Rane Holdings financials and balance sheet

NSE: RANEHOLDINBSE: 505800FinanceSmall Cap

Formerly Rane (madras)

₹1,431.90₹4.10 (0.29%)BSE ₹1,419.80

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,436.00.

52-week range of traded prices to 23 Oct 2026

₹981.00Low, 30 Mar 2026₹1,894.50High, 4 Aug 2026

Next results date: the board meets on 12 Nov 2026 to consider: financial results.

Market cap: ₹2,044 Cr1,201st largest listed
P/E: 24.2
P/B: 1.8
Dividend yield: 3.28%
ROE: 7.5%
ROCE: 9.9%
Debt to equity: 0.62
Volume, NSE: 7,18868.9% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹5,883 Cr, year to Mar 2026A loss in 2 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 3.0% 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

Revenue5,883
Materials and goods−3,900
Employee costs−683
Other expenses−864
Operating profit437
Depreciation−210
Other income+24
One-off items+20
Finance costs−75
Profit before tax196
Tax−40
Joint ventures−19
Net profit137

What the company owns

Plant, investments and other assets₹2,070 Cr
Receivables₹1,066 Cr
Inventory₹642 Cr
Cash and bank₹55 Cr
Current investments₹10 Cr

What pays for it: net worth and liabilities

Net worth₹1,426 Cr
Borrowings₹882 Cr
Owed to suppliers₹826 Cr
Other liabilities₹710 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Rane Holdings quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 25 Jun	Mar 2021Filed 28 May	Mar 2022Filed 7 Jun	Mar 2023Filed 18 May	Mar 2024Filed 17 May	Mar 2025Filed 13 Jun	Mar 2026Filed 15 May
Revenue from operations	2,971	2,340	2,549	2,155	2,035	2,677	3,508	3,530	4,362	5,883
	2,661	2,100	2,319	2,013	1,923	2,512	3,189	3,208	4,034	5,446
Materials and goods bought	1,662	1,186	1,359	1,123	1,106	1,508	2,029	2,013	2,716	3,900
Employee costs	–	–	446	442	401	480	527	511	562	683
Other expenses	–	–	515	448	415	524	633	684	755	864
Operating profit before depreciation	309	240	230	142	112	166	319	321	328	437
Operating margin	10.4%	10.2%	9.0%	6.6%	5.5%	6.2%	9.1%	9.1%	7.5%	7.4%
Materials, % of revenue	–	–	53.3%	52.1%	54.4%	56.3%	57.8%	57.0%	62.3%	66.3%
Employee costs, % of revenue	–	–	17.5%	20.5%	19.7%	17.9%	15.0%	14.5%	12.9%	11.6%
Other expenses, % of revenue	–	–	20.2%	20.8%	20.4%	19.6%	18.0%	19.4%	17.3%	14.7%
Depreciation and amortisation	138	118	126	128	120	129	142	137	168	210
Operating profit after depreciation	172	122	104	15	−9	37	178	184	159	227
Other income	58	17	21	29	22	37	29	14	19	24
Finance costs	50	44	48	51	40	34	50	71	86	75
Profit before one-off items and tax	181	95	77	−8	−26	40	157	127	93	176
One-off items	75	14	−1	−53	22	41	−18	−109	201	20
Profit before tax	256	109	76	−61	−4	81	139	18	293	196
	73	87	80	0	29	39	51	−74	108	40
Current tax	–	–	94	27	37	40	59	30	12	12
Deferred tax	–	–	−15	−26	−8	−2	−8	−104	96	28
Share of profit of joint ventures and associates	3	127	120	51	−27	−7	−1	57	35	−19
	137	149	116	−10	−60	35	87	150	221	137
Belonging to the company's shareholders	137	130	104	−3	−51	24	62	124	207	98
Belonging to outside owners of subsidiaries	–	–	12	−8	−10	11	25	26	14	39
Other comprehensive income	–	–	0	−18	18	9	−17	3	6	2
Total comprehensive income	–	–	116	−29	−42	44	71	152	227	139
Net margin	4.6%	6.3%	4.5%	−0.5%	−3.0%	1.3%	2.5%	4.2%	5.1%	2.3%
Net margin without joint ventures and associates	4.5%	0.9%	−0.1%	−2.8%	−1.6%	1.6%	2.5%	2.6%	4.3%	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.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 30 May	Mar 2020Filed 25 Jun	Mar 2021Filed 28 May	Mar 2022Filed 7 Jun	Mar 2023Filed 18 May	Mar 2024Filed 17 May	Mar 2025Filed 13 Jun	Mar 2026Filed 15 May
	1,120	1,053	986	1,006	1,051	1,169	1,349	1,426
	866	822	764	776	808	906	1,106	1,154
Share capital	14	14	14	14	14	14	14	14
Reserves	851	808	750	762	794	892	1,092	1,140
Belonging to outside owners of subsidiaries	254	230	221	229	243	263	243	272
	501	535	536	777	853	822	995	882
Repayable after a year	193	258	311	324	335	305	268	70
Repayable within a year	308	277	225	452	518	517	727	812
	879	804	913	1,066	1,139	1,112	1,834	2,174
Trade payables	385	329	463	499	486	422	760	826
Other financial liabilities	124	148	182	80	94	94	178	359
Other liabilities	43	31	23	24	28	50	99	120
Provisions	20	19	19	11	13	28	70	55
Tax owed	0	0	3	0	0	0	0	2
	226	310	383	396	402	365	378	243
Other financial liabilities	0	8	9	10	11	27	56	109
Other liabilities	4	24	11	14	13	4	5	5
Provisions	16	16	41	41	40	27	31	45
Deferred tax	12	4	11	8	4	2	19	15
	2,225	2,167	2,282	2,468	2,592	2,646	3,561	3,843
Held for sale or for a demerger	–	0	–	–	–	–	26	0
	1,308	1,391	1,369	1,372	1,355	1,439	1,849	1,931
Plant in use, after depreciation	708	713	712	755	777	696	995	1,103
Plant being built	33	52	35	27	38	45	109	139
Intangible assets	16	19	17	17	17	34	76	12
Goodwill	74	72	72	71	71	69	69	65
Intangible assets being developed	0	0	–	1	0	0	23	37
Property held to earn rent	0	0	0	0	0	0	0	0
Investments	385	24	47	49	47	48	46	51
Stakes in joint ventures and associates	0	341	310	292	273	297	288	235
Other financial assets	34	67	73	62	28	17	24	26
Deferred tax	23	32	37	35	39	142	110	80
Other assets	34	71	66	63	64	91	109	185
	917	775	913	1,097	1,237	1,208	1,686	1,912
Inventories	303	296	280	400	437	421	552	642
Trade receivables	478	360	486	575	642	604	921	1,066
Cash and cash equivalents	36	59	61	27	47	36	40	53
Other bank balances	1	1	2	1	1	1	2	2
Current investments	2	4	23	12	25	28	34	10
Loans given	0	0	0	1	0	0	1	1
Other financial assets	9	6	10	11	23	33	40	42
Tax paid in advance	29	0	–	0	0	0	0	0
Other assets	59	48	49	68	61	84	96	96
Net debt	463	471	450	737	779	757	918	817

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 28 May	Mar 2022Filed 7 Jun	Mar 2023Filed 18 May	Mar 2024Filed 17 May	Mar 2025Filed 13 Jun	Mar 2026Filed 15 May
	132	15	186	233	513	280
	160	57	246	282	524	334
	52	−144	−71	−35	−5	−123
Receivables	−126	−87	−93	4	−118	−141
Inventories	15	−116	−35	−7	7	−89
Payables	129	39	−9	−33	39	67
Other working capital	33	21	66	2	67	40
Tax paid	−28	−42	−60	−49	−11	−54
Capital spending	102	133	158	209	225	316
Free cash flow	30	−118	28	24	289	−36
	−96	−114	−152	−105	−200	0
Plant and property sold	24	0	1	42	33	99
Companies bought	0	−23	0	0	0	0
Interest received	2	2	3	2	8	1
Dividends received	3	6	17	33	36	36
	−36	65	−14	−138	−324	−256
Borrowings raised	454	233	172	204	109	6,139
Borrowings repaid	−426	−102	−108	−236	−290	−6,241
Interest paid	−35	−39	−48	−68	−85	−73
Lease payments	−3	−4	−5	−5	−9	0
Dividends paid	10	10	25	34	49	62
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	0	−34	20	−9	−11	23

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.Rane Holdings dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 25 Jun	Mar 2021Filed 28 May	Mar 2022Filed 7 Jun	Mar 2023Filed 18 May	Mar 2024Filed 17 May	Mar 2025Filed 13 Jun	Mar 2026Filed 15 May
Earnings per share	₹95.83	₹91.26	₹72.65	−₹1.90	−₹35.42	₹16.91	₹43.61	₹86.67	₹145.13	₹68.54
Diluted earnings per share	₹95.83	₹91.26	₹72.65	−₹1.90	−₹35.42	₹16.91	₹43.61	₹86.67	₹145.13	₹68.54
Dividend per share	₹8.50	₹14.50	₹19.00	₹8.00	–	–	₹17.00	₹25.00	₹38.00	₹47.00
Book value per share	–	–	₹606.31	₹575.94	₹535.44	₹543.65	₹565.83	₹634.60	₹774.36	₹808.00
Dividend payout	8.9%	15.9%	26.2%	–	–	–	39.0%	28.8%	26.2%	68.6%
Shareholder yield	–	–	–	–	1.2%	1.2%	2.0%	2.2%	2.7%	4.4%
Market cap at the year end (₹ crore)	1,282	3,482	1,701	460	843	841	1,236	1,539	1,822	1,416

Ratios

Consolidated, years to March.Rane Holdings PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 25 Jun	Mar 2021Filed 28 May	Mar 2022Filed 7 Jun	Mar 2023Filed 18 May	Mar 2024Filed 17 May	Mar 2025Filed 13 Jun	Mar 2026Filed 15 May
Revenue growth	23.4%	−21.2%	8.9%	−15.5%	−5.6%	31.6%	31.0%	0.6%	23.6%	34.9%
Operating profit growth	34.2%	−22.6%	−4.1%	−38.1%	−21.4%	48.4%	92.8%	0.6%	2.0%	33.2%
Net profit growth	108.8%	8.6%	−22.0%	–	–	–	149.0%	71.4%	47.6%	−38.1%
Earnings per share growth	108.8%	−4.8%	−20.4%	–	–	–	157.9%	98.7%	67.5%	−52.8%
	–	–	12.0%	−0.3%	−6.4%	3.1%	7.9%	14.4%	20.6%	8.7%
	–	–	–	−12.3 pts	−6.1 pts	9.5 pts	4.7 pts	6.6 pts	6.2 pts	−11.9 pts
From the net margin	–	–	–	−12.4 pts	−6.0 pts	8.7 pts	3.0 pts	7.7 pts	5.1 pts	−13.4 pts
From asset turnover	–	–	–	0.1 pts	0.4 pts	0.5 pts	1.4 pts	−0.4 pts	0.8 pts	0.9 pts
From borrowing	–	–	–	0.0 pts	−0.5 pts	0.3 pts	0.3 pts	−0.7 pts	0.2 pts	0.5 pts
Return on capital employed	–	–	6.4%	0.9%	−0.6%	2.1%	9.3%	9.3%	6.8%	9.8%
Cash conversion	–	–	–	–	–	43.7%	213.3%	156.0%	232.3%	204.4%
Interest cover	3.5	2.8	2.2	0.3	–	1.1	3.6	2.6	1.9	3.0
Debt to equity	–	–	0.45	0.51	0.54	0.77	0.81	0.70	0.74	0.62
Receivable days	–	–	68	61	87	78	67	62	77	66
Inventory days	–	–	82	96	92	97	79	76	74	60
Payable days	–	–	103	107	153	121	87	77	102	77
Cash conversion cycle, days	–	–	47	50	27	54	58	62	49	49
Working capital days	–	–	44	31	25	60	56	57	42	30
Asset turnover	–	–	1.15	0.98	0.91	1.13	1.39	1.35	1.41	1.59
Assets per rupee of net worth	–	–	2.57	2.60	2.80	3.08	3.19	3.06	3.09	3.28
Sales per rupee of plant	–	–	3.60	3.02	2.86	3.55	4.51	5.07	4.38	5.34
Capital spending to depreciation	–	–	–	–	0.85	1.03	1.12	1.53	1.33	1.50
Plant being built, % of plant in use	–	–	4.7%	7.3%	4.8%	3.5%	4.9%	6.5%	10.9%	12.6%

Interest cover is left blank for the year to Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. 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: 2.6%
Cash from operations against operating profit: 64.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.3%	23.7%	18.8%
Profit growth, yearly rate	4.1%	–	16.3%
Return on equity, average	–	10.9%	14.6%
Return on capital employed, average	–	7.5%	8.6%
Operating margin, average	8.1%	7.9%	8.0%
Net margin, average	2.7%	3.1%	3.9%
Asset turnover, average	–	1.37	1.45
Cash conversion cycle, days, average	–	55	53
Interest cover, average	2.3	2.4	2.5
Debt to equity, average	–	0.73	0.69

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	1,228	1,026	280
Cash from investing	−571	−305	0
Cash from financing	−668	−718	−256
Capital spending	1,041	749	316
Dividends paid	180	145	62
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	6,857	6,452	6,139
Borrowings repaid	6,976	6,766	6,241

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	–	–	–	–	3	6	8	7	7	6
Altman Z-scorePublished threshold 1.1	–	–	2.80	2.09	1.97	2.12	2.45	2.39	2.08	1.61
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.49	−2.32	−2.54	−2.68	−2.45	−2.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.33	5.65	2.08	0.81	−2.98	−3.84
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	5.38	1.60	2.04	2.02
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.31	40.81	−13.20	−19.45	−6.61	28.94	−19.09
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	14.94	−3.87	6.37	−25.36	−2.71	−3.90	−27.24
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.99	0.25	0.75	0.12	0.92	0.43	0.03
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.39	0.29	0.16	0.23	0.82	0.23	0.44
Effective tax ratePublished threshold 17.16 per cent	28.66	79.86	104.91	–	–	47.59	36.41	−405.43	36.76	20.52
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−4.14	−6.78	−671.64	33.10	−7.33

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
15 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+Ratings Assigned		5
15 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AA-Ratings Assigned	Stable	5
18 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA-Review, Re-affirm	Stable	75
18 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA-Review, Re-affirm	Stable	5
18 Dec 2025	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Stable	20

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