LTM financials and balance sheet

NSE: LTMBSE: 540005IT - SoftwareLarge Cap

Formerly LTIMindtree

₹4,134.00₹140.00 (3.28%)BSE ₹4,136.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹4,274.00.

52-week range of traded prices to 23 Oct 2026

₹3,528.00Low, 30 Jun 2026₹6,429.50High, 19 Jan 2026

Market cap: ₹1,22,623 Cr66th largest listed
P/E: 23.5
P/E without one-offs: 21.3
P/B: 4.7
Dividend yield: 1.89%
ROE: 21.2%
ROE without one-offs: 23.4%
ROCE: 27.3%
Debt to equity: 0.00
Volume, NSE: 5,72,71723.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.LTM 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 5.5% 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 2023, the company's revenue for that year, ₹33,183 Cr, differs from its quarters added, ₹26,671 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue42,308
Employee costs−26,287
Other expenses−8,466
Operating profit7,555
Depreciation−1,054
Other income+1,094
One-off items−528
Finance costs−276
Profit before tax6,791
Tax−1,808
Net profit4,983

What the company owns

Plant, investments and other assets₹14,920 Cr
Current investments₹12,036 Cr
Receivables₹7,425 Cr
Cash and bank₹2,812 Cr
Inventory₹3 Cr

What pays for it: net worth and liabilities

Net worth₹24,108 Cr
Other liabilities₹11,027 Cr
Owed to suppliers₹2,061 Cr

LTM 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.LTM segment results by quarter

Revenue by segment

₹42,308 CrTotal

Banking, Financial Services & Insurance₹14,898 Cr35.2% of total
Technology, Media & Communications₹9,721 Cr23.0% of total
Manufacturing & Resources₹8,548 Cr20.2% of total
Consumer Business₹6,488 Cr15.3% of total
Healthcare, Life Sciences & Public Services₹2,654 Cr6.3% of total

Profit by segment

Banking, Financial Services & Insurance₹2,517 Cr33.3% of total
Technology, Media & Communications₹1,910 Cr25.3% of total
Manufacturing & Resources₹1,471 Cr19.5% of total
Consumer Business₹1,328 Cr17.6% of total
Healthcare, Life Sciences & Public Services₹330 Cr4.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Banking, Financial Services & Insurance
Revenue, ₹ crore
4,465
4,937
5,619
7,258
12,249
12,841
13,732
14,898
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,102
1,042
1,252
1,471
2,175
2,162
2,175
2,517
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Technology, Media & Communications
Revenue, ₹ crore
8,399
9,313
9,721
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,870
1,969
1,910
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Manufacturing & Resources
Revenue, ₹ crore
5,611
6,588
7,214
8,548
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
890
1,015
1,037
1,471
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Consumer Business
Revenue, ₹ crore
5,112
5,356
5,442
6,488
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,004
1,003
977
1,328
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Healthcare, Life Sciences & Public Services
Revenue, ₹ crore
2,144
2,334
2,308
2,654
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
316
337
336
330
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	9,446	10,879	12,370	15,669	33,183	35,517	38,008	42,308
Company revenue, as in its results	9,446	10,879	12,370	15,669	33,183	35,517	38,008	42,308
Revenue	4,465	4,937	5,619	7,258	12,249	12,841	13,732	14,898
Revenue growth	–	10.6%	13.8%	29.2%	68.8%	4.8%	6.9%	8.5%
Profit	1,102	1,042	1,252	1,471	2,175	2,162	2,175	2,517
Profit growth	–	−5.4%	20.1%	17.5%	47.8%	−0.6%	0.6%	15.7%
Margin	24.7%	21.1%	22.3%	20.3%	17.8%	16.8%	15.8%	16.9%
Revenue	–	–	–	–	–	8,399	9,313	9,721
Revenue growth	–	–	–	–	–	–	10.9%	4.4%
Profit	–	–	–	–	–	1,870	1,969	1,910
Profit growth	–	–	–	–	–	–	5.3%	−3.0%
Margin	–	–	–	–	–	22.3%	21.1%	19.6%
Revenue	–	–	–	–	5,611	6,588	7,214	8,548
Revenue growth	–	–	–	–	–	17.4%	9.5%	18.5%
Profit	–	–	–	–	890	1,015	1,037	1,471
Profit growth	–	–	–	–	–	14.1%	2.2%	41.8%
Margin	–	–	–	–	15.9%	15.4%	14.4%	17.2%
Revenue	–	–	–	–	5,112	5,356	5,442	6,488
Revenue growth	–	–	–	–	–	4.8%	1.6%	19.2%
Profit	–	–	–	–	1,004	1,003	977	1,328
Profit growth	–	–	–	–	–	0.0%	−2.6%	35.9%
Margin	–	–	–	–	19.6%	18.7%	17.9%	20.5%
Revenue	–	–	–	–	2,144	2,334	2,308	2,654
Revenue growth	–	–	–	–	–	8.9%	−1.1%	15.0%
Profit	–	–	–	–	316	337	336	330
Profit growth	–	–	–	–	–	6.6%	−0.1%	−1.8%
Margin	–	–	–	–	14.7%	14.4%	14.6%	12.4%
Revenue	1,092	1,217	1,378	1,906	8,066	–	–	–
Revenue growth	–	11.4%	13.3%	38.3%	–	–	–	–
Profit	129	146	287	338	1,723	–	–	–
Profit growth	–	13.3%	96.6%	17.5%	–	–	–	–
Margin	11.8%	12.0%	20.9%	17.7%	21.4%	–	–	–
Revenue	1,496	1,828	2,035	2,528	–	–	–	–
Revenue growth	–	22.1%	11.4%	24.2%	–	–	–	–
Profit	270	345	506	552	–	–	–	–
Profit growth	–	27.9%	46.7%	9.1%	–	–	–	–
Margin	18.0%	18.9%	24.9%	21.8%	–	–	–	–
Revenue	1,382	1,658	2,088	2,584	–	–	–	–
Revenue growth	–	20.0%	25.9%	23.8%	–	–	–	–
Profit	224	332	437	484	–	–	–	–
Profit growth	–	48.1%	31.7%	10.6%	–	–	–	–
Margin	16.2%	20.0%	21.0%	18.7%	–	–	–	–
Revenue	1,011	1,240	1,250	1,393	–	–	–	–
Revenue growth	–	22.6%	0.8%	11.4%	–	–	–	–
Profit	190	219	263	267	–	–	–	–
Profit growth	–	15.3%	20.2%	1.7%	–	–	–	–
Margin	18.8%	17.6%	21.0%	19.2%	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.LTM quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 20 May	Mar 2021Filed 5 May	Mar 2022Filed 20 Apr	Mar 2023Filed 29 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
Revenue from operations	6,501	7,307	9,446	10,879	12,370	15,669	33,183	35,517	38,008	42,308
	5,271	6,119	7,563	8,849	9,645	12,610	27,075	29,130	31,513	34,752
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	3,776	–	5,467	6,517	7,429	9,701	20,880	22,732	24,623	26,287
Other expenses	1,495	–	2,096	2,333	2,216	2,910	6,195	6,397	6,891	8,466
Operating profit before depreciation	1,230	1,187	1,883	2,029	2,725	3,058	6,108	6,387	6,495	7,555
Operating margin	18.9%	16.3%	19.9%	18.7%	22.0%	19.5%	18.4%	18.0%	17.1%	17.9%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	58.1%	–	57.9%	59.9%	60.1%	61.9%	62.9%	64.0%	64.8%	62.1%
Other expenses, % of revenue	23.0%	–	22.2%	21.4%	17.9%	18.6%	18.7%	18.0%	18.1%	20.0%
Depreciation and amortisation	178	156	147	273	333	355	723	819	992	1,054
Operating profit after depreciation	1,052	1,031	1,736	1,756	2,393	2,704	5,385	5,569	5,503	6,501
Other income	187	426	302	329	274	467	557	702	990	1,094
Finance costs	3	16	11	83	79	73	150	222	279	276
Profit before one-off items and tax	1,236	1,442	2,028	2,003	2,588	3,097	5,792	6,049	6,214	7,319
One-off items	0	0	0	0	0	0	0	0	0	−528
Profit before tax	1,236	1,442	2,028	2,003	2,588	3,097	5,792	6,049	6,214	6,791
	265	329	512	482	650	799	1,381	1,464	1,612	1,808
Current tax	–	–	488	391	631	818	1,439	1,460	1,578	1,852
Deferred tax	–	–	25	91	19	−19	−58	4	34	−44
	971	1,112	1,516	1,521	1,938	2,299	4,410	4,585	4,602	4,983
Belonging to the company's shareholders	971	1,112	1,516	1,520	1,936	2,297	4,408	4,582	4,599	5,018
Belonging to outside owners of subsidiaries	–	–	0	0	2	2	2	3	3	−35
Other comprehensive income	–	–	38	−410	479	79	−655	492	−55	−1,731
Total comprehensive income	–	–	1,553	1,111	2,417	2,377	3,755	5,077	4,547	3,252
Net margin	14.9%	15.2%	16.0%	14.0%	15.7%	14.7%	13.3%	12.9%	12.1%	11.8%

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. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 3 May	Mar 2020Filed 20 May	Mar 2021Filed 5 May	Mar 2022Filed 20 Apr	Mar 2023Filed 29 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr	Sep 2026Half yearFiled 16 Oct
	4,895	5,405	7,307	8,820	16,599	20,026	22,712	24,108	25,943
	4,894	5,404	7,303	8,815	16,592	20,017	22,698	24,025	25,874
Share capital	17	17	18	18	30	30	30	30	30
Reserves	4,876	5,387	7,286	8,797	16,563	19,988	22,669	23,995	25,844
Belonging to outside owners of subsidiaries	1	1	4	6	7	9	13	83	69
	0	32	41	52	125	2,071	2	0	0
Repayable after a year	0	0	0	0	0	1,727	0	0	0
Repayable within a year	0	32	41	52	125	343	2	0	0
	1,646	2,331	2,632	2,918	5,483	5,743	5,966	9,784	9,286
Trade payables	467	695	828	803	1,294	1,494	1,550	2,061	2,300
Other financial liabilities	673	924	903	1,052	1,872	1,489	1,679	3,704	3,185
Other liabilities	258	413	492	581	1,207	1,413	1,674	2,710	2,323
Provisions	211	259	354	387	813	849	969	1,174	1,299
Tax owed	37	8	14	43	171	156	92	135	180
	128	1,089	770	731	1,414	1,793	1,953	3,305	3,238
Other financial liabilities	94	1,046	682	681	1,365	32	1,901	3,236	3,131
Other liabilities	–	–	48	0	0	0	0	–	–
Provisions	29	33	36	39	35	16	20	22	22
Deferred tax	6	10	4	11	15	19	32	48	86
Total assets	6,669	8,825	10,709	12,469	23,496	27,563	30,630	37,196	38,467
	1,499	2,496	2,578	3,604	6,310	8,717	9,692	9,499	9,780
Plant in use, after depreciation	305	1,172	1,008	1,136	2,224	1,656	3,963	4,170	–
Plant being built	3	38	40	437	813	467	582	917	–
Intangible assets	130	111	241	272	266	231	118	163	142
Goodwill	495	637	657	690	1,189	1,193	1,204	1,292	1,292
Intangible assets being developed	8	21	26	44	90	84	100	5	7
Property held to earn rent	–	0	0	0	0	1,901	0	0	0
Investments	0	0	101	345	717	1,990	2,470	532	452
Stakes in joint ventures and associates	–	0	0	0	0	0	1	0	0
Loans given	47	56	46	0	0	0	0	0	0
Other financial assets	161	12	160	302	192	472	440	410	345
Deferred tax	155	222	55	55	381	225	222	952	780
Trade receivables	–	0	0	0	4	7	0	0	0
Other assets	195	227	245	322	435	492	593	1,057	1,482
	5,170	6,329	8,131	8,866	17,186	18,846	20,938	27,697	28,687
Inventories	0	0	0	0	3	3	3	3	3
Trade receivables	2,385	2,312	2,691	3,737	7,225	5,706	5,868	7,425	7,411
Cash and cash equivalents	350	485	676	395	2,339	1,820	2,062	2,331	2,084
Other bank balances	65	40	84	382	593	996	1,526	481	655
Current investments	1,740	2,219	3,628	3,137	4,742	6,753	7,374	12,036	12,450
Loans given	7	13	30	0	0	0	0	0	0
Other financial assets	170	603	186	283	183	1,590	2,094	2,495	2,668
Tax paid in advance	4	1	0	0	0	25	8	2	35
Other assets	449	656	837	932	2,101	1,953	2,003	2,924	3,381
Net debt	−2,155	−2,712	−4,346	−3,862	−7,549	−7,499	−10,960	−14,848	−15,189

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. 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. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 5 May	Mar 2022Filed 20 Apr	Mar 2023Filed 29 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr	Sep 2026Half yearFiled 16 Oct
	2,400	1,652	3,096	5,670	4,546	4,799	1,699
	2,977	2,463	4,618	7,240	6,183	6,656	2,668
	270	−954	−1,694	598	−480	−517	−1,069
Receivables	−20	−1,060	−1,142	505	−462	−2,064	−552
Inventories	0	0	1	0	0	−1	0
Payables	195	−68	−22	422	343	2,556	69
Other working capital	96	173	−530	−330	−361	−1,008	−586
Tax paid	−640	−811	−1,522	−1,571	−1,637	−1,858	−969
Interest paid	79	0	0	0	0	0	0
Capital spending	272	859	939	843	950	931	451
Free cash flow	2,128	793	2,157	4,826	3,596	3,868	1,248
	−1,656	−959	−331	−3,912	−1,738	−1,768	−37
Plant and property sold	5	3	5	10	16	21	3
Companies bought	−43	0	−149	0	0	0	0
Interest received	16	30	127	257	358	536	393
Dividends received	0	0	0	0	0	5	8
	−509	−1,046	−1,932	−2,269	−2,574	−2,926	−1,911
Borrowings raised	9	11	67	0	0	0	0
Borrowings repaid	0	0	0	−87	−40	−2	0
Interest paid	−2	−5	−38	−219	−271	−272	−138
Lease payments	0	−168	−339	−248	−308	−379	−224
Dividends paid	532	875	1,563	1,775	1,925	1,991	1,571
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	1	4	3	1
Net change in cash	235	−353	833	−511	233	105	−249

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.LTM dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 20 May	Mar 2021Filed 5 May	Mar 2022Filed 20 Apr	Mar 2023Filed 29 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
Earnings per share	₹57.08	₹64.93	₹87.67	₹87.45	₹110.98	₹131.19	₹149.07	₹154.85	₹155.29	₹169.33
Diluted earnings per share	₹55.80	₹63.48	₹86.43	₹86.61	₹110.26	₹130.81	₹148.83	₹154.48	₹155.00	₹169.13
Dividend per share	₹16.55	₹21.50	₹28.00	₹28.00	₹40.00	₹55.00	₹60.00	₹65.00	₹65.00	₹75.00
Book value per share	–	–	₹281.25	₹310.57	₹417.34	₹503.69	₹560.54	₹676.26	₹766.83	₹811.66
Dividend payout	29.1%	33.2%	32.1%	32.1%	36.2%	41.9%	40.3%	42.0%	41.8%	44.2%
Shareholder yield	–	–	–	–	0.8%	0.8%	1.1%	1.2%	1.4%	1.7%
Market cap at the year end (₹ crore)	12,190	23,033	29,526	24,866	70,806	1,07,857	1,40,790	1,46,163	1,33,072	1,19,005

Ratios

Consolidated, years to March.LTM PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 20 May	Mar 2021Filed 5 May	Mar 2022Filed 20 Apr	Mar 2023Filed 29 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 23 Apr
Revenue growth	–	12.4%	29.3%	15.2%	13.7%	26.7%	–	7.0%	7.0%	11.3%
Operating profit growth	–	−3.5%	58.6%	7.8%	34.3%	12.2%	–	4.6%	1.7%	16.3%
Net profit growth	–	14.6%	36.2%	0.3%	27.5%	18.6%	–	4.0%	0.4%	8.3%
Earnings per share growth	–	13.8%	35.0%	−0.3%	26.9%	18.2%	–	3.9%	0.3%	9.0%
	–	–	31.0%	29.5%	30.5%	28.5%	34.7%	25.0%	21.5%	21.5%
	–	–	–	−1.5 pts	0.9 pts	−2.0 pts	6.2 pts	−9.7 pts	−3.5 pts	−0.1 pts
From the net margin	–	–	–	−4.0 pts	3.5 pts	−1.9 pts	−2.7 pts	−1.0 pts	−1.6 pts	−0.4 pts
From asset turnover	–	–	–	−0.2 pts	−3.2 pts	1.9 pts	9.4 pts	−8.3 pts	−1.4 pts	−0.9 pts
From borrowing	–	–	–	2.8 pts	0.6 pts	−2.0 pts	−0.6 pts	−0.4 pts	−0.5 pts	1.3 pts
Return on capital employed	–	–	35.5%	32.3%	32.6%	30.5%	32.2%	25.2%	24.2%	27.0%
Cash conversion	–	–	–	–	123.8%	71.9%	70.2%	123.7%	98.8%	96.3%
Interest cover	328.8	65.7	163.8	21.3	30.4	37.1	35.8	25.1	19.7	23.5
Debt to equity	–	–	0.00	0.01	0.01	0.01	0.01	0.10	0.00	0.00
Receivable days	–	–	92	78	79	87	79	59	56	64
Working capital days	–	–	53	43	34	49	46	40	39	26
Asset turnover	–	–	1.42	1.40	1.27	1.35	1.85	1.39	1.31	1.25
Assets per rupee of net worth	–	–	1.36	1.50	1.54	1.44	1.42	1.39	1.36	1.45
Sales per rupee of plant	–	–	30.95	9.28	12.27	13.79	14.92	21.45	9.59	10.14
Capital spending to depreciation	–	–	–	–	0.82	2.42	1.30	1.03	0.96	0.88
Plant being built, % of plant in use	–	–	1.0%	3.3%	4.0%	38.5%	36.5%	28.2%	14.7%	22.0%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2023: 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: 14.8%
Cash from operations against operating profit: 63.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	27.9%	8.4%
Profit growth, yearly rate	–	21.0%	4.4%
Return on equity, average	–	26.2%	22.7%
Return on capital employed, average	–	27.8%	25.5%
Operating margin, average	18.7%	18.2%	17.6%
Net margin, average	14.1%	13.0%	12.3%
Asset turnover, average	–	1.43	1.32
Interest cover, average	75.1	28.3	22.8
Debt to equity, average	–	0.02	0.03

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	19,762	15,014	4,799
Cash from investing	−8,709	−7,418	−1,768
Cash from financing	−10,747	−7,770	−2,926
Capital spending	4,522	2,723	931
Dividends paid	8,129	5,691	1,991
Shares bought back	0	0	0
Shares issued for cash	8	8	3
Borrowings raised	77	0	0
Borrowings repaid	129	129	2

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	–	–	–	–	4	4	5	5	5	4
Altman Z-scorePublished threshold 1.1	–	–	10.80	8.21	9.52	9.68	9.79	9.80	10.06	8.47
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.57	−1.80	−1.37	−2.82	−2.44	−2.26
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	12.23	13.86	9.15	11.07	6.17	5.76
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.83	0.92	0.98	1.06
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−18.20	2.66	12.21	−18.45	−28.05	−4.18	15.23
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	5.85	−1.92	1.22	3.22	3.61	1.41	3.11
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.03	0.24	0.91	0.45	1.86	0.18	0.73
Effective tax ratePublished threshold 17.16 per cent	21.44	22.83	25.26	24.09	25.11	25.79	23.85	24.21	25.94	26.63
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.40	−2.43	−1.76	−0.41	−0.72

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
30 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	274.75
30 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		329
12 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Issuer RatingLong-term scale	IND AAAReview, Re-affirm	Stable
12 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilitiesLong and short-term scales	IND AAA; IND A1+Review, Re-affirm	Stable	1,570

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