Oil India financials and balance sheet

NSE: OILBSE: 533106OilMid Cap

₹447.85₹9.05 (1.98%)BSE ₹446.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹456.90.

52-week range of traded prices to 23 Oct 2026

₹395.60Low, 10 Dec 2025₹531.00High, 14 May 2026

Market cap: ₹72,848 Cr140th largest listed
P/E: 8.7
P/B: 1.3
Dividend yield: 2.57%
ROE: 15.5%
ROCE: 11.1%
Debt to equity: 0.56
Volume, NSE: 18,20,27040.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Oil India 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 4.0% 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 2021, the company's revenue for that year, ₹22,498 Cr, differs from its quarters added, ₹12,568 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue37,050
Materials and goods−6,646
Employee costs−2,379
Other expenses−17,579
Operating profit10,446
Depreciation−2,712
Other income+1,931
One-off items0.0
Finance costs−1,204
Profit before tax8,460
Tax−2,031
Joint ventures+1,122
Net profit7,551

What the company owns

Plant, investments and other assets₹1,07,804 Cr
Cash and bank₹5,609 Cr
Inventory₹5,476 Cr
Receivables₹4,523 Cr
Current investments₹437 Cr

What pays for it: net worth and liabilities

Net worth₹63,802 Cr
Borrowings₹35,959 Cr
Other liabilities₹20,729 Cr
Owed to suppliers₹3,358 Cr

Oil 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.Oil India segment results by quarter

Revenue by segment

₹47,739 CrTotal

Refinery Products₹26,393 Cr55.3% of total
CRUDE OIL (Including Condensate)₹14,496 Cr30.4% of total
NATURAL GAS₹5,637 Cr11.8% of total
PIPELINE TRANSPORTATION₹936 Cr2.0% of total
LPG₹166 Cr0.3% of total
RENEWABLE ENERGY₹111 Cr0.2% of total

Profit by segment

Refinery Products₹3,900 Cr38.0% of total
CRUDE OIL (Including Condensate)₹4,296 Cr41.8% of total
NATURAL GAS₹1,568 Cr15.3% of total
PIPELINE TRANSPORTATION₹392 Cr3.8% of total
LPG₹97 Cr0.9% of total
RENEWABLE ENERGY₹21 Cr0.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Refinery Products
Revenue, ₹ crore
18,544
23,547
29,786
23,731
25,147
26,393
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4,133
4,654
5,252
3,004
2,052
3,900
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
CRUDE OIL (Including Condensate)
Revenue, ₹ crore
14,496
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4,296
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
NATURAL GAS
Revenue, ₹ crore
2,061
2,170
1,337
1,625
5,490
5,190
5,514
5,637
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
648
558
−904
−462
2,853
2,791
2,565
1,568
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
PIPELINE TRANSPORTATION
Revenue, ₹ crore
365
328
361
345
650
534
572
936
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−108
−167
−153
−151
41
−53
−72
392
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
LPG
Revenue, ₹ crore
142
112
116
187
210
170
178
166
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
60
59
42
120
137
91
107
97
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
RENEWABLE ENERGY
Revenue, ₹ crore
155
138
123
132
122
112
112
111
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
28
18
1
27
22
31
21
21
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	13,780	12,167	27,194	38,115	53,058	45,860	47,264	47,739
Company revenue, as in its results	13,780	12,167	22,498	30,011	41,039	36,304	36,164	37,050
Revenue	–	–	18,544	23,547	29,786	23,731	25,147	26,393
Revenue growth	–	–	–	27.0%	26.5%	−20.3%	6.0%	5.0%
Profit	–	–	4,133	4,654	5,252	3,004	2,052	3,900
Profit growth	–	–	–	12.6%	12.9%	−42.8%	−31.7%	90.1%
Margin	–	–	22.3%	19.8%	17.6%	12.7%	8.2%	14.8%
Return on capital	–	–	70.4%	49.5%	37.1%	13.1%	6.8%	19.3%
Assets	–	–	7,474	11,441	18,090	27,692	35,707	44,448
Liabilities	–	–	1,604	2,036	3,921	4,701	5,378	24,257
Capital employed	–	–	5,869	9,405	14,169	22,991	30,329	20,191
Revenue	–	–	–	–	–	–	–	14,496
Profit	–	–	–	–	–	–	–	4,296
Margin	–	–	–	–	–	–	–	29.6%
Return on capital	–	–	–	–	–	–	–	43.2%
Assets	–	–	–	–	–	–	–	15,124
Liabilities	–	–	–	–	–	–	–	5,181
Capital employed	–	–	–	–	–	–	–	9,943
Revenue	2,061	2,170	1,337	1,625	5,490	5,190	5,514	5,637
Revenue growth	–	5.3%	−38.4%	21.5%	237.9%	−5.5%	6.2%	2.2%
Profit	648	558	−904	−462	2,853	2,791	2,565	1,568
Profit growth	–	−13.8%	–	–	–	−2.2%	−8.1%	−38.9%
Margin	31.4%	25.7%	−67.6%	−28.4%	52.0%	53.8%	46.5%	27.8%
Return on capital	–	12.6%	−24.6%	−9.5%	43.0%	38.0%	31.0%	15.4%
Assets	–	6,069	5,814	6,940	8,862	9,978	11,734	14,541
Liabilities	–	1,652	2,136	2,079	2,232	2,629	3,471	4,387
Capital employed	–	4,418	3,678	4,861	6,630	7,350	8,264	10,154
Revenue	365	328	361	345	650	534	572	936
Revenue growth	–	−10.4%	10.4%	−4.5%	–	−17.9%	7.2%	63.6%
Profit	−108	−167	−153	−151	41	−53	−72	392
Margin	−29.6%	−51.0%	−42.2%	−43.8%	6.3%	−9.9%	−12.6%	41.9%
Return on capital	–	−13.3%	−10.9%	−11.1%	3.3%	−3.8%	−4.4%	23.1%
Assets	–	1,655	1,747	1,608	1,500	1,617	1,987	1,929
Liabilities	–	399	346	245	284	246	351	229
Capital employed	–	1,257	1,401	1,363	1,216	1,371	1,636	1,700
Revenue	142	112	116	187	210	170	178	166
Revenue growth	–	−20.7%	–	–	–	–	–	–
Profit	60	59	42	120	137	91	107	97
Profit growth	–	−1.2%	–	–	–	–	–	–
Margin	42.4%	52.8%	35.7%	64.0%	65.2%	53.3%	60.2%	58.4%
Return on capital	–	250.5%	162.2%	425.9%	351.9%	334.1%	644.9%	–
Assets	–	73	66	64	74	72	75	70
Liabilities	–	50	41	36	35	45	59	81
Capital employed	–	24	26	28	39	27	17	−11
Revenue	155	138	123	132	122	112	112	111
Revenue growth	–	−10.8%	−10.8%	–	–	–	–	–
Profit	28	18	1	27	22	31	21	21
Profit growth	–	−36.0%	−96.1%	–	–	–	–	–
Margin	18.0%	12.9%	0.6%	20.4%	17.9%	28.0%	18.6%	18.7%
Return on capital	–	2.5%	0.1%	4.6%	4.2%	7.2%	5.2%	5.6%
Assets	–	719	650	599	526	448	417	389
Liabilities	–	9	9	10	10	13	16	17
Capital employed	–	710	641	589	516	436	402	372
Revenue	11,039	9,402	6,689	12,243	16,788	16,123	15,741	–
Revenue growth	–	−14.8%	−28.8%	83.0%	37.1%	−4.0%	−2.4%	–
Profit	4,498	2,770	1,446	5,372	6,685	6,603	6,138	–
Profit growth	–	−38.4%	−47.8%	271.6%	24.4%	−1.2%	−7.0%	–
Margin	40.7%	29.5%	21.6%	43.9%	39.8%	41.0%	39.0%	–
Return on capital	–	54.2%	21.4%	94.4%	101.9%	95.4%	72.3%	–
Assets	–	9,246	9,679	8,264	9,148	10,023	12,528	–
Liabilities	–	4,136	2,919	2,575	2,586	3,099	4,039	–
Capital employed	–	5,110	6,760	5,689	6,562	6,924	8,489	–
Revenue	19	18	23	37	13	0	–	–
Profit	12	5	6	23	−6	0	–	–
Margin	66.6%	29.7%	26.9%	62.4%	−46.9%	–	–	–
Return on capital	–	36.0%	102.6%	2,570.0%	−158.3%	–	–	–
Assets	–	15	6	1	4	0	–	–
Liabilities	–	0	0	0	0	0	–	–
Capital employed	–	15	6	1	4	0	–	–
	0	–	0	0	–	–	–	–
Profit	2,155	–	930	0	–	–	–	–
Assets	–	–	0	0	–	–	–	–
Liabilities	–	–	0	0	–	–	–	–
Capital employed	–	–	0	0	–	–	–	–
	–	–	0	0	–	–	–	–
Profit	–	–	528	112	–	–	–	–
Assets	–	–	0	0	–	–	–	–
Liabilities	–	–	0	0	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	1,318	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Oil India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 27 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 30 May	Mar 2023Filed 25 May	Mar 2024Filed 21 May	Mar 2025Filed 31 Jul	Mar 2026Filed 13 May
Revenue from operations	9,566	10,698	13,780	12,167	22,498	30,011	41,039	36,304	36,164	37,050
	6,446	–	8,190	8,953	16,796	19,511	25,771	23,799	24,947	26,604
Materials and goods bought	–	49	182	258	3,825	5,387	8,097	7,414	7,498	6,646
Employee costs	–	–	1,577	1,901	2,291	2,053	2,384	2,237	2,233	2,379
Other expenses	–	–	6,431	6,794	10,679	12,071	15,289	14,148	15,216	17,579
Operating profit before depreciation	3,120	–	5,591	3,214	5,702	10,500	15,268	12,504	11,216	10,446
Operating margin	32.6%	–	40.6%	26.4%	25.3%	35.0%	37.2%	34.4%	31.0%	28.2%
Materials, % of revenue	–	–	1.3%	2.1%	17.0%	17.9%	19.7%	20.4%	20.7%	17.9%
Employee costs, % of revenue	–	–	11.4%	15.6%	10.2%	6.8%	5.8%	6.2%	6.2%	6.4%
Other expenses, % of revenue	–	–	46.7%	55.8%	47.5%	40.2%	37.3%	39.0%	42.1%	47.4%
Depreciation and amortisation	1,180	–	1,541	1,537	1,844	1,824	1,947	2,129	2,318	2,712
Operating profit after depreciation	1,940	–	4,050	1,677	3,858	8,676	13,321	10,375	8,898	7,734
Other income	1,420	1,010	1,127	1,151	1,092	1,143	719	1,343	1,666	1,931
Finance costs	441	554	624	645	660	940	901	964	1,069	1,204
Profit before one-off items and tax	2,919	3,057	4,553	2,183	4,290	8,878	13,140	10,754	9,495	8,460
One-off items	−1,152	0	−1,027	0	−449	0	0	−2,366	0	0
Profit before tax	1,768	3,057	3,526	2,183	3,840	8,878	13,140	8,389	9,495	8,460
	696	1,124	1,439	−315	223	2,271	3,289	1,865	2,397	2,031
Current tax	530	747	1,139	103	44	2,420	3,175	2,617	2,282	2,077
Deferred tax	165	378	300	−418	179	−149	115	−751	115	−45
Share of profit of joint ventures and associates	525	–	1,151	1,318	528	112	4	457	−59	1,122
	1,597	2,735	3,238	3,816	4,146	6,719	9,854	6,980	7,040	7,551
Belonging to the company's shareholders	1,597	2,735	3,238	3,816	3,528	5,622	8,729	6,335	6,551	6,620
Belonging to outside owners of subsidiaries	–	–	0	–	618	1,098	1,126	645	489	931
Other comprehensive income	–	–	−847	−2,382	−1,189	1,331	1,314	5,179	−3,107	3,562
Total comprehensive income	–	–	2,391	1,434	2,957	8,050	11,168	12,159	3,933	11,113
Net margin	16.7%	25.6%	23.5%	31.4%	18.4%	22.4%	24.0%	19.2%	19.5%	20.4%
Net margin without joint ventures and associates	11.2%	–	15.1%	20.5%	16.1%	22.0%	24.0%	18.0%	19.6%	17.4%

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. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2018: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 27 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 30 May	Mar 2023Filed 25 May	Mar 2024Filed 21 May	Mar 2025Filed 31 Jul	Mar 2026Filed 13 May
	28,974	28,849	24,810	33,176	41,853	52,626	54,706	63,802
	28,974	28,849	23,666	30,562	38,481	48,339	49,768	57,998
Share capital	1,084	1,084	1,084	1,084	1,084	1,084	1,627	1,627
Reserves	27,890	27,764	22,582	29,478	37,397	47,255	48,141	56,372
Belonging to outside owners of subsidiaries	–	–	1,143	2,614	3,371	4,287	4,938	5,804
	10,757	12,670	19,406	16,439	18,549	23,640	29,816	35,959
Repayable after a year	10,755	12,670	15,105	16,388	18,246	19,284	27,764	35,067
Repayable within a year	1	0	4,300	50	303	4,356	2,052	892
	8,175	5,671	10,664	6,809	8,598	14,357	15,218	17,351
Trade payables	643	598	1,393	1,693	1,835	1,711	2,306	3,358
Other financial liabilities	5,649	1,825	2,372	2,360	3,915	4,735	6,253	7,062
Other liabilities	240	2,350	2,147	1,902	1,686	1,033	795	1,535
Provisions	1,641	898	451	445	426	2,072	3,193	3,742
Tax owed	0	–	0	359	433	449	619	762
	15,283	16,923	19,740	20,833	23,432	25,170	34,521	42,695
Other financial liabilities	95	228	220	196	475	1,303	393	122
Other liabilities	0	–	0	–	–	0	1,534	2,611
Provisions	768	1,198	1,209	1,094	1,370	1,360	1,631	1,650
Deferred tax	3,662	2,813	3,190	3,145	3,318	3,200	3,167	–
Trade payables	3	14	15	10	23	24	32	58
	52,432	51,443	55,214	60,818	73,883	92,153	1,04,445	1,23,848
Held for sale or for a demerger	–	–	–	–	–	1	1	1
	40,578	41,440	44,285	50,707	59,588	75,414	85,736	1,04,945
Plant in use, after depreciation	10,387	10,839	14,401	15,535	16,754	18,600	20,174	23,301
Plant being built	3,318	2,025	3,171	5,900	11,953	20,028	32,009	41,539
Intangible assets	33	49	151	209	232	544	930	1,014
Property held to earn rent	0	–	34	34	61	62	62	61
Investments	26,198	26,154	24,811	0	0	0	10,733	11,331
Stakes in joint ventures and associates	0	–	0	19,835	20,727	19,918	20,237	25,014
Loans given	500	141	197	211	684	615	821	1,926
Other financial assets	70	72	87	282	792	585	186	23
Trade receivables	0	–	0	0	44	18	0	–
Other assets	71	2,160	1,433	8,699	8,341	15,044	583	735
	11,855	10,004	10,929	10,111	14,295	16,738	18,708	18,903
Inventories	1,220	1,275	3,222	3,912	5,114	4,486	5,044	5,476
Trade receivables	1,318	1,090	1,856	1,750	2,400	3,333	3,282	4,523
Cash and cash equivalents	3,709	596	1,080	592	341	316	613	1,323
Other bank balances	2,707	3,257	507	958	3,119	5,621	6,584	4,285
Current investments	253	611	590	581	440	958	644	437
Loans given	222	39	41	44	49	58	67	83
Other financial assets	360	292	420	155	276	329	1,008	792
Tax paid in advance	1,060	1,430	1,606	309	606	951	935	1,390
Other assets	1,007	1,415	1,608	1,809	1,949	686	532	593
Net debt	4,088	8,206	17,229	14,307	14,649	16,745	21,975	29,913

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 22 Jun	Mar 2022Filed 30 May	Mar 2023Filed 25 May	Mar 2024Filed 21 May	Mar 2025Filed 31 Jul	Mar 2026Filed 13 May
	5,244	9,310	11,410	10,933	11,332	10,684
	5,318	10,346	14,753	13,612	13,421	13,109
	−1,095	−1,392	−2,110	−678	−256	−1,971
Receivables	−353	308	−303	−588	−450	−955
Inventories	−197	−760	−1,188	583	−608	−450
Payables	200	−259	290	−363	0	1,540
Other working capital	−744	−681	−909	−310	801	−2,106
Tax paid	0	−1,036	−3,342	−2,679	−2,089	−2,425
Capital spending	3,127	5,968	8,525	12,063	12,969	0
Free cash flow	2,117	3,342	2,886	−1,130	−1,637	10,684
	−8,521	−4,193	−9,131	−12,601	−13,514	−10,381
Interest received	374	259	331	537	640	590
Dividends received	371	510	175	583	510	728
	3,702	−5,615	−2,521	1,637	2,483	409
Borrowings raised	7,071	1,395	2,466	4,845	9,938	6,920
Borrowings repaid	0	−4,800	−1,540	0	−4,206	−2,416
Interest paid	−589	−706	−827	−862	−1,011	−791
Lease payments	−229	−94	−217	−297	−472	−1,283
Dividends paid	2,594	1,381	2,494	2,104	2,109	2,256
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	425	−499	−242	−31	301	711

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.Oil India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 27 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 30 May	Mar 2023Filed 25 May	Mar 2024Filed 21 May	Mar 2025Filed 31 Jul	Mar 2026Filed 13 May
	₹8.85	₹15.93	₹19.07	₹23.46	₹21.69	₹34.56	₹53.66	₹38.95	₹40.27	₹40.70
As stated that year	₹19.92	₹23.90	₹28.60	₹35.19	₹32.53	₹51.84	₹80.49	₹58.42	₹40.27	₹40.70
	₹8.85	₹15.93	₹19.07	₹23.46	₹21.69	₹34.56	₹53.66	₹38.95	₹40.27	₹40.70
As stated that year	₹19.92	₹23.90	₹28.60	₹35.19	₹32.53	₹51.84	₹80.49	₹58.42	₹40.27	₹40.70
	₹6.33	₹6.89	₹6.83	₹7.07	₹3.33	₹9.50	₹13.33	₹10.50	₹11.50	₹11.50
As declared that year	₹14.25	–	₹10.25	₹10.60	₹5.00	₹14.25	₹20.00	–	₹11.50	₹11.50
	–	–	₹178.13	₹177.35	₹145.49	₹187.89	₹236.57	₹297.18	₹305.96	₹356.56
On that year's share count	–	–	₹267.19	₹266.03	₹218.24	₹281.83	₹354.86	₹445.76	₹305.96	₹356.56
Dividend payout	71.5%	28.6%	34.3%	30.1%	15.4%	27.5%	24.8%	27.0%	28.6%	28.3%
Shareholder yield	–	–	–	–	19.5%	5.3%	9.1%	3.2%	3.4%	2.9%
Market cap at the year end (₹ crore)	26,755	24,554	21,047	8,963	13,316	25,852	27,289	65,091	62,909	77,337

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 years to Mar 2018 and Mar 2024: 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.Oil India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 27 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 30 May	Mar 2023Filed 25 May	Mar 2024Filed 21 May	Mar 2025Filed 31 Jul	Mar 2026Filed 13 May
Revenue growth	−3.2%	11.8%	28.8%	−11.7%	–	33.4%	36.7%	−11.5%	−0.4%	2.4%
Operating profit growth	−10.4%	–	–	−42.5%	–	84.2%	45.4%	−18.1%	−10.3%	−6.9%
Net profit growth	−20.3%	71.3%	18.4%	17.8%	–	62.1%	46.7%	−29.2%	0.8%	7.3%
Earnings per share growth	–	80.0%	19.7%	23.0%	–	59.4%	55.3%	−27.4%	3.4%	1.1%
	–	–	11.2%	13.2%	13.4%	20.7%	25.3%	14.6%	13.4%	12.3%
	–	–	–	2.0 pts	0.2 pts	7.3 pts	4.6 pts	−10.7 pts	−1.2 pts	−1.1 pts
From the net margin	–	–	–	3.7 pts	−6.6 pts	2.6 pts	2.8 pts	−4.5 pts	0.6 pts	−0.2 pts
From asset turnover	–	–	–	−1.6 pts	5.3 pts	3.6 pts	4.2 pts	−5.9 pts	−2.4 pts	−1.6 pts
From borrowing	–	–	–	−0.1 pts	1.6 pts	1.1 pts	−2.4 pts	−0.3 pts	0.6 pts	0.7 pts
Return on capital employed	–	–	10.2%	4.0%	8.7%	17.5%	22.1%	13.6%	10.5%	7.8%
Cash conversion	–	–	–	–	126.5%	138.6%	115.8%	156.6%	161.0%	141.5%
Interest cover	4.4	–	6.5	2.6	5.8	9.2	14.8	10.8	8.3	6.4
Debt to equity	–	–	0.37	0.44	0.78	0.50	0.44	0.45	0.55	0.56
Receivable days	–	–	35	33	30	21	21	34	33	45
Inventory days	–	–	2,446	1,807	307	265	231	221	246	301
Payable days	–	–	1,290	848	133	115	83	84	112	184
Cash conversion cycle, days	–	–	1,191	992	205	172	169	170	166	161
Working capital days	–	–	−79	−4	39	15	19	−2	−23	−35
Asset turnover	–	–	0.26	0.23	0.42	0.52	0.61	0.44	0.37	0.32
Assets per rupee of net worth	–	–	1.81	1.80	2.03	2.14	1.95	1.91	2.00	2.12
Sales per rupee of plant	–	–	1.33	1.12	1.56	1.93	2.45	1.95	1.79	1.59
Capital spending to depreciation	–	–	–	–	1.70	3.27	4.38	5.67	5.59	0.00
Plant being built, % of plant in use	–	–	31.9%	18.7%	22.0%	38.0%	71.3%	107.7%	158.7%	178.3%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2021: 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: 5.8%
Cash from operations against operating profit: 102.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	14.1%	10.5%	−3.4%
Profit growth, yearly rate	12.7%	13.4%	−8.8%
Return on equity, average	–	17.3%	13.4%
Return on capital employed, average	–	14.3%	10.6%
Operating margin, average	32.3%	33.2%	31.2%
Net margin, average	22.1%	21.1%	19.7%
Asset turnover, average	–	0.45	0.38
Cash conversion cycle, days, average	–	168	166
Interest cover, average	7.7	9.9	8.5
Debt to equity, average	–	0.50	0.52

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	53,669	32,949	10,684
Cash from investing	−49,821	−36,497	−10,381
Cash from financing	−3,608	4,529	409
Capital spending	39,524	25,032	0
Dividends paid	10,344	6,469	2,256
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	25,563	21,702	6,920
Borrowings repaid	12,962	6,622	2,416

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	8	8	5	4	5
Altman Z-scorePublished threshold 1.81	–	–	1.87	1.51	1.52	2.33	2.49	2.47	2.12	1.98
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.94	−0.38	−2.21	−2.30	−2.77	−2.31
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	13.92	2.76	11.25	10.42	9.38	6.35
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.25	1.34	1.41	1.53
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−5.60	−14.61	−39.06	0.38	50.40	−1.16	35.38
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−36.97	−1,232.31	−19.39	−19.58	−3.85	11.32	19.93
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	5.83	2.21	−4.53	1.36	−2.39	1.41	0.81
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.02	0.59	1.99	3.78	5.04	8.22	7.11
Effective tax ratePublished threshold 17.16 per cent	39.35	36.78	40.82	−14.42	5.80	25.58	25.03	22.24	25.24	24.01
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	13.91	−0.40	−9.70	3.24	−4.65

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
9 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+Ratings Reaffirmed		1,002.45
9 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AAARatings Reaffirmed	Stable	948.20
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AAAReview, Re-affirm	Stable	440
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE AAA / CARE A1+Review, Re-affirm	Stable	3,859
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Bank Guarantee	CARE A1+Review, Re-affirm		1,436.45
30 Sep 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-External Commercial Borrowings	CARE AAAReview, Re-affirm	Stable	7,376.09

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