Pidilite Industries financials and balance sheet

NSE: PIDILITINDBSE: 500331Chemicals & PetrochemicalsLarge Cap

₹1,487.70₹6.50 (0.44%)BSE ₹1,514.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,481.20.

52-week range of traded prices to 23 Oct 2026

₹1,259.00Low, 6 Apr 2026₹1,707.50High, 14 Aug 2026

Next results date: the board meets on 28 Oct 2026 to consider: financial results.

Market cap: ₹1,51,528 Cr57th largest listed
P/E: 57.2
P/B: 14.0
Dividend yield: 0.77%
ROE: 25.7%
ROCE: 30.3%
Debt to equity: 0.01
Volume, NSE: 3,08,19659.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Pidilite Industries 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 2.0% 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 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue14,601
Materials and goods−6,489
Employee costs−1,941
Other expenses−2,652
Operating profit3,519
Depreciation−395
Other income+266
One-off items−14
Finance costs−54
Profit before tax3,323
Tax−849
Joint ventures−2.4
Net profit2,471

What the company owns

Plant, investments and other assets₹7,295 Cr
Current investments₹3,920 Cr
Receivables₹2,181 Cr
Inventory₹1,738 Cr
Cash and bank₹299 Cr

What pays for it: net worth and liabilities

Net worth₹11,049 Cr
Other liabilities₹2,742 Cr
Owed to suppliers₹1,537 Cr
Borrowings₹106 Cr

Pidilite Industries 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.Pidilite Industries segment results by quarter

Revenue by segment

₹14,845 CrTotal

Consumer & Bazaar₹11,574 Cr78.0% of total
Business to Business₹3,211 Cr21.6% of total
Others₹61 Cr0.4% of total

Profit by segment

Consumer & Bazaar₹3,546 Cr87.0% of total
Business to Business₹529 Cr13.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Consumer & Bazaar
Revenue, ₹ crore
5,574
9,958
10,392
11,574
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,547
2,717
2,979
3,546
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Business to Business
Revenue, ₹ crore
1,797
1,575
2,278
2,580
2,639
2,995
3,211
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
271
118
153
234
319
489
529
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
66
76
39
64
102
61
57
61
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−9
−5
−2
−2
6
3
1
−9
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	7,202	7,447	7,423	10,136	12,083	12,657	13,444	14,845
Company revenue, as in its results	7,079	7,294	7,293	9,921	11,799	12,383	13,140	14,601
Revenue	–	5,574	–	–	–	9,958	10,392	11,574
Revenue growth	–	–	–	–	–	–	4.4%	11.4%
Profit	–	1,547	–	–	–	2,717	2,979	3,546
Profit growth	–	–	–	–	–	–	9.7%	19.0%
Margin	–	27.8%	–	–	–	27.3%	28.7%	30.6%
Return on capital	–	73.4%	–	–	–	50.9%	58.6%	66.2%
Assets	–	3,070	–	–	–	7,281	7,746	8,341
Liabilities	–	962	–	–	–	1,941	2,659	2,987
Capital employed	–	2,108	–	–	–	5,340	5,086	5,354
Revenue	–	1,797	1,575	2,278	2,580	2,639	2,995	3,211
Revenue growth	–	–	−12.3%	44.6%	13.2%	2.3%	13.5%	7.2%
Profit	–	271	118	153	234	319	489	529
Profit growth	–	–	−56.4%	29.3%	53.4%	36.3%	53.2%	8.2%
Margin	–	15.1%	7.5%	6.7%	9.1%	12.1%	16.3%	16.5%
Return on capital	–	39.5%	16.2%	17.4%	27.3%	36.6%	38.2%	36.1%
Assets	–	1,383	1,566	1,851	1,830	1,862	2,123	2,307
Liabilities	–	696	837	974	971	991	842	842
Capital employed	–	686	728	877	859	871	1,281	1,465
Revenue	66	76	39	64	102	61	57	61
Revenue growth	–	–	−49.6%	–	–	–	–	–
Profit	−9	−5	−2	−2	6	3	1	−9
Margin	−13.6%	−6.0%	−4.8%	−3.4%	5.5%	5.4%	1.5%	−15.3%
Return on capital	−14.3%	−6.4%	−9.8%	−20.1%	42.1%	51.2%	3.0%	−21.3%
Assets	74	76	21	12	17	9	33	47
Liabilities	11	5	2	1	4	3	3	3
Capital employed	63	72	19	11	13	6	29	43
Revenue	6,070	–	5,809	7,794	9,402	–	–	–
Revenue growth	–	–	–	34.2%	20.6%	–	–	–
Profit	1,450	–	1,774	1,934	2,055	–	–	–
Profit growth	–	–	–	9.0%	6.3%	–	–	–
Margin	23.9%	–	30.5%	24.8%	21.9%	–	–	–
Return on capital	69.1%	–	37.7%	37.9%	35.6%	–	–	–
Assets	3,203	–	6,353	6,804	7,320	–	–	–
Liabilities	1,104	–	1,653	1,699	1,540	–	–	–
Capital employed	2,099	–	4,700	5,105	5,780	–	–	–
Revenue	1,066	–	–	–	–	–	–	–
Profit	154	–	–	–	–	–	–	–
Margin	14.5%	–	–	–	–	–	–	–
Return on capital	41.9%	–	–	–	–	–	–	–
Assets	584	–	–	–	–	–	–	–
Liabilities	216	–	–	–	–	–	–	–
Capital employed	368	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Pidilite Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 15 May	Mar 2020Filed 18 Jun	Mar 2021Filed 13 May	Mar 2022Filed 19 May	Mar 2023Filed 9 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue from operations	6,062	6,219	7,079	7,294	7,293	9,921	11,799	12,383	13,140	14,601
	4,803	4,878	5,711	5,718	5,612	8,074	9,815	9,676	10,128	11,082
Materials and goods bought	2,640	2,888	3,587	3,403	3,377	5,444	6,759	5,994	5,996	6,489
Employee costs	–	–	837	927	981	1,112	1,246	1,465	1,742	1,941
Other expenses	–	–	1,287	1,389	1,255	1,517	1,810	2,217	2,390	2,652
Operating profit before depreciation	1,260	1,341	1,368	1,576	1,681	1,847	1,984	2,707	3,013	3,519
Operating margin	20.8%	21.6%	19.3%	21.6%	23.0%	18.6%	16.8%	21.9%	22.9%	24.1%
Materials, % of revenue	–	–	50.7%	46.6%	46.3%	54.9%	57.3%	48.4%	45.6%	44.4%
Employee costs, % of revenue	–	–	11.8%	12.7%	13.4%	11.2%	10.6%	11.8%	13.3%	13.3%
Other expenses, % of revenue	–	–	18.2%	19.0%	17.2%	15.3%	15.3%	17.9%	18.2%	18.2%
Depreciation and amortisation	115	120	133	170	201	240	270	341	358	395
Operating profit after depreciation	1,145	1,221	1,235	1,406	1,480	1,608	1,715	2,367	2,654	3,124
Other income	112	148	147	149	79	36	50	140	247	266
Finance costs	14	16	26	34	37	42	48	51	50	54
Profit before one-off items and tax	1,243	1,354	1,356	1,522	1,522	1,602	1,717	2,455	2,851	3,336
One-off items	0	0	−18	−55	−4	0	0	−72	−25	−14
Profit before tax	1,243	1,354	1,338	1,467	1,519	1,602	1,717	2,383	2,826	3,323
	385	393	413	348	396	407	434	632	727	849
Current tax	375	374	407	384	400	408	438	639	713	846
Deferred tax	10	19	7	−36	−4	−1	−4	−7	14	3
Share of profit of joint ventures and associates	5	0	4	3	4	12	7	−4	−3	−2
	863	966	928	1,122	1,126	1,207	1,289	1,747	2,096	2,471
Belonging to the company's shareholders	863	966	928	1,116	1,131	1,208	1,273	1,729	2,076	2,449
Belonging to outside owners of subsidiaries	–	–	–	6	−5	−1	16	18	20	22
Other comprehensive income	–	–	3	4	−11	−22	32	32	−6	24
Total comprehensive income	–	–	931	1,126	1,115	1,185	1,321	1,779	2,090	2,495
Net margin	14.2%	15.5%	13.1%	15.4%	15.4%	12.2%	10.9%	14.1%	16.0%	16.9%
Net margin without joint ventures and associates	14.2%	15.5%	13.1%	15.3%	15.4%	12.0%	10.9%	14.1%	16.0%	16.9%

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 15 May	Mar 2020Filed 18 Jun	Mar 2021Filed 13 May	Mar 2022Filed 19 May	Mar 2023Filed 9 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	4,355	4,671	5,833	6,603	7,446	8,617	9,958	11,049
	4,148	4,456	5,593	6,404	7,212	8,407	9,754	10,832
Share capital	51	51	51	51	51	51	51	102
Reserves	4,097	4,405	5,542	6,353	7,161	8,356	9,704	10,730
Belonging to outside owners of subsidiaries	207	216	240	199	234	210	203	216
	111	169	214	287	163	131	147	106
Repayable after a year	9	25	12	2	0	0	0	0
Repayable within a year	103	144	202	286	163	131	147	106
	1,301	1,615	2,435	2,325	2,411	2,798	3,290	3,585
Trade payables	581	621	1,007	1,049	1,064	1,148	1,390	1,537
Other financial liabilities	497	697	1,062	813	990	1,169	1,371	1,554
Other liabilities	90	122	115	121	115	125	102	97
Provisions	20	22	25	43	35	196	250	258
Tax owed	11	9	25	14	44	28	30	34
	259	250	563	588	668	689	764	799
Other financial liabilities	86	90	94	116	190	198	224	230
Provisions	44	52	58	72	80	99	134	157
Deferred tax	120	82	398	398	398	392	405	413
	5,915	6,536	8,830	9,516	10,525	12,104	14,011	15,433
Held for sale or for a demerger	–	–	–	–	–	3	–	–
	2,333	2,775	5,315	5,500	5,964	6,268	6,549	6,901
Plant in use, after depreciation	913	1,289	1,443	1,758	2,001	2,554	2,836	2,931
Plant being built	242	259	294	225	406	148	129	329
Intangible assets	349	334	1,691	1,659	1,624	1,614	1,587	1,556
Goodwill	185	184	1,284	1,287	1,290	1,282	1,282	1,287
Investments	372	441	307	224	255	260	289	264
Stakes in joint ventures and associates	24	25	32	61	95	105	100	166
Loans given	3	4	5	5	6	8	6	7
Other financial assets	42	43	51	64	68	72	70	52
Deferred tax	11	13	17	21	20	28	28	34
Other assets	191	182	191	195	199	196	222	276
	3,582	3,761	3,515	4,016	4,562	5,833	7,462	8,532
Inventories	934	929	1,234	1,695	1,817	1,415	1,685	1,738
Trade receivables	1,056	1,089	1,321	1,431	1,535	1,675	1,811	2,181
Cash and cash equivalents	128	692	443	352	310	515	324	232
Other bank balances	62	11	9	3	16	18	12	66
Current investments	1,151	720	176	174	531	1,870	3,162	3,920
Loans given	12	17	17	17	27	34	38	37
Other financial assets	72	103	85	86	86	26	36	39
Tax paid in advance	3	2	3	3	1	0	0	–
Other assets	163	198	227	255	237	280	394	318
Net debt	−1,231	−1,254	−414	−241	−695	−2,272	−3,351	−4,113

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 13 May	Mar 2022Filed 19 May	Mar 2023Filed 9 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	1,481	955	1,558	2,724	2,285	2,829
	1,796	1,417	1,969	3,372	3,018	3,692
	52	−510	−79	623	−139	−12
Receivables	−165	−123	−84	−144	−156	−368
Inventories	−279	−460	−143	389	−278	−61
Payables	355	76	32	103	239	131
Other working capital	141	−3	117	275	56	286
Tax paid	−371	−462	−412	−648	−733	−862
Interest paid	37	0	0	0	0	0
Capital spending	359	375	505	559	452	593
Free cash flow	1,121	581	1,052	2,166	1,833	2,237
	9,009	−558	−899	−1,770	−1,540	−1,225
Plant and property sold	2	1	8	6	4	4
Companies bought	2,057	−262	0	0	−10	0
Interest received	17	5	5	12	15	18
Dividends received	1	1	1	0	0	5
	128	−468	−656	−742	−918	−1,673
Borrowings raised	28	103	0	0	35	0
Borrowings repaid	11	−18	−81	−13	0	−18
Interest paid	29	−33	−35	−19	−13	−29
Lease payments	34	0	−49	−99	−101	−91
Dividends paid	1	432	508	560	813	1,526
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	1
Net change in cash	10,618	−71	2	212	−173	−68

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.Pidilite Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 15 May	Mar 2020Filed 18 Jun	Mar 2021Filed 13 May	Mar 2022Filed 19 May	Mar 2023Filed 9 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	₹8.39	₹9.48	₹9.11	₹10.99	₹11.13	₹11.88	₹12.53	₹17.01	₹20.41	₹24.07
As stated that year	₹16.77	₹18.95	₹18.21	₹21.98	₹22.26	₹23.76	₹25.05	₹34.01	₹40.82	₹24.07
	₹8.39	₹9.47	₹9.10	₹10.99	₹11.12	₹11.88	₹12.52	₹16.99	₹20.37	₹24.01
As stated that year	₹16.77	₹18.94	₹18.20	₹21.97	₹22.24	₹23.75	₹25.03	₹33.98	₹40.73	₹24.01
	₹2.38	₹3.00	₹3.25	₹3.50	₹4.25	₹5.00	₹5.50	₹8.00	₹10.00	₹16.50
As declared that year	₹4.75	₹6.00	₹6.50	₹7.00	₹8.50	₹10.00	₹11.00	₹16.00	₹20.00	–
	–	–	₹40.83	₹43.85	₹55.03	₹62.99	₹70.95	₹82.65	₹95.90	₹106.43
On that year's share count	–	–	₹81.66	₹87.69	₹110.05	₹125.98	₹141.89	₹165.30	₹191.79	₹106.43
Dividend payout	28.2%	31.5%	35.6%	31.9%	38.2%	42.1%	43.9%	47.1%	49.0%	68.6%
Shareholder yield	–	–	–	–	0.0%	0.3%	0.4%	0.4%	0.6%	1.2%
Market cap at the year end (₹ crore)	35,844	47,066	63,307	68,907	91,944	1,24,717	1,19,605	1,53,330	1,44,929	1,30,776

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 2026: 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.Pidilite Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 15 May	Mar 2020Filed 18 Jun	Mar 2021Filed 13 May	Mar 2022Filed 19 May	Mar 2023Filed 9 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue growth	12.9%	–	–	3.0%	0.0%	36.0%	18.9%	4.9%	6.1%	11.1%
Operating profit growth	6.9%	6.5%	2.0%	15.2%	6.6%	9.9%	7.4%	36.4%	11.3%	16.8%
Net profit growth	14.3%	11.9%	−3.9%	20.9%	0.4%	7.2%	6.8%	35.6%	20.0%	17.9%
Earnings per share growth	13.8%	13.0%	−3.9%	20.7%	1.3%	6.7%	5.4%	35.8%	20.0%	17.9%
	–	–	22.4%	26.0%	22.5%	20.1%	18.7%	22.1%	22.9%	23.8%
	–	–	–	3.6 pts	−3.4 pts	−2.4 pts	−1.4 pts	3.4 pts	0.7 pts	0.9 pts
From the net margin	–	–	–	3.8 pts	0.4 pts	−4.8 pts	−2.3 pts	5.5 pts	2.9 pts	1.4 pts
From asset turnover	–	–	–	−0.5 pts	−5.0 pts	2.5 pts	1.6 pts	−1.7 pts	−2.0 pts	−0.4 pts
From borrowing	–	–	–	0.4 pts	1.2 pts	0.0 pts	−0.7 pts	−0.4 pts	−0.2 pts	−0.1 pts
Return on capital employed	–	–	27.7%	29.0%	24.5%	23.3%	22.5%	27.1%	26.3%	28.0%
Cash conversion	–	–	–	–	131.5%	79.2%	120.8%	155.9%	109.0%	114.5%
Interest cover	82.2	78.6	47.4	41.8	39.8	38.2	36.0	46.2	52.7	57.6
Debt to equity	–	–	0.03	0.04	0.04	0.04	0.02	0.02	0.01	0.01
Receivable days	–	–	54	54	66	53	47	49	50	55
Inventory days	–	–	95	100	133	114	98	86	103	98
Payable days	–	–	59	67	109	70	57	70	85	86
Cash conversion cycle, days	–	–	90	88	91	96	88	66	68	66
Working capital days	–	–	54	43	33	53	45	22	23	21
Asset turnover	–	–	1.20	1.17	0.95	1.08	1.18	1.09	1.01	0.99
Assets per rupee of net worth	–	–	1.43	1.45	1.53	1.53	1.47	1.45	1.44	1.43
Sales per rupee of plant	–	–	7.75	5.66	5.05	5.64	5.90	4.85	4.63	4.98
Capital spending to depreciation	–	–	–	–	1.79	1.56	1.87	1.64	1.26	1.50
Plant being built, % of plant in use	–	–	26.5%	20.1%	20.4%	12.8%	20.3%	5.8%	4.5%	11.2%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, 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: 16.6%
Cash from operations against operating profit: 80.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.5%	14.9%	7.4%
Profit growth, yearly rate	12.5%	16.7%	24.4%
Return on equity, average	–	21.5%	22.9%
Return on capital employed, average	–	25.4%	27.1%
Operating margin, average	21.1%	20.9%	23.0%
Net margin, average	14.4%	14.0%	15.7%
Asset turnover, average	–	1.07	1.03
Cash conversion cycle, days, average	–	77	67
Interest cover, average	52.1	46.2	52.2
Debt to equity, average	–	0.02	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	10,352	7,839	2,829
Cash from investing	−5,992	−4,535	−1,225
Cash from financing	−4,458	−3,333	−1,673
Capital spending	2,484	1,604	593
Dividends paid	3,839	2,899	1,526
Shares bought back	0	0	0
Shares issued for cash	1	1	1
Borrowings raised	138	35	0
Borrowings repaid	130	31	18

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	–	–	–	–	5	5	7	6	7	6
Altman Z-scorePublished threshold 1.81	–	–	27.75	25.39	20.84	28.46	26.18	29.34	24.39	20.92
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.89	−2.11	−2.47	−2.96	−2.56	−2.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−121.87	8.83	6.29	7.01	10.35	5.88
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.10	1.23	1.28	1.24
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	0.03	21.39	−27.75	−11.61	4.13	2.03	9.31
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	4.60	33.54	−23.88	−16.96	−10.81	19.06	−5.10
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.89	0.18	0.29	−0.17	−0.15	0.94	−0.50
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.48	0.83	0.41	0.79	0.17	0.20	0.67
Effective tax ratePublished threshold 17.16 per cent	30.98	29.00	30.88	23.71	26.10	25.41	25.30	26.51	25.71	25.57
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.43	1.32	−0.68	−0.22	−0.38

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
2 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		37
2 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	100
2 Sep 2025	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		250

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