Shree Renuka Sugars financials and balance sheet

NSE: RENUKABSE: 532670Agricultural Food & other ProductsSmall Cap

₹18.70₹0.94 (4.79%)BSE ₹18.68

Share price at the NSE close on 23 Oct 2026. Previous close ₹19.64.

52-week range of traded prices to 23 Oct 2026

₹18.61Low, 23 Oct 2026₹30.82High, 29 Oct 2025

Next results date: the board meets on 30 Oct 2026 to consider: financial results.

Market cap: ₹3,980 Cr760th largest listed
P/E: Lossover the last 12 months
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Net worth zero or below
ROCE: −5.8%
Debt to equity: Net worth zero or below
Volume, NSE: 1,09,78,31329.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Shree Renuka Sugars annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A 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 0.2% 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 2019, 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

Revenue9,169
Materials and goods−7,494
Employee costs−229
Other expenses−1,426
Operating profit19
Depreciation−292
Other income+136
One-off items0.0
Finance costs−736
Profit before tax−872
Tax+80
Net profit−792

What the company owns

Plant, investments and other assets₹4,469 Cr
Inventory₹2,603 Cr
Receivables₹280 Cr
Cash and bank₹61 Cr

What pays for it: net worth and liabilities

Borrowings₹7,151 Cr
Owed to suppliers₹2,477 Cr

Shree Renuka Sugars 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.Shree Renuka Sugars segment results by quarter

Revenue by segment

₹10,540 CrTotal

Sugar - refinery₹6,102 Cr57.9% of total
Sugar - milling₹2,827 Cr26.8% of total
Distillery₹923 Cr8.8% of total
Co-generation₹358 Cr3.4% of total
Trading₹206 Cr2.0% of total
Engineering₹108 Cr1.0% of total
Other₹17 Cr0.2% of total

Profit by segment

Sugar - refinery₹114 Cr56.0% of total
Distillery₹51 Cr25.0% of total
Trading₹31 Cr15.5% of total
Other₹7 Cr3.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Sugar - refinery
Revenue, ₹ crore
2,717
3,504
3,875
5,800
8,370
7,491
6,102
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−39
248
2
251
406
409
114
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sugar - milling
Revenue, ₹ crore
1,770
1,951
2,762
2,943
2,353
3,179
2,827
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−28
6
68
57
7
11
−85
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Distillery
Revenue, ₹ crore
529
471
702
949
1,198
860
1,009
923
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
111
82
96
191
209
91
37
51
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Co-generation
Revenue, ₹ crore
429
394
454
496
442
449
361
358
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
11
34
71
13
5
33
20
−7
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trading
Revenue, ₹ crore
315
726
566
424
148
242
88
206
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
26
11
−1
10
−1
8
3
31
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Engineering
Revenue, ₹ crore
12
90
50
191
460
245
113
108
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
6
1
15
−10
−5
−11
−45
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other
Revenue, ₹ crore
8
14
15
20
24
20
22
17
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
8
8
15
16
11
13
7
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	5,017	6,182	7,242	8,717	11,013	12,539	12,263	10,540
Company revenue, as in its results	4,508	4,881	5,649	6,433	9,021	11,319	10,914	9,169
Revenue	–	2,717	3,504	3,875	5,800	8,370	7,491	6,102
Revenue growth	–	–	29.0%	10.6%	49.7%	44.3%	−10.5%	−18.5%
Profit	–	−39	248	2	251	406	409	114
Profit growth	–	–	–	−99.3%	13,827.8%	62.0%	0.6%	−72.2%
Margin	–	−1.4%	7.1%	0.0%	4.3%	4.9%	5.5%	1.9%
Return on capital	–	–	155.6%	0.4%	78.4%	–	–	278.0%
Assets	–	1,862	2,305	1,661	2,204	4,100	3,353	2,222
Liabilities	–	3,329	2,145	1,179	1,884	4,631	3,663	2,181
Capital employed	–	−1,467	159	482	320	−532	−310	41
Revenue	–	1,770	1,951	2,762	2,943	2,353	3,179	2,827
Revenue growth	–	–	10.2%	41.5%	6.5%	−20.0%	35.1%	−11.1%
Profit	–	−28	6	68	57	7	11	−85
Profit growth	–	–	–	1,001.6%	−16.7%	−88.6%	72.3%	–
Margin	–	−1.6%	0.3%	2.5%	1.9%	0.3%	0.4%	−3.0%
Return on capital	–	−2.1%	0.4%	4.1%	3.2%	0.3%	0.5%	−4.4%
Assets	–	2,141	2,206	2,502	2,268	3,101	2,529	2,357
Liabilities	–	792	578	824	483	659	356	433
Capital employed	–	1,349	1,629	1,678	1,786	2,442	2,173	1,925
Revenue	529	471	702	949	1,198	860	1,009	923
Revenue growth	–	−10.8%	48.8%	35.3%	26.2%	−28.2%	17.3%	−8.5%
Profit	111	82	96	191	209	91	37	51
Profit growth	–	−26.4%	17.7%	98.1%	9.3%	−56.4%	−59.5%	38.0%
Margin	21.0%	17.4%	13.7%	20.1%	17.4%	10.6%	3.6%	5.5%
Return on capital	–	10.7%	11.6%	16.0%	16.3%	7.2%	2.8%	3.8%
Assets	–	789	847	1,208	1,300	1,281	1,335	1,358
Liabilities	–	27	16	16	19	12	31	23
Capital employed	–	763	831	1,192	1,282	1,268	1,304	1,335
Revenue	429	394	454	496	442	449	361	358
Revenue growth	–	−8.1%	15.2%	9.1%	−10.8%	1.7%	−19.6%	−0.9%
Profit	11	34	71	13	5	33	20	−7
Profit growth	–	209.1%	109.1%	−82.1%	−63.8%	613.0%	−39.6%	–
Margin	2.6%	8.6%	15.7%	2.6%	1.0%	7.3%	5.5%	−1.8%
Return on capital	–	3.0%	6.5%	1.2%	0.5%	3.3%	2.1%	−0.8%
Assets	–	1,166	1,142	1,124	1,038	1,010	964	838
Liabilities	–	39	40	59	35	30	25	29
Capital employed	–	1,128	1,102	1,064	1,003	980	939	810
Revenue	315	726	566	424	148	242	88	206
Revenue growth	–	130.6%	−22.1%	−25.1%	−65.2%	64.1%	−63.7%	–
Profit	26	11	−1	10	−1	8	3	31
Profit growth	–	−59.0%	–	–	–	–	−59.5%	–
Margin	8.1%	1.4%	−0.1%	2.3%	−0.7%	3.5%	3.9%	15.3%
Return on capital	–	4.7%	−2.1%	144.1%	−1.1%	195.3%	65.4%	514.8%
Assets	–	258	39	7	88	7	5	6
Liabilities	–	34	10	1	1	2	0	0
Capital employed	–	224	29	7	88	4	5	6
Revenue	12	90	50	191	460	245	113	108
Revenue growth	–	–	−44.0%	–	140.4%	−46.7%	−54.0%	–
Profit	−1	6	1	15	−10	−5	−11	−45
Profit growth	–	–	−79.0%	–	–	–	–	–
Margin	−7.3%	6.9%	2.6%	7.6%	−2.1%	−2.0%	−9.7%	−41.6%
Return on capital	–	32.6%	6.4%	123.9%	−21.7%	−7.4%	−19.6%	−342.7%
Assets	–	38	43	68	179	127	81	32
Liabilities	–	19	23	56	135	62	26	19
Capital employed	–	19	20	12	44	65	56	13
Revenue	8	14	15	20	24	20	22	17
Profit	−2	8	8	15	16	11	13	7
Margin	−26.6%	55.3%	52.0%	71.6%	66.7%	54.1%	58.9%	43.0%
Return on capital	–	14.5%	15.6%	31.5%	31.5%	26.9%	44.6%	28.3%
Assets	–	58	55	61	58	56	30	27
Liabilities	–	4	5	15	7	17	1	2
Capital employed	–	54	51	46	51	39	29	25
Revenue	3,724	–	–	–	–	–	–	–
Profit	−20	–	–	–	–	–	–	–
Margin	−0.5%	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Shree Renuka Sugars quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 8 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 25 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 8 May
Revenue from operations	11,945	7,857	4,508	4,881	5,649	6,433	9,021	11,319	10,914	9,169
	11,574	9,347	4,212	4,862	5,045	6,040	8,457	10,645	10,313	9,150
Materials and goods bought	10,287	8,062	3,671	4,046	4,413	5,234	7,175	9,397	8,896	7,494
Employee costs	–	–	127	121	125	142	167	188	216	229
Other expenses	–	–	415	695	507	665	1,116	1,059	1,201	1,426
Operating profit before depreciation	370	−1,490	296	20	604	393	564	674	601	19
Operating margin	3.1%	−19.0%	6.6%	0.4%	10.7%	6.1%	6.2%	6.0%	5.5%	0.2%
Materials, % of revenue	–	–	81.4%	82.9%	78.1%	81.4%	79.5%	83.0%	81.5%	81.7%
Employee costs, % of revenue	–	–	2.8%	2.5%	2.2%	2.2%	1.8%	1.7%	2.0%	2.5%
Other expenses, % of revenue	–	–	9.2%	14.2%	9.0%	10.3%	12.4%	9.4%	11.0%	15.6%
Depreciation and amortisation	846	861	221	211	209	208	238	266	280	292
Operating profit after depreciation	−475	−2,351	76	−191	396	185	326	408	322	−273
Other income	354	97	210	59	37	69	86	48	127	136
Finance costs	932	963	560	511	384	393	591	918	811	736
Profit before one-off items and tax	−1,054	−3,217	−275	−644	48	−139	−180	−462	−363	−872
One-off items	0	499	−99	289	3	0	0	0	0	0
Profit before tax	−1,054	−2,718	−374	−355	52	−139	−180	−462	−363	−872
	−14	−514	−9	212	168	−2	17	165	−63	−80
Current tax	–	−27	0	3	0	0	3	8	8	2
Deferred tax	–	−486	−9	209	168	−2	15	158	−71	−82
Profit from discontinued businesses	–	–	−1,672	–	–	–	–	–	–	–
	−1,040	−2,204	−2,037	−567	−117	−137	−197	−627	−300	−792
Belonging to the company's shareholders	−1,040	–	−1,448	–	−117	−137	−197	−627	−300	−792
Belonging to outside owners of subsidiaries	–	–	−589	–	–	–	0	0	0	0
Other comprehensive income	–	–	148	62	−9	175	7	−42	−3	−289
Total comprehensive income	–	–	−1,890	−505	−125	38	−190	−669	−303	−1,081
Net margin	−8.7%	−28.0%	–	−11.6%	−2.1%	−2.1%	−2.2%	−5.5%	−2.7%	−8.6%

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 count moved by more than 5% across the period. 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 2020: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the period is a loss, which leaves no share to compare with the company's other periods.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 20 May	Mar 2020Filed 8 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 25 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 8 May
	−5,561	−882	−664	−608	−881	−1,437	−1,675	−2,677
	−3,008	−883	−663	−608	−881	−1,438	−1,676	−2,677
Share capital	192	192	213	213	213	213	213	213
Reserves	−3,199	−1,074	−875	−821	−1,094	−1,651	−1,888	−2,890
Belonging to outside owners of subsidiaries	−2,554	0	−2	0	1	1	0	0
	2,524	2,269	4,335	5,215	5,549	5,773	5,867	7,151
Repayable after a year	1,970	1,892	2,567	2,756	3,058	3,236	3,129	3,356
Repayable within a year	554	377	1,768	2,459	2,491	2,537	2,738	3,795
	5,323	5,624	4,933	4,751	5,199	7,988	7,079	6,606
Trade payables	2,819	2,693	2,695	2,040	2,315	5,000	3,949	2,477
Other financial liabilities	1,833	2,465	389	155	179	247	231	152
Other liabilities	105	86	77	87	191	205	148	178
Provisions	7	0	0	0	9	0	0	0
	2,030	1,933	2,637	2,960	3,286	3,620	3,433	3,483
Other financial liabilities	3	12	14	18	19	20	21	22
Other liabilities	0	24	23	26	68	51	36	37
Provisions	20	0	0	0	0	0	0	0
Deferred tax	5	4	13	129	142	313	243	68
Liabilities going with businesses held for sale	7,838	–	–	–	–	–	–	–
	9,629	6,675	6,907	7,103	7,604	10,171	8,838	7,412
Held for sale or for a demerger	2,394	–	–	–	–	–	–	–
	4,649	4,277	3,916	4,369	4,548	4,746	4,658	4,213
Plant in use, after depreciation	4,006	3,885	3,775	4,003	4,296	4,418	4,350	3,918
Plant being built	100	142	7	217	114	50	21	24
Intangible assets	17	1	1	1	0	0	0	1
Goodwill	0	0	0	0	0	143	143	143
Property held to earn rent	0	0	60	43	42	0	0	0
Investments	19	19	0	0	0	34	40	50
Other financial assets	13	6	6	27	37	33	25	15
Deferred tax	339	158	0	–	–	8	17	4
Trade receivables	0	0	0	–	–	0	3	3
Other assets	156	66	66	78	58	59	58	55
	2,585	2,398	2,990	2,734	3,056	5,425	4,180	3,199
Inventories	1,732	1,679	2,442	2,073	2,279	4,477	3,469	2,603
Trade receivables	285	133	154	290	207	618	449	280
Cash and cash equivalents	32	71	39	22	167	38	63	46
Other bank balances	3	5	48	54	18	16	16	15
Other financial assets	34	96	94	36	28	37	54	137
Other assets	500	415	213	260	357	239	128	119
Net debt	2,490	2,194	4,248	5,139	5,363	5,719	5,788	7,091

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 Jun	Mar 2022Filed 25 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 8 May
	−1,564	−134	926	913	950	−122
	−1,583	−130	931	921	961	−129
	−2,211	−607	288	149	238	−447
Receivables	−25	−142	60	−414	157	128
Inventories	−761	364	−210	−2,121	1,008	856
Payables	−1,368	−855	554	2,660	−1,056	−1,589
Other working capital	−57	26	−117	25	129	157
Tax paid	19	−4	−4	−7	−11	7
Capital spending	106	277	400	175	191	156
Free cash flow	−1,670	−410	526	738	759	−278
	−144	−302	−354	−380	−185	−130
Plant and property sold	3	0	0	13	3	3
Companies bought	0	0	0	−236	0	0
Interest received	2	1	2	9	6	13
Dividends received	0	0	0	0	0	0
	1,641	455	−332	−644	−710	367
Borrowings raised	3,260	778	266	325	2,733	1,216
Borrowings repaid	−1,420	−65	−139	−216	−2,732	−206
Interest paid	−383	−257	−457	0	−708	−641
Lease payments	−1	−2	−2	−2	−2	−2
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	110	0	0
Shares issued	185	0	0	0	0	0
Net change in cash	−67	19	241	−111	56	115

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.Shree Renuka Sugars dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 8 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 25 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 8 May
Earnings per share	−₹11.18	−₹21.90	−₹10.62	₹10.95	−₹0.57	−₹0.65	−₹0.93	−₹2.95	−₹1.41	−₹3.72
Diluted earnings per share	−₹11.18	−₹21.90	−₹10.62	₹10.95	−₹0.57	−₹0.65	−₹0.93	−₹2.95	−₹1.41	−₹3.72
Book value per share	–	–	−₹15.69	−₹4.60	−₹3.11	−₹2.86	−₹4.14	−₹6.76	−₹7.87	−₹12.58
Shareholder yield	–	–	–	–	−9.5%	0.0%	0.0%	1.3%	0.0%	0.0%
Market cap at the year end (₹ crore)	1,351	1,451	1,946	891	1,948	7,577	9,387	8,450	5,870	5,853

Ratios

Consolidated, years to March.Shree Renuka Sugars PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 8 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 25 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 8 May
Revenue growth	21.6%	−34.2%	–	8.3%	15.7%	13.9%	40.2%	25.5%	−3.6%	−16.0%
Operating profit growth	–	–	–	−93.4%	2,997.4%	−35.0%	43.5%	19.6%	−10.8%	−96.8%
	–	–	–	–	15.1%	21.5%	26.5%	54.1%	19.3%	36.4%
	–	–	–	–	–	6.4 pts	4.9 pts	27.6 pts	−34.8 pts	17.1 pts
From the net margin	–	–	–	–	–	0.5 pts	0.6 pts	40.7 pts	−27.3 pts	41.3 pts
From asset turnover	–	–	–	–	–	1.6 pts	7.4 pts	2.6 pts	−2.6 pts	−1.0 pts
From borrowing	–	–	–	–	–	4.4 pts	−3.1 pts	−15.6 pts	−4.9 pts	−23.1 pts
Return on capital employed	–	–	–	−13.8%	10.8%	4.0%	7.0%	9.4%	7.7%	−6.1%
Interest cover	–	–	0.1	–	1.0	0.5	0.6	0.4	0.4	–
Receivable days	–	–	–	10	10	16	8	20	15	11
Inventory days	–	–	–	151	202	145	116	174	142	127
Payable days	–	–	–	243	223	142	118	194	162	121
Cash conversion cycle, days	–	–	–	−82	−11	19	7	0	−5	17
Working capital days	–	–	–	−219	−17	21	7	−3	−8	13
Asset turnover	–	–	–	–	0.83	0.92	1.23	1.27	1.15	1.13
Assets per rupee of net worth	–	–	–	–	−8.79	−11.03	−9.88	−7.66	−6.11	−3.73
Sales per rupee of plant	–	–	1.13	1.26	1.50	1.61	2.10	2.56	2.51	2.34
Capital spending to depreciation	–	–	–	–	0.51	1.33	1.68	0.66	0.68	0.53
Plant being built, % of plant in use	–	–	2.5%	3.7%	0.2%	5.4%	2.7%	1.1%	0.5%	0.6%

Interest cover is left blank for the years to Mar 2017, Mar 2018, Mar 2020 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2019 and Mar 2020: 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 2019, Mar 2020 and Mar 2021: 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 2019: 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 2019: 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. Debt to equity is left blank for the years to 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. 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: −9.7%
Cash from operations against operating profit: −631.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−0.7%	10.2%	0.5%
Return on equity, average	–	31.5%	36.6%
Return on capital employed, average	–	4.4%	3.7%
Operating margin, average	2.6%	4.8%	3.9%
Net margin, average	−8.0%	−4.2%	−5.6%
Asset turnover, average	–	1.14	1.18
Cash conversion cycle, days, average	–	8	4
Interest cover, average	–	0.5	0.4

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	2,535	1,742	−122
Cash from investing	−1,352	−695	−130
Cash from financing	−863	−986	367
Capital spending	1,199	522	156
Dividends paid	0	0	0
Shares bought back	110	110	0
Shares issued for cash	0	0	0
Borrowings raised	5,318	4,274	1,216
Borrowings repaid	3,357	3,154	206

Accounting checks

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

Check	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	3	6	6	5	2
Altman Z-scorePublished threshold 1.81	−0.20	0.07	0.67	1.11	1.49	1.17	1.04	0.43
Beneish M-scorePublished threshold −1.78	–	–	−1.72	−1.08	−3.49	−1.59	−3.49	−3.41
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	23.43	4.27	−10.45	−13.06	−11.21	−6.65
Receivables growth less revenue growthOur threshold 0 percentage points	–	−61.56	−0.03	74.11	−68.85	173.41	−23.77	−21.57
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−13.29	36.41	−33.72	−27.17	65.51	−17.18	−9.21
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−0.48	−3.60	−0.18	0.99	−0.96	−0.86	0.79
Assets under construction, years of additionsOur threshold 2 years of additions	–	1.58	0.08	0.50	0.22	0.13	0.10	–
Effective tax ratePublished threshold 17.16 per cent	–	–	324.90	–	–	–	–	–

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
24 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND A-Review, Downgrade	Negative	17.30
24 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND A-; IND A2+Review, Downgrade	Negative	2,759.60

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