Oricon Enterprises financials and balance sheet

NSE: ORICONENTBSE: 513121Industrial ProductsSmall Cap

₹50.13₹2.37 (4.96%)BSE ₹50.36

Share price at the NSE close on 23 Oct 2026. Previous close ₹47.76.

52-week range of traded prices to 23 Oct 2026

₹44.62Low, 23 Oct 2026₹73.12High, 15 Apr 2026

Market cap: ₹787 Cr1,484th largest listed
P/E: 27.2
P/E without one-offs: 52.3
P/B: 0.7
Dividend yield: 0.40%
ROE: 2.4%
ROE without one-offs: 1.3%
ROCE: −5.2%
Debt to equity: 0.00
Volume, NSE: 1,31,26834.0% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 9 years with results on record

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, ₹633 Cr, differs from its quarters added, ₹657 Cr. From the year to Mar 2022, the company reports a discontinued business. From the year to Mar 2024, the company's revenue for that year, ₹143 Cr, differs from its quarters added, ₹374 Cr. From the year to Mar 2026, the company's revenue for that year, ₹42 Cr, differs from its quarters added, ₹79 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue42
Materials and goods−51
Employee costs−14
Other expenses−25
Operating profit−48
Depreciation−2.6
Other income+77
One-off items+4.4
Finance costs−0.9
Profit before tax30
Tax−10
Joint ventures−1.7
Discontinued businesses+7.6

What the company owns

Plant, investments and other assets₹1,054 Cr
Current investments₹133 Cr
Receivables₹24 Cr
Cash and bank₹15 Cr
Inventory₹7 Cr

What pays for it: net worth and liabilities

Net worth₹1,152 Cr
Other liabilities₹62 Cr
Owed to suppliers₹16 Cr
Borrowings₹3 Cr

Oricon Enterprises 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. That year's accounts report a discontinued business: these segments add to ₹158 Cr with it, and the company's revenue from the businesses it kept was ₹42 Cr.Oricon Enterprises segment results by quarter

Revenue by segment

₹158 CrTotal

Discontinued Operations₹110 Cr69.6% of total
Trading₹48 Cr30.4% of total

Profit by segment

Discontinued Operations₹6.74 Cr94.2% of total
Trading₹0.41 Cr5.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Discontinued Operations
Revenue, ₹ crore
24
85
2
56
220
110
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
−46
0
2
161
7
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trading
Revenue, ₹ crore
10
8
0
7
0
66
54
48
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
0
2
−6
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
others
Revenue, ₹ crore
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
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	1,120	927	657	595	605	553	400	158
Company revenue, as in its results	1,119	922	633	510	603	143	173	42
Revenue	–	–	24	85	2	56	220	110
Revenue growth	–	–	–	250.0%	–	–	291.2%	−50.0%
Profit	–	–	3	−46	0	2	161	7
Profit growth	–	–	–	–	–	–	8,285.3%	−95.8%
Margin	–	–	13.4%	−54.0%	−3.5%	3.4%	73.0%	6.1%
Return on capital	–	–	1,653.8%	−14,193.1%	–	–	542.7%	–
Assets	–	–	1	0	0	28	33	0
Liabilities	–	–	0	0	7	61	4	0
Capital employed	–	–	0	0	−7	−33	30	0
Revenue	10	8	0	7	0	66	54	48
Revenue growth	–	–	–	–	–	–	−18.3%	–
Profit	0	0	0	0	0	2	−6	0
Margin	2.3%	3.2%	3.3%	1.9%	1.0%	2.8%	−11.8%	0.9%
Return on capital	–	1.8%	0.1%	1.1%	0.0%	7.1%	−11.7%	4.2%
Assets	–	14	11	14	13	34	65	26
Liabilities	–	0	0	3	0	8	11	16
Capital employed	–	14	11	11	13	26	55	10
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	0
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
Capital employed	–	–	–	–	–	–	–	0
Revenue	379	420	333	403	479	–	126	–
Revenue growth	–	10.7%	−20.6%	21.0%	18.8%	–	–	–
Profit	18	25	29	32	41	–	4	–
Profit growth	–	33.4%	17.6%	10.5%	29.3%	–	–	–
Margin	4.9%	5.9%	8.7%	7.9%	8.6%	–	3.0%	–
Return on capital	–	6.7%	8.2%	8.6%	10.6%	–	5.6%	–
Assets	–	453	421	443	471	–	103	–
Liabilities	–	86	68	72	82	–	35	–
Capital employed	–	368	353	371	390	–	68	–
Revenue	34	44	38	63	74	–	–	–
Revenue growth	–	28.3%	−12.8%	64.4%	16.6%	–	–	–
Profit	2	3	2	3	5	–	–	–
Profit growth	–	89.6%	−41.0%	67.1%	65.3%	–	–	–
Margin	4.4%	6.5%	4.4%	4.5%	6.4%	–	–	–
Return on capital	–	34.1%	17.8%	20.4%	38.7%	–	–	–
Assets	–	11	12	16	15	–	–	–
Liabilities	–	3	3	2	3	–	–	–
Capital employed	–	8	10	14	12	–	–	–
Revenue	208	108	6	31	18	0	–	–
Revenue growth	–	−47.9%	−94.7%	–	−43.0%	−100.0%	–	–
Profit	42	29	2	14	10	0	–	–
Profit growth	–	−31.1%	−91.4%	–	−30.6%	−100.0%	–	–
Margin	20.1%	26.5%	43.0%	43.9%	53.5%	–	–	–
Return on capital	–	84.8%	7.6%	126.5%	283.5%	0.0%	–	–
Assets	–	34	33	11	3	3	–	–
Liabilities	–	0	1	1	0	0	–	–
Capital employed	–	34	33	11	3	3	–	–
Revenue	–	–	–	–	–	334	–	–
Profit	–	–	–	–	–	38	–	–
Margin	–	–	–	–	–	11.2%	–	–
Return on capital	–	–	–	–	–	8.7%	–	–
Assets	–	–	–	–	–	433	–	–
Liabilities	–	–	–	–	–	3	–	–
Capital employed	–	–	–	–	–	430	–	–
Revenue	–	–	–	–	–	96	–	–
Profit	–	–	–	–	–	−1	–	–
Margin	–	–	–	–	–	−0.9%	–	–
Return on capital	–	–	–	–	–	−1.2%	–	–
Assets	–	–	–	–	–	96	–	–
Liabilities	–	–	–	–	–	26	–	–
Capital employed	–	–	–	–	–	70	–	–
Revenue	488	347	256	6	32	–	–	–
Revenue growth	–	−28.8%	−26.4%	−97.7%	–	–	–	–
Profit	1	−8	−27	−19	−16	–	–	–
Margin	0.1%	−2.4%	−10.4%	−318.9%	−49.5%	–	–	–
Return on capital	–	−2.9%	−10.0%	−197.4%	−48.3%	–	–	–
Assets	–	345	293	52	33	–	–	–
Liabilities	–	59	29	42	0	–	–	–
Capital employed	–	286	264	9	33	–	–	–
Revenue	1	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Margin	−41.0%	–	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Oricon Enterprises quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 29 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 16 Jun	Mar 2023Filed 31 May	Mar 2024Filed 7 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 30 May
Revenue from operations	1,168	1,024	1,119	922	633	510	603	143	173	42
	1,072	951	1,014	824	582	485	561	178	201	90
Materials and goods bought	521	346	415	337	205	304	357	102	109	51
Employee costs	–	–	64	64	56	48	47	25	27	14
Other expenses	–	–	535	424	321	133	158	52	66	25
Operating profit before depreciation	97	73	105	97	51	25	41	−36	−29	−48
Operating margin	8.3%	7.1%	9.4%	10.6%	8.1%	4.9%	6.8%	−24.9%	−16.6%	−113.5%
Materials, % of revenue	–	–	37.0%	36.5%	32.4%	59.7%	59.2%	71.2%	62.9%	120.1%
Employee costs, % of revenue	–	–	5.7%	6.9%	8.9%	9.3%	7.8%	17.6%	15.5%	33.3%
Other expenses, % of revenue	–	–	47.8%	46.0%	50.6%	26.1%	26.2%	36.1%	38.2%	60.1%
Depreciation and amortisation	65	72	75	90	84	33	33	8	9	3
Operating profit after depreciation	32	1	30	7	−32	−8	9	−43	−37	−50
Other income	48	54	37	32	24	32	21	35	49	77
Finance costs	19	18	18	18	15	13	7	10	7	1
Profit before one-off items and tax	61	36	49	21	−24	11	23	−18	5	26
One-off items	6	−4	0	3	13	145	−2	8	−3	4
Profit before tax	67	32	49	24	−11	156	21	−10	2	30
	23	10	9	−1	0	10	5	−11	−1	10
Current tax	–	–	12	16	4	9	7	−9	0	7
Deferred tax	–	–	−2	−17	−4	1	−2	−1	0	3
Share of profit of joint ventures and associates	–	0	–	0	0	0	−1	–	−1	−2
Profit from discontinued businesses	–	–	–	–	3	−32	0	30	137	8
	35	22	40	26	−7	114	15	30	139	–
Belonging to the company's shareholders	35	–	36	24	−2	128	15	30	139	26
Belonging to outside owners of subsidiaries	–	–	4	1	−5	−14	0	0	0	–
Other comprehensive income	–	–	−3	−13	66	111	−127	120	−54	–
Total comprehensive income	–	–	38	13	59	224	−112	150	85	–
Net margin	3.0%	2.2%	3.6%	2.8%	–	–	2.5%	–	–	–
Net margin without joint ventures and associates	–	2.2%	–	2.8%	–	–	2.6%	–	–	–

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 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. Net margin is left blank for the years to Mar 2021, Mar 2022, Mar 2024 and Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin. Share of profit of joint ventures and associates is left blank for the year to Mar 2024: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months. Net profit, net margin and net margin without joint ventures and associates are left blank for the year to Mar 2026: the profit stated for the year is its quarters' profit belonging to the company's shareholders added up, which leaves out the other owners' share those quarters state, so the group's profit is not stated.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 29 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 16 Jun	Mar 2023Filed 31 May	Mar 2024Filed 7 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 30 May
	1,040	1,023	1,083	1,010	1,033	1,175	1,252	1,152
	877	866	924	1,010	1,033	1,175	1,252	1,152
Share capital	31	31	31	31	31	31	31	31
Reserves	846	834	892	979	1,002	1,144	1,221	1,120
Belonging to outside owners of subsidiaries	163	157	159	0	0	0	0	0
	478	264	206	127	85	112	9	3
Repayable after a year	122	70	58	37	36	52	2	2
Repayable within a year	356	194	147	90	49	59	7	1
	540	345	267	172	144	115	57	43
Trade payables	89	100	65	51	54	15	32	16
Other financial liabilities	81	41	40	19	30	17	12	9
Other liabilities	6	3	11	7	8	22	3	14
Provisions	2	1	1	2	2	2	3	2
Tax owed	6	6	2	4	1	0	1	0
	207	131	115	77	62	83	24	32
Other financial liabilities	16	9	9	1	2	0	1	0
Other liabilities	0	0	1	0	1	1	1	0
Provisions	15	15	15	13	10	9	9	3
Deferred tax	54	37	33	26	13	20	11	26
Liabilities going with businesses held for sale	–	–	0	–	–	64	4	6
	1,787	1,499	1,464	1,259	1,239	1,436	1,338	1,233
Held for sale or for a demerger	–	–	1	–	65	501	54	12
	1,081	987	950	961	799	722	957	825
Plant in use, after depreciation	686	667	628	430	461	248	254	167
Plant being built	14	29	22	5	23	16	18	17
Intangible assets	0	0	0	1	3	0	0	0
Goodwill	89	88	86	0	86	86	86	86
Intangible assets being developed	0	0	0	0	0	0	0	–
Property held to earn rent	1	1	1	1	1	3	24	47
Investments	206	140	156	176	157	319	527	471
Stakes in joint ventures and associates	0	0	5	202	5	4	4	–
Loans given	54	31	29	43	20	21	19	18
Other financial assets	3	1	2	5	10	15	9	–
Deferred tax	0	0	0	2	5	0	2	4
Other assets	28	31	21	97	30	8	15	15
	706	512	514	298	374	213	327	397
Inventories	196	131	118	110	105	38	30	7
Trade receivables	291	183	146	128	115	37	44	24
Cash and cash equivalents	32	59	25	1	5	4	9	8
Other bank balances	2	25	38	2	12	7	31	6
Current investments	123	47	125	0	70	72	68	133
Loans given	19	22	15	7	11	21	87	167
Other financial assets	9	9	11	26	26	34	48	43
Tax paid in advance	0	0	0	0	0	0	0	–
Other assets	35	35	36	24	30	0	9	8
Net debt	321	132	17	124	−2	29	−99	−144

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 12 Jun	Mar 2022Filed 16 Jun	Mar 2023Filed 31 May	Mar 2024Filed 7 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 30 May
	83	34	25	68	−40	−2
	79	42	31	49	−32	9
	1	30	30	−18	2	6
Receivables	29	16	15	−28	−22	−7
Inventories	10	9	3	4	−22	7
Payables	−28	5	−16	7	7	−7
Other working capital	−10	0	28	−2	40	13
Tax paid	0	−8	−6	0	−27	−8
Interest paid	11	0	0	8	−7	0
Capital spending	47	54	81	97	0	21
Free cash flow	36	−20	−56	−29	−40	−24
	−53	118	74	0	164	17
Plant and property sold	1	2	1	31	35	29
Interest received	6	7	5	0	3	16
Dividends received	2	3	5	6	−21	3
	−15	−176	−91	−78	−106	−15
Borrowings raised	0	0	0	0	−85	0
Borrowings repaid	1	−63	−68	−18	0	−6
Interest paid	−11	−11	−6	0	−8	−1
Lease payments	0	0	−2	0	−4	−1
Dividends paid	0	11	16	8	8	8
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	15	−24	7	−10	19	−1

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.Oricon Enterprises dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 29 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 16 Jun	Mar 2023Filed 31 May	Mar 2024Filed 7 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 30 May
Earnings per share	₹2.33	₹1.14	₹2.31	–	−₹0.12	₹8.15	₹0.95	₹1.91	₹8.87	₹1.64
Diluted earnings per share	₹2.25	₹1.14	₹2.31	–	−₹0.12	₹8.15	₹0.95	₹1.91	₹8.87	₹1.64
Dividend per share	₹0.46	₹0.50	₹0.50	₹0.80	₹0.50	₹1.00	₹0.50	₹0.50	₹0.50	₹0.20
Book value per share	–	–	₹55.87	₹55.14	₹58.81	₹64.31	₹65.78	₹74.83	₹79.73	₹73.34
Dividend payout	20.5%	–	21.6%	52.1%	–	12.3%	52.8%	26.2%	5.6%	12.2%
Shareholder yield	–	–	–	–	0.0%	2.3%	6.0%	1.4%	1.3%	0.8%
Market cap at the year end (₹ crore)	882	772	443	150	282	493	262	570	627	1,005

Earnings per share is left blank for the year to Mar 2020: 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.Oricon Enterprises PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 29 Jun	Mar 2021Filed 12 Jun	Mar 2022Filed 16 Jun	Mar 2023Filed 31 May	Mar 2024Filed 7 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 30 May
Revenue growth	0.0%	−12.4%	9.3%	−17.7%	–	–	18.2%	–	20.8%	–
Operating profit growth	–	−24.8%	45.0%	−7.6%	–	–	64.7%	–	–	–
Net profit growth	89.0%	−36.3%	79.6%	−36.5%	–	–	−86.9%	102.0%	363.9%	–
Earnings per share growth	95.8%	−51.1%	102.6%	–	–	–	−88.3%	101.1%	364.4%	–
	–	–	4.1%	2.8%	−0.2%	13.2%	1.5%	–	–	2.1%
	–	–	–	−1.4 pts	−3.0 pts	13.4 pts	−11.8 pts	–	–	–
From the net margin	–	–	–	−0.8 pts	–	–	–	–	–	–
From asset turnover	–	–	–	−0.3 pts	–	–	–	–	–	–
From borrowing	–	–	–	−0.2 pts	–	–	–	–	–	–
Return on capital employed	–	–	2.0%	0.5%	−2.5%	−0.7%	0.8%	–	−3.0%	−4.4%
Cash conversion	–	–	–	–	–	29.9%	166.1%	226.9%	−28.4%	–
Interest cover	1.7	0.0	1.7	0.4	–	–	1.2	–	–	–
Debt to equity	–	–	0.46	0.26	0.19	0.13	0.08	–	0.01	0.00
Receivable days	–	–	95	73	84	91	70	–	93	211
Inventory days	–	–	172	142	209	132	108	–	101	54
Payable days	–	–	78	109	116	61	55	–	109	116
Cash conversion cycle, days	–	–	189	106	177	163	122	–	86	149
Working capital days	–	–	119	91	119	153	117	–	355	1,795
Asset turnover	–	–	0.63	0.56	0.43	0.37	0.48	–	–	0.03
Assets per rupee of net worth	–	–	2.04	1.88	1.66	1.41	1.22	–	–	1.07
Sales per rupee of plant	–	–	1.63	1.38	1.01	1.19	1.31	0.58	0.68	0.25
Capital spending to depreciation	–	–	–	–	0.57	1.67	2.48	12.33	0.00	8.36
Plant being built, % of plant in use	–	–	2.0%	4.3%	3.6%	1.3%	4.9%	6.5%	7.0%	10.0%

Interest cover is left blank for the years to Mar 2021, Mar 2022, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2021, Mar 2022 and Mar 2023: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit 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. Revenue growth and operating profit growth are left blank for the year to Mar 2022: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2024 and Mar 2025: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2024: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth is left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Cash conversion is left blank for the year to Mar 2026: the profit stated for the year is its quarters' profit belonging to the company's shareholders added up, which leaves out the other owners' share those quarters state, so the group's profit is not stated. Revenue growth and earnings per share growth are left blank for the year to Mar 2026: 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%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−28.3%	−41.8%	−58.8%
Profit growth, yearly rate	3.3%	–	20.1%
Return on capital employed, average	–	−1.8%	−3.7%
Operating margin, average	−10.0%	−28.7%	−51.7%
Cash conversion cycle, days, average	–	130	118
Debt to equity, average	–	0.05	0.01

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	85	26	−2
Cash from investing	372	180	17
Cash from financing	−465	−198	−15
Capital spending	254	119	21
Dividends paid	50	24	8
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	–	0
Borrowings repaid	154	24	6

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	5	8	5	7	3
Altman Z-scorePublished threshold 1.81	–	–	1.88	1.81	1.94	3.24	2.68	2.61	6.08	9.13
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.91	−0.97	−2.61	−2.25	−2.30	−3.36
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.51	−2.79	−6.69	−2.83	1.09	0.89
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.17	0.80	0.29	0.13
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−19.34	11.09	6.96	−27.82	8.11	−0.68	30.82
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−14.31	28.95	−54.56	−21.98	7.92	−28.03	−21.84
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.08	0.34	0.66	0.86	−15.11	13.37	−14.10
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.40	0.50	–	0.36	–	1.28	–
Effective tax ratePublished threshold 17.16 per cent	33.42	30.08	18.40	−6.00	–	6.39	24.66	–	−38.97	34.44
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.15	−5.34	–	−1,264.09	7.67

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
25 Aug 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	WithdrawnReview, Other		90

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