Reliance Infrastructure financials and balance sheet

NSE: RELINFRABSE: 500390PowerSmall Cap

Formerly Reliance Energy

₹49.47₹1.00 (1.98%)BSE ₹49.46

Share price at the NSE close on 23 Oct 2026. Previous close ₹50.47.

52-week range of traded prices to 23 Oct 2026

₹42.56Low, 30 Sep 2026₹236.90High, 23 Oct 2025

Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹2,021 Cr862nd largest listed
P/E: 0.6
P/E without one-offs: 1.0
P/B: 0.1
Dividend yield: Nonein the last 12 months
ROE: 19.9%
ROE without one-offs: 12.6%
ROCE: 1.5%
Debt to equity: 0.17
Volume, NSE: 18,922

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 5 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 1.2% 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, the company's revenue for that year, ₹25,398 Cr, differs from its quarters added, ₹25,777 Cr. From the year to Mar 2019, the company's revenue for that year, ₹19,279 Cr, differs from its quarters added, ₹21,496 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue20,441
Materials and goods−385
Employee costs−1,245
Other expenses−17,806
Operating profit1,004
Depreciation−1,466
Other income+422
One-off items+1,033
Finance costs−1,660
Profit before tax−668
Joint ventures−85
Net profit4,838

What the company owns

Plant, investments and other assets₹67,474 Cr
Cash and bank₹2,204 Cr
Receivables₹1,182 Cr
Inventory₹152 Cr
Current investments₹148 Cr

What pays for it: net worth and liabilities

Net worth₹29,088 Cr
Other liabilities₹20,036 Cr
Owed to suppliers₹17,232 Cr
Borrowings₹4,804 Cr

Reliance Infrastructure 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.Reliance Infrastructure segment results by quarter

Revenue by segment

₹25,405 CrTotal

Power Business₹23,254 Cr91.5% of total
Infrastructure Business₹1,429 Cr5.6% of total
Others₹485 Cr1.9% of total
- Engineering and Construction Business₹237 Cr0.9% of total

Profit by segment

Power Business₹6,388 Cr97.1% of total
Infrastructure Business₹145 Cr2.2% of total
Others₹41 Cr0.6% of total
- Engineering and Construction Business₹3 Cr0.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Power Business
Revenue, ₹ crore
16,300
17,336
16,381
15,879
20,316
20,660
28,121
23,254
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,489
2,880
3,551
2,325
3,515
3,006
10,765
6,388
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Infrastructure Business
Revenue, ₹ crore
1,551
1,524
1,018
1,068
1,450
1,697
1,372
1,429
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
533
485
101
115
312
319
20
145
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
313
485
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
27
41
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
- Engineering and Construction Business
Revenue, ₹ crore
1,329
1,623
1,747
1,603
915
425
212
237
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
183
353
164
35
17
−3
25
3
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	19,180	20,483	19,146	18,550	22,681	22,782	30,018	25,405
Company revenue, as in its results	19,279	18,870	16,705	18,411	20,646	22,067	23,592	20,441
Revenue	16,300	17,336	16,381	15,879	20,316	20,660	28,121	23,254
Revenue growth	–	6.4%	−5.5%	−3.1%	27.9%	1.7%	36.1%	−17.3%
Profit	2,489	2,880	3,551	2,325	3,515	3,006	10,765	6,388
Profit growth	–	15.7%	23.3%	−34.5%	51.2%	−14.5%	258.1%	−40.7%
Margin	15.3%	16.6%	21.7%	14.6%	17.3%	14.5%	38.3%	27.5%
Return on capital	36.9%	39.6%	42.4%	19.8%	26.7%	23.9%	55.2%	26.4%
Assets	27,721	29,335	31,014	31,651	33,871	34,283	40,582	46,180
Liabilities	20,983	22,055	22,643	19,928	20,705	21,686	21,082	22,009
Capital employed	6,737	7,280	8,371	11,723	13,167	12,597	19,500	24,170
Revenue	1,551	1,524	1,018	1,068	1,450	1,697	1,372	1,429
Revenue growth	–	−1.7%	−33.2%	4.9%	35.8%	17.0%	−19.2%	4.2%
Profit	533	485	101	115	312	319	20	145
Profit growth	–	−9.0%	−79.2%	14.1%	171.3%	2.2%	−93.8%	635.0%
Margin	34.4%	31.8%	9.9%	10.8%	21.5%	18.8%	1.4%	10.1%
Return on capital	3.7%	3.6%	1.0%	1.4%	4.2%	4.7%	0.4%	3.8%
Assets	19,235	17,897	14,841	12,748	11,997	10,543	9,664	9,121
Liabilities	4,980	4,569	4,664	4,588	4,651	3,779	4,666	5,337
Capital employed	14,256	13,327	10,177	8,160	7,346	6,764	4,998	3,784
Revenue	–	–	–	–	–	–	313	485
Revenue growth	–	–	–	–	–	–	–	54.8%
Profit	–	–	–	–	–	–	27	41
Profit growth	–	–	–	–	–	–	–	50.8%
Margin	–	–	–	–	–	–	8.8%	8.5%
Return on capital	–	–	–	–	–	–	–	25.8%
Assets	–	–	–	–	–	–	693	374
Liabilities	–	–	–	–	–	–	693	214
Capital employed	–	–	–	–	–	–	0	161
Revenue	1,329	1,623	1,747	1,603	915	425	212	237
Revenue growth	–	22.1%	7.6%	−8.2%	−42.9%	−53.6%	−50.1%	–
Profit	183	353	164	35	17	−3	25	3
Profit growth	–	93.1%	−53.6%	−78.4%	−51.1%	–	–	–
Margin	13.8%	21.8%	9.4%	2.2%	1.9%	−0.7%	11.9%	1.3%
Return on capital	27.3%	33.7%	175.3%	–	–	−0.2%	4.9%	0.4%
Assets	5,337	6,135	4,552	3,545	3,467	3,484	2,906	2,953
Liabilities	4,667	5,087	4,458	3,589	3,544	2,216	2,396	2,125
Capital employed	671	1,048	93	−44	−76	1,268	510	828

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

Profit and loss

Consolidated, ₹ crore, years to March.Reliance Infrastructure quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 15 Jun	Mar 2020Filed 9 May	Mar 2021Filed 29 May	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
Revenue from operations	24,666	25,398	19,279	18,870	16,705	18,411	20,646	22,067	23,592	20,441
	19,948	19,359	15,117	17,649	16,465	16,583	19,427	20,016	19,835	19,437
Materials and goods bought	–	–	12,338	13,161	11,765	12,539	15,103	70	206	385
Employee costs	–	–	1,094	1,047	1,091	1,086	1,082	1,114	1,161	1,245
Other expenses	–	–	1,685	3,441	3,608	2,958	3,242	18,832	18,468	17,806
Operating profit before depreciation	4,718	6,039	4,162	1,221	240	1,828	1,219	2,051	3,756	1,004
Operating margin	19.1%	23.8%	21.6%	6.5%	1.4%	9.9%	5.9%	9.3%	15.9%	4.9%
Materials, % of revenue	–	–	64.0%	69.7%	70.4%	68.1%	73.1%	0.3%	0.9%	1.9%
Employee costs, % of revenue	–	–	5.7%	5.5%	6.5%	5.9%	5.2%	5.0%	4.9%	6.1%
Other expenses, % of revenue	–	–	8.7%	18.2%	21.6%	16.1%	15.7%	85.3%	78.3%	87.1%
Depreciation and amortisation	1,688	1,935	1,318	1,387	1,352	1,283	1,449	1,503	1,421	1,466
Operating profit after depreciation	3,030	4,104	2,843	−166	−1,112	544	−229	548	2,335	−462
Other income	2,370	2,170	2,729	2,102	960	721	515	452	407	422
Finance costs	5,650	6,341	4,571	2,396	2,727	2,060	2,393	2,310	1,784	1,660
Profit before one-off items and tax	−250	−66	1,002	−460	−2,879	−795	−2,108	−1,309	958	−1,701
One-off items	1,271	1,156	−6,065	−126	126	0	−2,393	−10	1,100	1,033
Profit before tax	1,021	1,089	−5,063	−586	−2,753	−795	−4,500	−1,320	2,058	−668
Tax	−142	−127	–	–	–	–	–	–	–	–
Share of profit of joint ventures and associates	–	–	−1,383	43	10	−129	−91	−502	687	−85
Profit from discontinued businesses	–	–	4,041	−3	–	–	–	–	–	–
	1,425	1,340	−2,323	908	−134	−808	−2,564	−1,148	9,177	4,838
Belonging to the company's shareholders	1,425	1,340	−2,427	771	−532	−938	−3,221	–	4,938	2,900
Belonging to outside owners of subsidiaries	–	–	104	137	398	131	657	–	4,240	1,938
Other comprehensive income	–	–	54	16	3	−2	−12	3	1	−5
Total comprehensive income	–	–	−2,269	924	−132	−810	−2,576	−1,145	9,178	4,833
Net margin	5.8%	5.3%	–	4.8%	−0.8%	−4.4%	−12.4%	−5.2%	38.9%	23.7%
Net margin without joint ventures and associates	–	–	–	4.6%	−0.9%	−3.7%	−12.0%	−2.9%	36.0%	24.1%

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. Tax is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown. Net margin is left blank for the year to Mar 2019: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin. Belonging to the company's shareholders is left blank for the year to Mar 2024: 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 count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 15 Jun	Mar 2020Filed 9 May	Mar 2021Filed 29 May	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
	15,866	11,622	11,385	16,491	13,953	13,858	23,813	29,088
	14,176	9,792	9,203	12,564	9,294	8,747	14,430	17,873
Share capital	263	263	263	263	352	396	396	409
Reserves	13,913	9,529	8,940	12,301	8,942	8,351	14,034	17,464
Belonging to outside owners of subsidiaries	1,690	1,829	2,182	3,927	4,660	5,111	9,383	11,216
	15,860	14,300	8,779	12,647	11,448	9,671	6,293	4,804
Repayable after a year	13,008	11,759	6,473	5,452	4,435	3,170	1,933	1,372
Repayable within a year	2,853	2,541	2,306	7,195	7,013	6,501	4,359	3,432
	32,600	33,725	36,423	32,525	34,132	34,428	30,215	30,481
Trade payables	19,819	20,096	19,873	16,882	17,534	17,986	17,033	17,232
Other financial liabilities	5,291	6,895	9,647	5,003	5,959	6,767	4,553	5,228
Other liabilities	3,540	3,137	3,757	2,808	2,843	2,357	2,531	2,364
Provisions	586	573	394	168	278	214	1,153	2,156
Tax owed	511	483	445	468	505	603	586	69
	19,917	18,467	13,031	12,302	11,478	9,411	10,275	9,991
Other financial liabilities	2,663	2,410	2,479	2,664	2,815	2,653	5,084	5,383
Other liabilities	3,090	3,163	3,092	3,087	3,256	2,683	2,422	2,407
Provisions	457	541	542	685	584	556	519	555
Deferred tax	682	569	427	399	369	326	288	256
Trade payables	18	25	18	15	19	22	29	18
Liabilities going with businesses held for sale	–	1,289	1,325	1,371	1,430	1,483	1,538	1,600
	68,383	65,103	62,163	62,689	60,993	59,181	65,841	71,160
Held for sale or for a demerger	–	1,647	1,697	1,742	1,256	1,309	1,362	1,422
	35,328	28,001	24,083	26,681	25,146	22,399	28,230	29,762
Plant in use, after depreciation	23,316	9,453	8,766	8,792	9,048	8,922	9,485	10,177
Plant being built	1,115	1,122	875	860	911	1,018	991	842
Intangible assets	1,130	13,318	10,662	10,133	10,631	8,759	8,152	7,426
Goodwill	0	0	77	77	77	77	77	77
Intangible assets being developed	1,477	1,408	1,150	1,338	104	284	382	399
Property held to earn rent	502	483	0	0	0	0	0	0
Investments	6,726	1,394	1,768	4,854	3,804	2,858	8,650	10,171
Loans given	51	18	15	0	0	0	0	0
Other financial assets	256	302	272	322	321	420	322	344
Deferred tax	189	242	169	130	94	–	62	0
Trade receivables	4	51	86	12	41	61	69	69
Other assets	561	212	243	164	116	–	40	259
	16,550	17,537	15,989	13,665	11,962	12,133	6,481	5,248
Inventories	62	64	73	66	81	103	179	152
Trade receivables	4,468	4,954	3,633	4,114	2,560	1,702	1,532	1,182
Cash and cash equivalents	635	732	632	982	856	1,721	2,395	1,709
Other bank balances	259	728	294	260	521	360	465	495
Current investments	17	1	1	3	533	1,171	21	148
Loans given	5,619	5,275	5,241	4,674	4,511	4,502	287	242
Other financial assets	3,570	4,168	4,574	2,373	1,914	1,799	930	681
Tax paid in advance	10	12	26	76	0	0	0	0
Other assets	1,911	1,602	1,516	1,119	986	774	673	640
Net debt	14,949	12,839	7,853	11,403	9,538	6,419	3,412	2,452

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 29 May	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
	1,436	2,980	3,458	4,097	3,657	2,362
	1,508	2,755	3,365	4,194	3,109	1,869
	−3,606	−671	253	−748	−8,355	−5,510
Receivables	−2,042	1,424	−1,475	308	−4,737	−4,812
Inventories	−10	4	−8	−27	−64	26
Payables	−1,554	−2,137	1,736	−1,029	−3,598	−657
Other working capital	0	37	0	0	44	−67
Tax paid	−72	71	93	−96	−27	101
Capital spending	672	810	981	927	1,322	1,693
Free cash flow	764	2,170	2,477	3,171	2,335	669
	18	−502	−1,333	415	−1,731	−1,273
Plant and property sold	22	0	7	142	9	143
Interest received	17	47	72	189	206	259
Dividends received	0	0	0	0	1	0
	−1,531	−2,122	−2,242	−3,648	−1,252	−1,775
Borrowings raised	1,034	346	11	341	−732	0
Borrowings repaid	−1,161	−1,561	−1,266	−1,697	−2,790	−998
Interest paid	−1,367	−1,051	−1,022	−2,291	−1,045	−739
Lease payments	0	0	−15	0	0	−29
Dividends paid	23	10	8	0	10	22
Shares bought back	0	0	0	0	0	0
Shares issued	0	–	413	0	754	225
Net change in cash	−77	356	−117	865	674	−686

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. Shares issued is left blank for the year to Mar 2022: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.Reliance Infrastructure dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 15 Jun	Mar 2020Filed 9 May	Mar 2021Filed 29 May	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
Earnings per share	₹54.18	₹50.93	−₹92.28	₹29.32	−₹20.24	−₹35.68	−₹112.98	−₹42.66	₹124.64	₹71.44
Diluted earnings per share	₹54.18	₹50.93	−₹92.28	₹29.32	–	−₹35.68	−₹112.98	−₹42.66	₹109.87	₹71.41
Dividend per share	₹9.00	₹9.50	–	–	–	–	–	–	–	–
Book value per share	–	–	₹538.94	₹372.29	₹349.88	₹477.66	₹264.18	₹220.82	₹364.24	₹437.33
Dividend payout	16.6%	18.7%	–	–	–	–	–	–	–	–
Shareholder yield	–	–	–	–	2.4%	–	−8.0%	0.0%	−7.3%	−7.4%
Market cap at the year end (₹ crore)	14,955	11,243	3,603	268	923	2,953	5,075	10,733	10,246	2,737

Shareholder yield is left blank for the year to Mar 2022: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.Reliance Infrastructure PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 15 Jun	Mar 2020Filed 9 May	Mar 2021Filed 29 May	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
Revenue growth	–	–	–	−2.1%	−11.5%	10.2%	12.1%	6.9%	6.9%	−13.4%
Operating profit growth	–	–	–	−70.7%	−80.4%	662.7%	−33.3%	68.2%	83.1%	−73.3%
Net profit growth	−27.8%	−6.0%	–	–	–	–	–	–	–	−47.3%
Earnings per share growth	–	−6.0%	–	–	–	–	–	–	–	−42.7%
	–	–	−17.1%	6.4%	−5.6%	−8.6%	−29.5%	–	42.6%	18.0%
	–	–	–	23.6 pts	−12.0 pts	−3.0 pts	−20.9 pts	–	–	−24.6 pts
From the net margin	–	–	–	–	−11.5 pts	−3.4 pts	−17.8 pts	–	–	−13.7 pts
From asset turnover	–	–	–	–	0.4 pts	−1.1 pts	−3.5 pts	–	–	−6.0 pts
From borrowing	–	–	–	–	−0.9 pts	1.4 pts	0.4 pts	–	–	−4.9 pts
Return on capital employed	–	–	9.0%	−0.6%	−5.5%	1.9%	−0.9%	2.3%	7.8%	−1.4%
Cash conversion	–	–	–	–	–	–	–	–	39.8%	48.8%
Interest cover	0.5	0.6	0.6	–	–	0.3	–	0.2	1.3	–
Debt to equity	–	–	1.00	1.23	0.77	0.77	0.82	0.70	0.26	0.17
Receivable days	–	–	85	96	79	82	45	28	24	21
Inventory days	–	–	2	2	2	2	2	540	317	144
Payable days	–	–	586	557	617	491	424	94,039	30,201	16,321
Cash conversion cycle, days	–	–	−500	−460	−535	−408	−377	−93,471	−29,861	−16,156
Working capital days	–	–	−267	−292	−416	−256	−302	−315	−344	−431
Asset turnover	–	–	0.28	0.28	0.26	0.29	0.33	0.37	0.38	0.30
Assets per rupee of net worth	–	–	4.82	5.57	6.70	5.74	5.66	6.66	5.39	4.24
Sales per rupee of plant	–	–	0.83	2.00	1.91	2.09	2.28	2.47	2.49	2.01
Capital spending to depreciation	–	–	–	–	0.50	0.63	0.68	0.62	0.93	1.16
Plant being built, % of plant in use	–	–	4.8%	11.9%	10.0%	9.8%	10.1%	11.4%	10.4%	8.3%

Revenue growth is left blank for the year to Mar 2017: 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 2018: 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 2019: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2020, Mar 2021, Mar 2023 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 year to Mar 2020: 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. 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: 4.2%
Cash from operations against operating profit: 235.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	1.8%	4.1%	−0.3%
Profit growth, yearly rate	3.9%	–	–
Return on equity, average	–	5.6%	30.3%
Return on capital employed, average	–	1.9%	2.9%
Operating margin, average	11.8%	9.2%	10.0%
Net margin, average	6.2%	8.1%	19.1%
Asset turnover, average	–	0.33	0.35
Cash conversion cycle, days, average	–	−28,055	−46,496
Interest cover, average	–	–	0.8
Debt to equity, average	–	0.54	0.38

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	16,554	10,116	2,362
Cash from investing	−4,425	−2,590	−1,273
Cash from financing	−11,037	−6,674	−1,775
Capital spending	5,733	3,942	1,693
Dividends paid	50	32	22
Shares bought back	0	0	0
Shares issued for cash	–	979	225
Borrowings raised	–	–	0
Borrowings repaid	8,312	5,485	998

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	–	–	–	–	4	6	4	7	5	3
Altman Z-scorePublished threshold 1.1	–	–	−0.61	−0.74	−1.45	−0.82	−1.83	−1.58	−0.68	−0.71
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.87	−2.64	−3.13	−4.10	−2.09	−2.50
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.50	−5.26	−7.58	−9.42	11.60	5.47
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	2.05	0.79
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	13.01	−15.20	3.03	−49.91	−40.40	−16.91	−9.50
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−2.98	23.54	−15.39	1.08	127.69	−121.83	−101.96
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.55	2.00	−13.84	−3.23	−1.48	−4.11	−1.38
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	1.32	0.66	0.53	0.74	0.50	0.39
Effective tax ratePublished threshold 17.16 per cent	−13.93	−11.62	–	–	–	–	–	–	−0.30	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	–	−1.62	–

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
18 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND C; IND A4Review, Other		1,860.23

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