Sapphire Foods India financials and balance sheet

NSE: SAPPHIREBSE: 543397Leisure ServicesSmall Cap

₹195.51₹0.34 (0.17%)BSE ₹196.35

Share price at the NSE close on 23 Oct 2026. Previous close ₹195.85.

52-week range of traded prices to 23 Oct 2026

₹139.91Low, 2 Apr 2026₹310.50High, 30 Oct 2025

Market cap: ₹6,283 Cr720th largest listed
P/E: Lossover the last 12 months
P/B: 4.5
Dividend yield: Nonein the last 12 months
ROE: −0.3%
ROE without one-offs: 1.5%
ROCE: 8.8%
Debt to equity: 0.00
Volume, NSE: 9,82,12147.4% delivered

5 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Sapphire Foods India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹3,125 Cr, year to Mar 2026A loss in the year to Mar 2026, −₹32 Cr

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

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

From revenue to net profit

Revenue3,125
Materials and goods−995
Employee costs−428
Other expenses−1,229
Operating profit474
Depreciation−392
Other income+28
One-off items−24
Finance costs−123
Profit before tax−37
Tax+5.3
Net profit−32

What the company owns

Plant, investments and other assets₹3,037 Cr
Inventory₹112 Cr
Cash and bank₹68 Cr
Receivables₹35 Cr
Current investments₹3 Cr

What pays for it: net worth and liabilities

Other liabilities₹1,578 Cr
Net worth₹1,389 Cr
Owed to suppliers₹284 Cr
Borrowings₹6 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Sapphire Foods India quarterly results

₹ crore	Mar 2022Filed 20 May	Mar 2023Filed 13 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
Revenue from operations	1,722	2,266	2,594	2,882	3,125
	1,417	1,837	2,133	2,405	2,652
Materials and goods bought	528	741	811	907	995
Employee costs	274	293	346	386	428
Other expenses	615	804	977	1,112	1,229
Operating profit before depreciation	305	428	461	477	474
Operating margin	17.7%	18.9%	17.8%	16.5%	15.2%
Materials, % of revenue	30.7%	32.7%	31.3%	31.5%	31.8%
Employee costs, % of revenue	15.9%	12.9%	13.3%	13.4%	13.7%
Other expenses, % of revenue	35.7%	35.5%	37.6%	38.6%	39.3%
Depreciation and amortisation	214	264	324	364	392
Operating profit after depreciation	92	164	137	113	81
Other income	38	31	33	37	28
Finance costs	78	87	101	112	123
Profit before one-off items and tax	51	108	70	38	−13
One-off items	0	0	0	−15	−24
Profit before tax	51	108	70	23	−37
	5	−125	18	6	−5
Current tax	6	3	5	9	10
Deferred tax	−1	−127	13	−3	−15
	46	233	52	17	−32
Belonging to the company's shareholders	46	233	53	19	−32
Belonging to outside owners of subsidiaries	0	0	−1	−3	0
Other comprehensive income	−23	−1	5	4	2
Total comprehensive income	23	232	57	21	−30
Net margin	2.7%	10.3%	2.0%	0.6%	−1.0%

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2022Filed 20 May	Mar 2023Filed 13 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr	Sep 2026Half yearFiled 22 Oct
	1,005	1,254	1,340	1,396	1,389	1,399
	1,007	1,256	1,339	1,398	1,391	1,402
Share capital	64	64	64	64	64	64
Reserves	944	1,192	1,275	1,334	1,326	1,337
Belonging to outside owners of subsidiaries	−2	−2	1	−2	−2	−2
	789	963	28	20	6	0
Repayable after a year	692	792	13	6	0	0
Repayable within a year	98	171	14	14	6	0
	447	534	444	459	538	614
Trade payables	199	217	231	243	284	333
Other financial liabilities	122	121	166	163	206	228
Other liabilities	21	18	25	32	34	44
Provisions	7	7	8	7	9	10
	711	806	1,056	1,186	1,330	1,425
Other financial liabilities	–	–	1,024	1,157	1,294	1,390
Other liabilities	–	–	1	2	4	6
Provisions	11	11	14	20	31	29
Deferred tax	9	4	3	2	1	–
Total assets	2,164	2,594	2,840	3,041	3,256	3,439
	1,573	2,101	2,477	2,618	2,917	2,950
Plant in use, after depreciation	1,171	1,562	1,944	2,112	2,291	–
Plant being built	32	55	67	56	60	–
Intangible assets	57	65	71	68	119	123
Goodwill	162	162	162	158	158	158
Intangible assets being developed	1	1	1	1	1	0
Other financial assets	113	83	99	100	145	116
Deferred tax	6	128	113	111	127	128
Other assets	31	45	20	12	16	10
	591	493	363	423	338	488
Inventories	65	99	97	96	112	121
Trade receivables	14	18	34	37	35	44
Cash and cash equivalents	59	44	98	58	68	88
Other bank balances	195	176	70	20	0	0
Current investments	153	66	0	144	3	133
Other financial assets	94	69	47	46	100	82
Other assets	11	20	17	23	20	22
Net debt	382	676	−140	−202	−66	−220

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2022Filed 20 May	Mar 2023Filed 13 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr	Sep 2026Half yearFiled 22 Oct
	395	382	449	508	507	305
	403	384	451	512	514	322
	59	−67	−32	19	23	44
Receivables	−6	−4	−16	−2	2	−9
Inventories	−24	−34	2	2	−16	−10
Payables	55	18	14	12	36	50
Other working capital	34	−47	−31	6	1	13
Tax paid	−9	−2	−2	−4	−7	−10
Capital spending	285	384	385	265	320	116
Free cash flow	110	−2	64	243	187	189
	−692	−204	−187	−337	−233	−181
Plant and property sold	1	2	0	2	1	0
Interest received	1	13	15	10	5	5
	313	−195	−212	−211	−260	−102
Borrowings raised	27	0	0	0	0	33
Borrowings repaid	−44	−19	−21	−8	−10	0
Interest paid	−13	−7	−5	−2	−3	−1
Lease payments	−60	−89	−99	−223	−247	−133
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	469	0	0	0	0	0
Net change in cash	16	−17	49	−39	14	22

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.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2022Filed 20 May	Mar 2023Filed 13 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
	₹1.56	₹7.35	₹1.66	₹0.60	−₹0.99
As stated that year	₹7.78	₹36.73	₹8.30	₹0.60	−₹0.99
	₹1.54	₹7.26	₹1.64	₹0.60	−₹0.99
As stated that year	₹7.72	₹36.29	₹8.21	₹0.60	−₹0.99
	₹31.70	₹39.53	₹42.04	₹43.53	₹43.27
On that year's share count	₹158.50	₹197.65	₹210.21	₹43.53	₹43.27
Shareholder yield	−5.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	9,418	7,740	9,993	9,442	4,834

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.

Ratios

Consolidated, years to March.Sapphire Foods India PE ratio and valuation

Ratio	Mar 2022Filed 20 May	Mar 2023Filed 13 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
Revenue growth	–	31.6%	14.5%	11.1%	8.4%
Operating profit growth	–	40.4%	7.7%	3.4%	−0.7%
Net profit growth	–	407.1%	−77.7%	−67.8%	–
Earnings per share growth	–	372.1%	−77.4%	−63.9%	–
	4.6%	20.6%	4.1%	1.4%	−2.3%
	–	16.0 pts	−16.6 pts	−2.7 pts	−3.7 pts
From the net margin	–	13.0 pts	−16.5 pts	−2.7 pts	−3.6 pts
From asset turnover	–	3.5 pts	0.0 pts	0.0 pts	0.0 pts
From borrowing	–	−0.5 pts	0.0 pts	0.0 pts	−0.1 pts
Return on capital employed	5.1%	7.4%	10.0%	8.0%	5.8%
Cash conversion	858.7%	163.7%	863.7%	3,041.2%	–
Interest cover	1.2	1.9	1.4	1.0	0.7
Debt to equity	0.79	0.77	0.02	0.01	0.00
Receivable days	3	3	5	5	4
Inventory days	45	49	44	38	41
Payable days	138	107	104	98	104
Cash conversion cycle, days	−90	−55	−55	−54	−59
Working capital days	−35	−25	−33	−31	−31
Asset turnover	0.80	0.95	0.95	0.98	0.99
Assets per rupee of net worth	2.15	2.10	2.09	2.15	2.26
Sales per rupee of plant	1.47	1.45	1.33	1.36	1.36
Capital spending to depreciation	1.34	1.45	1.19	0.73	0.82
Plant being built, % of plant in use	2.7%	3.5%	3.5%	2.6%	2.6%

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: −1.0%
Cash from operations against operating profit: 107.1%

Measure	5 years	3 years
Revenue growth, yearly rate	–	11.3%
Return on equity, average	5.7%	1.1%
Return on capital employed, average	7.3%	8.0%
Operating margin, average	17.2%	16.5%
Net margin, average	2.9%	0.5%
Asset turnover, average	0.94	0.98
Cash conversion cycle, days, average	−63	−56
Interest cover, average	1.2	1.0
Debt to equity, average	0.32	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	2,240	1,464	507
Cash from investing	−1,652	−757	−233
Cash from financing	−565	−683	−260
Capital spending	1,639	970	320
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	469	0	0
Borrowings raised	27	0	0
Borrowings repaid	103	39	10

Accounting checks

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

Check	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	5	6	4
Altman Z-scorePublished threshold 1.1	3.17	2.88	2.62	2.54	1.88
Beneish M-scorePublished threshold −1.78	–	−2.42	−2.21	−3.21	−3.24
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	2.31	−7.72	−5.25	−9.72
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	3.70	4.43	39.88
Receivables growth less revenue growthOur threshold 0 percentage points	–	−4.04	77.06	−4.75	−12.74
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	12.06	−11.92	−13.14	7.72
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−0.67	−0.95	0.15	1.64
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.08	0.10	0.10	0.10
Effective tax ratePublished threshold 17.16 per cent	10.51	−115.07	25.68	27.80	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	−6.14	−117.05	22.85	9.45	–

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
12 Jan 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A Rating Watch with Developing ImplicationsReview, Other		19
12 Jan 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-Others	[ICRA]A2+ Rating Watch with Developing ImplicationsReview, Other		35
12 Jan 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]A Rating Watch with Developing ImplicationsReview, Other		11
12 Jan 2026	ICRA Limited (opens in a new tab)	Fund-based-Working capital demand loan	[ICRA]A Rating Watch with Developing Implications/[ICRA]A2+ Rating Watch with Developing ImplicationsReview, Other		42
12 Jan 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-Others	[ICRA]A Rating Watch with Developing ImplicationsReview, Other		42
12 Jan 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]A Rating Watch with Developing Implications/[ICRA]A2+ Rating Watch with Developing ImplicationsReview, Other		128
1 Oct 2025	ICRA Limited (opens in a new tab)	Interchangeable-OthersLong-term scale	[ICRA]AReview, Re-affirm	Stable	42
1 Oct 2025	ICRA Limited (opens in a new tab)	Unallocated-UnallocatedLong and short-term scales	[ICRA]A /[ICRA]A2+Review, Re-affirm	Stable	128
1 Oct 2025	ICRA Limited (opens in a new tab)	Interchangeable-OthersShort-term scale	[ICRA]A2+Review, Re-affirm		35
1 Oct 2025	ICRA Limited (opens in a new tab)	Fund Based/Non Fund Based-Working Capital Demand LoanLong and short-term scales	[ICRA]A /[ICRA]A2+Review, Re-affirm	Stable	42

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