National Fertilizers financials and balance sheet

NSE: NFLBSE: 523630Fertilizers & AgrochemicalsSmall Cap

₹57.12₹1.73 (2.94%)BSE ₹57.12

Share price at the NSE close on 23 Oct 2026. Previous close ₹58.85.

52-week range of traded prices to 23 Oct 2026

₹56.05Low, 23 Oct 2026₹96.40High, 28 Oct 2025

Market cap: ₹2,802 Cr878th largest listed
P/E: 7.7
P/B: 1.0
Dividend yield: 1.82%
ROE: 13.1%
ROCE: 8.8%
Debt to equity: 1.39
Volume, NSE: 10,27,76439.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.National Fertilizers 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 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, ₹13,135 Cr, differs from its quarters added, ₹12,961 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue21,514
Materials and goods−13,804
Employee costs−624
Other expenses−6,253
Operating profit834
Depreciation−405
Other income+54
One-off items0.0
Finance costs−249
Profit before tax233
Tax−63
Joint ventures+42
Net profit211

What the company owns

Receivables₹5,411 Cr
Plant, investments and other assets₹5,169 Cr
Inventory₹1,085 Cr
Cash and bank₹59 Cr

What pays for it: net worth and liabilities

Borrowings₹3,959 Cr
Other liabilities₹3,445 Cr
Net worth₹2,841 Cr
Owed to suppliers₹1,479 Cr

National Fertilizers 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.National Fertilizers segment results by quarter

Revenue by segment

₹21,703 CrTotal

Manufactured Fertilizers₹12,958 Cr59.7% of total
Traded Imported Fertilizers (Under NBS)₹6,414 Cr29.6% of total
OthersDomesticTradedProductAgroInputsSaleServices₹1,808 Cr8.3% of total
Manufactured Chemicals₹524 Cr2.4% of total

Profit by segment

Manufactured Fertilizers₹92 Cr15.7% of total
Traded Imported Fertilizers (Under NBS)₹189 Cr32.0% of total
OthersDomesticTradedProductAgroInputsSaleServices₹173 Cr29.4% of total
Manufactured Chemicals₹136 Cr23.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Manufactured Fertilizers
Revenue, ₹ crore
13,680
13,433
12,958
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
63
93
92
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Traded Imported Fertilizers (Under NBS)
Revenue, ₹ crore
8,096
4,531
6,414
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
92
42
189
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
OthersDomesticTradedProductAgroInputsSaleServices
Revenue, ₹ crore
1,396
1,808
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
126
173
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Manufactured Chemicals
Revenue, ₹ crore
469
586
524
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
99
141
136
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	12,308	13,192	11,942	15,961	29,818	23,716	19,946	21,703
Company revenue, as in its results	12,245	13,135	11,906	15,857	29,617	23,560	19,795	21,514
Revenue	–	–	–	–	–	13,680	13,433	12,958
Revenue growth	–	–	–	–	–	–	−1.8%	−3.5%
Profit	–	–	–	–	–	63	93	92
Profit growth	–	–	–	–	–	–	47.2%	−1.0%
Margin	–	–	–	–	–	0.5%	0.7%	0.7%
Return on capital	–	–	–	–	–	2.3%	3.5%	2.0%
Assets	–	–	–	–	–	6,723	6,670	8,547
Liabilities	–	–	–	–	–	3,945	3,986	3,966
Capital employed	–	–	–	–	–	2,778	2,685	4,581
Revenue	–	–	–	–	–	8,096	4,531	6,414
Revenue growth	–	–	–	–	–	–	−44.0%	41.6%
Profit	–	–	–	–	–	92	42	189
Profit growth	–	–	–	–	–	–	−54.3%	349.7%
Margin	–	–	–	–	–	1.1%	0.9%	2.9%
Return on capital	–	–	–	–	–	3.2%	3.9%	21.5%
Assets	–	–	–	–	–	3,151	1,363	1,548
Liabilities	–	–	–	–	–	282	289	668
Capital employed	–	–	–	–	–	2,870	1,073	880
Revenue	–	–	–	–	–	–	1,396	1,808
Revenue growth	–	–	–	–	–	–	–	29.5%
Profit	–	–	–	–	–	–	126	173
Profit growth	–	–	–	–	–	–	–	37.3%
Margin	–	–	–	–	–	–	9.0%	9.6%
Return on capital	–	–	–	–	–	–	420.8%	82.9%
Assets	–	–	–	–	–	–	73	221
Liabilities	–	–	–	–	–	–	43	12
Capital employed	–	–	–	–	–	–	30	209
Revenue	–	–	–	–	–	469	586	524
Revenue growth	–	–	–	–	–	–	24.9%	−10.6%
Profit	–	–	–	–	–	99	141	136
Profit growth	–	–	–	–	–	–	41.8%	−3.6%
Margin	–	–	–	–	–	21.2%	24.0%	25.9%
Return on capital	–	–	–	–	–	96.9%	148.8%	396.1%
Assets	–	–	–	–	–	130	126	67
Liabilities	–	–	–	–	–	28	31	33
Capital employed	–	–	–	–	–	103	95	34
Revenue	–	–	–	–	–	1,471	–	–
Profit	–	–	–	–	–	161	–	–
Margin	–	–	–	–	–	11.0%	–	–
Return on capital	–	–	–	–	–	1,621.0%	–	–
Assets	–	–	–	–	–	53	–	–
Liabilities	–	–	–	–	–	43	–	–
Capital employed	–	–	–	–	–	10	–	–
Revenue	9,534	9,112	8,276	10,827	19,414	–	–	–
Revenue growth	–	−4.4%	−9.2%	30.8%	79.3%	–	–	–
Profit	581	289	290	−278	985	–	–	–
Profit growth	–	−50.4%	0.4%	–	–	–	–	–
Margin	6.1%	3.2%	3.5%	−2.6%	5.1%	–	–	–
Return on capital	8.7%	4.2%	13.8%	−8.6%	48.9%	–	–	–
Assets	11,154	11,104	5,973	7,610	6,429	–	–	–
Liabilities	4,450	4,226	3,866	4,393	4,413	–	–	–
Capital employed	6,704	6,878	2,107	3,218	2,016	–	–	–
Revenue	2,442	3,764	3,276	4,217	9,162	–	–	–
Revenue growth	–	54.1%	−13.0%	28.7%	117.3%	–	–	–
Profit	162	249	285	369	−367	–	–	–
Profit growth	–	53.0%	14.7%	29.4%	–	–	–	–
Margin	6.7%	6.6%	8.7%	8.7%	−4.0%	–	–	–
Return on capital	11.3%	12.8%	49.8%	27.1%	−10.2%	–	–	–
Assets	1,877	2,034	785	1,974	4,867	–	–	–
Liabilities	442	97	213	611	1,264	–	–	–
Capital employed	1,435	1,937	572	1,363	3,603	–	–	–
Revenue	331	317	389	917	1,242	–	–	–
Revenue growth	–	−4.4%	23.0%	135.5%	35.4%	–	–	–
Profit	60	53	114	254	361	–	–	–
Profit growth	–	−10.8%	113.5%	123.6%	41.8%	–	–	–
Margin	18.0%	16.8%	29.2%	27.7%	29.0%	–	–	–
Return on capital	66.3%	60.4%	170.6%	405.5%	290.6%	–	–	–
Assets	131	128	122	128	188	–	–	–
Liabilities	41	39	55	65	64	–	–	–
Capital employed	90	88	67	63	124	–	–	–
Revenue	−63	−57	36	−104	−201	−156	−151	−189
Profit	0	0	0	0	0	0	0	0
Assets	0	0	0	0	1,049	0	0	0
Liabilities	0	0	0	0	4,250	0	0	0

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

Profit and loss

Consolidated, ₹ crore, years to March.National Fertilizers quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 5 May	Mar 2020Filed 4 Aug	Mar 2021Filed 11 Jun	Mar 2022Filed 25 May	Mar 2023Filed 30 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
Revenue from operations	7,663	8,928	12,245	13,135	11,906	15,857	29,617	23,560	19,795	21,514
	7,108	8,427	11,420	12,276	10,992	15,279	28,545	22,942	19,187	20,681
Materials and goods bought	3,545	4,431	6,684	7,253	6,578	9,425	19,859	15,977	12,359	13,804
Employee costs	–	–	556	599	607	649	659	635	610	624
Other expenses	–	–	4,180	4,423	3,807	5,205	8,026	6,330	6,217	6,253
Operating profit before depreciation	555	502	825	860	914	578	1,072	618	608	834
Operating margin	7.2%	5.6%	6.7%	6.5%	7.7%	3.6%	3.6%	2.6%	3.1%	3.9%
Materials, % of revenue	–	–	54.6%	55.2%	55.2%	59.4%	67.1%	67.8%	62.4%	64.2%
Employee costs, % of revenue	–	–	4.5%	4.6%	5.1%	4.1%	2.2%	2.7%	3.1%	2.9%
Other expenses, % of revenue	–	–	34.1%	33.7%	32.0%	32.8%	27.1%	26.9%	31.4%	29.1%
Depreciation and amortisation	85	73	101	374	312	335	353	362	373	405
Operating profit after depreciation	470	428	724	485	601	243	719	256	235	428
Other income	45	96	56	57	33	34	193	99	95	54
Finance costs	190	190	316	405	291	133	302	267	226	249
Profit before one-off items and tax	325	335	463	136	343	145	610	89	104	233
One-off items	0	0	0	−389	0	0	0	0	0	0
Profit before tax	325	335	463	−253	343	145	610	89	104	233
	117	122	165	−82	94	37	154	24	28	63
Current tax	77	80	154	7	53	14	93	17	19	58
Deferred tax	40	42	11	−89	41	23	61	7	9	5
Share of profit of joint ventures and associates	0	0	−3	−10	−13	−203	2	85	108	42
Net profit	208	213	295	−181	237	−95	458	150	184	211
Other comprehensive income	–	–	−2	−25	1	2	4	−1	0	−10
Total comprehensive income	–	–	293	−206	238	−93	462	149	184	202
Net margin	2.7%	2.4%	2.4%	−1.4%	2.0%	−0.6%	1.5%	0.6%	0.9%	1.0%
Net margin without joint ventures and associates	2.7%	2.4%	2.4%	−1.3%	2.1%	0.7%	1.5%	0.3%	0.4%	0.8%

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.

₹ crore	Mar 2019Filed 5 May	Mar 2020Filed 4 Aug	Mar 2021Filed 11 Jun	Mar 2022Filed 25 May	Mar 2023Filed 30 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
	2,214	1,902	2,140	2,047	2,542	2,554	2,716	2,841
Share capital	491	491	491	491	491	491	491	491
Reserves	1,723	1,412	1,650	1,557	2,051	2,064	2,225	2,350
	6,402	7,931	1,783	3,170	3,991	4,088	1,996	3,959
Repayable after a year	280	597	648	630	535	0	0	0
Repayable within a year	6,122	7,334	1,135	2,540	3,456	4,088	1,996	3,959
	8,535	9,504	3,260	5,617	7,412	6,780	4,909	7,380
Trade payables	631	897	730	1,446	1,756	1,435	1,537	1,479
Other financial liabilities	1,192	674	771	1,023	1,732	769	843	1,321
Other liabilities	189	146	126	174	–	163	175	202
Provisions	218	231	293	239	110	127	148	183
Tax owed	–	0	0	0	163	0	18	34
	3,158	3,157	3,012	2,830	2,580	1,872	1,686	1,504
Other financial liabilities	4	19	24	24	25	23	22	26
Other liabilities	20	4	8	7	6	6	5	6
Provisions	178	205	201	206	207	212	213	197
Deferred tax	61	0	13	36	68	75	84	85
	13,907	14,563	8,412	10,494	12,533	11,206	9,311	11,724
Held for sale or for a demerger	2	3	–	–	–	17	1	1
	4,412	4,748	4,909	4,715	4,506	4,553	4,368	4,274
Plant in use, after depreciation	3,990	3,722	3,613	4,226	3,966	3,829	3,645	3,494
Plant being built	133	656	862	112	147	208	172	161
Intangible assets	4	2	1	2	1	1	48	40
Intangible assets being developed	–	0	0	26	30	34	0	0
Property held to earn rent	–	1	1	1	1	1	1	1
Investments	0	323	416	257	0	345	0	0
Stakes in joint ventures and associates	269	0	0	0	259	0	443	496
Loans given	8	7	6	5	4	8	6	5
Other financial assets	8	8	8	34	36	34	31	43
Deferred tax	–	28	0	0	0	0	0	0
Other assets	1	1	1	51	61	93	23	36
	9,493	9,813	3,504	5,778	8,027	6,636	4,941	7,449
Inventories	1,586	1,276	438	2,255	3,070	1,750	911	1,085
Trade receivables	7,156	7,735	2,634	2,800	4,119	4,037	3,273	5,411
Cash and cash equivalents	17	20	39	26	12	29	18	55
Other bank balances	2	3	3	3	3	9	15	4
Loans given	4	3	3	3	3	8	10	7
Other financial assets	232	289	59	96	50	147	109	101
Tax paid in advance	50	48	49	4	44	13	0	0
Other assets	446	438	279	592	726	643	605	785
Net debt	6,383	7,908	1,741	3,141	3,975	4,050	1,963	3,900

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 11 Jun	Mar 2022Filed 25 May	Mar 2023Filed 30 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
	7,021	−1,029	−333	668	2,590	−1,342
	7,048	−976	−195	670	2,525	−1,300
	6,290	−1,188	−1,435	69	1,913	−2,034
Receivables	5,488	−526	−1,426	6	848	−2,325
Inventories	834	−1,822	−819	1,316	834	−175
Payables	−41	1,154	922	−1,262	229	466
Other working capital	8	6	−111	8	2	0
Tax paid	−18	−54	−138	−2	65	−42
Capital spending	419	297	208	292	204	228
Free cash flow	6,602	−1,326	−541	376	2,386	−1,570
	−496	−129	−206	−334	−268	−263
Plant and property sold	0	4	1	10	32	5
Companies bought	0	0	0	0	−108	0
Interest received	11	4	4	33	12	11
	−6,505	1,145	526	−318	−2,334	1,643
Borrowings raised	0	1,300	916	97	0	1,963
Borrowings repaid	−6,215	−18	−95	0	−2,093	0
Interest paid	−288	−135	−294	−276	−226	−242
Lease payments	−2	−2	−2	0	0	−2
Dividends paid	0	0	0	137	13	77
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	20	−14	−13	16	−12	37

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.National Fertilizers dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 5 May	Mar 2020Filed 4 Aug	Mar 2021Filed 11 Jun	Mar 2022Filed 25 May	Mar 2023Filed 30 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
Earnings per share	₹4.24	₹4.34	₹6.01	−₹3.69	₹4.83	−₹1.94	₹9.34	₹3.06	₹3.75	₹4.31
Diluted earnings per share	₹4.24	₹4.34	₹6.01	−₹3.69	₹4.83	−₹1.94	₹9.34	₹3.06	₹3.75	₹4.31
Dividend per share	–	–	₹1.86	₹0.95	–	–	₹2.79	₹0.27	₹1.56	₹1.04
Book value per share	–	–	₹45.13	₹38.78	₹43.63	₹41.73	₹51.81	₹52.07	₹55.36	₹57.91
Dividend payout	–	–	30.9%	–	–	–	29.9%	8.8%	41.6%	24.1%
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	3.2%	0.3%	2.4%
Market cap at the year end (₹ crore)	3,758	2,666	1,727	900	2,654	2,603	3,554	4,297	3,943	3,165

Ratios

Consolidated, years to March.National Fertilizers PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 5 May	Mar 2020Filed 4 Aug	Mar 2021Filed 11 Jun	Mar 2022Filed 25 May	Mar 2023Filed 30 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
Revenue growth	−1.5%	16.5%	37.2%	–	−9.4%	33.2%	86.8%	−20.4%	−16.0%	8.7%
Operating profit growth	–	−9.6%	64.5%	–	6.3%	−36.7%	85.4%	−42.3%	−1.7%	37.2%
Net profit growth	5.5%	2.3%	38.7%	–	–	–	–	−67.3%	22.6%	15.0%
Earnings per share growth	–	2.4%	38.5%	–	–	–	–	−67.2%	22.5%	14.9%
	–	–	13.3%	−8.8%	11.7%	−4.5%	20.0%	5.9%	7.0%	7.6%
	–	–	–	−22.1 pts	20.5 pts	−16.3 pts	24.5 pts	−14.1 pts	1.1 pts	0.6 pts
From the net margin	–	–	–	−21.0 pts	21.5 pts	−15.3 pts	16.3 pts	−11.8 pts	2.7 pts	0.4 pts
From asset turnover	–	–	–	−0.4 pts	1.6 pts	−2.2 pts	6.3 pts	−1.9 pts	−0.2 pts	0.4 pts
From borrowing	–	–	–	−0.8 pts	−2.5 pts	1.2 pts	2.0 pts	−0.5 pts	−1.4 pts	−0.2 pts
Return on capital employed	–	–	8.4%	4.9%	15.3%	4.7%	11.0%	3.9%	5.0%	6.3%
Cash conversion	–	–	–	–	2,961.3%	–	−72.7%	445.2%	1,407.8%	−634.4%
Interest cover	2.5	2.3	2.3	1.2	2.1	1.8	2.4	1.0	1.0	1.7
Debt to equity	–	–	2.89	4.17	0.83	1.55	1.57	1.60	0.73	1.39
Receivable days	–	–	213	215	81	64	51	63	60	92
Inventory days	–	–	87	64	24	87	56	40	27	29
Payable days	–	–	34	45	41	56	32	33	45	39
Cash conversion cycle, days	–	–	265	234	65	96	75	70	42	81
Working capital days	–	–	210	212	41	62	50	61	37	67
Asset turnover	–	–	0.88	0.92	1.04	1.68	2.57	1.99	1.93	2.05
Assets per rupee of net worth	–	–	6.28	6.92	5.68	4.52	5.02	4.66	3.89	3.79
Sales per rupee of plant	–	–	3.07	3.53	3.30	3.75	7.47	6.15	5.43	6.16
Capital spending to depreciation	–	–	–	–	1.34	0.89	0.59	0.81	0.55	0.56
Plant being built, % of plant in use	–	–	3.3%	17.6%	23.9%	2.7%	3.7%	5.4%	4.7%	4.6%

Revenue growth and operating profit 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: 2.0%
Cash from operations against operating profit: −160.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.7%	12.6%	−10.1%
Profit growth, yearly rate	0.7%	−2.3%	−22.7%
Return on equity, average	–	7.2%	6.8%
Return on capital employed, average	–	6.2%	5.0%
Operating margin, average	5.1%	3.4%	3.2%
Net margin, average	1.2%	0.7%	0.8%
Asset turnover, average	–	2.04	1.99
Cash conversion cycle, days, average	–	73	64
Interest cover, average	1.8	1.6	1.2
Debt to equity, average	–	1.37	1.24

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	554	1,916	−1,342
Cash from investing	−1,200	−865	−263
Cash from financing	662	−1,009	1,643
Capital spending	1,230	724	228
Dividends paid	227	227	77
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	4,277	2,060	1,963
Borrowings repaid	2,206	2,093	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	–	–	–	–	6	3	6	5	7	5
Altman Z-scorePublished threshold 1.81	–	–	1.41	1.14	2.23	2.01	3.10	2.75	2.94	2.47
Beneish M-scorePublished threshold −1.78	–	–	–	–	−6.25	−2.25	−1.10	−2.79	−3.47	−1.45
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−54.73	11.25	8.66	−1.55	−20.85	17.27
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	9.42	−1.35	3.69	3.51
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	0.83	−56.59	−26.89	−39.68	18.47	−2.94	56.63
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−28.03	−56.37	371.57	−74.58	−23.45	−25.32	7.48
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.36	−3.27	1.93	0.43	−0.07	−0.45	0.80
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	6.16	4.25	0.12	1.59	0.93	0.90	0.63
Effective tax ratePublished threshold 17.16 per cent	35.93	36.45	35.59	–	27.32	25.29	25.20	26.86	26.73	27.09
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−11.72	2.52	24.12	−36.09	8.99

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
26 May 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AAReview, Re-affirm	Stable	9,000
26 May 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		9,600
26 May 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		4,000
26 Mar 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+Review, Re-affirm	Stable	18,600
26 Mar 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		4,000

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