Share India Securities financials and balance sheet

NSE: SHAREINDIABSE: 540725Capital MarketsSmall Cap

₹171.68₹8.11 (4.51%)BSE ₹171.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹179.79.

52-week range of traded prices to 23 Oct 2026

₹115.36Low, 30 Mar 2026₹233.35High, 18 Sep 2026

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

Market cap: ₹3,757 Cr967th largest listed
P/E: 10.3
P/B: 1.4
Dividend yield: 1.05%
ROE: 14.6%
ROCE: 18.5%
Debt to equity: 0.25
Volume, NSE: 5,39,02136.4% delivered

9 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

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.

The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹448 Cr, differs from its quarters added, ₹495 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue1,470
Operating expenses−900
Operating profit570
Depreciation−17
Other income+19
One-off items0.0
Finance costs−131
Profit before tax440
Tax−116
Net profit324

What the company owns

Cash and bank₹3,130 Cr
Plant, investments and other assets₹1,427 Cr
Receivables₹33 Cr

What pays for it: net worth and liabilities

Net worth₹2,655 Cr
Other liabilities₹1,264 Cr
Borrowings₹671 Cr

Share India Securities 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.Share India Securities segment results by quarter

Revenue by segment

₹1,489 CrTotal

Share Broking/Trading Business₹1,388 Cr93.2% of total
NBFC Business₹56 Cr3.7% of total
Merchant Banking Business₹24 Cr1.6% of total
Technology Services₹13 Cr0.9% of total
Insurance Business₹9 Cr0.6% of total

Profit by segment

Share Broking/Trading Business₹534 Cr93.4% of total
NBFC Business₹25 Cr4.4% of total
Merchant Banking Business₹9 Cr1.5% of total
Technology Services₹3 Cr0.6% of total
Insurance Business₹1 Cr0.2% of total

Segment results by year

Consolidated from the year to Mar 2020, standalone before, ₹ crore, years to March.

Share Broking/Trading Business
Revenue, ₹ crore
431
989
1,375
1,367
1,388
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
110
410
583
478
534
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
NBFC Business
Revenue, ₹ crore
12
20
85
75
57
56
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
9
17
73
59
26
25
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Merchant Banking Business
Revenue, ₹ crore
0
1
1
19
23
24
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
4
11
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Technology Services
Revenue, ₹ crore
6
20
13
12
13
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
7
2
1
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Insurance Business
Revenue, ₹ crore
0
3
4
7
11
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
1
1
1
3
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Wealth Management Business
Revenue, ₹ crore
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
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	174	273	454	871	1,100	1,489	1,470	1,489
Company revenue, as in its results	165	260	448	856	1,088	1,483	1,449	1,470
Revenue	–	–	431	–	989	1,375	1,367	1,388
Revenue growth	–	–	–	–	–	39.0%	−0.6%	1.5%
Profit	–	–	110	–	410	583	478	534
Profit growth	–	–	–	–	–	42.0%	−18.0%	11.7%
Margin	–	–	25.5%	–	41.5%	42.4%	35.0%	38.5%
Return on capital	–	–	45.9%	–	45.8%	35.9%	22.0%	22.3%
Assets	–	–	769	–	1,652	2,552	3,446	4,226
Liabilities	–	–	530	–	756	930	1,271	1,832
Capital employed	–	–	240	–	896	1,622	2,174	2,394
Revenue	–	12	20	–	85	75	57	56
Revenue growth	–	–	68.6%	–	–	−11.8%	−24.4%	−2.4%
Profit	–	9	17	–	73	59	26	25
Profit growth	–	–	82.2%	–	–	−20.0%	−54.8%	−5.7%
Margin	–	80.4%	86.8%	–	85.9%	77.9%	46.5%	45.0%
Return on capital	–	73.0%	48.5%	–	97.5%	64.4%	23.7%	15.7%
Assets	–	73	86	–	133	259	263	254
Liabilities	–	60	51	–	58	168	151	95
Capital employed	–	13	35	–	75	91	112	159
Revenue	–	0	1	–	1	19	23	24
Revenue growth	–	–	–	–	–	–	22.6%	3.9%
Profit	–	0	0	–	0	4	11	9
Profit growth	–	–	–	–	–	–	169.4%	−24.1%
Margin	–	−254.8%	23.3%	–	37.0%	22.3%	49.0%	35.8%
Return on capital	–	−6.9%	98.9%	–	7.5%	44.2%	62.8%	16.4%
Assets	–	6	0	–	7	10	20	53
Liabilities	–	0	0	–	0	1	2	0
Capital employed	–	6	0	–	6	10	18	52
Revenue	–	–	–	6	20	13	12	13
Revenue growth	–	–	–	–	–	−35.2%	–	–
Profit	–	–	–	3	7	2	1	3
Profit growth	–	–	–	–	–	−73.2%	–	–
Margin	–	–	–	44.9%	33.8%	14.0%	11.8%	24.9%
Return on capital	–	–	–	49.8%	20.0%	6.1%	4.1%	8.5%
Assets	–	–	–	11	39	37	40	43
Liabilities	–	–	–	6	5	7	5	6
Capital employed	–	–	–	6	34	30	35	38
Revenue	–	0	3	–	4	7	11	9
Profit	–	−1	1	–	1	1	3	1
Margin	–	−2,335.4%	46.0%	–	27.4%	18.8%	25.8%	12.8%
Return on capital	–	−382.8%	21.8%	–	15.3%	15.6%	27.6%	10.2%
Assets	–	0	6	–	8	10	12	13
Liabilities	–	0	0	–	1	2	2	2
Capital employed	–	0	6	–	7	8	10	11
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	0
Return on capital	–	–	–	–	–	–	–	−2.6%
Assets	–	–	–	–	–	–	–	1
Liabilities	–	–	–	–	–	–	–	0
Capital employed	–	–	–	–	–	–	–	1
Revenue	–	–	–	813	–	–	–	–
Profit	–	–	–	259	–	–	–	–
Margin	–	–	–	31.8%	–	–	–	–
Return on capital	–	–	–	65.5%	–	–	–	–
Assets	–	–	–	1,249	–	–	–	–
Liabilities	–	–	–	854	–	–	–	–
Capital employed	–	–	–	395	–	–	–	–
Revenue	–	–	–	49	–	–	–	–
Profit	–	–	–	41	–	–	–	–
Margin	–	–	–	85.2%	–	–	–	–
Return on capital	–	–	–	80.9%	–	–	–	–
Assets	–	–	–	204	–	–	–	–
Liabilities	–	–	–	152	–	–	–	–
Capital employed	–	–	–	51	–	–	–	–
Revenue	–	–	–	3	–	–	–	–
Profit	–	–	–	1	–	–	–	–
Margin	–	–	–	30.3%	–	–	–	–
Return on capital	–	–	–	14.4%	–	–	–	–
Assets	–	–	–	7	–	–	–	–
Liabilities	–	–	–	1	–	–	–	–
Capital employed	–	–	–	6	–	–	–	–
Revenue	–	–	–	1	–	–	–	–
Profit	–	–	–	0	–	–	–	–
Margin	–	–	–	55.5%	–	–	–	–
Return on capital	–	–	–	353.3%	–	–	–	–
Assets	–	–	–	0	–	–	–	–
Liabilities	–	–	–	0	–	–	–	–
Capital employed	–	–	–	0	–	–	–	–
Revenue	29	42	–	–	–	–	–	–
Profit	5	7	–	–	–	–	–	–
Margin	17.6%	17.7%	–	–	–	–	–	–
Assets	11	9	–	–	–	–	–	–
Liabilities	50	84	–	–	–	–	–	–
Capital employed	−39	−75	–	–	–	–	–	–
Revenue	–	219	–	–	–	–	–	–
Profit	–	53	–	–	–	–	–	–
Margin	–	24.3%	–	–	–	–	–	–
Return on capital	–	65.8%	–	–	–	–	–	–
Assets	–	83	–	–	–	–	–	–
Liabilities	–	2	–	–	–	–	–	–
Capital employed	–	81	–	–	–	–	–	–
Revenue	145	–	–	–	–	–	–	–
Profit	29	–	–	–	–	–	–	–
Margin	20.3%	–	–	–	–	–	–	–
Return on capital	143.1%	–	–	–	–	–	–	–
Assets	22	–	–	–	–	–	–	–
Liabilities	1	–	–	–	–	–	–	–
Capital employed	21	–	–	–	–	–	–	–
Revenue	0	7	0	0	0	0	0	–
Profit	−3	0	0	0	0	0	0	–
Assets	184	289	0	0	0	0	0	–
Liabilities	75	121	0	0	0	0	0	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Share India Securities quarterly results

₹ crore	Mar 2018	Mar 2019	Mar 2020Filed 20 Jul	Mar 2021Filed 27 May	Mar 2022Filed 21 May	Mar 2023Filed 20 May	Mar 2024Filed 10 May	Mar 2025Filed 24 May	Mar 2026Filed 19 May
Revenue from operations	133	170	260	448	856	1,088	1,483	1,449	1,470
	110	143	206	321	558	596	826	932	900
Materials and goods bought	–	–	0	13	28	7	22	103	140
Employee costs	23	31	54	80	113	–	–	–	–
Other expenses	86	112	152	228	417	–	–	–	–
Operating profit before depreciation	23	27	53	127	299	493	657	517	570
Operating margin	17.5%	15.9%	20.6%	28.3%	34.9%	45.3%	44.3%	35.7%	38.8%
Materials, % of revenue	–	–	0.0%	2.9%	3.3%	–	–	–	–
Employee costs, % of revenue	17.6%	18.0%	20.8%	17.9%	13.2%	–	–	–	–
Other expenses, % of revenue	64.9%	66.1%	58.6%	50.9%	48.7%	–	–	–	–
Depreciation and amortisation	2	3	4	4	9	12	14	18	17
Operating profit after depreciation	21	24	49	123	290	481	643	499	553
Other income	7	13	20	6	15	11	6	21	19
Finance costs	5	9	18	25	32	58	90	89	131
Profit before one-off items and tax	23	28	51	103	272	434	559	431	440
One-off items	0	0	0	0	−7	1	−1	0	0
Profit before tax	23	28	51	103	265	436	558	431	440
	8	9	11	23	64	105	132	103	116
Current tax	8	9	12	23	64	105	134	98	123
Deferred tax	0	−1	−1	0	0	0	−1	4	−7
Share of profit of joint ventures and associates	–	–	–	0	0	0	–	–	–
	15	19	40	81	202	331	426	328	324
Belonging to the company's shareholders	–	19	40	81	201	329	425	328	323
Belonging to outside owners of subsidiaries	–	–	–	0	1	2	0	0	1
Other comprehensive income	–	–	−1	14	−2	0	45	−7	0
Total comprehensive income	–	–	39	94	200	331	470	321	325
Net margin	11.5%	11.5%	15.4%	18.0%	23.6%	30.4%	28.7%	22.6%	22.1%
Net margin without joint ventures and associates	–	–	–	18.0%	23.6%	30.4%	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2018, Mar 2019, Mar 2023, Mar 2024, Mar 2025 and Mar 2026 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 company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2020Filed 20 Jul	Mar 2021Filed 27 May	Mar 2022Filed 21 May	Mar 2023Filed 20 May	Mar 2024Filed 10 May	Mar 2025Filed 24 May	Mar 2026Filed 19 May
	193	280	458	1,019	1,761	2,349	2,655
	193	280	447	1,005	1,747	2,334	2,635
Share capital	32	32	32	33	38	44	44
Reserves	161	248	415	973	1,708	2,290	2,591
Belonging to outside owners of subsidiaries	–	0	11	13	14	15	20
	126	119	199	202	387	486	671
Repayable after a year	0	0	8	–	–	–	–
Repayable within a year	125	119	191	–	–	–	–
	266	580	987	–	–	–	–
Trade payables	99	321	642	–	–	–	–
Other financial liabilities	–	29	1	–	–	–	–
Other liabilities	29	88	86	–	–	–	–
Provisions	12	23	68	–	–	–	–
	1	1	27	–	–	–	–
Provisions	1	1	2	–	–	–	–
Deferred tax	–	0	3	–	–	–	–
Trade payables	–	0	13	–	–	–	–
Total assets	460	861	1,472	1,839	2,868	3,780	4,590
	143	262	261	–	–	–	–
Plant in use, after depreciation	33	38	42	48	69	66	59
Plant being built	0	–	10	0	0	3	0
Intangible assets	0	0	0	–	–	–	–
Property held to earn rent	0	0	0	–	–	–	–
Investments	3	3	2	–	–	–	–
Loans given	62	78	101	–	–	–	–
Other financial assets	33	129	94	–	–	–	–
Deferred tax	8	8	0	–	–	–	–
Other assets	5	6	12	–	–	–	–
	317	599	1,211	–	–	–	–
Inventories	16	65	27	1	0	0	0
Trade receivables	9	2	6	32	12	26	33
Cash and cash equivalents	48	104	452	441	457	545	523
Other bank balances	152	203	257	962	1,561	1,915	2,607
Current investments	33	64	24	–	–	–	–
Loans given	0	1	95	–	–	–	–
Other financial assets	41	125	261	–	–	–	–
Tax paid in advance	18	29	70	–	–	–	–
Other assets	2	6	20	–	–	–	–
Net debt	−107	−252	−533	−1,201	−1,632	−1,973	−2,459

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 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 27 May	Mar 2022Filed 21 May	Mar 2023Filed 20 May	Mar 2024Filed 10 May	Mar 2025Filed 24 May	Mar 2026Filed 19 May
	97	344	−263	−310	6	−182
	136	399	–	–	–	–
	18	132	–	–	–	–
Receivables	6	−3	–	–	–	–
Inventories	−48	37	–	–	–	–
Payables	237	334	–	–	–	–
Other working capital	−177	−236	–	–	–	–
Tax paid	−12	−23	–	–	–	–
Interest paid	0	22	–	–	–	–
Capital spending	9	23	10	15	13	5
Free cash flow	88	322	−274	−326	−7	−187
	−7	−29	79	−49	−192	106
Plant and property sold	0	6	–	–	–	–
Companies bought	0	13	–	–	–	–
Interest received	32	54	–	–	–	–
Dividends received	−5	17	–	–	–	–
	−33	32	174	376	274	54
Borrowings raised	0	70	–	–	–	–
Borrowings repaid	−7	0	–	–	–	–
Interest paid	−21	−22	–	–	–	–
Lease payments	0	−1	–	–	–	–
Dividends paid	5	14	19	41	28	30
Shares bought back	0	0	0	0	0	0
Shares issued	0	1	–	297	273	4
Net change in cash	56	347	−10	16	88	−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. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2023: 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.Share India Securities dividend history

₹ per share	Mar 2018	Mar 2019	Mar 2020Filed 20 Jul	Mar 2021Filed 27 May	Mar 2022Filed 21 May	Mar 2023Filed 20 May	Mar 2024Filed 10 May	Mar 2025Filed 24 May	Mar 2026Filed 19 May
	₹1.43	₹1.59	₹2.51	₹5.06	₹12.65	₹20.54	₹25.41	₹15.58	₹14.79
As stated that year	₹7.15	₹7.96	₹12.54	₹25.31	₹63.26	₹102.68	₹127.03	₹15.58	₹14.79
	₹1.43	₹1.59	₹2.51	₹5.06	₹12.65	₹17.85	₹21.83	₹14.90	₹14.76
As stated that year	₹7.15	₹7.96	₹12.54	₹25.31	₹63.26	₹89.23	₹109.17	₹14.90	₹14.76
	–	–	–	₹0.30	₹0.80	₹1.70	₹1.80	₹1.35	₹1.60
As declared that year	–	–	–	₹1.50	₹4.00	₹8.50	–	₹1.35	₹1.60
	–	–	₹12.09	₹17.58	₹28.00	₹61.78	₹91.59	₹106.96	₹120.41
On that year's share count	–	–	₹60.47	₹87.88	₹139.99	₹308.90	₹457.96	₹106.96	₹120.41
Dividend payout	–	–	–	5.9%	6.3%	8.4%	8.1%	9.0%	10.8%
Shareholder yield	–	–	–	0.6%	0.3%	–	−4.2%	−6.8%	1.0%
Market cap at the year end (₹ crore)	253	186	151	839	3,994	3,377	6,124	3,605	2,569

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. The dividend as declared is blank for the year to Mar 2024: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure. Shareholder yield is left blank for the year to Mar 2023: 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.Share India Securities PE ratio and valuation

Ratio	Mar 2018	Mar 2019	Mar 2020Filed 20 Jul	Mar 2021Filed 27 May	Mar 2022Filed 21 May	Mar 2023Filed 20 May	Mar 2024Filed 10 May	Mar 2025Filed 24 May	Mar 2026Filed 19 May
Revenue growth	–	27.4%	53.0%	–	91.2%	27.1%	36.3%	−2.3%	1.5%
Operating profit growth	–	15.9%	97.3%	–	135.3%	64.9%	33.3%	−21.3%	10.3%
Net profit growth	–	26.8%	105.6%	101.9%	150.0%	63.8%	28.8%	−22.9%	−1.1%
Earnings per share growth	–	11.3%	57.5%	101.8%	149.9%	62.3%	23.7%	−38.7%	−5.1%
	–	–	20.7%	34.1%	55.3%	45.3%	30.9%	16.1%	13.0%
	–	–	–	13.4 pts	21.2 pts	−10.0 pts	−14.4 pts	−14.9 pts	−3.0 pts
From the net margin	–	–	–	3.5 pts	10.3 pts	15.9 pts	−2.3 pts	−6.5 pts	−0.4 pts
From asset turnover	–	–	–	4.9 pts	3.7 pts	−7.4 pts	−1.8 pts	−7.5 pts	−3.0 pts
From borrowing	–	–	–	5.0 pts	7.2 pts	−18.5 pts	−10.3 pts	−0.8 pts	0.4 pts
Return on capital employed	–	–	15.4%	30.7%	44.1%	39.4%	29.9%	17.6%	16.6%
Cash conversion	–	–	–	119.5%	170.6%	−79.7%	−72.9%	1.8%	−56.2%
Interest cover	3.9	2.8	2.7	4.9	9.2	8.3	7.1	5.6	4.2
Debt to equity	–	–	0.65	0.42	0.43	0.20	0.22	0.21	0.25
Receivable days	–	–	12	2	2	11	3	7	8
Inventory days	–	–	–	1,809	354	53	0	0	0
Payable days	–	–	–	8,996	8,356	–	–	–	–
Cash conversion cycle, days	–	–	–	−7,185	−8,000	–	–	–	–
Working capital days	–	–	−78	−190	−135	–	–	–	–
Asset turnover	–	–	0.56	0.68	0.73	0.66	0.63	0.44	0.35
Assets per rupee of net worth	–	–	2.39	2.79	3.21	2.28	1.71	1.63	1.68
Sales per rupee of plant	–	–	7.83	11.87	20.59	22.47	21.35	21.81	25.04
Capital spending to depreciation	–	–	–	2.01	2.46	0.86	1.09	0.71	0.27
Plant being built, % of plant in use	–	–	0.0%	–	23.3%	0.0%	0.0%	3.9%	0.7%

Revenue growth and operating profit growth are left blank for the year to Mar 2021: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2018 and Mar 2019, 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: 7.7%
Cash from operations against operating profit: −32.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	26.8%	10.5%
Profit growth, yearly rate	–	32.0%	−0.5%
Return on equity, average	–	32.1%	20.0%
Return on capital employed, average	–	29.5%	21.4%
Operating margin, average	31.3%	39.8%	39.6%
Net margin, average	20.4%	25.5%	24.5%
Asset turnover, average	–	0.56	0.47
Interest cover, average	5.4	6.9	5.6
Debt to equity, average	–	0.26	0.23

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	−406	−487	−182
Cash from investing	−85	−135	106
Cash from financing	910	704	54
Capital spending	66	33	5
Dividends paid	132	98	30
Shares bought back	0	0	0
Shares issued for cash	–	574	4

Accounting checks

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

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−1.33	−9.75	31.12	33.38	15.47	9.57
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	0.29	−0.24	−0.52	−0.45
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−145.02	42.69	–	–	–	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	−173.18	−21.57	−314.48	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	22.39	22.23	–	–	–	–
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.74	0.00	0.00	0.17	0.04
Effective tax ratePublished threshold 17.16 per cent	33.40	31.39	21.07	21.98	23.98	24.15	23.68	23.81	26.34
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	15.19	24.15	−1.30	−1.62	−1.37

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
21 Oct 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan RatingsLong-term scale	Not ApplicableRating Withdrawn		68
21 Oct 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan RatingsShort-term scale	ACUITE A1+Rating Withdrawn		949
21 Oct 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan RatingsLong-term scale	ACUITE A+Rating Withdrawn		2
21 Oct 2026	Acuite Ratings & Research Limited (opens in a new tab)	DebenturesLong-term scale	Not ApplicableRating Withdrawn		150
6 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		35
6 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Other		250
6 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil A+Review, Other	Stable	250
6 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A+Review, Other	Stable	1,011
16 Sep 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Rating	IVR A4 (INC)Review, Downgrade		1,600
16 Sep 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Proposed CPs	IVR A4 (INC)Review, Downgrade		200
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE A+New, New	Stable	250
28 May 2026	Acuite Ratings & Research Limited (opens in a new tab)	Proposed principal protected market linked debentures	PP-MLD \| ACUITE BB+Review, Downgrade		150
22 Sep 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short term - non-fund-based limit – Bank Guarantee	IVR A4+ /INCReview, Downgrade		1,513
22 Sep 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Proposed Short term - non-fund-based limit	IVR A4+ /INCReview, Downgrade		87
22 Sep 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Proposed Commercial Paper Programme	IVR A4+ /INCReview, Downgrade		200

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