Mcleod Russel India financials and balance sheet

NSE: MCLEODRUSSBSE: 532654Agricultural Food & other ProductsSmall Cap

₹43.49₹1.38 (3.08%)BSE ₹43.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹44.87.

52-week range of traded prices to 23 Oct 2026

₹28.50Low, 30 Mar 2026₹78.41High, 29 May 2026

Market cap: ₹454 Cr1,820th largest listed
P/E: Lossover the last 12 months
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Net worth zero or below
ROCE: −4.6%
Debt to equity: Net worth zero or below
Volume, NSE: 4,89,63939.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Mcleod Russel India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹2,055 Cr, year to Mar 2018A loss in 7 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 1.2% 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

Revenue1,154
Materials and goods−61
Employee costs−743
Other expenses−376
Operating profit−26
Depreciation−61
Other income+7.3
One-off items−147
Finance costs−147
Profit before tax−373
Tax+250
Net profit−124

What the company owns

Plant, investments and other assets₹2,135 Cr
Inventory₹120 Cr
Current investments₹44 Cr
Receivables₹38 Cr
Cash and bank₹17 Cr

What pays for it: net worth and liabilities

Borrowings₹1,495 Cr
Other liabilities₹759 Cr
Owed to suppliers₹99 Cr

Mcleod Russel India 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.Mcleod Russel India segment results by quarter

Revenue by segment

₹1,154 CrTotal

India₹974 Cr84.4% of total
Uganda₹132 Cr11.4% of total
Others₹48 Cr4.2% of total

Profit by segment

Others₹0.22 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

India
Revenue, ₹ crore
1,307
856
1,110
1,099
1,095
922
1,022
974
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−79
−175
−78
−120
−1,094
−306
−247
−363
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Uganda
Revenue, ₹ crore
181
161
205
175
208
157
108
132
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
72
−16
10
−7
24
−42
−29
−5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
60
48
44
23
36
54
55
48
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
10
2
1
−1
2
4
6
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
UK
Revenue, ₹ crore
2
2
2
3
2
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
210
2
1
0
−3
−14
26
−6
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	1,720	1,143	1,438	1,356	1,370	1,136	1,185	1,154
Company revenue, as in its results	1,720	1,143	1,438	1,356	1,370	1,136	1,185	1,154
Revenue	1,307	856	1,110	1,099	1,095	922	1,022	974
Revenue growth	–	−34.5%	29.7%	−1.0%	−0.4%	−15.8%	10.9%	−4.7%
Profit	−79	−175	−78	−120	−1,094	−306	−247	−363
Margin	−6.1%	−20.5%	−7.0%	−10.9%	−99.9%	−33.2%	−24.2%	−37.2%
Return on capital	–	−11.8%	−4.8%	−8.1%	−261.7%	−201.9%	–	–
Assets	–	4,267	4,436	4,339	3,334	3,247	3,305	2,060
Liabilities	–	2,782	2,803	2,846	2,916	3,096	3,327	2,181
Capital employed	–	1,485	1,633	1,493	418	152	−22	−121
Revenue	181	161	205	175	208	157	108	132
Revenue growth	–	−11.4%	27.5%	−14.4%	18.7%	−24.7%	−31.0%	21.7%
Profit	72	−16	10	−7	24	−42	−29	−5
Margin	39.9%	−9.9%	4.9%	−3.8%	11.7%	−26.6%	−27.1%	−3.6%
Return on capital	–	−26.6%	15.7%	−9.7%	28.8%	−73.6%	−73.0%	−14.9%
Assets	–	297	277	277	285	247	242	242
Liabilities	–	237	213	207	200	191	202	210
Capital employed	–	60	64	70	85	57	40	32
Revenue	60	48	44	23	36	54	55	48
Revenue growth	–	−20.2%	−8.6%	−48.4%	59.4%	49.7%	2.2%	−12.4%
Profit	10	2	1	−1	2	4	6	0
Profit growth	–	−83.9%	−49.4%	–	–	125.0%	58.8%	−96.2%
Margin	16.6%	3.4%	1.9%	−2.2%	4.6%	6.9%	10.7%	0.5%
Return on capital	–	7.4%	5.8%	−4.6%	13.1%	22.3%	32.9%	1.2%
Assets	–	24	15	12	13	17	19	19
Liabilities	–	2	1	1	1	1	1	1
Capital employed	–	22	14	11	12	17	18	18
Revenue	2	2	2	3	2	0	0	0
Profit	210	2	1	0	−3	−14	26	−6
Margin	12,225.6%	89.9%	27.3%	16.0%	−103.7%	–	–	–
Return on capital	–	1.0%	1.6%	1.2%	−7.0%	−53.3%	125.2%	−30.6%
Assets	–	203	45	41	40	33	29	31
Liabilities	–	3	5	5	4	7	9	11
Capital employed	–	200	40	36	36	25	21	21
Revenue	76	76	77	56	27	3	0	–
Revenue growth	–	0.2%	1.3%	−27.9%	−50.7%	−88.4%	–	–
Profit	−14	−1	−14	−35	−23	−4	0	–
Margin	−17.7%	−1.3%	−17.5%	−63.0%	−84.0%	−128.0%	–	–
Return on capital	–	−1.2%	−18.7%	−89.8%	−128.6%	–	–	–
Assets	–	144	132	94	68	0	0	–
Liabilities	–	57	60	55	50	0	0	–
Capital employed	–	88	72	39	18	0	0	–
Revenue	94	0	–	–	–	–	–	–
Revenue growth	–	−100.0%	–	–	–	–	–	–
Profit	52	0	–	–	–	–	–	–
Profit growth	–	−100.0%	–	–	–	–	–	–
Margin	55.0%	–	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–
Capital employed	–	0	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Mcleod Russel India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 1 Jul	Mar 2020Filed 8 Aug	Mar 2021Filed 25 Jun	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 6 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
Revenue from operations	1,871	2,055	1,720	1,143	1,438	1,356	1,370	1,136	1,185	1,154
	1,760	1,913	1,767	1,103	1,243	1,288	1,276	1,244	1,167	1,180
Materials and goods bought	270	340	300	146	212	230	127	101	48	61
Employee costs	–	907	820	569	597	637	722	744	740	743
Other expenses	–	666	647	388	434	421	427	399	379	376
Operating profit before depreciation	110	142	−48	39	195	68	93	−108	18	−26
Operating margin	5.9%	6.9%	−2.8%	3.5%	13.6%	5.0%	6.8%	−9.5%	1.5%	−2.2%
Materials, % of revenue	–	16.6%	17.4%	12.8%	14.8%	17.0%	9.3%	8.9%	4.1%	5.3%
Employee costs, % of revenue	–	44.1%	47.7%	49.8%	41.5%	47.0%	52.7%	65.5%	62.4%	64.4%
Other expenses, % of revenue	–	32.4%	37.6%	33.9%	30.2%	31.0%	31.1%	35.1%	32.0%	32.6%
Depreciation and amortisation	104	102	84	78	90	75	70	66	61	61
Operating profit after depreciation	7	40	−132	−39	105	−7	23	−174	−43	−87
Other income	184	392	241	32	20	10	17	11	5	7
Finance costs	136	180	338	227	205	165	201	203	226	147
Profit before one-off items and tax	55	252	−229	−234	−80	−162	−160	−367	−264	−226
One-off items	0	0	289	44	0	0	−933	5	19	−147
Profit before tax	55	252	61	−190	−80	−162	−1,093	−362	−245	−373
	−10	32	22	−41	−27	19	−37	−50	−47	−250
Current tax	–	61	−18	4	19	−1	2	2	1	3
Deferred tax	–	−28	40	−45	−47	20	−39	−52	−47	−253
Share of profit of joint ventures and associates	–	–	–	0	–	–	–	–	–	–
	64	219	39	−148	−52	−181	−1,057	−312	−198	−124
Belonging to the company's shareholders	–	–	32	−148	−52	−181	−1,057	−312	−198	−124
Belonging to outside owners of subsidiaries	–	–	7	0	0	–	0	0	0	0
Other comprehensive income	–	–	−111	−36	21	6	−23	2	4	16
Total comprehensive income	–	–	−73	−184	−31	−175	−1,079	−310	−193	−107
Net margin	3.4%	10.7%	2.3%	−12.9%	−3.6%	−13.3%	−77.1%	−27.4%	−16.7%	−10.7%
Net margin without joint ventures and associates	–	–	–	−13.0%	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 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 company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 1 Jul	Mar 2020Filed 8 Aug	Mar 2021Filed 25 Jun	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 6 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
	2,014	1,854	1,823	1,649	569	250	57	−50
Share capital	44	52	52	52	52	52	52	52
Reserves	1,971	1,802	1,771	1,597	517	198	4	−103
	1,648	2,135	2,015	2,084	1,958	1,892	1,902	1,495
Repayable after a year	223	186	111	122	72	50	78	640
Repayable within a year	1,426	1,949	1,904	1,962	1,886	1,842	1,823	856
	2,081	2,703	2,820	2,825	2,961	3,117	3,337	1,408
Trade payables	175	89	102	129	4	96	97	99
Other financial liabilities	360	494	646	519	801	857	1,069	168
Other liabilities	81	90	83	111	155	220	242	161
Provisions	22	49	48	78	95	68	62	89
Tax owed	18	33	37	28	20	35	26	36
	464	377	262	289	210	169	201	996
Other financial liabilities	0	6	2	–	3	0	0	0
Other liabilities	5	5	5	5	4	4	4	250
Provisions	46	43	59	59	74	114	119	106
Deferred tax	190	139	86	102	57	0	–	–
	4,559	4,935	4,906	4,763	3,740	3,536	3,594	2,353
Held for sale or for a demerger	127	–	–	–	–	–	–	–
	3,623	4,477	4,450	4,372	3,426	3,319	3,316	2,031
Plant in use, after depreciation	1,259	1,211	1,183	1,184	1,178	1,080	1,061	1,025
Plant being built	89	93	67	56	47	45	41	38
Intangible assets	18	15	12	9	6	3	1	0
Goodwill	197	199	202	201	202	197	199	203
Intangible assets being developed	0	–	–	–	0	0	–	1
Investments	101	11	53	62	52	62	58	5
Loans given	1,745	2,877	2,853	2,762	1,863	1,862	1,856	418
Other financial assets	103	48	51	64	45	39	39	40
Deferred tax	0	–	–	–	0	0	44	289
Other assets	103	22	24	26	28	26	14	13
	809	459	456	391	314	216	279	322
Inventories	226	194	205	181	147	95	106	120
Trade receivables	40	35	32	49	40	48	48	38
Cash and cash equivalents	346	52	97	25	14	5	9	16
Other bank balances	11	3	2	2	1	1	0	1
Current investments	0	0	0	0	0	0	0	44
Loans given	0	8	11	13	0	4	6	9
Other financial assets	22	15	14	12	21	14	13	11
Tax paid in advance	83	84	24	23	24	22	25	25
Other assets	83	69	72	86	67	28	72	59
Net debt	1,292	2,080	1,916	2,057	1,943	1,886	1,893	1,435

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 25 Jun	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 6 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
	178	105	205	34	72	53
	132	110	219	24	82	43
	−48	50	1,042	124	39	60
Receivables	5	−19	16	−2	8	7
Inventories	−10	25	34	53	−12	−14
Payables	−28	28	37	−30	9	2
Other working capital	−14	16	955	104	34	64
Tax paid	46	−5	−10	15	−14	13
Capital spending	30	65	55	19	24	15
Free cash flow	148	40	150	16	48	39
	−2	−57	−41	57	−19	−14
Plant and property sold	−4	0	8	1	2	−1
Interest received	10	3	4	5	0	3
Dividends received	0	0	0	0	0	0
	−132	−120	−174	−100	−50	−33
Borrowings raised	−94	14	0	0	0	0
Borrowings repaid	0	−110	−126	−77	−10	−16
Interest paid	−35	−19	−47	−20	−40	−17
Lease payments	−2	−4	−1	−3	0	0
Dividends paid	1	1	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	45	−72	−11	−8	3	7

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.Mcleod Russel India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 1 Jul	Mar 2020Filed 8 Aug	Mar 2021Filed 25 Jun	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 6 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
Earnings per share	₹7.11	₹24.25	₹3.56	−₹14.15	−₹5.02	−₹17.32	−₹101.14	−₹29.83	−₹18.94	−₹11.82
Diluted earnings per share	₹7.11	₹24.25	₹3.56	−₹14.15	−₹5.02	–	−₹101.14	−₹29.83	−₹18.94	−₹11.82
Dividend per share	₹0.25	₹0.50	–	–	–	–	–	–	–	–
Book value per share	–	–	₹230.51	₹177.52	₹174.54	₹157.83	₹54.50	₹23.94	₹5.42	−₹4.83
Shareholder yield	–	–	–	–	0.4%	0.4%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	1,818	1,574	896	21	200	238	177	250	353	303

Ratios

Consolidated, years to March.Mcleod Russel India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 1 Jul	Mar 2020Filed 8 Aug	Mar 2021Filed 25 Jun	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 6 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
Revenue growth	−2.9%	9.9%	−16.3%	−33.5%	25.9%	−5.7%	1.0%	−17.1%	4.4%	−2.6%
Operating profit growth	–	28.9%	–	–	394.9%	−65.1%	37.2%	–	–	–
Net profit growth	72.8%	240.0%	−82.3%	–	–	–	–	–	–	–
Earnings per share growth	108.5%	241.1%	−85.3%	–	–	–	–	–	–	–
	–	–	1.6%	−7.6%	−2.8%	−10.4%	−95.3%	−76.1%	−129.0%	−4,016.3%
	–	–	–	−9.2 pts	4.8 pts	−7.6 pts	−84.8 pts	19.2 pts	−53.0 pts	−3,887.2 pts
From the net margin	–	–	–	−12.6 pts	5.5 pts	−7.6 pts	−49.8 pts	61.4 pts	29.8 pts	46.3 pts
From asset turnover	–	–	–	4.0 pts	−0.5 pts	0.4 pts	−9.0 pts	1.0 pts	−3.0 pts	−13.8 pts
From borrowing	–	–	–	−0.6 pts	−0.2 pts	−0.4 pts	−26.1 pts	−43.2 pts	−79.7 pts	−3,919.7 pts
Return on capital employed	–	–	−3.6%	−1.0%	2.7%	−0.2%	0.9%	−8.1%	−2.2%	−6.0%
Interest cover	0.1	0.2	–	–	0.5	–	0.1	–	–	–
Debt to equity	–	–	0.82	1.15	1.11	1.26	3.44	7.57	33.57	–
Receivable days	–	–	8	11	8	13	11	15	15	12
Inventory days	–	–	275	486	352	288	422	343	808	718
Payable days	–	–	213	223	175	204	12	345	738	593
Cash conversion cycle, days	–	–	70	273	185	97	421	13	86	136
Working capital days	–	–	−43	−112	−142	−134	−207	−342	−383	−92
Asset turnover	–	–	0.38	0.24	0.29	0.28	0.32	0.31	0.33	0.39
Assets per rupee of net worth	–	–	2.26	2.45	2.68	2.78	3.83	8.88	23.25	967.10
Sales per rupee of plant	–	–	1.37	0.94	1.22	1.15	1.16	1.05	1.12	1.13
Capital spending to depreciation	–	–	–	–	0.34	0.87	0.78	0.28	0.39	0.24
Plant being built, % of plant in use	–	–	7.1%	7.7%	5.6%	4.8%	4.0%	4.2%	3.9%	3.7%

Interest cover is left blank for the years to Mar 2019, Mar 2020, Mar 2022, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the year to Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. 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: −4.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−5.0%	−4.3%	−5.5%
Return on equity, average	–	−865.4%	−1,407.1%
Return on capital employed, average	–	−3.1%	−5.4%
Operating margin, average	2.9%	0.3%	−3.4%
Net margin, average	−14.6%	−29.1%	−18.3%
Asset turnover, average	–	0.33	0.34
Cash conversion cycle, days, average	–	151	78
Debt to equity, average	–	11.46	20.57

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	470	160	53
Cash from investing	−74	24	−14
Cash from financing	−477	−183	−33
Capital spending	177	57	15
Dividends paid	1	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	14	0	0
Borrowings repaid	338	103	16

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	3	6	7	7	5
Altman Z-scorePublished threshold 1.81	–	–	1.15	0.23	0.34	0.19	−1.04	−0.69	−0.65	−0.37
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.70	−2.22	−4.41	−2.73	−2.84	−3.11
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.65	−4.73	−28.69	−11.07	−7.05	−5.49
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	20.94	−33.41	59.94	−20.01	36.58	−2.87	−19.34
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	37.26	−39.99	−19.80	25.99	−15.00	64.61	−14.26
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.65	−4.08	0.87	−0.71	−4.19	3.83	−1.22
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	3.13	1.06	0.75	0.74	–	0.98	1.51
Effective tax ratePublished threshold 17.16 per cent	−18.19	12.88	36.04	–	–	–	–	–	–	–

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	Amount, ₹ Cr
26 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]D ISSUER NOT COOPERATINGReview, Other	491.76
26 Aug 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]D ISSUER NOT COOPERATINGReview, Other	15.41
26 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]D ISSUER NOT COOPERATINGReview, Other	360
26 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]D ISSUER NOT COOPERATING/[ICRA]D ISSUER NOT COOPERATINGReview, Other	163.92

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