Punj LLoyd financials and balance sheet

BSE: 532693Construction

Trading suspended since 7 Oct 2022

Last traded ₹2.25 on 6 Oct 2022

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
Peak revenue ₹5,080 Cr, year to Mar 2018A loss in 10 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 0.1% 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

  1. Revenue196
  2. Materials and goods−15
  3. Employee costs−17
  4. Other expenses−461
  5. Operating profit−298
  6. Depreciation−7.9
  7. Other income+76
  8. One-off items−1,312
  9. Finance costs−4.7
  10. Profit before tax−1,546
  11. Tax0.0
  12. Joint ventures−4.2
  13. Net profit−1,551

What the company owns

  • Receivables₹846 Cr
  • Plant, investments and other assets₹542 Cr
  • Cash and bank₹254 Cr
  • Inventory₹7 Cr

What pays for it: net worth and liabilities

  • Other liabilities₹974 Cr
  • Borrowings₹383 Cr
  • Owed to suppliers₹292 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Punj LLoyd quarterly results

₹ croreMar 2017Mar 2018Mar 2019Filed 19 SepMar 2020Filed 5 JunMar 2021Filed 5 JunMar 2022Filed 5 JunMar 2023Filed 4 JunMar 2024Filed 4 JunMar 2025Filed 3 JunMar 2026Filed 2 Jun
Revenue from operations4,8675,0802,1341,8261,2361,015856348164196
5,8835,56811,3681,4811,5791,8551,181739739494
Materials and goods bought1,7382,2361,5892412325115482115
Employee costs––606266103652413217
Other expenses––9,1739741,2431,8441,014649685461
Operating profit before depreciation−1,016−487−9,234344−343−840−325−391−574−298
Operating margin−20.9%−9.6%−432.8%18.9%−27.7%−82.8%−38.0%−112.4%−349.4%−152.2%
Materials, % of revenue––74.5%13.2%18.8%0.5%13.4%13.9%12.9%7.8%
Employee costs, % of revenue––28.4%14.6%8.4%0.6%6.1%11.9%19.8%8.6%
Other expenses, % of revenue––429.9%53.4%100.6%181.7%118.4%186.6%416.7%235.8%
Depreciation and amortisation221194121883631291598
Operating profit after depreciation−1,236−681−9,356256−378−871−354−406−584−306
Other income1,355505650383110681052411976
Finance costs1,0181,0871,4361,3241,4041,5638341175
Profit before one-off items and tax−900−1,264−10,142−685−1,672−2,367−331−423−482−234
One-off items000000000−1,312
Profit before tax−900−1,264−10,142−685−1,672−2,367−331−423−482−1,546
−35−1,2021,2092−248000
Share of profit of joint ventures and associates–−105−36600−22−17−4
−920−72−11,346−723−1,665−2,371−340−445−499−1,551
Other comprehensive income––−26158676−19443896855−544
Total comprehensive income––−11,372−565−988−2,390104451356−2,094
Net margin−18.9%−1.4%−531.8%−39.6%−134.7%−233.6%−39.7%−128.0%−303.7%−792.4%
Net margin without joint ventures and associates–−1.2%−532.0%−37.6%−135.2%−233.6%−39.7%−121.6%−293.1%−790.2%
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 2026: the filing's split of the profit between the company's shareholders and the other owners of its subsidiaries is contradicted by its own figures, which do not prove which line is the shareholders'.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ croreMar 2019Filed 19 SepMar 2020Filed 5 JunMar 2021Filed 5 JunMar 2022Filed 5 JunMar 2023Filed 4 JunMar 2024Filed 4 JunMar 2025Filed 3 JunMar 2026Filed 2 Jun
−13,471−14,032−15,663−17,351−17,146−17,804−17,607−886
−13,462−14,027−15,712−17,391−17,184−17,838−17,638−915
Share capital676767676767670
Reserves−13,529−14,094−15,779−17,458−17,251−17,905−17,706−915
Belonging to outside owners of subsidiaries−9−5494037343129
6,6929,3249,67910,06010,14910,03710,043383
16,13416,41317,79019,21118,96619,17618,7212,536
392411334265184330
Total assets3,0552,7922,4602,1252,0031,3741,1161,650
1,433993932761657285265103
1,6221,7991,5281,3641,3471,0898511,547
Net debt6,3798,8679,2819,6379,7789,7589,858129
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.

₹ croreMar 2019Filed 19 SepMar 2020Filed 5 JunMar 2021Filed 5 JunMar 2022Filed 5 JunMar 2023Filed 4 JunMar 2024Filed 4 JunMar 2025Filed 3 JunMar 2026Filed 2 Jun
−1,248−430−390−742−493−246−79−116
−1,234815875695−499−234−117−65
3,3162678431,508−42719060−102
Receivables191−898681−71−25174862
Inventories−76401611143−6
Payables980−333−25−171−160−133−239−681
Other working capital2,2216497661,586−198344123−277
Tax paid−15332837981−64
Interest paid0−1,361−1,366−1,505−79−31−90
Capital spending13703383185337344
Free cash flow−1,385−430−423−824−678−279−152−160
−1644550445186182−109223
1,1566125438089458−1
Dividends paid00000000
Shares bought back00000000
Shares issued00000000
Net change in cash−25786−13584−218−61−130107
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 and Mar 2018.

Per share

Consolidated, ₹ per share, years to March.Punj LLoyd dividend history

₹ per shareMar 2017Mar 2018Mar 2019Filed 19 SepMar 2020Filed 5 JunMar 2021Filed 5 JunMar 2022Filed 5 JunMar 2023Filed 4 JunMar 2024Filed 4 JunMar 2025Filed 3 JunMar 2026Filed 2 Jun
Earnings per share−₹27.70−₹2.28−₹337.64−₹21.68−₹51.15−₹70.43−₹10.05−₹13.17−₹14.79−₹47.17
Diluted earnings per share−₹27.70−₹2.28−₹337.64−₹21.68−₹51.15−₹70.43−₹10.05–−₹14.79−₹47.17
Book value per share––−₹401.13−₹417.98−₹468.19−₹518.20−₹512.03−₹531.53−₹525.58−₹18,298.60
Shareholder yield––0.0%0.0%0.0%0.0%––––
Market cap at the year end (₹ crore)643–69295072––––

Ratios

Consolidated, years to March.

RatioMar 2017Mar 2018Mar 2019Filed 19 SepMar 2020Filed 5 JunMar 2021Filed 5 JunMar 2022Filed 5 JunMar 2023Filed 4 JunMar 2024Filed 4 JunMar 2025Filed 3 JunMar 2026Filed 2 Jun
Revenue growth12.7%4.4%−58.0%−14.4%−32.3%−17.9%−15.6%−59.4%−52.7%19.0%
––84.4%5.3%11.5%14.3%2.0%2.5%2.8%–
–––−79.1 pts6.2 pts2.7 pts−12.3 pts0.6 pts0.3 pts–
From the net margin–––−78.0 pts13.2 pts7.8 pts−11.8 pts4.4 pts3.5 pts–
From asset turnover–––−0.7 pts−4.5 pts−1.2 pts−0.2 pts−3.2 pts−2.2 pts–
From borrowing–––−0.4 pts−2.4 pts−3.9 pts−0.3 pts−0.6 pts−1.0 pts–
Interest cover–––0.2––––––
Receivable days––831151441141654335301,579
Inventory days––175229577222513170
Payable days––8405,1465,2982,29,1949,65621,72247,8097,005
Cash conversion cycle, days––−740−4,979−5,124−2,28,503−9,469−21,263−47,266−5,257
Working capital days––−1,450−1,230−2,160−3,048−3,419−8,738−17,786−1,603
Asset turnover––0.700.620.470.440.410.210.130.14
Assets per rupee of net worth––−0.23−0.21−0.18−0.14−0.12−0.10−0.07−0.15
Sales per rupee of plant––3.505.974.584.265.072.261.1846.37
Capital spending to depreciation––1.130.000.922.646.462.168.055.50
Plant being built, % of plant in use––13.5%25.9%29.4%0.0%0.0%0.0%0.0%0.0%
Interest cover is left blank for the years to Mar 2017, Mar 2018, Mar 2019, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. 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.

Measure10 years5 years3 years
Revenue growth, yearly rate−26.6%−30.8%−38.9%
Return on equity, average–5.4%2.7%
Operating margin, average−120.7%−146.9%−204.6%
Net margin, average−222.4%−299.5%−408.0%
Asset turnover, average–0.270.16
Cash conversion cycle, days, average–−62,352−24,595

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.

₹ crore5 years3 yearsLatest year
Cash from operations−1,676−442−116
Cash from investing928296223
Cash from financing53061−1
Capital spending41714944
Dividends paid000
Shares bought back000
Shares issued for cash000
Borrowings raised215640
Borrowings repaid7471260

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9––344336
Altman Z-scorePublished threshold 1.81−20.60−11.94−16.77−22.35––––
Beneish M-scorePublished threshold −1.78–−3.00−4.97−6.74−1.76−2.55−4.58−4.49
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets–−25.58−48.56−90.48−1.60−22.57−24.97−119.87
Receivables growth less revenue growthOur threshold 0 percentage points–32.7417.06−17.1738.0165.9110.60235.19
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–30.62−42.0841.19−2,169.376.52−22.24899.70
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–−0.55−8.84−0.65−4.04−53.8019.506.58
Assets under construction, years of additionsOur threshold 2 years of additions–––––0.00––
A threshold marked as ours has no published figure; it is the line we read the check against.