Isgec Heavy Engineering financials and balance sheet

NSE: ISGECBSE: 533033ConstructionSmall Cap

₹869.95₹20.10 (2.26%)BSE ₹869.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹890.05.

52-week range of traded prices to 23 Oct 2026

₹683.95Low, 27 Jan 2026₹1,113.90High, 21 May 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results.

Market cap: ₹6,397 Cr690th largest listed
P/E: Earlier quarters restated in the year
P/B: 2.3
Dividend yield: 0.69%
ROCE: 11.4%
Debt to equity: 0.32
Volume, NSE: 52,69248.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Isgec Heavy Engineering 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 1.2% 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 2025, the company reports a discontinued business.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue6,789
Materials and goods−1,954
Employee costs−666
Other expenses−3,614
Operating profit555
Depreciation−278
Other income+133
One-off items−16
Finance costs−85
Profit before tax308
Tax−154
Joint ventures+0.1
Net profit154

What the company owns

Plant, investments and other assets₹3,231 Cr
Receivables₹2,751 Cr
Inventory₹1,653 Cr
Cash and bank₹397 Cr
Current investments₹45 Cr

What pays for it: net worth and liabilities

Other liabilities₹3,071 Cr
Net worth₹2,888 Cr
Owed to suppliers₹1,200 Cr
Borrowings₹918 Cr

Isgec Heavy Engineering 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.Isgec Heavy Engineering segment results by quarter

Revenue by segment

₹7,352 CrTotal

Industrial Projects₹3,702 Cr50.4% of total
Manufacturing of Machinery & Equipment₹2,765 Cr37.6% of total
Sugar₹688 Cr9.4% of total
Ethanol₹196 Cr2.7% of total
Ethanol Plant at Philippines₹2 Cr0.0% of total

Profit by segment

Industrial Projects₹175 Cr29.2% of total
Manufacturing of Machinery & Equipment₹382 Cr63.8% of total
Sugar₹42 Cr7.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Industrial Projects
Revenue, ₹ crore
3,487
3,702
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
161
175
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Manufacturing of Machinery & Equipment
Revenue, ₹ crore
1,552
1,613
1,563
1,698
2,291
2,263
2,500
2,765
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
143
84
164
117
159
231
292
382
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sugar
Revenue, ₹ crore
558
555
786
675
899
769
677
688
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
20
48
103
69
95
73
59
42
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Ethanol
Revenue, ₹ crore
54
218
208
207
196
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
8
24
19
−2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Ethanol Plant at Philippines
Revenue, ₹ crore
−21
1
1
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−41
−37
−28
−295
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	5,348	6,100	5,817	5,829	6,800	6,701	6,872	7,352
Company revenue, as in its results	5,051	5,852	5,426	5,499	6,399	6,219	6,422	6,789
Revenue	–	–	–	–	–	–	3,487	3,702
Revenue growth	–	–	–	–	–	–	–	6.2%
Profit	–	–	–	–	–	–	161	175
Profit growth	–	–	–	–	–	–	–	9.0%
Margin	–	–	–	–	–	–	4.6%	4.7%
Return on capital	–	–	–	–	–	–	30.5%	36.5%
Assets	–	–	–	–	–	–	3,197	3,324
Liabilities	–	–	–	–	–	–	2,671	2,844
Capital employed	–	–	–	–	–	–	526	480
Revenue	1,552	1,613	1,563	1,698	2,291	2,263	2,500	2,765
Revenue growth	–	3.9%	−3.1%	8.7%	34.9%	−1.2%	10.5%	10.6%
Profit	143	84	164	117	159	231	292	382
Profit growth	–	−40.8%	94.8%	−29.1%	36.0%	45.4%	26.7%	30.9%
Margin	9.2%	5.2%	10.5%	6.9%	6.9%	10.2%	11.7%	13.8%
Return on capital	–	26.1%	37.1%	23.9%	19.8%	22.1%	31.0%	32.4%
Assets	–	1,668	1,745	1,985	1,900	2,237	2,588	2,810
Liabilities	–	1,344	1,302	1,498	1,100	1,194	1,645	1,630
Capital employed	–	324	443	488	800	1,043	944	1,180
Revenue	558	555	786	675	899	769	677	688
Revenue growth	–	−0.7%	41.7%	−14.0%	33.1%	−14.4%	−12.0%	1.6%
Profit	20	48	103	69	95	73	59	42
Profit growth	–	141.9%	112.4%	−32.8%	37.6%	−23.4%	−19.4%	−28.2%
Margin	3.6%	8.7%	13.1%	10.2%	10.6%	9.4%	8.6%	6.1%
Return on capital	–	20.9%	37.5%	32.4%	27.4%	27.0%	20.0%	14.4%
Assets	–	621	753	609	469	584	612	441
Liabilities	–	390	480	397	123	315	318	149
Capital employed	–	231	273	213	346	269	293	292
Revenue	–	–	–	54	218	208	207	196
Revenue growth	–	–	–	–	–	−4.7%	−0.4%	−5.4%
Profit	–	–	–	−2	8	24	19	−2
Profit growth	–	–	–	–	–	208.0%	−20.4%	–
Margin	–	–	–	−3.8%	3.6%	11.5%	9.2%	−1.0%
Return on capital	–	–	–	−2.3%	6.1%	16.4%	12.1%	−1.2%
Assets	–	–	–	223	224	220	277	201
Liabilities	–	–	–	135	95	74	119	37
Capital employed	–	–	–	89	128	146	158	163
Revenue	–	–	–	−21	1	1	–	2
Profit	–	–	–	−41	−37	−28	–	−295
Margin	–	–	–	–	−2,992.6%	−2,715.5%	–	−14,818.6%
Return on capital	–	–	–	−54.8%	−105.1%	–	–	−36.5%
Assets	–	–	–	756	878	1,018	–	917
Liabilities	–	–	–	681	844	1,019	–	108
Capital employed	–	–	–	75	35	−1	–	809
	–	–	–	–	–	–	0	–
Profit	–	–	–	–	–	–	0	–
Return on capital	–	–	–	–	–	–	0.0%	–
Assets	–	–	–	–	–	–	1,050	–
Liabilities	–	–	–	–	–	–	322	–
Capital employed	–	–	–	–	–	–	728	–
	–	–	–	–	–	–	0	–
Profit	–	–	–	–	–	–	−92	–
Assets	–	–	–	–	–	–	0	–
Liabilities	–	–	–	–	–	–	0	–
Capital employed	–	–	–	–	–	–	0	–
Revenue	3,238	3,929	3,458	3,401	3,392	3,460	–	–
Revenue growth	–	21.3%	−12.0%	−1.6%	−0.3%	2.0%	–	–
Profit	118	152	172	99	148	134	–	–
Profit growth	–	28.2%	13.7%	−42.3%	48.7%	−9.3%	–	–
Margin	3.7%	3.9%	5.0%	2.9%	4.4%	3.9%	–	–
Return on capital	–	24.3%	26.4%	14.9%	16.2%	15.1%	–	–
Assets	–	2,898	3,311	3,253	3,726	3,895	–	–
Liabilities	–	2,275	2,658	2,586	2,812	3,007	–	–
Capital employed	–	624	653	667	914	887	–	–
Revenue	–	4	11	–	–	–	–	–
Profit	–	−4	−9	–	–	–	–	–
Margin	–	−106.4%	−80.5%	–	–	–	–	–
Return on capital	–	−1.9%	−6.4%	–	–	–	–	–
Assets	–	850	806	–	–	–	–	–
Liabilities	–	628	669	–	–	–	–	–
Capital employed	–	222	137	–	–	–	–	–
Revenue	0	0	1	2	7	0	0	0
Profit	8	−12	−29	−21	−8	−11	2	174
Assets	0	900	719	873	338	422	425	611
Liabilities	0	366	127	202	169	147	225	647

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

Profit and loss

Consolidated, ₹ crore, years to March.Isgec Heavy Engineering quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 27 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 30 May	Mar 2023Filed 29 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
Revenue from operations	4,056	3,826	5,051	5,852	5,426	5,499	6,399	6,219	6,422	6,789
	3,664	3,529	4,784	5,557	4,971	5,188	5,944	5,721	5,843	6,235
Materials and goods bought	2,144	2,149	3,111	3,491	3,295	3,396	3,932	3,730	1,946	1,954
Employee costs	–	–	375	422	384	433	463	507	556	666
Other expenses	–	–	1,298	1,645	1,291	1,359	1,550	1,484	3,341	3,614
Operating profit before depreciation	392	297	266	295	455	311	455	498	579	555
Operating margin	9.7%	7.8%	5.3%	5.0%	8.4%	5.7%	7.1%	8.0%	9.0%	8.2%
Materials, % of revenue	–	–	61.6%	59.7%	60.7%	61.8%	61.4%	60.0%	30.3%	28.8%
Employee costs, % of revenue	–	–	7.4%	7.2%	7.1%	7.9%	7.2%	8.2%	8.7%	9.8%
Other expenses, % of revenue	–	–	25.7%	28.1%	23.8%	24.7%	24.2%	23.9%	52.0%	53.2%
Depreciation and amortisation	75	81	82	99	101	101	104	106	102	278
Operating profit after depreciation	316	216	184	196	354	210	350	392	477	276
Other income	94	57	69	62	52	13	13	26	39	133
Finance costs	43	22	26	41	50	65	73	64	39	85
Profit before one-off items and tax	367	251	227	216	356	158	290	354	477	324
One-off items	0	0	0	0	0	0	0	0	0	−16
Profit before tax	367	251	227	216	356	158	290	354	477	308
	119	83	83	66	103	43	84	99	122	154
Current tax	98	91	87	71	98	51	85	102	129	151
Deferred tax	21	−8	−4	−5	5	−7	−1	−3	−7	3
Share of profit of joint ventures and associates	–	–	–	0	0	0	0	0	0	0
Profit from discontinued businesses	–	–	–	–	–	–	–	–	−92	–
	248	168	144	151	253	115	206	255	264	154
Belonging to the company's shareholders	248	168	143	146	248	109	196	244	249	109
Belonging to outside owners of subsidiaries	–	–	1	4	5	6	9	11	15	45
Other comprehensive income	–	–	−4	17	4	−2	2	−2	−4	−15
Total comprehensive income	–	–	140	168	257	113	207	253	260	140
Net margin	6.1%	4.4%	2.9%	2.6%	4.7%	2.1%	3.2%	4.1%	–	2.3%
Net margin without joint ventures and associates	–	–	–	2.6%	4.7%	2.1%	3.2%	4.1%	–	2.3%

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 2025: 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 6 Jun	Mar 2020Filed 27 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 30 May	Mar 2023Filed 29 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
	1,587	1,935	2,099	2,202	2,392	2,619	2,849	2,888
	1,515	1,881	2,022	2,121	2,304	2,523	2,739	2,737
Share capital	7	7	7	7	7	7	7	7
Reserves	1,508	1,874	2,014	2,114	2,297	2,515	2,731	2,729
Belonging to outside owners of subsidiaries	72	54	78	81	88	96	110	151
	304	938	880	1,205	1,200	787	843	918
Repayable after a year	56	386	464	465	433	406	221	517
Repayable within a year	248	552	417	740	768	381	622	401
	3,152	3,411	3,532	3,743	3,909	4,494	4,349	4,347
Trade payables	1,482	1,409	1,622	1,445	1,497	1,423	1,249	1,200
Other financial liabilities	112	124	144	97	123	147	161	211
Other liabilities	1,199	1,199	1,178	1,316	1,402	2,359	2,103	2,405
Provisions	104	126	160	144	109	176	190	130
Tax owed	7	0	11	1	11	8	24	1
	390	687	829	815	774	723	522	842
Other financial liabilities	2	29	56	58	91	84	13	19
Other liabilities	255	186	228	217	149	150	201	181
Provisions	69	68	60	57	79	54	54	87
Deferred tax	8	18	22	19	22	28	32	37
Liabilities going with businesses held for sale	–	–	–	–	–	–	322	–
	5,128	6,033	6,460	6,760	7,075	7,835	8,041	8,077
Held for sale or for a demerger	–	–	–	–	–	–	1,050	–
	852	1,783	1,914	1,943	1,913	2,100	1,120	2,043
Plant in use, after depreciation	672	760	741	912	891	896	921	1,737
Plant being built	19	789	893	702	792	959	66	137
Intangible assets	56	47	40	41	38	48	42	41
Goodwill	21	21	23	23	17	10	10	12
Intangible assets being developed	0	0	0	0	13	1	0	1
Investments	0	0	0	0	0	0	0	0
Stakes in joint ventures and associates	0	10	17	16	17	17	2	21
Loans given	12	13	8	3	4	5	6	6
Other financial assets	15	17	8	22	24	21	23	20
Deferred tax	7	16	15	19	23	32	45	44
Trade receivables	44	92	159	187	70	69	0	0
Other assets	6	13	12	17	24	41	5	23
	4,276	4,251	4,547	4,817	5,162	5,735	5,871	6,034
Inventories	1,209	1,196	1,153	1,403	1,164	1,410	1,477	1,653
Trade receivables	1,893	1,793	2,145	2,152	2,819	2,929	2,833	2,751
Cash and cash equivalents	108	180	155	101	168	143	92	324
Other bank balances	32	35	25	35	42	49	54	73
Current investments	155	82	43	119	17	12	84	45
Loans given	20	20	21	8	9	11	9	5
Other financial assets	27	69	63	26	52	33	27	50
Tax paid in advance	7	4	4	17	13	15	2	0
Other assets	825	872	938	957	878	1,134	1,293	1,133
Net debt	8	642	658	950	973	583	613	476

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 29 Jun	Mar 2022Filed 30 May	Mar 2023Filed 29 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
	228	−70	200	735	109	750
	315	4	272	842	209	923
	−201	−300	−168	319	−380	264
Receivables	−442	−30	−522	−107	135	83
Inventories	43	−251	239	−246	−81	−164
Payables	224	−164	55	−76	−169	−54
Other working capital	−26	144	60	748	−265	400
Tax paid	−87	−74	−71	−107	−100	−173
Capital spending	242	56	142	239	240	165
Free cash flow	−14	−127	59	496	−131	585
	−186	−141	−51	−232	−297	−116
Plant and property sold	5	1	2	3	6	4
Interest received	4	6	5	7	7	8
	−89	176	−98	−487	108	−341
Borrowings raised	184	131	84	122	233	494
Borrowings repaid	−212	137	−103	−498	16	−657
Interest paid	−39	−76	−55	−78	−104	−129
Lease payments	0	0	0	0	−7	−8
Dividends paid	17	10	17	25	32	41
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	2	0
Net change in cash	−47	−36	51	16	−80	293

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.Isgec Heavy Engineering dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 27 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 30 May	Mar 2023Filed 29 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
	–	–	₹19.42	₹19.91	₹33.71	₹14.80	₹26.72	₹33.14	₹33.89	₹14.81
As stated that year	₹329.25	–	₹19.42	₹19.91	₹33.71	₹14.80	₹26.72	₹33.14	₹33.89	₹14.81
	–	–	₹19.42	₹19.91	₹33.71	₹14.80	₹26.72	₹33.14	₹33.89	₹14.81
As stated that year	₹329.25	–	₹19.42	₹19.91	₹33.71	₹14.80	₹26.72	₹33.14	₹33.89	₹14.81
Dividend per share	–	–	–	–	₹1.00	₹2.00	₹3.00	₹4.00	₹5.00	₹6.00
Book value per share	–	–	₹206.15	₹255.96	₹275.03	₹288.56	₹313.51	₹343.21	₹372.62	₹372.32
Dividend payout	–	–	–	–	3.0%	13.5%	11.2%	12.1%	14.7%	40.5%
Shareholder yield	–	–	–	–	0.5%	0.3%	0.5%	0.4%	0.4%	0.6%
Market cap at the year end (₹ crore)	4,430	4,784	4,447	1,878	3,676	3,774	3,208	6,602	7,719	6,340

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. As stated that year and earnings per share are left blank for the year to Mar 2018: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Isgec Heavy Engineering PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 27 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 30 May	Mar 2023Filed 29 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
Revenue growth	−10.2%	−5.7%	32.0%	15.9%	−7.3%	1.4%	16.4%	−2.8%	–	5.7%
Operating profit growth	18.4%	−24.3%	−10.3%	10.7%	54.4%	−31.6%	46.0%	9.6%	–	−4.3%
Net profit growth	46.8%	−32.2%	−14.5%	4.7%	67.9%	−54.6%	78.7%	24.0%	–	−41.6%
Earnings per share growth	–	–	–	2.5%	69.3%	−56.1%	80.6%	24.0%	–	−56.3%
	–	–	9.4%	8.6%	12.7%	5.3%	8.9%	10.1%	–	–
	–	–	–	−0.8 pts	4.1 pts	−7.4 pts	3.6 pts	1.2 pts	–	–
From the net margin	–	–	–	−1.1 pts	7.1 pts	−7.2 pts	2.9 pts	2.5 pts	–	–
From asset turnover	–	–	–	0.5 pts	−2.7 pts	−0.2 pts	0.9 pts	−1.1 pts	–	–
From borrowing	–	–	–	−0.3 pts	−0.3 pts	0.0 pts	−0.2 pts	−0.1 pts	–	–
Return on capital employed	–	–	9.7%	6.8%	11.9%	6.2%	9.8%	11.5%	–	7.3%
Cash conversion	–	–	–	–	90.0%	−61.1%	97.5%	288.4%	41.2%	486.9%
Interest cover	7.3	9.7	7.2	4.8	7.0	3.2	4.8	6.2	12.1	3.2
Debt to equity	–	–	0.19	0.48	0.42	0.55	0.50	0.30	–	0.32
Receivable days	–	–	137	112	144	143	161	172	–	148
Inventory days	–	–	142	125	128	151	108	138	–	309
Payable days	–	–	174	147	180	155	139	139	–	224
Cash conversion cycle, days	–	–	105	90	92	138	130	171	–	232
Working capital days	–	–	78	68	81	103	102	83	–	88
Asset turnover	–	–	0.98	1.05	0.87	0.83	0.93	0.83	–	–
Assets per rupee of net worth	–	–	3.38	3.29	3.20	3.19	3.13	3.09	–	–
Sales per rupee of plant	–	–	7.52	7.71	7.32	6.03	7.18	6.94	6.97	3.91
Capital spending to depreciation	–	–	–	–	2.40	0.56	1.36	2.25	2.35	0.59
Plant being built, % of plant in use	–	–	2.8%	103.9%	120.6%	76.9%	88.9%	107.0%	7.2%	7.9%

Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2025: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2025: 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: 1.4%
Cash from operations against operating profit: 135.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	4.2%	4.6%	2.0%
Profit growth, yearly rate	−4.3%	−15.2%	−17.9%
Return on capital employed, average	–	8.7%	9.4%
Operating margin, average	7.4%	7.6%	8.4%
Net margin, average	3.6%	2.9%	3.2%
Cash conversion cycle, days, average	–	168	202
Interest cover, average	6.6	5.9	7.2
Debt to equity, average	–	0.42	0.31

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	1,724	1,594	750
Cash from investing	−837	−645	−116
Cash from financing	−642	−720	−341
Capital spending	842	644	165
Dividends paid	126	99	41
Shares bought back	0	0	0
Shares issued for cash	2	2	0
Borrowings raised	1,064	849	494
Borrowings repaid	1,411	1,171	657

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	3	8	7	6	7
Altman Z-scorePublished threshold 1.81	–	–	2.58	1.99	2.18	2.05	2.15	2.37	2.60	2.46
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.18	−2.41	−2.24	−2.71	−2.72	−3.21
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.38	4.94	0.81	−3.33	5.69	−5.96
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.62	1.50	1.44	2.37
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−21.13	26.92	−1.04	14.67	6.68	−6.54	−8.59
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−13.22	1.95	18.68	−32.84	26.30	52.58	11.46
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.47	1.10	−0.11	−0.88	3.83	2.18	−2.03
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	4.23	10.87	2.57	9.56	8.59	0.52	0.13
Effective tax ratePublished threshold 17.16 per cent	32.32	32.92	36.54	30.42	28.89	27.27	29.14	28.04	25.49	49.98
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−19.52	4.60	−2.24	4.57	−6.13

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
26 May 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	1,099.83
26 May 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AAReview, Re-affirm	Stable	600
26 May 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAReview, Re-affirm	Stable	50
26 May 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		3,800.17

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