IRB Infrastructure Developers financials and balance sheet

NSE: IRBBSE: 532947ConstructionSmall Cap

₹16.24₹0.55 (3.28%)BSE ₹16.25

Share price at the NSE close on 23 Oct 2026. Previous close ₹16.79.

52-week range of traded prices to 23 Oct 2026

₹16.09Low, 23 Oct 2026₹23.95High, 21 May 2026

Market cap: ₹19,615 Cr303rd largest listed
P/E: 20.6
P/B: Shares changed
Dividend yield: 1.05%
ROE: 4.7%
ROCE: 7.3%
Debt to equity: 0.96
Volume, NSE: 1,05,13,69250.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.IRB Infrastructure Developers 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 0.2% 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 2018, the company's revenue for that year, ₹5,694 Cr, differs from its quarters added, ₹5,618 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue7,648
Materials and goods−673
Employee costs−423
Other expenses−2,570
Operating profit3,982
Depreciation−1,142
Other income+206
One-off items−43
Finance costs−1,755
Profit before tax1,248
Tax−397
Net profit850

What the company owns

Plant, investments and other assets₹51,439 Cr
Cash and bank₹1,911 Cr
Inventory₹367 Cr
Current investments₹181 Cr
Receivables₹155 Cr

What pays for it: net worth and liabilities

Net worth₹20,949 Cr
Borrowings₹20,008 Cr
Other liabilities₹12,840 Cr
Owed to suppliers₹257 Cr

IRB Infrastructure Developers 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.IRB Infrastructure Developers segment results by quarter

Revenue by segment

₹7,633 CrTotal

Construction₹3,622 Cr47.5% of total
BOT/ TOT Projects₹2,692 Cr35.3% of total
InvITs & Related Assets₹1,318 Cr17.3% of total

Profit by segment

Construction₹569 Cr18.3% of total
BOT/ TOT Projects₹1,317 Cr42.4% of total
InvITs & Related Assets₹1,220 Cr39.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Construction
Revenue, ₹ crore
4,602
5,110
3,725
3,996
4,338
5,001
4,561
3,622
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,111
1,487
1,182
1,212
1,373
1,301
1,105
569
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
BOT/ TOT Projects
Revenue, ₹ crore
2,085
1,723
1,559
1,787
2,043
2,388
2,484
2,692
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,330
1,068
854
969
1,095
1,171
1,170
1,317
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
InvITs & Related Assets
Revenue, ₹ crore
760
1,318
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
699
1,220
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	6,687	6,833	5,285	5,783	6,381	7,388	7,805	7,633
Company revenue, as in its results	6,707	6,852	5,299	5,804	6,402	7,409	7,613	7,648
Revenue	4,602	5,110	3,725	3,996	4,338	5,001	4,561	3,622
Revenue growth	–	11.0%	−27.1%	7.3%	8.6%	15.3%	−8.8%	−20.6%
Profit	1,111	1,487	1,182	1,212	1,373	1,301	1,105	569
Profit growth	–	33.8%	−20.5%	2.6%	13.3%	−5.3%	−15.1%	−48.5%
Margin	24.1%	29.1%	31.7%	30.3%	31.7%	26.0%	24.2%	15.7%
Return on capital	60.8%	42.5%	25.2%	14.7%	16.6%	18.0%	35.5%	23.0%
Assets	3,980	6,497	6,277	9,477	9,566	8,778	4,321	3,375
Liabilities	2,153	3,000	1,582	1,231	1,287	1,530	1,212	904
Capital employed	1,827	3,497	4,695	8,246	8,278	7,248	3,109	2,471
Revenue	2,085	1,723	1,559	1,787	2,043	2,388	2,484	2,692
Revenue growth	–	−17.3%	−9.5%	14.6%	14.3%	16.9%	4.0%	8.4%
Profit	1,330	1,068	854	969	1,095	1,171	1,170	1,317
Profit growth	–	−19.7%	−20.1%	13.5%	13.0%	6.9%	0.0%	12.6%
Margin	63.8%	62.0%	54.7%	54.2%	53.6%	49.0%	47.1%	48.9%
Return on capital	7.2%	18.3%	6.3%	7.3%	8.2%	9.1%	8.7%	9.8%
Assets	33,383	26,153	26,633	25,175	24,520	23,600	23,708	23,065
Liabilities	14,845	20,320	13,062	11,965	11,224	10,736	10,189	9,672
Capital employed	18,538	5,834	13,571	13,210	13,296	12,864	13,519	13,392
Revenue	–	–	–	–	–	–	760	1,318
Revenue growth	–	–	–	–	–	–	–	73.4%
Profit	–	–	–	–	–	–	699	1,220
Profit growth	–	–	–	–	–	–	–	74.5%
Margin	–	–	–	–	–	–	91.9%	92.6%
Return on capital	–	–	–	–	–	–	3.3%	5.2%
Assets	–	–	–	–	–	–	21,304	23,278
Liabilities	–	–	–	–	–	–	0	0
Capital employed	–	–	–	–	–	–	21,304	23,278
Revenue	20	19	14	20	20	21	17	16
Profit	9	6	0	−2	−14	−19	−22	−28
Assets	3,133	7,238	8,264	7,914	8,680	12,542	4,563	4,336
Liabilities	17,183	9,886	19,630	16,805	16,876	18,910	22,668	22,529

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

Profit and loss

Consolidated, ₹ crore, years to March.IRB Infrastructure Developers quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 18 May	Mar 2023Filed 19 May	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
Revenue from operations	5,846	5,694	6,707	6,852	5,299	5,804	6,402	7,409	7,613	7,648
	2,798	3,015	3,770	3,881	2,786	3,006	3,173	4,077	4,008	3,666
Materials and goods bought	268	73	323	437	399	470	419	406	601	673
Employee costs	–	–	286	287	262	287	346	394	426	423
Other expenses	–	–	3,160	3,157	2,125	2,249	2,408	3,277	2,981	2,570
Operating profit before depreciation	3,048	2,679	2,937	2,971	2,513	2,797	3,229	3,332	3,606	3,982
Operating margin	52.1%	47.1%	43.8%	43.4%	47.4%	48.2%	50.4%	45.0%	47.4%	52.1%
Materials, % of revenue	–	–	4.8%	6.4%	7.5%	8.1%	6.5%	5.5%	7.9%	8.8%
Employee costs, % of revenue	–	–	4.3%	4.2%	4.9%	5.0%	5.4%	5.3%	5.6%	5.5%
Other expenses, % of revenue	–	–	47.1%	46.1%	40.1%	38.7%	37.6%	44.2%	39.2%	33.6%
Depreciation and amortisation	855	544	540	468	582	683	832	995	1,038	1,142
Operating profit after depreciation	2,193	2,135	2,398	2,503	1,931	2,115	2,397	2,337	2,568	2,840
Other income	123	169	196	195	189	552	302	793	418	206
Finance costs	1,333	967	1,120	1,564	1,692	1,891	1,515	1,863	1,792	1,755
Profit before one-off items and tax	984	1,337	1,473	1,134	427	776	1,184	1,266	1,194	1,290
One-off items	0	127	0	57	−166	0	0	0	5,804	−43
Profit before tax	984	1,464	1,473	1,191	262	776	1,184	1,266	6,998	1,248
	269	544	623	454	144	188	357	346	381	397
Current tax	–	571	619	432	186	178	250	184	164	72
Deferred tax	–	−27	4	22	−42	10	107	162	217	325
Share of profit of joint ventures and associates	–	–	–	−16	–	−226	−107	−315	−137	–
Net profit	715	920	850	721	117	361	720	606	6,481	850
Other comprehensive income	–	–	−121	−348	276	22	170	−67	−157	399
Total comprehensive income	–	–	729	373	394	384	890	539	6,324	1,249
Net margin	12.2%	16.2%	12.7%	10.5%	2.2%	6.2%	11.2%	8.2%	85.1%	11.1%
Net margin without joint ventures and associates	–	–	–	10.8%	–	10.1%	12.9%	12.4%	86.9%	–

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. Share of profit of joint ventures and associates is left blank for the year to Mar 2021: 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 28 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 18 May	Mar 2023Filed 19 May	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	6,315	6,683	6,901	12,566	13,379	13,745	19,827	20,949
Share capital	351	351	351	604	604	604	604	604
Reserves	5,964	6,331	6,549	11,962	12,775	13,141	19,223	20,345
	15,719	8,524	18,085	16,685	16,740	18,649	20,577	20,008
Repayable after a year	14,408	6,458	16,503	15,475	14,248	16,854	18,695	17,777
Repayable within a year	1,312	2,066	1,582	1,211	2,492	1,795	1,882	2,231
	6,154	12,809	5,243	2,877	4,304	3,909	3,746	3,780
Trade payables	706	744	715	382	502	676	522	257
Other financial liabilities	3,556	8,984	2,323	1,075	841	1,026	1,089	1,013
Other liabilities	438	930	568	182	464	329	245	267
Provisions	41	12	8	8	3	84	8	11
Tax owed	101	73	48	20	2	0	0	0
	28,027	20,396	29,030	27,124	25,083	27,267	30,323	29,325
Other financial liabilities	13,439	13,888	12,477	11,215	10,654	10,153	9,515	8,956
Other liabilities	102	8	4	297	0	0	19	5
Provisions	46	39	42	52	54	6	8	71
Deferred tax	32	3	2	85	127	254	2,087	2,516
Total assets	40,496	39,888	41,174	42,567	42,766	44,920	53,896	54,054
	37,613	35,371	35,684	37,439	35,801	40,081	47,987	49,372
Plant in use, after depreciation	172	165	146	946	935	911	964	925
Plant being built	36	36	36	27	8	8	1	4
Intangible assets	32,764	27,497	26,948	26,317	25,537	24,595	23,644	22,963
Goodwill	8	8	8	8	8	8	8	8
Intangible assets being developed	3,761	367	637	36	0	–	0	0
Investments	613	4,133	4,487	4,441	4,945	9,377	17,081	19,147
Loans given	0	8	5	4	0	0	0	0
Other financial assets	73	3,094	3,096	4,932	4,170	5,131	5,824	5,849
Deferred tax	167	60	71	129	64	51	47	55
Trade receivables	0	–	248	600	134	–	418	418
Other assets	20	3	3	–	0	1	0	3
	2,883	4,518	5,490	5,127	6,965	4,839	5,909	4,682
Inventories	442	331	322	317	299	293	339	367
Trade receivables	114	441	340	994	1,635	759	331	155
Cash and cash equivalents	278	443	653	53	301	233	1,860	346
Other bank balances	1,283	1,828	1,685	1,691	2,117	1,530	1,586	1,565
Current investments	32	13	312	463	196	265	17	181
Loans given	64	16	432	418	618	77	40	20
Other financial assets	205	1,020	1,305	269	614	581	526	622
Tax paid in advance	35	40	77	82	12	54	61	64
Other assets	430	386	362	840	1,174	1,048	1,149	1,362
Net debt	14,127	6,241	15,434	14,478	14,127	16,621	17,115	17,916

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 28 May	Mar 2022Filed 18 May	Mar 2023Filed 19 May	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	867	364	1,764	4,054	1,971	2,098
	1,084	560	1,966	4,280	2,456	2,173
	−1,359	−2,230	−1,300	905	−1,004	−659
Receivables	−147	−832	−176	1,011	7	157
Inventories	10	4	18	6	−45	−28
Payables	−29	−333	141	174	−154	−238
Other working capital	−1,192	−1,069	−1,284	−285	−811	−549
Tax paid	−217	−196	−202	−226	−171	−75
Capital spending	15	247	49	29	113	64
Free cash flow	852	117	1,715	4,025	1,859	2,034
	−8,176	−1,553	−650	−3,644	375	−910
Plant and property sold	3	15	21	1	4	51
Companies bought	−260	0	0	0	0	0
Interest received	152	116	198	265	285	229
	7,520	589	−861	−477	−720	−2,702
Borrowings raised	11,192	1,143	1,956	6,191	2,297	208
Borrowings repaid	−1,999	−2,556	−1,508	−4,838	−1,262	−1,439
Interest paid	−1,493	−1,661	−1,228	−1,659	−1,398	−1,340
Lease payments	−5	−4	−5	−5	−5	−5
Dividends paid	176	0	75	166	242	127
Shares bought back	0	0	0	0	0	0
Shares issued	0	5,287	0	0	0	0
Net change in cash	211	−601	253	−68	1,627	−1,513

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.IRB Infrastructure Developers dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 18 May	Mar 2023Filed 19 May	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	₹1.02	₹1.31	₹1.21	₹1.03	₹0.17	₹0.43	₹0.60	₹0.50	₹5.37	₹0.70
As stated that year	₹20.36	₹26.17	₹24.18	₹20.51	₹3.33	₹8.69	₹1.19	₹1.00	₹10.73	₹0.70
	₹1.02	₹1.31	₹1.21	₹1.03	₹0.17	₹0.43	₹0.60	₹0.50	₹5.37	₹0.70
As stated that year	₹20.36	₹26.17	₹24.18	₹20.51	₹3.33	₹8.69	₹1.19	₹1.00	₹10.73	₹0.70
	₹0.25	₹0.25	₹0.13	₹0.25	–	–	₹0.10	₹0.15	₹0.15	₹0.16
As declared that year	₹5.00	₹5.00	₹2.50	₹5.00	–	–	–	₹0.30	₹0.30	–
	–	–	₹8.98	₹9.51	₹9.82	₹10.40	₹11.08	₹11.38	₹16.42	₹34.69
On that year's share count	–	–	₹179.69	₹190.15	₹196.35	₹208.07	₹22.15	₹22.76	₹32.83	₹34.69
Dividend payout	24.6%	19.1%	10.3%	24.4%	–	–	16.8%	29.9%	2.8%	11.0%
Shareholder yield	–	–	–	–	4.6%	−34.8%	0.5%	0.5%	0.9%	0.5%
Market cap at the year end (₹ crore)	8,308	7,837	5,091	1,871	3,817	15,173	15,188	35,358	27,272	26,741

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 2023 and Mar 2026: 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.IRB Infrastructure Developers PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 18 May	Mar 2023Filed 19 May	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
Revenue growth	14.0%	–	17.8%	2.2%	−22.7%	9.5%	10.3%	15.7%	2.8%	0.5%
Operating profit growth	14.6%	–	9.6%	1.2%	−15.4%	11.3%	15.4%	3.2%	8.2%	10.4%
Net profit growth	12.5%	28.5%	−7.6%	−15.2%	−83.7%	208.5%	99.2%	−15.9%	969.7%	−86.9%
Earnings per share growth	–	28.5%	−7.6%	−15.2%	−83.8%	161.0%	36.9%	−16.0%	973.0%	−87.0%
	–	–	13.5%	11.1%	1.7%	3.7%	5.6%	4.5%	38.6%	4.2%
	–	–	–	−2.4 pts	−9.4 pts	2.0 pts	1.8 pts	−1.1 pts	34.1 pts	−34.4 pts
From the net margin	–	–	–	−2.3 pts	−8.8 pts	3.1 pts	3.0 pts	−1.5 pts	42.0 pts	−33.6 pts
From asset turnover	–	–	–	0.3 pts	−0.5 pts	0.3 pts	0.6 pts	0.5 pts	−4.1 pts	−0.4 pts
From borrowing	–	–	–	−0.4 pts	−0.1 pts	−1.4 pts	−1.7 pts	−0.1 pts	−3.8 pts	−0.5 pts
Return on capital employed	–	–	10.9%	16.5%	7.7%	7.2%	8.0%	7.2%	6.4%	6.9%
Cash conversion	–	–	–	–	739.9%	100.8%	245.0%	669.1%	30.4%	246.7%
Interest cover	1.6	2.2	2.1	1.6	1.1	1.1	1.6	1.3	1.4	1.6
Debt to equity	–	–	2.49	1.28	2.62	1.33	1.25	1.36	1.04	0.96
Receivable days	–	–	6	23	23	62	93	37	16	7
Inventory days	–	–	500	277	294	246	261	263	206	199
Payable days	–	–	798	622	654	296	438	607	317	139
Cash conversion cycle, days	–	–	−292	−321	−336	13	−84	−306	−95	67
Working capital days	–	–	−193	−453	−57	79	145	34	28	50
Asset turnover	–	–	0.17	0.17	0.13	0.14	0.15	0.17	0.15	0.14
Assets per rupee of net worth	–	–	6.41	6.18	5.97	4.30	3.29	3.23	2.94	2.65
Sales per rupee of plant	–	–	39.07	41.47	36.21	6.14	6.85	8.14	7.90	8.27
Capital spending to depreciation	–	–	–	–	0.03	0.36	0.06	0.03	0.11	0.06
Plant being built, % of plant in use	–	–	21.0%	21.8%	24.6%	2.8%	0.8%	0.8%	0.1%	0.4%

Revenue growth and operating profit growth are left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, 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: 1.6%
Cash from operations against operating profit: 52.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	4.1%	7.6%	6.1%
Profit growth, yearly rate	3.0%	48.7%	5.7%
Return on equity, average	–	11.3%	15.7%
Return on capital employed, average	–	7.1%	6.8%
Operating margin, average	47.7%	48.6%	48.1%
Net margin, average	17.6%	24.4%	34.8%
Asset turnover, average	–	0.15	0.15
Cash conversion cycle, days, average	–	−81	−112
Interest cover, average	1.6	1.4	1.4
Debt to equity, average	–	1.19	1.12

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	10,251	8,123	2,098
Cash from investing	−6,383	−4,179	−910
Cash from financing	−4,170	−3,899	−2,702
Capital spending	503	206	64
Dividends paid	610	534	127
Shares bought back	0	0	0
Shares issued for cash	5,287	0	0
Borrowings raised	11,795	8,696	208
Borrowings repaid	11,602	7,538	1,439

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	7	8	6	6	5
Altman Z-scorePublished threshold 1.81	–	–	0.58	0.41	0.58	1.10	1.16	1.51	1.71	1.11
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.79	−0.66	−2.11	−3.29	−2.58	−3.06
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	18.32	3.70	−0.92	0.45	8.37	−0.63
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.50	3.66	1.00	1.02
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	286.09	−0.12	182.42	54.28	−69.34	−59.13	−53.51
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−60.29	5.71	−19.11	5.11	0.99	−32.37	−3.56
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	11.31	5.63	−9.54	9.52	−1.59	0.70	4.07
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.08	0.06	0.02	0.01	0.01	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	27.29	37.18	42.31	38.15	55.22	24.26	30.15	27.29	5.44	31.85
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.04	13.09	9.44	3.00	25.82

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
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-Short TermShort-term scale	CARE A1+New, New		50
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE AANew, New	Stable	459
25 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	298.74
2 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		63
2 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AA-Review, Other	Positive
2 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Other	Positive	1,289.90

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