Nava financials and balance sheet

NSE: NAVABSE: 513023PowerSmall Cap

Formerly Nava Bharat Ventures

₹474.65₹24.75 (4.96%)BSE ₹474.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹499.40.

52-week range of traded prices to 23 Oct 2026

₹464.00Low, 23 Oct 2026₹739.40High, 11 May 2026

Market cap: ₹13,447 Cr386th largest listed
P/E: 17.8
P/B: 1.5
Dividend yield: 1.79%
ROE: 9.2%
ROCE: 9.7%
Debt to equity: 0.21
Volume, NSE: 5,92,45451.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Nava 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 0.2% 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 2020, the company's revenue for that year, ₹2,759 Cr, differs from its quarters added, ₹2,833 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue4,291
Materials and goods−1,430
Employee costs−378
Other expenses−766
Operating profit1,717
Depreciation−391
Other income+188
One-off items0.0
Finance costs−12
Profit before tax1,502
Tax−462
Discontinued businesses−1.4
Net profit1,039

What the company owns

Plant, investments and other assets₹9,295 Cr
Cash and bank₹2,115 Cr
Current investments₹1,348 Cr
Receivables₹949 Cr
Inventory₹666 Cr

What pays for it: net worth and liabilities

Net worth₹10,764 Cr
Borrowings₹2,221 Cr
Other liabilities₹1,103 Cr
Owed to suppliers₹285 Cr

Nava 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.Nava segment results by quarter

Revenue by segment

₹5,432 CrTotal

Energy₹3,748 Cr69.0% of total
Ferro Alloys₹1,200 Cr22.1% of total
Mining₹480 Cr8.8% of total
Other₹4 Cr0.1% of total

Profit by segment

Energy₹1,409 Cr90.9% of total
Ferro Alloys₹31 Cr2.0% of total
Mining₹110 Cr7.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Energy
Revenue, ₹ crore
3,653
3,748
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,404
1,409
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Ferro Alloys
Revenue, ₹ crore
970
883
847
1,272
1,058
873
929
1,200
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
64
40
82
333
135
−72
23
31
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Mining
Revenue, ₹ crore
261
291
354
363
370
448
456
480
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
96
141
209
303
66
133
148
110
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other
Revenue, ₹ crore
12
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−32
−25
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	3,677	3,345	3,095	3,861	4,095	4,342	5,050	5,432
Company revenue, as in its results	3,103	2,759	2,549	3,348	3,528	3,818	3,984	4,291
Revenue	–	–	–	–	–	–	3,653	3,748
Revenue growth	–	–	–	–	–	–	–	2.6%
Profit	–	–	–	–	–	–	1,404	1,409
Profit growth	–	–	–	–	–	–	–	0.4%
Margin	–	–	–	–	–	–	38.4%	37.6%
Return on capital	–	–	–	–	–	–	24.6%	22.5%
Assets	–	–	–	–	–	–	7,902	9,825
Liabilities	–	–	–	–	–	–	2,200	3,552
Capital employed	–	–	–	–	–	–	5,702	6,273
Revenue	970	883	847	1,272	1,058	873	929	1,200
Revenue growth	–	−8.9%	−4.1%	50.1%	−16.8%	−17.4%	6.4%	29.3%
Profit	64	40	82	333	135	−72	23	31
Profit growth	–	−38.3%	108.5%	304.5%	−59.3%	–	–	36.5%
Margin	6.6%	4.5%	9.7%	26.2%	12.8%	−8.2%	2.5%	2.6%
Return on capital	14.3%	11.7%	15.2%	44.4%	20.0%	−12.2%	2.9%	5.6%
Assets	512	435	618	868	779	638	845	658
Liabilities	65	96	75	117	102	50	70	102
Capital employed	447	339	542	751	677	588	775	556
Revenue	261	291	354	363	370	448	456	480
Revenue growth	–	11.7%	21.8%	2.4%	1.8%	21.2%	1.8%	5.2%
Profit	96	141	209	303	66	133	148	110
Profit growth	–	46.9%	48.4%	44.6%	−78.3%	102.0%	11.7%	−26.0%
Margin	36.8%	48.5%	59.1%	83.4%	17.8%	29.6%	32.5%	22.9%
Return on capital	15.0%	17.8%	22.0%	28.6%	5.5%	10.1%	10.2%	6.8%
Assets	946	1,037	1,199	1,312	1,491	1,454	1,498	1,740
Liabilities	304	242	248	253	303	137	47	117
Capital employed	642	794	950	1,059	1,188	1,317	1,452	1,623
Revenue	–	–	–	–	–	–	12	4
Profit	–	–	–	–	–	–	−32	−25
Margin	–	–	–	–	–	–	−270.3%	−608.9%
Return on capital	–	–	–	–	–	–	−2.2%	−1.1%
Assets	–	–	–	–	–	–	1,692	2,700
Liabilities	–	–	–	–	–	–	209	387
Capital employed	–	–	–	–	–	–	1,483	2,312
Revenue	2,303	2,171	1,893	2,226	2,668	3,021	–	–
Revenue growth	–	−5.7%	−12.8%	17.6%	19.8%	13.2%	–	–
Profit	847	542	368	180	930	1,132	–	–
Profit growth	–	−36.0%	−32.1%	−51.2%	418.0%	21.7%	–	–
Margin	36.8%	25.0%	19.4%	8.1%	34.9%	37.5%	–	–
Return on capital	27.8%	15.9%	11.3%	5.4%	19.9%	20.2%	–	–
Assets	6,991	7,631	7,904	8,551	8,712	7,160	–	–
Liabilities	3,941	4,228	4,659	5,245	4,038	1,566	–	–
Capital employed	3,050	3,404	3,245	3,307	4,674	5,593	–	–
Revenue	144	–	–	–	–	–	–	–
Profit	5	–	–	–	–	–	–	–
Margin	3.8%	–	–	–	–	–	–	–
Return on capital	3.6%	–	–	–	–	–	–	–
Assets	206	–	–	–	–	–	–	–
Liabilities	56	–	–	–	–	–	–	–
Capital employed	150	–	–	–	–	–	–	–
Revenue	185	200	253	275	333	428	–	–
Profit	24	67	111	114	130	207	–	–
Assets	362	371	564	896	839	1,006	–	–
Liabilities	399	309	289	365	276	185	–	–

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

Profit and loss

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

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 17 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue from operations	1,381	2,348	3,103	2,759	2,549	3,348	3,528	3,818	3,984	4,291
	1,200	1,555	1,775	1,681	1,479	2,029	1,960	2,099	2,148	2,574
Materials and goods bought	668	1,024	1,046	785	541	911	959	1,746	1,223	1,430
Employee costs	–	–	174	162	161	199	215	225	253	378
Other expenses	–	–	556	734	777	919	786	128	673	766
Operating profit before depreciation	181	793	1,328	1,078	1,069	1,319	1,568	1,719	1,835	1,717
Operating margin	13.1%	33.8%	42.8%	39.1%	42.0%	39.4%	44.4%	45.0%	46.1%	40.0%
Materials, % of revenue	–	–	33.7%	28.4%	21.2%	27.2%	27.2%	45.7%	30.7%	33.3%
Employee costs, % of revenue	–	–	5.6%	5.9%	6.3%	5.9%	6.1%	5.9%	6.4%	8.8%
Other expenses, % of revenue	–	–	17.9%	26.6%	30.5%	27.4%	22.3%	3.4%	16.9%	17.9%
Depreciation and amortisation	90	228	292	289	300	295	306	319	352	391
Operating profit after depreciation	91	565	1,036	789	770	1,024	1,262	1,400	1,483	1,326
Other income	78	69	92	122	249	298	400	137	152	188
Finance costs	87	246	351	319	348	338	397	275	26	12
Profit before one-off items and tax	82	388	777	593	670	983	1,264	1,263	1,608	1,502
One-off items	79	0	0	0	1	−94	0	116	0	0
Profit before tax	161	388	777	593	672	889	1,264	1,378	1,608	1,502
	54	110	312	60	117	323	44	123	173	462
Current tax	–	86	109	97	153	276	130	151	183	200
Deferred tax	–	23	203	−37	−36	47	−86	−28	−10	262
Profit from discontinued businesses	–	–	–	−2	−4	7	2	1	−2	−1
	107	278	465	531	551	573	1,222	1,256	1,434	1,039
Belonging to the company's shareholders	–	–	358	395	423	496	928	944	1,091	787
Belonging to outside owners of subsidiaries	–	–	107	135	127	77	294	312	343	252
Other comprehensive income	–	–	111	223	−77	107	297	44	164	834
Total comprehensive income	–	–	576	754	474	680	1,518	1,300	1,598	1,873
Net margin	7.8%	11.8%	15.0%	19.2%	21.6%	17.1%	34.6%	32.9%	36.0%	24.2%

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 year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Belonging to the company's shareholders is left blank for the year to 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.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 17 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	4,252	4,736	5,076	5,676	7,108	8,321	9,412	10,764
	3,810	4,185	4,411	4,953	6,025	6,909	7,611	8,745
Share capital	36	35	30	29	29	29	28	28
Reserves	3,774	4,150	4,382	4,924	5,996	6,880	7,583	8,717
Belonging to outside owners of subsidiaries	442	551	664	723	1,082	1,412	1,800	2,019
	3,174	2,748	2,325	3,580	3,067	409	888	2,221
Repayable after a year	3,043	2,556	2,243	1,856	1,575	305	823	2,173
Repayable within a year	131	192	82	1,724	1,492	104	65	48
	1,125	1,653	1,810	2,263	1,931	682	673	751
Trade payables	141	106	73	86	156	170	168	285
Other financial liabilities	757	1,137	1,399	201	172	220	207	269
Other liabilities	66	192	186	201	75	133	179	79
Provisions	15	9	25	28	28	33	33	41
Tax owed	14	17	46	23	8	24	20	30
	3,364	2,977	2,804	2,807	2,122	695	1,188	2,853
Other financial liabilities	47	52	66	78	116	0	5	6
Other liabilities	–	–	157	382	6	4	0	–
Provisions	74	58	56	61	61	68	66	78
Deferred tax	200	311	282	425	365	318	294	597
Trade payables	–	–	–	5	–	0	0	0
Liabilities going with businesses held for sale	–	–	–	–	–	–	–	4
	8,740	9,366	9,690	10,746	11,160	9,698	11,272	14,372
Held for sale or for a demerger	–	–	–	–	–	18	21	7
	6,437	6,168	7,643	8,205	6,999	6,262	7,251	8,642
Plant in use, after depreciation	5,821	5,540	5,173	5,066	5,149	5,040	5,012	5,189
Plant being built	6	17	17	17	47	50	575	2,185
Intangible assets	6	12	4	12	13	3	16	18
Goodwill	382	417	406	420	455	461	473	523
Property held to earn rent	23	50	49	48	47	47	23	23
Investments	11	26	17	31	38	35	597	61
Other financial assets	16	4	29	22	20	33	16	82
Deferred tax	132	83	54	45	46	30	10	7
Trade receivables	–	–	1,874	2,525	1,161	542	338	0
Other assets	40	18	20	19	22	21	190	555
	2,303	3,198	2,047	2,541	4,161	3,418	4,000	5,723
Inventories	420	399	295	371	688	603	818	666
Trade receivables	1,378	2,193	914	1,075	2,337	1,768	1,409	949
Cash and cash equivalents	226	278	347	328	395	266	989	2,099
Other bank balances	23	13	12	15	41	41	55	16
Current investments	145	113	297	498	411	479	444	1,348
Loans given	0	1	0	0	0	1	0	0
Other financial assets	10	15	9	25	67	104	103	82
Tax paid in advance	–	–	–	–	–	0	0	79
Other assets	101	186	172	231	222	158	181	484
Net debt	2,781	2,344	1,669	2,740	2,220	−377	−601	−1,242

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 18 Jun	Mar 2022Filed 17 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	758	608	1,223	3,174	2,173	2,312
	496	334	1,213	3,340	2,358	2,629
	−667	−814	−281	1,622	605	940
Receivables	−862	−902	−18	1,420	757	1,038
Inventories	102	−73	−313	87	−213	165
Payables	−25	11	67	−17	−2	102
Other working capital	117	151	−17	132	63	−365
Tax paid	−79	−216	−147	−131	−185	−317
Interest paid	340	328	385	0	0	0
Capital spending	33	63	100	166	852	1,807
Free cash flow	725	545	1,123	3,008	1,321	505
	−210	−222	18	−240	−1,286	−2,014
Plant and property sold	0	17	6	0	23	39
Companies bought	0	−19	0	0	0	0
Interest received	3	44	35	33	41	52
Dividends received	0	1	1	1	1	1
	−473	−415	−1,184	−3,066	−163	645
Borrowings raised	96	0	0	0	813	1,177
Borrowings repaid	−185	27	−815	−2,770	−348	−17
Interest paid	−261	−378	−281	−207	−150	−19
Lease payments	0	−2	0	−3	0	0
Dividends paid	0	36	86	86	115	495
Shares bought back	120	25	0	0	363	0
Shares issued	0	0	0	0	0	0
Net change in cash	75	−29	57	−133	724	944

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.Nava dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 17 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	₹2.84	₹6.77	₹10.78	₹12.05	₹13.00	₹17.83	₹31.97	₹32.52	₹37.63	₹27.80
As stated that year	₹5.67	₹13.54	₹21.56	₹24.10	₹26.00	₹35.65	₹63.93	₹65.04	₹37.63	₹27.80
	₹2.84	₹6.77	₹10.78	₹12.05	₹13.00	₹17.83	₹31.97	₹32.52	₹37.63	₹27.80
As stated that year	₹5.67	₹13.54	₹21.56	₹24.10	₹26.00	₹35.65	₹63.93	₹65.04	₹37.63	₹27.80
	₹0.50	₹0.75	₹0.75	₹0.75	₹1.25	₹3.00	₹3.00	₹2.00	₹8.00	₹8.50
As declared that year	₹1.00	₹1.50	₹1.50	₹1.50	₹2.50	₹6.00	₹6.00	₹4.00	–	₹8.50
	–	–	₹106.64	₹118.71	₹149.05	₹170.60	₹207.54	₹237.97	₹268.83	₹308.88
On that year's share count	–	–	₹213.28	₹237.41	₹298.10	₹341.21	₹415.08	₹475.93	₹268.83	₹308.88
Dividend payout	–	–	7.5%	6.7%	8.7%	17.6%	9.4%	6.2%	20.8%	30.6%
Shareholder yield	–	–	–	–	9.8%	3.0%	2.7%	1.2%	3.3%	3.3%
Market cap at the year end (₹ crore)	2,237	2,405	1,844	603	1,225	2,044	3,164	7,047	14,681	15,040

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. The dividend as declared is blank for the year to Mar 2025: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.Nava PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 17 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue growth	−13.3%	70.0%	32.2%	–	−7.6%	31.4%	5.4%	8.2%	4.3%	7.7%
Operating profit growth	−49.5%	337.7%	67.5%	–	−0.8%	23.3%	18.9%	9.6%	6.8%	−6.4%
Net profit growth	−62.7%	159.6%	67.2%	–	3.8%	4.1%	113.1%	2.8%	14.2%	−27.6%
Earnings per share growth	–	138.8%	59.2%	–	7.9%	37.1%	79.3%	1.7%	15.7%	−26.1%
	–	–	9.4%	9.9%	9.8%	10.6%	16.9%	14.6%	15.0%	9.6%
	–	–	–	0.5 pts	0.0 pts	0.7 pts	6.3 pts	−2.3 pts	0.4 pts	−5.4 pts
From the net margin	–	–	–	2.3 pts	1.6 pts	−1.1 pts	8.2 pts	−1.0 pts	1.6 pts	−5.0 pts
From asset turnover	–	–	–	−1.7 pts	−1.4 pts	2.0 pts	−0.3 pts	2.2 pts	0.6 pts	−1.2 pts
From borrowing	–	–	–	−0.1 pts	−0.2 pts	−0.2 pts	−1.6 pts	−3.5 pts	−1.8 pts	0.8 pts
Return on capital employed	–	–	14.0%	10.5%	10.4%	11.1%	12.4%	16.0%	14.4%	10.2%
Cash conversion	–	–	–	–	137.6%	106.1%	100.1%	252.7%	151.5%	222.7%
Interest cover	1.0	2.3	3.0	2.5	2.2	3.0	3.2	5.1	57.3	111.2
Debt to equity	–	–	0.75	0.58	0.46	0.63	0.43	0.05	0.09	0.21
Receivable days	–	–	162	290	131	117	242	169	129	81
Inventory days	–	–	146	185	199	148	262	126	244	170
Payable days	–	–	49	49	49	34	59	35	50	73
Cash conversion cycle, days	–	–	259	426	281	231	444	260	323	178
Working capital days	–	–	108	176	−48	127	297	196	174	132
Asset turnover	–	–	0.36	0.30	0.27	0.33	0.32	0.37	0.38	0.33
Assets per rupee of net worth	–	–	2.29	2.26	2.22	2.18	2.00	1.61	1.44	1.57
Sales per rupee of plant	–	–	0.53	0.50	0.49	0.66	0.69	0.76	0.79	0.83
Capital spending to depreciation	–	–	–	–	0.11	0.21	0.33	0.52	2.42	4.62
Plant being built, % of plant in use	–	–	0.1%	0.3%	0.3%	0.3%	0.9%	1.0%	11.5%	42.1%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2020: 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: 6.1%
Cash from operations against operating profit: 134.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.4%	11.0%	6.7%
Profit growth, yearly rate	10.6%	13.2%	−5.3%
Return on equity, average	–	13.3%	13.1%
Return on capital employed, average	–	12.8%	13.6%
Operating margin, average	38.6%	43.0%	43.7%
Net margin, average	22.0%	29.0%	31.0%
Asset turnover, average	–	0.35	0.36
Cash conversion cycle, days, average	–	287	254
Interest cover, average	19.1	36.0	57.9
Debt to equity, average	–	0.28	0.12

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	9,491	7,659	2,312
Cash from investing	−3,745	−3,540	−2,014
Cash from financing	−4,183	−2,584	645
Capital spending	2,988	2,825	1,807
Dividends paid	819	696	495
Shares bought back	388	363	0
Shares issued for cash	0	0	0
Borrowings raised	1,990	1,990	1,177
Borrowings repaid	3,977	3,135	17

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	8	7	8	5
Altman Z-scorePublished threshold 1.1	–	–	4.15	4.25	3.50	3.61	5.90	11.65	10.42	8.09
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.01	−2.29	−1.55	−3.17	−3.35	−3.10
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	0.03	1.83	−0.18	−16.08	5.22	5.77
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.10	1.64	1.68	2.05
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	70.23	−50.70	−13.78	112.02	−32.57	−24.62	−40.39
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	19.95	5.16	−42.98	80.48	−94.47	65.63	−35.47
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.26	−0.78	2.22	0.94	−0.72	0.57	8.42
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	2.17	–	0.09	0.12	0.24	1.77	3.85
Effective tax ratePublished threshold 17.16 per cent	33.33	28.29	40.17	10.06	17.44	36.35	3.48	8.93	10.74	30.76
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	12.02	−8.13	−0.59	−0.73	9.65

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
17 Feb 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AReview, Re-affirm	Stable	100
17 Feb 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1Review, Re-affirm		118

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