Jain Irrigation Systems DVR financials and balance sheet

NSE: JISLDVREQSBSE: 570004Industrial Products

₹16.07₹1.57 (8.90%)BSE ₹16.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹17.64.

52-week range of traded prices to 23 Oct 2026

₹15.57Low, 23 Oct 2026₹32.89High, 30 Oct 2025

Market cap: Not the ordinary share
Dividend yield: –
Volume, NSE: 32,73574.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Jain Irrigation Systems DVR annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in the year to Mar 2026, −₹40 CrA loss in 3 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 7.0% 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, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2021, the company's revenue for that year, ₹5,667 Cr, differs from its quarters added, ₹5,878 Cr. From the year to Mar 2023, the company's revenue for that year, ₹5,748 Cr, differs from its quarters added, ₹7,412 Cr; 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

Revenue6,400
Materials and goods−3,615
Employee costs−785
Other expenses−1,198
Operating profit801
Depreciation−282
Other income+14
One-off items−55
Finance costs−458
Profit before tax20
Tax−60
Net profit−40

What the company owns

Plant, investments and other assets₹7,846 Cr
Receivables₹2,274 Cr
Inventory₹1,882 Cr
Cash and bank₹153 Cr

What pays for it: net worth and liabilities

Net worth₹5,998 Cr
Borrowings₹4,062 Cr
Other liabilities₹1,210 Cr
Owed to suppliers₹885 Cr

Jain Irrigation Systems DVR 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.Jain Irrigation Systems DVR segment results by quarter

Revenue by segment

₹6,400 CrTotal

Hi-tech Agri Input Products₹2,343 Cr36.6% of total
Agro Processing Division₹2,062 Cr32.2% of total
Plastic Division₹1,995 Cr31.2% of total

Profit by segment

Hi-tech Agri Input Products₹263 Cr51.8% of total
Agro Processing Division₹103 Cr20.2% of total
Plastic Division₹142 Cr28.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Hi-tech Agri Input Products
Revenue, ₹ crore
4,424
3,086
3,437
4,156
2,185
2,005
1,932
2,343
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
757
130
315
616
399
373
346
263
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Agro Processing Division
Revenue, ₹ crore
1,193
1,484
1,664
1,747
1,886
2,062
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
33
100
130
143
77
103
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Plastic Division
Revenue, ₹ crore
2,131
1,131
1,019
1,456
1,866
2,362
1,949
1,995
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
230
12
37
79
175
297
248
142
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	8,577	6,216	5,667	7,119	5,748	6,147	5,779	6,400
Company revenue, as in its results	8,577	6,216	5,667	7,119	5,748	6,147	5,779	6,400
Revenue	4,424	3,086	3,437	4,156	2,185	2,005	1,932	2,343
Revenue growth	–	−30.2%	11.4%	20.9%	–	−8.2%	−3.6%	21.3%
Profit	757	130	315	616	399	373	346	263
Profit growth	–	−82.8%	141.6%	95.7%	–	−6.7%	−7.1%	−23.9%
Margin	17.1%	4.2%	9.2%	14.8%	18.3%	18.6%	17.9%	11.2%
Return on capital	19.5%	3.4%	8.6%	16.6%	10.0%	9.1%	8.1%	5.9%
Assets	5,843	5,934	5,639	5,727	4,529	4,620	4,811	4,929
Liabilities	1,958	2,051	1,976	2,010	546	524	559	486
Capital employed	3,885	3,883	3,662	3,717	3,983	4,096	4,252	4,443
Revenue	–	–	1,193	1,484	1,664	1,747	1,886	2,062
Revenue growth	–	–	–	24.4%	12.2%	5.0%	7.9%	9.3%
Profit	–	–	33	100	130	143	77	103
Profit growth	–	–	–	202.9%	31.0%	9.4%	−46.3%	34.1%
Margin	–	–	2.8%	6.7%	7.8%	8.2%	4.1%	5.0%
Return on capital	–	–	1.8%	5.7%	13.6%	12.8%	6.9%	9.7%
Assets	–	–	2,743	2,745	2,663	2,963	2,982	3,245
Liabilities	–	–	919	985	1,703	1,848	1,866	2,185
Capital employed	–	–	1,824	1,760	960	1,115	1,116	1,060
Revenue	2,131	1,131	1,019	1,456	1,866	2,362	1,949	1,995
Revenue growth	–	−46.9%	−9.9%	43.0%	28.1%	26.5%	−17.5%	2.4%
Profit	230	12	37	79	175	297	248	142
Profit growth	–	−94.8%	211.0%	114.0%	120.8%	69.9%	−16.4%	−42.8%
Margin	10.8%	1.1%	3.6%	5.4%	9.4%	12.6%	12.7%	7.1%
Return on capital	28.2%	0.9%	2.6%	6.8%	14.8%	25.5%	21.3%	11.0%
Assets	1,576	1,699	1,719	1,483	1,544	1,706	1,750	2,100
Liabilities	758	337	292	326	362	542	584	810
Capital employed	818	1,362	1,428	1,157	1,182	1,163	1,167	1,290
Revenue	183	140	18	23	32	34	13	–
Revenue growth	–	−23.3%	–	–	–	–	–	–
Profit	40	−7	39	−9	11	4	−12	–
Margin	22.0%	−5.2%	213.9%	−39.5%	35.6%	10.5%	−95.4%	–
Return on capital	17.3%	−5.1%	22.8%	−8.8%	13.5%	4.4%	−30.7%	–
Assets	344	230	184	117	95	89	58	–
Liabilities	111	86	13	13	10	9	18	–
Capital employed	232	144	170	104	85	81	40	–
Revenue	1,839	1,858	–	–	–	–	–	–
Revenue growth	–	1.0%	–	–	–	–	–	–
Profit	185	10	–	–	–	–	–	–
Profit growth	–	−94.7%	–	–	–	–	–	–
Margin	10.1%	0.5%	–	–	–	–	–	–
Return on capital	9.9%	0.5%	–	–	–	–	–	–
Assets	3,034	3,185	–	–	–	–	–	–
Liabilities	1,165	1,279	–	–	–	–	–	–
Capital employed	1,869	1,906	–	–	–	–	–	–
	–	–	–	0	0	0	0	–
Profit	–	–	–	589	−15	0	0	–
Assets	–	–	–	0	0	0	0	–
Liabilities	–	–	–	0	0	0	0	–
	–	–	–	0	0	0	0	–
Profit	–	–	–	−16	27	−1	−2	–
Assets	–	–	–	0	0	0	0	–
Liabilities	–	–	–	0	0	0	0	–
	–	–	0	–	–	–	–	–
Profit	–	–	3	–	–	–	–	–
Assets	–	–	2,398	–	–	–	–	–
Liabilities	–	–	6,515	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Jain Irrigation Systems DVR quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 7 Aug	Mar 2021Filed 8 Jul	Mar 2022Filed 17 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue from operations	6,939	7,999	8,577	6,216	5,667	7,119	5,748	6,147	5,779	6,400
	5,999	6,944	7,651	6,290	5,319	6,411	5,076	5,363	5,064	5,598
Materials and goods bought	3,595	4,195	4,596	3,500	3,169	3,903	3,421	3,507	3,332	3,615
Employee costs	–	–	968	984	805	835	531	618	685	785
Other expenses	–	–	2,088	1,806	1,345	1,672	1,125	1,238	1,048	1,198
Operating profit before depreciation	940	1,055	926	−74	348	709	671	784	715	801
Operating margin	13.5%	13.2%	10.8%	−1.2%	6.1%	10.0%	11.7%	12.8%	12.4%	12.5%
Materials, % of revenue	–	–	53.6%	56.3%	55.9%	54.8%	59.5%	57.0%	57.7%	56.5%
Employee costs, % of revenue	–	–	11.3%	15.8%	14.2%	11.7%	9.2%	10.1%	11.8%	12.3%
Other expenses, % of revenue	–	–	24.3%	29.1%	23.7%	23.5%	19.6%	20.1%	18.1%	18.7%
Depreciation and amortisation	301	339	313	366	351	337	236	243	253	282
Operating profit after depreciation	639	717	613	−440	−3	372	435	542	462	520
Other income	61	57	271	108	146	19	14	5	14	14
Finance costs	459	479	514	688	746	558	469	419	433	458
Profit before one-off items and tax	241	296	370	−1,020	−602	−168	−20	128	43	75
One-off items	0	4	0	0	3	589	−15	0	0	−55
Profit before tax	241	299	370	−1,020	−599	422	−34	128	43	20
	67	78	120	−301	−231	93	32	37	21	60
Current tax	32	70	104	29	18	35	0	15	12	6
Deferred tax	35	8	16	−329	−249	58	31	22	9	53
Share of profit of joint ventures and associates	2	–	4	–	–	–	–	–	–	–
Profit from discontinued businesses	–	–	–	–	−34	–	1,250	−48	–	–
	176	221	254	−719	−403	329	1,184	43	22	−40
Belonging to the company's shareholders	–	–	239	−715	−396	325	828	45	30	−25
Belonging to outside owners of subsidiaries	–	–	15	−4	−6	4	–	−2	−8	−15
Other comprehensive income	–	–	−103	−228	−53	−61	670	17	23	109
Total comprehensive income	–	–	151	−948	−455	267	1,854	60	45	69
Net margin	2.5%	2.8%	3.0%	−11.6%	−7.1%	4.6%	–	–	0.4%	−0.6%
Net margin without joint ventures and associates	2.5%	–	2.9%	–	–	–	–	–	–	–

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. Belonging to the company's shareholders is left blank for the years to Mar 2017 and Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Share of profit of joint ventures and associates is left blank for the years to Mar 2022, Mar 2024 and Mar 2025: 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. Net margin is left blank for the years to Mar 2023 and Mar 2024: 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 13 Jun	Mar 2020Filed 7 Aug	Mar 2021Filed 8 Jul	Mar 2022Filed 17 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	4,554	3,614	3,081	3,774	5,277	5,578	5,760	5,998
	4,413	3,471	2,968	3,656	5,181	5,442	5,620	5,850
Share capital	103	103	103	122	125	137	138	147
Reserves	4,310	3,368	2,865	3,534	5,056	5,304	5,482	5,703
Belonging to outside owners of subsidiaries	141	143	113	118	96	137	140	148
	4,856	6,366	6,341	6,623	3,908	3,954	3,773	4,062
Repayable after a year	2,940	2,764	2,749	3,564	1,386	1,465	1,282	865
Repayable within a year	1,917	3,602	3,592	3,059	2,522	2,489	2,491	3,198
	4,798	6,298	6,789	4,971	4,214	3,978	4,105	4,941
Trade payables	1,759	1,125	960	1,092	997	853	956	885
Other financial liabilities	772	1,233	1,846	0	398	349	323	542
Other liabilities	266	273	343	455	274	251	294	283
Provisions	37	52	37	27	20	21	25	29
Tax owed	47	0	11	11	3	14	16	4
	3,526	3,270	2,814	3,848	1,512	1,641	1,585	1,217
Other financial liabilities	55	262	–	207	59	86	225	231
Other liabilities	0	–	–	0	–	9	0	–
Provisions	53	43	33	32	45	50	55	74
Deferred tax	479	199	32	44	22	32	22	48
Total assets	12,879	13,182	12,683	12,593	11,003	11,198	11,449	12,155
	6,258	6,812	6,337	6,173	5,641	5,777	6,068	6,407
Plant in use, after depreciation	4,687	4,824	4,470	4,316	3,885	3,925	3,936	4,148
Plant being built	139	56	21	25	32	26	44	59
Intangible assets	99	106	105	92	31	29	30	19
Goodwill	755	799	767	767	115	148	148	178
Intangible assets being developed	0	237	215	0	101	126	267	258
Property held to earn rent	105	23	21	18	16	14	12	9
Investments	2	2	0	73	1,143	1,190	1,222	1,294
Stakes in joint ventures and associates	0	83	86	179	–	0	0	37
Loans given	2	0	360	0	0	0	0	0
Other financial assets	285	342	–	454	39	43	35	173
Deferred tax	121	179	255	208	98	85	176	146
Other assets	64	76	39	40	183	191	199	86
	6,621	6,370	6,346	6,420	5,362	5,421	5,381	5,748
Inventories	2,484	2,176	2,005	2,234	1,906	1,971	2,009	1,882
Trade receivables	2,995	2,816	2,490	2,350	2,187	2,221	2,122	2,274
Cash and cash equivalents	117	230	410	300	118	88	80	122
Other bank balances	28	18	55	91	23	20	21	31
Current investments	0	1	1	0	0	0	0	0
Loans given	43	64	52	44	23	37	29	32
Other financial assets	51	57	438	419	1,106	1,084	1,120	498
Other assets	903	1,008	895	981	0	0	0	910
Net debt	4,711	6,117	5,874	6,232	3,767	3,846	3,672	3,909

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 8 Jul	Mar 2022Filed 17 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	302	476	45	535	843	619
	394	546	−96	540	835	650
	42	−123	−507	−180	162	−93
Receivables	185	100	−195	−68	86	−153
Inventories	−75	−254	−249	−39	−18	−39
Payables	−119	112	148	−152	105	167
Other working capital	51	−81	−212	79	−11	−67
Tax paid	45	−30	38	−1	7	−31
Interest paid	−75	0	0	0	0	0
Capital spending	105	173	160	228	245	354
Free cash flow	197	303	−115	307	597	265
	−287	−194	3,138	−315	−229	−414
Plant and property sold	−16	8	17	9	8	19
Companies bought	0	0	0	−71	0	−82
Interest received	23	6	14	4	0	13
Dividends received	0	0	0	0	9	0
	−15	−385	−3,365	−250	−621	−171
Borrowings raised	−5	720	−2,896	−50	39	75
Borrowings repaid	141	−704	0	0	−297	0
Interest paid	259	−454	−463	−362	−355	−371
Lease payments	0	−50	−31	−24	−32	−24
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	–	26	186	14	150
Net change in cash	0	−104	−182	−30	−7	34

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. Shares issued is left blank for the year to Mar 2022: the cash-flow statement states money raised on equity instruments other than shares, and with no share capital on record before the period nothing shows whether shares were issued for it, so the figure is not given.

Consolidated, ₹ per share, years to March.Jain Irrigation Systems DVR dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 7 Aug	Mar 2021Filed 8 Jul	Mar 2022Filed 17 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Earnings per share	₹3.29	₹4.25	₹4.64	−₹13.87	−₹7.67	–	₹13.33	₹0.67	–	−₹0.34
Diluted earnings per share	₹3.29	₹4.25	₹4.64	−₹13.87	−₹7.67	–	₹13.08	₹0.64	–	−₹0.34
Dividend per share	₹0.75	₹1.00	₹1.00	–	–	–	–	–	–	–
Book value per share	–	–	₹85.58	₹67.32	₹57.56	₹1,894.85	₹83.04	₹79.24	₹2,912.86	₹79.71
Dividend payout	–	–	21.6%	–	–	–	–	–	–	–

Earnings per share is left blank for the years to Mar 2022 and Mar 2025: 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.

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 7 Aug	Mar 2021Filed 8 Jul	Mar 2022Filed 17 Jun	Mar 2023Filed 27 May	Mar 2024Filed 4 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue growth	10.3%	–	–	−27.5%	–	25.6%	–	7.0%	−6.0%	10.7%
Operating profit growth	15.2%	12.3%	−12.3%	–	–	103.6%	–	16.9%	−8.9%	12.1%
Net profit growth	99.7%	25.6%	14.9%	–	–	–	–	−96.4%	−48.8%	–
Earnings per share growth	72.3%	29.2%	9.2%	–	–	–	–	−95.0%	–	–
	–	–	5.4%	−18.1%	−12.3%	9.8%	18.7%	0.9%	0.5%	−0.4%
	–	–	–	−23.6 pts	5.8 pts	22.1 pts	8.9 pts	−17.9 pts	−0.3 pts	−1.0 pts
From the net margin	–	–	–	−27.8 pts	7.1 pts	20.3 pts	–	–	–	−0.9 pts
From asset turnover	–	–	–	6.3 pts	0.9 pts	2.3 pts	–	–	–	0.0 pts
From borrowing	–	–	–	−2.1 pts	−2.2 pts	−0.5 pts	–	–	–	0.0 pts
Return on capital employed	–	–	6.5%	−4.4%	0.0%	3.6%	4.7%	5.7%	4.8%	5.2%
Cash conversion	–	–	–	–	–	144.9%	3.8%	1,249.5%	3,843.0%	–
Interest cover	1.4	1.5	1.2	–	–	0.7	0.9	1.3	1.1	1.1
Debt to equity	–	–	1.07	1.76	2.06	1.75	0.74	0.71	0.66	0.68
Receivable days	–	–	127	165	160	120	139	132	134	130
Inventory days	–	–	197	227	231	209	203	205	220	190
Payable days	–	–	140	117	111	102	106	89	105	89
Cash conversion cycle, days	–	–	185	275	281	227	236	248	249	230
Working capital days	–	–	153	201	173	211	224	227	232	220
Asset turnover	–	–	0.67	0.48	0.44	0.56	0.49	0.55	0.51	0.54
Assets per rupee of net worth	–	–	2.92	3.31	4.02	3.82	2.67	2.09	2.05	2.06
Sales per rupee of plant	–	–	1.83	1.29	1.27	1.65	1.48	1.57	1.47	1.54
Capital spending to depreciation	–	–	–	–	0.30	0.51	0.68	0.94	0.97	1.25
Plant being built, % of plant in use	–	–	3.0%	1.2%	0.5%	0.6%	0.8%	0.7%	1.1%	1.4%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2020 and Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth is left blank for the year to Mar 2021: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2023, Mar 2024 and Mar 2025: 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, operating profit growth and net profit growth are left blank for the year to Mar 2023: 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. 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: −0.2%
Cash from operations against operating profit: 77.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	0.2%	2.5%	3.6%
Return on equity, average	–	5.9%	0.3%
Return on capital employed, average	–	4.8%	5.2%
Operating margin, average	10.2%	11.9%	12.6%
Net margin, average	–	–	−0.1%
Asset turnover, average	–	0.53	0.54
Cash conversion cycle, days, average	–	238	243
Interest cover, average	–	1.0	1.2
Debt to equity, average	–	0.91	0.68

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	2,517	1,996	619
Cash from investing	1,985	−958	−414
Cash from financing	−4,792	−1,042	−171
Capital spending	1,160	827	354
Dividends paid	1	0	0
Shares bought back	0	0	0
Shares issued for cash	–	350	150
Borrowings raised	–	–	75
Borrowings repaid	1,001	297	0

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	4	6	4	5
Altman Z-scorePublished threshold 1.81	–	–	1.68	0.76	0.80	1.36	1.42	1.74	1.45	1.40
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.85	−2.51	−2.62	−2.65	−2.70	−2.72
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.23	0.37	−16.94	−1.60	−5.23	−2.07
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.74	0.68	1.14	80.69
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	21.56	−2.74	−31.25	12.31	−5.37	1.53	−3.57
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	11.47	1.55	−11.69	−2.31	0.89	6.92	−14.84
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.77	4.75	0.94	−5.13	−0.35	0.62	4.49
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.11	–	0.14	–	0.09	0.17	0.12
Effective tax ratePublished threshold 17.16 per cent	27.72	26.04	32.38	–	–	22.05	–	28.71	48.67	304.03
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	14.93	–	27.91	31.39	146.84

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
9 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A3Ratings Reaffirmed		50
9 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	Crisil BBB-Ratings ReaffirmedINE175A07019 Debt ISIN	Negative	566.99
9 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	WithdrawnRatings WithdrawnINE175A07019 Debt ISIN		218.64
9 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	WithdrawnRatings Withdrawn		5.16
9 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil BBB-Ratings Reaffirmed	Negative	42.68
29 Aug 2025	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]BBB-Review, Re-affirm	Negative	787.24

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