Mirza International financials and balance sheet

NSE: MIRZAINTBSE: 526642Consumer DurablesSmall Cap

Formerly Mirza Tanners

₹26.20₹0.34 (1.28%)BSE ₹26.23

Share price at the NSE close on 23 Oct 2026. Previous close ₹26.54.

52-week range of traded prices to 23 Oct 2026

₹24.95Low, 30 Mar 2026₹43.30High, 3 Feb 2026

Next results date: the board meets on 3 Nov 2026 to consider: financial results.

Market cap: ₹362 Cr1,896th largest listed
P/E: Lossover the last 12 months
P/B: 0.6
Dividend yield: Nonein the last 12 months
ROE: −4.0%
ROCE: −3.9%
Debt to equity: 0.03
Volume, NSE: 71,84274.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Mirza International annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 2 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 17.8% 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, ₹653 Cr, differs from its quarters added, ₹1,714 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue527
Materials and goods−321
Employee costs−81
Other expenses−108
Operating profit18
Depreciation−31
Other income+2.2
One-off items+19
Finance costs−7.8
Profit before tax−0.1
Tax−0.5
Net profit−0.6

What the company owns

Plant, investments and other assets₹437 Cr
Inventory₹144 Cr
Receivables₹69 Cr
Cash and bank₹32 Cr
Current investments₹9 Cr

What pays for it: net worth and liabilities

Net worth₹563 Cr
Owed to suppliers₹61 Cr
Other liabilities₹53 Cr
Borrowings₹15 Cr

Mirza International 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.Mirza International segment results by quarter

Revenue by segment

₹568 CrTotal

Footwear- Domestic & Export Sale₹457 Cr80.4% of total
Tannery- Domestic & Export Sale₹111 Cr19.6% of total

Profit by segment

Footwear- Domestic & Export Sale₹8.10 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Footwear- Domestic & Export Sale
Revenue, ₹ crore
526
457
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
36
8
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Tannery- Domestic & Export Sale
Revenue, ₹ crore
104
111
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−19
−10
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	1,256	1,383	1,090	1,754	693	683	629	568
Company revenue, as in its results	1,152	1,261	1,049	1,679	653	630	581	527
Revenue	–	–	–	–	–	–	526	457
Revenue growth	–	–	–	–	–	–	–	−13.1%
Profit	–	–	–	–	–	–	36	8
Profit growth	–	–	–	–	–	–	–	−77.5%
Margin	–	–	–	–	–	–	6.9%	1.8%
Return on capital	–	–	–	–	–	–	9.8%	1.9%
Assets	–	–	–	–	–	–	471	509
Liabilities	–	–	–	–	–	–	104	83
Capital employed	–	–	–	–	–	–	368	427
Revenue	–	–	–	–	–	–	104	111
Revenue growth	–	–	–	–	–	–	–	7.5%
Profit	–	–	–	–	–	–	−19	−10
Margin	–	–	–	–	–	–	−18.5%	−9.1%
Return on capital	–	–	–	–	–	–	−19.6%	−11.8%
Assets	–	–	–	–	–	–	153	116
Liabilities	–	–	–	–	–	–	55	31
Capital employed	–	–	–	–	–	–	98	86
Revenue	–	–	–	–	552	544	–	–
Revenue growth	–	–	–	–	–	−1.5%	–	–
Profit	–	–	–	–	39	17	–	–
Profit growth	–	–	–	–	–	−55.7%	–	–
Margin	–	–	–	–	7.1%	3.2%	–	–
Revenue	–	–	–	–	141	139	–	–
Revenue growth	–	–	–	–	–	−1.5%	–	–
Profit	–	–	–	–	5	9	–	–
Profit growth	–	–	–	–	–	61.0%	–	–
Margin	–	–	–	–	3.8%	6.3%	–	–
Revenue	179	190	127	191	–	–	–	–
Revenue growth	–	5.8%	−32.9%	50.2%	–	–	–	–
Profit	−14	−20	−20	3	–	–	–	–
Margin	−7.6%	−10.4%	−16.0%	1.6%	–	–	–	–
Return on capital	−17.5%	−27.1%	−19.3%	2.9%	–	–	–	–
Assets	226	191	175	162	–	–	–	–
Liabilities	148	119	70	59	–	–	–	–
Capital employed	78	73	106	103	–	–	–	–
Revenue	–	–	620	1,009	–	–	–	–
Revenue growth	–	–	–	62.8%	–	–	–	–
Profit	–	–	53	119	–	–	–	–
Profit growth	–	–	–	123.0%	–	–	–	–
Margin	–	–	8.6%	11.8%	–	–	–	–
Return on capital	–	–	12.2%	23.6%	–	–	–	–
Assets	–	–	712	810	–	–	–	–
Liabilities	–	–	275	308	–	–	–	–
Capital employed	–	–	437	502	–	–	–	–
Revenue	–	–	343	554	–	–	–	–
Revenue growth	–	–	–	61.6%	–	–	–	–
Profit	–	–	28	65	–	–	–	–
Profit growth	–	–	–	129.0%	–	–	–	–
Margin	–	–	8.3%	11.8%	–	–	–	–
Return on capital	–	–	32.5%	45.0%	–	–	–	–
Assets	–	–	257	433	–	–	–	–
Liabilities	–	–	169	288	–	–	–	–
Capital employed	–	–	87	145	–	–	–	–
	0	0	–	–	–	–	–	–
Profit	0	0	–	–	–	–	–	–
Assets	0	0	–	–	–	–	–	–
Liabilities	0	0	–	–	–	–	–	–
Capital employed	0	0	–	–	–	–	–	–
Revenue	–	501	–	–	–	–	–	–
Profit	–	49	–	–	–	–	–	–
Margin	–	9.7%	–	–	–	–	–	–
Return on capital	–	17.0%	–	–	–	–	–	–
Assets	–	385	–	–	–	–	–	–
Liabilities	–	98	–	–	–	–	–	–
Capital employed	–	287	–	–	–	–	–	–
Revenue	–	413	–	–	–	–	–	–
Profit	–	52	–	–	–	–	–	–
Margin	–	12.5%	–	–	–	–	–	–
Return on capital	–	28.5%	–	–	–	–	–	–
Assets	–	422	–	–	–	–	–	–
Liabilities	–	240	–	–	–	–	–	–
Capital employed	–	181	–	–	–	–	–	–
Revenue	–	279	–	–	–	–	–	–
Profit	–	42	–	–	–	–	–	–
Margin	–	14.9%	–	–	–	–	–	–
Return on capital	–	50.7%	–	–	–	–	–	–
Assets	–	240	–	–	–	–	–	–
Liabilities	–	158	–	–	–	–	–	–
Capital employed	–	82	–	–	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	0	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–
Capital employed	–	0	–	–	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	0	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–
Capital employed	–	0	–	–	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	0	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–
Capital employed	–	0	–	–	–	–	–	–
Revenue	624	–	–	–	–	–	–	–
Profit	87	–	–	–	–	–	–	–
Margin	13.9%	–	–	–	–	–	–	–
Return on capital	39.5%	–	–	–	–	–	–	–
Assets	447	–	–	–	–	–	–	–
Liabilities	227	–	–	–	–	–	–	–
Capital employed	220	–	–	–	–	–	–	–
Revenue	453	–	–	–	–	–	–	–
Profit	71	–	–	–	–	–	–	–
Margin	15.7%	–	–	–	–	–	–	–
Return on capital	23.0%	–	–	–	–	–	–	–
Assets	418	–	–	–	–	–	–	–
Liabilities	109	–	–	–	–	–	–	–
Capital employed	309	–	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–
Capital employed	0	–	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–
Capital employed	0	–	–	–	–	–	–	–
Revenue	2	2	1	1	5	7	1	20
Profit	2	2	1	1	5	7	1	20
Assets	24	22	26	18	623	719	110	66
Liabilities	19	18	18	9	226	166	11	16
	0	0	–	–	–	–	–	–
Profit	0	0	–	–	–	–	–	–
Assets	0	0	–	–	–	–	–	–
Liabilities	0	0	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Mirza International quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 29 Jul	Mar 2021Filed 28 Jul	Mar 2022Filed 16 Jun	Mar 2023Filed 28 May	Mar 2024Filed 19 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
Revenue from operations	936	972	1,152	1,261	1,049	1,679	653	630	581	527
	775	798	1,008	1,089	931	1,444	587	582	545	509
Materials and goods bought	503	481	659	703	589	944	378	378	343	321
Employee costs	71	90	95	108	89	105	80	85	86	81
Other expenses	201	227	253	278	253	394	128	118	116	108
Operating profit before depreciation	161	174	144	172	118	235	66	49	36	18
Operating margin	17.2%	17.9%	12.5%	13.6%	11.3%	14.0%	10.2%	7.7%	6.2%	3.4%
Materials, % of revenue	53.8%	49.5%	57.3%	55.8%	56.1%	56.3%	57.9%	60.0%	59.0%	60.8%
Employee costs, % of revenue	7.6%	9.3%	8.3%	8.5%	8.5%	6.3%	12.3%	13.5%	14.8%	15.4%
Other expenses, % of revenue	21.4%	23.4%	22.0%	22.1%	24.1%	23.5%	19.6%	18.7%	19.9%	20.4%
Depreciation and amortisation	29	32	35	63	67	60	26	28	31	31
Operating profit after depreciation	131	142	108	108	52	175	41	20	6	−13
Other income	1	0	2	2	1	6	5	8	2	2
Finance costs	26	25	34	46	41	27	10	12	11	8
Profit before one-off items and tax	106	118	76	64	12	154	36	17	−4	−19
One-off items	0	0	0	0	0	0	0	0	0	19
Profit before tax	106	118	76	64	12	154	36	17	−4	0
	35	39	27	17	4	41	10	5	0	1
Current tax	33	38	26	18	7	40	8	4	1	1
Deferred tax	2	1	2	−2	−3	1	1	0	−1	−1
Share of profit of joint ventures and associates	–	–	–	–	0	0	–	–	–	–
Net profit	71	78	49	48	8	113	26	12	−4	−1
Other comprehensive income	–	–	4	0	1	3	−1	0	−1	−3
Total comprehensive income	–	–	53	48	9	116	26	12	−4	−3
Net margin	7.6%	8.1%	4.2%	3.8%	0.8%	6.7%	4.1%	1.9%	−0.6%	−0.1%
Net margin without joint ventures and associates	–	–	–	–	0.8%	6.7%	–	–	–	–

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 12 Jun	Mar 2020Filed 29 Jul	Mar 2021Filed 28 Jul	Mar 2022Filed 16 Jun	Mar 2023Filed 28 May	Mar 2024Filed 19 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
	612	628	638	760	533	553	564	563
	612	628	638	760	533	553	564	563
Share capital	24	24	24	24	28	28	28	28
Reserves	588	604	614	735	506	525	537	535
Belonging to outside owners of subsidiaries	–	–	0	0	0	–	0	–
	338	270	125	78	26	35	48	15
Repayable after a year	22	18	8	15	2	0	0	13
Repayable within a year	317	252	117	63	24	35	48	2
	439	422	302	388	187	130	133	78
Trade payables	81	95	110	253	94	76	69	61
Other financial liabilities	–	72	74	70	36	18	13	14
Other liabilities	40	2	1	2	31	0	2	–
Provisions	1	1	0	1	1	1	1	0
Tax owed	–	0	0	–	0	–	0	1
	64	210	230	275	39	36	37	51
Other liabilities	11	160	194	230	9	6	6	6
Provisions	13	14	13	14	10	12	11	11
Deferred tax	19	18	15	16	17	18	21	21
Total assets	1,115	1,260	1,170	1,423	760	719	734	692
	429	612	591	639	410	414	429	394
Plant in use, after depreciation	409	428	427	456	361	357	381	356
Plant being built	5	11	11	21	1	11	3	5
Intangible assets	0	157	138	137	32	29	0	0
Goodwill	0	0	0	0	0	5	5	5
Investments	1	0	2	2	12	8	9	0
Stakes in joint ventures and associates	–	1	0	–	0	–	0	–
Other financial assets	14	13	13	13	2	2	29	28
Other assets	–	2	0	10	0	0	3	1
	686	648	580	784	350	305	305	297
Inventories	434	413	426	526	161	154	161	144
Trade receivables	156	141	80	155	117	79	67	69
Cash and cash equivalents	7	16	12	22	16	19	20	32
Current investments	0	0	0	0	0	0	0	9
Loans given	0	0	0	0	0	0	0	2
Other financial assets	5	–	0	–	0	–	0	–
Other assets	85	79	62	81	56	53	57	41
Net debt	331	255	113	56	11	16	28	−27

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 Jul	Mar 2022Filed 16 Jun	Mar 2023Filed 28 May	Mar 2024Filed 19 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
	238	193	47	50	28	44
	238	230	59	57	31	45
	120	−5	−47	4	−5	25
Receivables	61	−107	−29	8	14	−3
Inventories	−13	−100	−5	6	−7	17
Payables	18	196	−10	−8	−8	−8
Other working capital	55	5	−3	−3	−5	17
Tax paid	−1	−37	−12	−7	−2	0
Capital spending	49	85	49	34	47	17
Free cash flow	189	108	−3	16	−18	27
	−41	−81	−53	−29	−29	10
Plant and property sold	7	3	−4	5	0	0
Interest received	1	1	0	1	0	0
	−201	−102	−32	−17	1	−41
Borrowings raised	0	0	0	0	13	13
Borrowings repaid	−148	−62	−23	−8	0	−46
Interest paid	−31	−15	−10	−8	−11	−8
Lease payments	−21	−25	0	−1	0	0
Dividends paid	0	0	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	−3	10	−39	3	1	13

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.Mirza International dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 29 Jul	Mar 2021Filed 28 Jul	Mar 2022Filed 16 Jun	Mar 2023Filed 28 May	Mar 2024Filed 19 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
Earnings per share	₹5.92	₹6.52	₹4.06	₹3.97	–	₹9.38	₹1.91	₹0.87	−₹0.26	−₹0.04
Diluted earnings per share	₹5.92	₹6.52	₹4.06	₹3.97	–	₹9.38	₹1.91	₹0.87	−₹0.26	−₹0.04
Dividend per share	₹0.90	₹0.90	₹0.90	₹0.90	–	–	–	–	–	–
Book value per share	–	–	₹50.84	₹52.19	₹53.05	₹63.13	₹38.60	₹39.99	₹40.84	₹40.72
Dividend payout	15.2%	13.8%	22.2%	22.7%	–	–	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	1,035	1,509	660	443	548	1,933	482	592	371	346

Earnings per share is left blank for the year to Mar 2021: 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.Mirza International PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 29 Jul	Mar 2021Filed 28 Jul	Mar 2022Filed 16 Jun	Mar 2023Filed 28 May	Mar 2024Filed 19 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
Revenue growth	–	3.9%	18.5%	9.5%	−16.8%	60.0%	–	−3.5%	−7.8%	−9.3%
Operating profit growth	–	8.4%	−17.4%	19.6%	−31.1%	98.7%	–	−26.6%	−25.8%	−50.4%
Net profit growth	–	10.1%	−37.8%	−2.2%	−82.5%	1,254.2%	–	−54.5%	–	–
Earnings per share growth	–	10.1%	−37.7%	−2.2%	–	–	–	−54.5%	–	–
	–	–	8.0%	7.7%	1.3%	16.1%	4.1%	2.2%	−0.6%	−0.1%
	–	–	–	−0.3 pts	−6.4 pts	14.8 pts	−12.1 pts	−1.9 pts	−2.9 pts	0.5 pts
From the net margin	–	–	–	−0.9 pts	−6.1 pts	9.8 pts	−6.4 pts	−2.2 pts	−2.9 pts	0.5 pts
From asset turnover	–	–	–	0.2 pts	−0.3 pts	5.6 pts	−5.2 pts	0.8 pts	0.0 pts	0.0 pts
From borrowing	–	–	–	0.4 pts	0.0 pts	−0.6 pts	−0.4 pts	−0.5 pts	0.0 pts	0.0 pts
Return on capital employed	–	–	11.4%	12.1%	6.8%	20.9%	7.3%	3.5%	0.9%	−2.3%
Cash conversion	–	–	–	–	2,853.9%	170.7%	177.4%	412.5%	–	–
Interest cover	5.1	5.7	3.2	2.4	1.3	6.5	4.2	1.7	0.5	–
Debt to equity	–	–	0.55	0.43	0.20	0.10	0.05	0.06	0.08	0.03
Receivable days	–	–	49	41	28	34	65	46	42	48
Inventory days	–	–	240	214	264	203	155	149	171	164
Payable days	–	–	45	50	68	98	91	73	73	69
Cash conversion cycle, days	–	–	244	206	224	139	129	121	140	142
Working capital days	–	–	176	134	133	95	96	111	126	124
Asset turnover	–	–	1.03	1.06	0.86	1.29	0.60	0.85	0.80	0.74
Assets per rupee of net worth	–	–	1.82	1.92	1.92	1.86	1.69	1.36	1.30	1.27
Sales per rupee of plant	–	–	2.82	2.95	2.46	3.68	1.81	1.77	1.53	1.48
Capital spending to depreciation	–	–	–	–	0.74	1.41	1.93	1.19	1.52	0.54
Plant being built, % of plant in use	–	–	1.3%	2.5%	2.6%	4.6%	0.4%	3.2%	0.7%	1.3%

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. Interest cover is left blank for the year to Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. 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: −0.1%
Cash from operations against operating profit: 245.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−12.9%	−6.9%
Return on equity, average	–	4.3%	0.5%
Return on capital employed, average	–	6.0%	0.7%
Operating margin, average	11.4%	8.3%	5.8%
Net margin, average	3.6%	2.4%	0.4%
Asset turnover, average	–	0.86	0.80
Cash conversion cycle, days, average	–	135	135
Interest cover, average	3.4	3.2	1.1
Debt to equity, average	–	0.07	0.06

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	361	122	44
Cash from investing	−183	−49	10
Cash from financing	−191	−57	−41
Capital spending	232	97	17
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	26	26	13
Borrowings repaid	140	55	46

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	7	4	7	5	5
Altman Z-scorePublished threshold 1.81	–	–	3.15	2.60	2.68	4.41	3.53	4.45	3.44	3.88
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.76	−1.97	−2.40	−2.79	−2.96	−2.56
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−15.54	0.07	3.03	−1.11	−0.40	−7.61
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.23	1.91	3.57	15.38
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−19.25	−26.47	35.13	36.39	−28.95	−7.79	13.14
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−11.34	19.45	−37.04	−9.48	−3.98	13.70	−4.13
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.86	−1.64	1.12	−3.72	−0.57	0.74	−3.11
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.13	0.17	0.24	–	0.47	0.05	0.79
Effective tax ratePublished threshold 17.16 per cent	33.08	33.46	35.78	25.96	29.78	26.43	26.45	27.46	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	2.32	−6.25	−12.97	–	–

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
15 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]BBB+Review, Downgrade	Stable	23
15 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Unallocated limits	[ICRA]BBB+ /[ICRA]A2Review, Downgrade	Stable	12
15 Jul 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A2Review, Downgrade		10
15 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]A2Review, Downgrade		160
8 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A2Review, Downgrade		10
8 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil BBB+Review, Downgrade	Negative	2

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