Oil & Natural Gas Corporation financials and balance sheet

NSE: ONGCBSE: 500312OilLarge Cap

Formerly Oil & Natural Gas Corpn

₹227.50₹2.50 (1.11%)BSE ₹226.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹225.00.

52-week range of traded prices to 23 Oct 2026

₹218.53Low, 8 Oct 2026₹307.50High, 29 Apr 2026

Next results date: the board meets on 5 Nov 2026 to consider: financial results and dividend.

Market cap: ₹2,86,201 Cr24th largest listed
P/E: 6.6
P/B: 0.8
Dividend yield: 5.82%
ROE: 12.2%
ROCE: 10.0%
Debt to equity: 0.35
Volume, NSE: 1,29,49,87959.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Oil & Natural Gas Corporation annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹6,84,829 Cr, year to Mar 2023

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 11.5% 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

Revenue6,62,247
Materials and goods−4,02,335
Employee costs−7,321
Other expenses−1,49,472
Operating profit1,03,120
Depreciation−37,391
Other income+12,357
One-off items−436
Finance costs−13,029
Profit before tax64,621
Tax−17,830
Joint ventures+3,002
Net profit49,793

What the company owns

Plant, investments and other assets₹6,69,687 Cr
Inventory₹64,918 Cr
Cash and bank₹32,179 Cr
Receivables₹22,014 Cr
Current investments₹3,107 Cr

What pays for it: net worth and liabilities

Net worth₹4,09,693 Cr
Other liabilities₹1,93,224 Cr
Borrowings₹1,42,055 Cr
Owed to suppliers₹46,933 Cr

Oil & Natural Gas Corporation 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.Oil & Natural Gas Corporation segment results by quarter

Revenue by segment

₹7,39,187 CrTotal

In India - Refining & Marketing₹5,84,346 Cr79.1% of total
In India - E&P - Offshore₹92,406 Cr12.5% of total
In India - E&P - Onshore₹39,778 Cr5.4% of total
In India - Petrochemicals₹14,214 Cr1.9% of total
Outside India₹8,443 Cr1.1% of total

Profit by segment

In India - Refining & Marketing₹28,664 Cr40.4% of total
In India - E&P - Offshore₹34,008 Cr48.0% of total
In India - E&P - Onshore₹5,955 Cr8.4% of total
Outside India₹2,236 Cr3.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

In India - Refining & Marketing
Revenue, ₹ crore
3,70,884
3,47,948
3,21,619
4,60,426
5,91,523
5,67,460
5,76,326
5,84,346
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
11,285
−2,183
13,170
11,719
−5,679
26,521
12,401
28,664
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
In India - E&P - Offshore
Revenue, ₹ crore
73,015
63,522
44,476
71,541
1,04,114
94,270
95,627
92,406
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
31,029
22,048
13,746
32,385
42,795
44,034
38,348
34,008
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
In India - E&P - Onshore
Revenue, ₹ crore
36,454
32,466
23,519
38,569
51,116
43,865
41,894
39,778
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
8,465
−89
1,483
6,837
6,308
6,142
6,652
5,955
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
In India - Petrochemicals
Revenue, ₹ crore
14,808
14,214
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1,874
−382
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Outside India
Revenue, ₹ crore
14,634
15,547
11,965
17,322
11,676
9,553
12,995
8,443
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3,671
3,641
2,681
4,414
3,937
935
2,847
2,236
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	4,94,987	4,59,483	4,01,579	5,87,858	7,58,428	7,15,148	7,41,650	7,39,187
Company revenue, as in its results	4,53,461	4,25,001	3,60,572	5,31,762	6,84,829	6,43,037	6,63,262	6,62,247
Revenue	3,70,884	3,47,948	3,21,619	4,60,426	5,91,523	5,67,460	5,76,326	5,84,346
Revenue growth	–	−6.2%	−7.6%	43.2%	28.5%	−4.1%	1.6%	1.4%
Profit	11,285	−2,183	13,170	11,719	−5,679	26,521	12,401	28,664
Profit growth	–	–	–	−11.0%	–	–	−53.2%	131.2%
Margin	3.0%	−0.6%	4.1%	2.5%	−1.0%	4.7%	2.2%	4.9%
Return on capital	–	−5.7%	30.4%	23.0%	−12.9%	42.3%	18.5%	34.8%
Assets	–	1,47,176	1,66,532	1,92,172	1,93,661	2,14,624	2,26,591	2,43,541
Liabilities	–	1,08,999	1,23,196	1,41,143	1,49,494	1,51,873	1,59,525	1,61,086
Capital employed	–	38,177	43,336	51,029	44,167	62,751	67,067	82,455
Revenue	73,015	63,522	44,476	71,541	1,04,114	94,270	95,627	92,406
Revenue growth	–	−13.0%	−30.0%	60.9%	45.5%	−9.5%	1.4%	−3.4%
Profit	31,029	22,048	13,746	32,385	42,795	44,034	38,348	34,008
Profit growth	–	−28.9%	−37.7%	135.6%	32.1%	2.9%	−12.9%	−11.3%
Margin	42.5%	34.7%	30.9%	45.3%	41.1%	46.7%	40.1%	36.8%
Return on capital	–	24.7%	14.5%	33.0%	46.4%	42.2%	35.9%	32.4%
Assets	–	1,31,271	1,39,676	1,46,054	1,47,329	1,86,849	1,91,228	1,87,283
Liabilities	–	42,187	45,149	48,024	55,136	82,515	84,438	82,315
Capital employed	–	89,083	94,528	98,029	92,193	1,04,334	1,06,791	1,04,968
Revenue	36,454	32,466	23,519	38,569	51,116	43,865	41,894	39,778
Revenue growth	–	−10.9%	−27.6%	64.0%	32.5%	−14.2%	−4.5%	−5.1%
Profit	8,465	−89	1,483	6,837	6,308	6,142	6,652	5,955
Profit growth	–	–	–	360.9%	−7.7%	−2.6%	8.3%	−10.5%
Margin	23.2%	−0.3%	6.3%	17.7%	12.3%	14.0%	15.9%	15.0%
Return on capital	–	−0.2%	2.8%	11.8%	11.3%	10.4%	10.5%	9.0%
Assets	–	63,181	67,720	73,719	73,443	78,635	82,429	85,442
Liabilities	–	15,920	14,794	15,898	17,626	19,309	19,368	19,044
Capital employed	–	47,261	52,925	57,820	55,817	59,326	63,062	66,398
Revenue	–	–	–	–	–	–	14,808	14,214
Revenue growth	–	–	–	–	–	–	–	−4.0%
Profit	–	–	–	–	–	–	−1,874	−382
Margin	–	–	–	–	–	–	−12.7%	−2.7%
Return on capital	–	–	–	–	–	–	−45.7%	−17.0%
Assets	–	–	–	–	–	–	30,316	29,105
Liabilities	–	–	–	–	–	–	26,217	26,855
Capital employed	–	–	–	–	–	–	4,099	2,250
Revenue	14,634	15,547	11,965	17,322	11,676	9,553	12,995	8,443
Revenue growth	–	6.2%	−23.0%	44.8%	−32.6%	−18.2%	36.0%	−35.0%
Profit	3,671	3,641	2,681	4,414	3,937	935	2,847	2,236
Profit growth	–	−0.8%	−26.4%	64.6%	−10.8%	−76.3%	204.6%	−21.5%
Margin	25.1%	23.4%	22.4%	25.5%	33.7%	9.8%	21.9%	26.5%
Return on capital	–	7.1%	5.0%	7.9%	6.4%	1.5%	4.4%	3.2%
Assets	–	1,19,043	1,17,318	1,16,850	1,16,133	1,14,822	1,27,174	1,36,334
Liabilities	–	67,609	63,868	61,097	54,813	53,438	62,631	65,447
Capital employed	–	51,434	53,450	55,753	61,320	61,384	64,543	70,887
	0	0	0	0	0	0	0	–
Profit	0	0	0	0	0	0	0	–
Assets	–	0	0	0	0	0	0	–
Liabilities	–	0	0	0	0	0	0	–
Capital employed	–	0	0	0	0	0	0	–
	0	0	0	0	0	0	0	–
Profit	0	0	0	0	0	0	0	–
Assets	–	0	0	0	0	0	0	–
Liabilities	–	0	0	0	0	0	0	–
Capital employed	–	0	0	0	0	0	0	–
	0	–	–	–	–	–	–	–
Profit	2,803	–	–	–	–	–	–	–
Revenue	158	111	77	103	142	150	177	497
Profit	0	1,054	1,019	1,464	34	2,396	1,035	3,002
Assets	0	43,227	52,018	56,655	83,962	1,15,264	1,00,984	1,10,200
Liabilities	0	44,401	53,661	35,959	36,205	37,968	32,310	27,465
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	−209	–	–	–	–	–	–	–
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 & Natural Gas Corporation quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 31 May	Mar 2020Filed 1 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 21 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue from operations	1,42,149	3,62,246	4,53,461	4,25,001	3,60,572	5,31,762	6,84,829	6,43,037	6,63,262	6,62,247
	–	3,05,381	3,78,816	3,72,856	3,11,106	4,51,888	6,09,302	5,40,202	5,74,402	5,59,128
Materials and goods bought	32,976	1,97,911	2,67,120	2,66,054	1,91,309	3,31,861	4,56,316	3,99,371	4,26,547	4,02,335
Employee costs	–	–	6,445	6,539	6,314	6,878	6,807	7,313	7,293	7,321
Other expenses	–	–	1,05,251	1,00,263	1,13,484	1,13,149	1,46,179	1,33,517	1,40,562	1,49,472
Operating profit before depreciation	–	56,866	74,644	52,145	49,466	79,874	75,527	1,02,835	88,861	1,03,120
Operating margin	–	15.7%	16.5%	12.3%	13.7%	15.0%	11.0%	16.0%	13.4%	15.6%
Materials, % of revenue	–	–	58.9%	62.6%	53.1%	62.4%	66.6%	62.1%	64.3%	60.8%
Employee costs, % of revenue	–	–	1.4%	1.5%	1.8%	1.3%	1.0%	1.1%	1.1%	1.1%
Other expenses, % of revenue	–	–	23.2%	23.6%	31.5%	21.3%	21.3%	20.8%	21.2%	22.6%
Depreciation and amortisation	–	23,089	24,026	26,635	25,538	26,883	24,557	28,763	35,206	37,391
Operating profit after depreciation	–	33,777	50,618	25,510	23,928	52,991	50,970	74,073	53,655	65,729
Other income	7,915	7,468	8,149	8,532	9,323	7,438	8,074	12,222	12,394	12,357
Finance costs	2,953	4,999	5,837	7,000	5,079	5,696	7,889	10,194	14,535	13,029
Profit before one-off items and tax	29,379	36,246	52,930	27,042	28,172	54,732	51,155	76,100	51,513	65,057
One-off items	591	2,961	−1,591	−9,028	919	−2,105	−8,138	−1,636	−151	−436
Profit before tax	29,970	39,207	51,339	18,014	29,090	52,627	43,017	74,464	51,362	64,621
	9,562	13,140	20,880	7,508	8,766	4,797	10,273	19,759	14,069	17,830
Current tax	–	–	15,874	7,842	9,064	13,352	11,730	14,838	15,239	18,802
Deferred tax	–	–	5,006	−334	−297	−8,555	−1,456	4,921	−1,170	−972
Share of profit of joint ventures and associates	1,070	–	3,428	1,054	1,019	1,464	34	2,396	1,036	3,002
	21,478	26,068	33,887	11,560	21,343	49,294	32,778	57,101	38,329	49,793
Belonging to the company's shareholders	21,478	22,112	30,495	10,907	16,249	45,522	35,440	49,221	36,226	41,424
Belonging to outside owners of subsidiaries	–	–	3,392	653	5,095	3,772	−2,663	7,879	2,103	8,369
Other comprehensive income	–	–	−897	−11,902	1,865	4,397	2,871	18,126	−6,488	3,563
Total comprehensive income	–	–	32,990	−342	23,208	53,691	35,649	75,227	31,840	53,356
Net margin	15.1%	7.2%	7.5%	2.7%	5.9%	9.3%	4.8%	8.9%	5.8%	7.5%
Net margin without joint ventures and associates	14.4%	–	6.7%	2.5%	5.6%	9.0%	4.8%	8.5%	5.6%	7.1%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 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 2017: 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 31 May	Mar 2020Filed 1 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 21 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	2,36,247	2,24,781	2,42,597	2,83,328	3,01,255	3,65,091	3,74,235	4,09,693
	2,18,141	2,06,968	2,20,981	2,59,503	2,80,647	3,37,070	3,43,440	3,71,768
Share capital	6,290	6,290	6,290	6,290	6,290	6,290	6,290	6,290
Reserves	2,11,851	2,00,678	2,14,691	2,53,213	2,74,357	3,30,780	3,37,150	3,65,478
Belonging to outside owners of subsidiaries	18,106	17,813	21,616	23,825	20,608	28,020	30,795	37,925
	1,02,106	1,03,658	1,09,820	1,07,776	1,29,186	1,19,755	1,53,556	1,42,055
Repayable after a year	53,144	72,083	79,162	88,043	98,360	77,952	98,474	93,823
Repayable within a year	48,962	31,575	30,658	19,733	30,826	41,803	55,082	48,232
	1,29,032	1,17,661	1,23,265	1,27,424	1,32,270	1,51,186	1,66,842	1,68,795
Trade payables	32,478	22,968	27,449	40,171	33,643	37,490	38,976	46,933
Other financial liabilities	35,149	52,106	50,539	48,420	52,388	53,043	54,440	53,030
Other liabilities	6,918	6,179	8,998	11,395	9,759	11,338	10,632	12,790
Provisions	4,319	4,187	4,879	6,663	5,249	6,917	7,071	7,060
Tax owed	1,205	625	743	1,042	406	595	642	639
	1,30,424	1,61,457	1,77,403	1,74,697	1,81,004	1,93,825	2,17,646	2,13,323
Other financial liabilities	835	9,491	15,933	11,219	8,835	25,695	24,703	22,896
Other liabilities	1,228	262	793	842	1,250	1,301	1,399	647
Provisions	27,850	33,101	36,115	36,331	40,423	50,686	54,308	54,453
Deferred tax	47,367	46,138	45,400	38,262	32,136	38,191	38,762	40,655
Liabilities going with businesses held for sale	–	–	–	–	–	91	–	93
	4,95,702	5,03,898	5,43,265	5,85,449	6,14,529	7,10,193	7,58,723	7,91,905
Held for sale or for a demerger	128	14	16	64	54	78	13	208
	4,05,626	4,23,176	4,50,080	4,79,390	5,00,378	5,76,852	6,23,927	6,49,966
Plant in use, after depreciation	2,18,101	2,28,883	2,29,313	2,42,161	2,37,805	2,84,955	3,25,984	3,30,705
Plant being built	29,896	45,932	62,921	71,485	73,975	92,029	87,037	91,478
Intangible assets	677	764	887	1,027	974	1,356	1,421	1,538
Goodwill	14,088	14,237	13,539	11,206	12,033	12,136	12,762	13,822
Intangible assets being developed	39,160	37,900	37,411	35,235	39,969	23,993	25,322	24,794
Property held to earn rent	8	8	8	8	8	8	8	8
Investments	28,776	16,058	19,058	24,356	20,033	41,445	33,717	34,224
Stakes in joint ventures and associates	33,051	29,237	35,547	36,915	53,671	55,382	58,647	63,753
Loans given	2,850	3,215	2,822	2,644	2,966	3,443	7,585	11,652
Other financial assets	19,939	26,406	27,342	32,865	36,173	39,645	42,938	48,112
Deferred tax	1,731	2,666	2,694	3,328	2,415	1,424	7,078	7,504
Trade receivables	2,057	2,374	2,563	2,477	2,622	2,535	2,379	2,545
Other assets	15,291	15,495	15,977	15,685	17,735	18,502	19,048	19,830
	89,948	80,708	93,168	1,05,995	1,14,097	1,33,263	1,34,783	1,41,732
Inventories	35,181	33,051	44,573	54,163	44,238	52,251	58,956	64,918
Trade receivables	15,396	9,173	16,016	19,187	18,752	19,763	21,228	22,014
Cash and cash equivalents	4,106	4,781	4,019	5,450	2,640	4,133	4,554	1,554
Other bank balances	998	924	3,173	1,391	26,500	32,557	22,623	30,625
Current investments	5,084	5,345	5,418	5,372	5,169	5,380	3,253	3,107
Loans given	1,702	1,182	752	493	458	420	459	454
Other financial assets	19,478	15,519	6,562	5,265	9,247	12,306	15,445	9,904
Tax paid in advance	152	198	188	121	134	0	1	315
Other assets	7,852	10,535	12,466	14,554	6,959	6,454	8,264	8,841
Net debt	91,919	92,609	97,210	95,563	94,876	77,686	1,23,126	1,06,769

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 30 May	Mar 2023Filed 27 May	Mar 2024Filed 21 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	47,201	78,000	84,211	99,263	90,868	1,12,719
	54,738	91,495	99,510	1,13,829	1,04,861	1,32,001
	−3,924	3,671	8,322	136	11,773	15,460
Receivables	−6,666	−3,067	615	−1,085	−906	−462
Inventories	−11,682	−9,672	9,238	−8,135	−5,177	−6,364
Payables	0	18,365	−4,639	9,639	9,692	19,420
Other working capital	14,424	−1,955	3,108	−284	8,165	2,865
Tax paid	−7,537	−13,495	−15,299	−14,566	−13,992	−19,282
Capital spending	32,335	33,457	36,792	37,916	41,031	41,282
Free cash flow	14,866	44,543	47,419	61,347	49,837	71,438
	−39,090	−40,477	−73,209	−57,267	−43,022	−57,676
Plant and property sold	281	367	339	251	317	781
Companies bought	0	0	0	0	−1,157	0
Interest received	1,624	1,946	2,386	4,416	5,707	5,070
Dividends received	4,310	4,388	3,026	3,657	3,523	3,620
	−8,258	−35,979	−12,916	−45,650	−47,908	−56,331
Borrowings raised	18,834	17,688	27,701	22,459	36,159	39,834
Borrowings repaid	−13,534	−30,682	−10,267	−37,880	−43,547	−55,801
Interest paid	−3,852	−4,576	−6,134	−9,364	−11,039	−8,545
Lease payments	−5,688	−5,207	−5,948	−7,362	−11,995	−13,413
Dividends paid	3,096	12,924	17,609	12,895	16,985	16,980
Shares bought back	0	0	0	0	7	0
Shares issued	0	0	0	0	0	0
Net change in cash	−146	1,544	−1,914	−3,654	−61	−1,287

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 & Natural Gas Corporation dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 31 May	Mar 2020Filed 1 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 21 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Earnings per share	₹15.97	₹17.23	₹23.81	₹8.67	₹12.92	₹36.19	₹28.17	₹39.13	₹28.80	₹32.93
Diluted earnings per share	₹15.97	₹17.23	₹23.81	₹8.67	₹12.92	₹36.19	₹28.17	₹39.13	₹28.80	₹32.93
	₹6.05	₹6.60	₹7.00	₹5.00	₹3.60	₹10.50	₹11.25	₹12.25	₹12.25	₹13.25
As declared that year	–	₹6.60	₹7.00	₹5.00	₹3.60	₹10.50	₹11.25	₹12.25	₹12.25	₹13.25
Book value per share	–	–	₹173.40	₹164.52	₹175.66	₹206.28	₹223.09	₹267.94	₹273.00	₹295.52
Dividend payout	36.1%	38.3%	28.9%	57.7%	27.9%	29.0%	39.9%	31.3%	42.5%	40.2%
Shareholder yield	–	–	–	–	2.4%	6.3%	9.3%	3.8%	5.5%	4.7%
Market cap at the year end (₹ crore)	2,37,415	2,28,175	2,05,011	85,923	1,28,508	2,06,191	1,90,025	3,37,214	3,09,953	3,58,098

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 2017: 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 & Natural Gas Corporation PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 31 May	Mar 2020Filed 1 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 21 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue growth	8.1%	154.8%	25.2%	−6.3%	−15.2%	47.5%	28.8%	−6.1%	3.1%	−0.2%
Operating profit growth	–	–	31.3%	−30.1%	−5.1%	61.5%	−5.4%	36.2%	−13.6%	16.0%
Net profit growth	52.1%	21.4%	30.0%	−65.9%	84.6%	131.0%	−33.5%	74.2%	−32.9%	29.9%
Earnings per share growth	–	7.9%	38.2%	−63.6%	49.0%	180.1%	−22.2%	38.9%	−26.4%	14.3%
	–	–	14.0%	5.1%	7.6%	18.9%	13.1%	15.9%	10.6%	11.6%
	–	–	–	−8.8 pts	2.5 pts	11.4 pts	−5.8 pts	2.8 pts	−5.3 pts	0.9 pts
From the net margin	–	–	–	−8.6 pts	3.9 pts	6.8 pts	−7.5 pts	6.3 pts	−4.6 pts	1.5 pts
From asset turnover	–	–	–	−0.4 pts	−1.7 pts	5.3 pts	2.4 pts	−2.9 pts	−0.8 pts	−0.7 pts
From borrowing	–	–	–	0.2 pts	0.3 pts	−0.8 pts	−0.8 pts	−0.6 pts	0.1 pts	0.1 pts
Return on capital employed	–	–	15.0%	7.8%	6.8%	13.5%	11.8%	15.3%	10.2%	11.9%
Cash conversion	–	–	–	–	221.2%	158.2%	256.9%	173.8%	237.1%	226.4%
Interest cover	–	6.8	8.7	3.6	4.7	9.3	6.5	7.3	3.7	5.0
Debt to equity	–	–	0.43	0.46	0.45	0.38	0.43	0.33	0.41	0.35
Receivable days	–	–	12	8	16	13	10	11	12	12
Inventory days	–	–	48	45	85	60	35	48	50	59
Payable days	–	–	44	32	52	44	27	34	33	43
Cash conversion cycle, days	–	–	16	22	49	29	18	25	29	28
Working capital days	–	–	0	−14	−12	−10	−12	−10	−4	−8
Asset turnover	–	–	0.91	0.85	0.69	0.94	1.14	0.97	0.90	0.85
Assets per rupee of net worth	–	–	2.27	2.35	2.45	2.35	2.22	2.14	2.16	2.17
Sales per rupee of plant	–	–	2.08	1.86	1.57	2.20	2.88	2.26	2.03	2.00
Capital spending to depreciation	–	–	–	–	1.27	1.24	1.50	1.32	1.17	1.10
Plant being built, % of plant in use	–	–	13.7%	20.1%	27.4%	29.5%	31.1%	32.3%	26.7%	27.7%

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: 5.3%
Cash from operations against operating profit: 109.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	17.5%	12.9%	−1.1%
Profit growth, yearly rate	11.4%	20.6%	5.3%
Return on equity, average	–	14.0%	12.7%
Return on capital employed, average	–	12.5%	12.5%
Operating margin, average	14.4%	14.2%	15.0%
Net margin, average	7.5%	7.2%	7.4%
Asset turnover, average	–	0.96	0.91
Cash conversion cycle, days, average	–	26	27
Interest cover, average	6.2	6.4	5.3
Debt to equity, average	–	0.38	0.36

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	4,65,062	3,02,850	1,12,719
Cash from investing	−2,71,651	−1,57,964	−57,676
Cash from financing	−1,98,784	−1,49,889	−56,331
Capital spending	1,90,478	1,20,228	41,282
Dividends paid	77,393	46,860	16,980
Shares bought back	7	7	0
Shares issued for cash	0	0	0
Borrowings raised	1,43,841	98,452	39,834
Borrowings repaid	1,78,177	1,37,228	55,801

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	–	–	–	–	7	7	6	8	4	8
Altman Z-scorePublished threshold 1.81	–	–	2.26	1.66	1.61	2.21	2.34	2.51	2.22	2.33
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.00	−2.27	−2.75	−2.78	−2.76	−2.86
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	2.53	2.09	3.63	2.28	−1.30	−0.68
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.02	1.88	2.14	2.09
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−34.14	89.75	−27.68	−31.06	11.50	4.27	3.86
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−5.65	62.96	−51.95	−55.83	30.59	6.03	15.79
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.29	−1.95	0.14	−0.53	0.38	0.75	−0.70
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.23	2.42	1.80	3.66	1.21	1.14	2.17
Effective tax ratePublished threshold 17.16 per cent	31.90	33.51	40.67	41.68	30.13	9.12	23.88	26.54	27.39	27.59
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−16.53	−11.68	6.97	0.15	−2.25

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
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE AAAReview, Re-affirm	Stable	7,500
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible DebenturesLong-term scale	CARE AAAReview, Re-affirmProposed	Stable	7,500
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	CARE A1+Review, Re-affirmProposed		10,000
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Term loanShort-term scale	CARE A1+Review, Re-affirm		10,000
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	LT/ST Fund-based/Non-fund-based-CC/WCDL/OD/LC/BGLong and short-term scales	CARE AAA / CARE A1+Review, Re-affirm	Stable	3,440
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based-LT/STLong and short-term scales	CARE AAA / CARE A1+Review, Re-affirm	Stable	14,060
19 Mar 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAAReview, Other	Stable	1,360
19 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AAAReview, Other	Stable	4,500
19 Mar 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Other		14,060
19 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]A1+Review, Other		4,000
19 Mar 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AAA /[ICRA]A1+Review, Other	Stable	2,440
30 Oct 2025	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		860
30 Oct 2025	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AAAReview, Re-affirm	Stable	1,000
30 Oct 2025	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		10,000
30 Oct 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAA; IND A1+New, New	Stable	10,000

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