30.30	₹9.87	₹30.57
As stated that year	₹41.88	₹23.41	₹18.41	−₹0.97	₹23.57	₹27.34	₹7.11	₹30.30	₹9.87	₹30.57
	₹6.33	₹7.67	₹6.17	₹2.83	₹8.00	₹8.40	₹3.00	₹12.00	₹3.00	₹8.25
As declared that year	₹19.00	–	₹9.25	₹4.25	₹12.00	–	₹3.00	₹12.00	₹3.00	₹8.25
	–	–	₹79.65	₹67.56	₹79.20	₹94.56	₹98.94	₹129.89	₹132.06	₹155.45
On that year's share count	–	–	₹119.47	₹101.33	₹118.80	₹141.84	₹98.94	₹129.89	₹132.06	₹155.45
Dividend payout	45.3%	49.4%	50.1%	–	52.2%	47.3%	43.3%	40.6%	31.2%	27.7%
Shareholder yield	–	–	–	–	9.7%	9.7%	3.0%	4.6%	5.3%	7.2%
Market cap at the year end (₹ crore)	1,87,948	1,71,511	1,58,157	76,867	86,469	1,11,981	1,10,004	2,36,884	1,80,328	1,91,202

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 years to Mar 2018 and Mar 2022: 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.Indian Oil Corporation PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 25 Jun	Mar 2021Filed 19 May	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 2 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Revenue growth	27.5%	13.6%	19.7%	−6.6%	−9.8%	41.6%	29.1%	−7.4%	−2.5%	4.9%
Operating profit growth	46.6%	22.3%	−15.3%	−53.4%	147.4%	17.6%	−35.7%	146.2%	−52.4%	114.1%
Net profit growth	81.7%	11.0%	−23.7%	–	–	18.2%	−54.5%	268.8%	−68.1%	216.8%
Earnings per share growth	–	11.8%	−21.4%	–	–	16.0%	−61.0%	326.2%	−67.4%	209.7%
	–	–	15.5%	−0.9%	20.9%	20.5%	7.2%	25.8%	7.4%	20.7%
	–	–	–	−16.3 pts	21.7 pts	−0.4 pts	−13.3 pts	18.7 pts	−18.5 pts	13.4 pts
From the net margin	–	–	–	−16.3 pts	23.9 pts	−3.8 pts	−14.3 pts	25.8 pts	−17.2 pts	14.3 pts
From asset turnover	–	–	–	0.0 pts	−2.9 pts	4.6 pts	1.0 pts	−4.8 pts	−0.8 pts	0.0 pts
From borrowing	–	–	–	−0.1 pts	0.7 pts	−1.2 pts	0.0 pts	−2.3 pts	−0.5 pts	−1.0 pts
Return on capital employed	–	–	12.9%	2.9%	13.4%	13.2%	6.0%	18.6%	5.6%	16.4%
Cash conversion	–	–	–	–	229.1%	95.5%	253.3%	164.7%	251.6%	174.3%
Interest cover	7.3	8.9	5.5	1.0	8.3	6.5	2.3	7.6	2.1	7.1
Debt to equity	–	–	0.81	1.31	0.96	0.98	1.04	0.70	0.80	0.58
Receivable days	–	–	9	8	10	9	6	6	8	6
Inventory days	–	–	64	59	111	84	59	69	63	68
Payable days	–	–	34	24	49	37	27	34	34	33
Cash conversion cycle, days	–	–	39	43	71	56	39	41	38	40
Working capital days	–	–	8	5	−7	7	7	3	2	0
Asset turnover	–	–	1.84	1.73	1.52	1.92	2.23	1.91	1.74	1.74
Assets per rupee of net worth	–	–	2.98	3.20	3.30	3.12	3.12	2.86	2.67	2.55
Sales per rupee of plant	–	–	4.76	4.00	3.38	4.69	5.39	4.59	4.36	4.41
Capital spending to depreciation	–	–	–	–	2.18	1.85	2.47	2.34	2.08	1.54
Plant being built, % of plant in use	–	–	18.0%	20.6%	21.4%	28.0%	26.9%	29.8%	37.4%	40.5%

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: 8.1%
Cash from operations against operating profit: 98.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.7%	11.6%	−1.8%
Profit growth, yearly rate	14.1%	14.2%	62.6%
Return on equity, average	–	16.3%	18.0%
Return on capital employed, average	–	12.0%	13.5%
Operating margin, average	6.3%	6.2%	7.1%
Net margin, average	3.2%	3.2%	3.8%
Asset turnover, average	–	1.91	1.80
Cash conversion cycle, days, average	–	43	40
Interest cover, average	5.7	5.1	5.6
Debt to equity, average	–	0.82	0.70

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	2,36,154	1,81,940	76,142
Cash from investing	−1,34,793	−85,586	−22,274
Cash from financing	−1,00,272	−95,481	−52,672
Capital spending	1,55,792	1,00,388	28,363
Dividends paid	48,422	34,220	13,702
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	73,248	45,118	15,494
Borrowings repaid	81,262	72,386	42,746

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	7	5	7	4	7
Altman Z-scorePublished threshold 1.81	–	–	2.87	2.11	2.24	2.64	2.80	3.09	2.50	2.89
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.09	−1.89	−2.36	−2.99	−2.23	−3.05
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.13	5.83	2.37	0.76	2.21	−1.97
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.76	1.55	1.97	1.81
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.49	13.86	−6.11	−42.13	−7.62	36.60	−26.01
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−7.02	58.14	−42.85	−45.15	14.78	−8.99	6.46
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.24	−2.38	−0.09	0.24	0.05	0.16	0.20
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.22	1.60	2.78	1.46	1.82	3.39	3.22
Effective tax ratePublished threshold 17.16 per cent	27.71	35.25	35.26	–	30.41	25.90	23.52	25.34	21.40	25.31
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	3.12	13.09	3.99	1.18	4.37

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
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based-LT/STLong and short-term scales	CARE AAA / CARE A1+Review, Re-affirm	Stable	2,758
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Line of CreditShort-term scale	CARE A1+Review, Re-affirm		50,880
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE AAAReview, Re-affirm	Stable	4,030
8 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based-LT/STLong and short-term scales	CARE AAA / CARE A1+Review, Re-affirm	Stable	82
23 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Other	Stable	3,053
23 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		20,350
23 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAAReview, Other	Stable	3,000
29 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		1,290
29 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		30,000
29 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AAAReview, Re-affirm	Stable
29 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AAAReview, Re-affirm	Stable	2,500
29 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAA; IND A1+New, New	Stable	10,000
19 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAAReview, Other	Stable	3,000
19 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Proposed limits	[ICRA]AAA /[ICRA]A1+Review, Other	Stable	7,000
19 Jun 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAAReview, Other	Stable	2,500
19 Jun 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Other		450

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