SRF financials and balance sheet

NSE: SRFBSE: 503806Chemicals & PetrochemicalsMid Cap

₹2,310.00₹20.60 (0.88%)BSE ₹2,309.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,330.60.

52-week range of traded prices to 23 Oct 2026

₹2,178.30Low, 22 Oct 2026₹3,198.90High, 23 Oct 2025

Market cap: ₹68,474 Cr134th largest listed
P/E: 30.0
P/B: 4.5
Dividend yield: 0.43%
ROE: 16.0%
ROCE: 15.1%
Debt to equity: 0.34
Volume, NSE: 5,11,88730.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.SRF 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. Lease payments were 0.9% 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 2020, 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

Revenue15,787
Materials and goods−7,798
Employee costs−1,148
Other expenses−3,431
Operating profit3,410
Depreciation−852
Other income+107
One-off items−85
Finance costs−278
Profit before tax2,302
Tax−466
Net profit1,835

What the company owns

Plant, investments and other assets₹17,622 Cr
Inventory₹2,789 Cr
Receivables₹2,562 Cr
Cash and bank₹611 Cr
Current investments₹563 Cr

What pays for it: net worth and liabilities

Net worth₹14,043 Cr
Borrowings₹5,004 Cr
Owed to suppliers₹2,585 Cr
Other liabilities₹2,515 Cr

SRF 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.SRF segment results by quarter

Revenue by segment

₹15,787 CrTotal

Chemicals Business (CB)₹7,779 Cr49.3% of total
Performance Films & Foil Business (PFB)₹5,764 Cr36.5% of total
Technical Textiles Business (TTB)₹1,877 Cr11.9% of total
Others₹366 Cr2.3% of total

Profit by segment

Chemicals Business (CB)₹2,263 Cr75.2% of total
Performance Films & Foil Business (PFB)₹508 Cr16.9% of total
Technical Textiles Business (TTB)₹190 Cr6.3% of total
Others₹47 Cr1.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Chemicals Business (CB)
Revenue, ₹ crore
2,445
2,975
3,645
5,241
7,411
6,297
6,691
7,779
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
384
511
728
1,397
2,341
1,627
1,665
2,263
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Performance Films & Foil Business (PFB)
Revenue, ₹ crore
2,653
2,604
3,292
4,779
5,183
4,489
5,554
5,764
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
411
556
898
946
556
207
365
508
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Technical Textiles Business (TTB)
Revenue, ₹ crore
2,074
1,358
1,240
2,085
1,894
1,898
2,029
1,877
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
298
151
177
471
262
274
238
190
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
525
278
232
340
393
465
428
366
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
47
32
26
20
35
93
69
47
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	7,698	7,215	8,409	12,446	14,880	13,150	14,701	15,787
Company revenue, as in its results	7,693	7,209	8,400	12,434	14,870	13,139	14,693	15,787
Revenue	2,445	2,975	3,645	5,241	7,411	6,297	6,691	7,779
Revenue growth	–	21.7%	22.5%	43.8%	41.4%	−15.0%	6.3%	16.3%
Profit	384	511	728	1,397	2,341	1,627	1,665	2,263
Profit growth	–	33.1%	42.4%	91.8%	67.6%	−30.5%	2.3%	35.9%
Margin	15.7%	17.2%	20.0%	26.7%	31.6%	25.8%	24.9%	29.1%
Return on capital	8.6%	10.8%	14.5%	22.4%	27.9%	16.8%	17.1%	21.4%
Assets	4,925	5,248	5,742	7,194	9,734	10,746	10,875	11,886
Liabilities	449	515	710	950	1,352	1,043	1,115	1,317
Capital employed	4,476	4,732	5,032	6,243	8,382	9,703	9,761	10,569
Revenue	2,653	2,604	3,292	4,779	5,183	4,489	5,554	5,764
Revenue growth	–	−1.9%	26.4%	45.2%	8.4%	−13.4%	23.7%	3.8%
Profit	411	556	898	946	556	207	365	508
Profit growth	–	35.0%	61.6%	5.4%	−41.2%	−62.9%	76.5%	39.2%
Margin	15.5%	21.3%	27.3%	19.8%	10.7%	4.6%	6.6%	8.8%
Return on capital	19.9%	19.0%	26.2%	22.6%	12.3%	4.3%	7.1%	8.0%
Assets	2,776	3,583	4,543	5,633	5,801	6,181	6,646	8,078
Liabilities	710	664	1,118	1,450	1,284	1,392	1,494	1,768
Capital employed	2,066	2,919	3,425	4,183	4,516	4,789	5,151	6,310
Revenue	2,074	1,358	1,240	2,085	1,894	1,898	2,029	1,877
Revenue growth	–	−34.6%	−8.7%	68.1%	−9.2%	0.2%	6.9%	−7.5%
Profit	298	151	177	471	262	274	238	190
Profit growth	–	−49.2%	16.8%	166.5%	−44.5%	4.8%	−13.2%	−20.2%
Margin	14.4%	11.2%	14.3%	22.6%	13.8%	14.4%	11.7%	10.1%
Return on capital	26.1%	14.0%	14.2%	33.6%	19.2%	18.2%	13.3%	10.4%
Assets	1,540	1,385	1,582	1,818	1,754	2,030	2,199	2,165
Liabilities	396	304	337	417	392	525	411	334
Capital employed	1,143	1,081	1,245	1,401	1,363	1,505	1,788	1,831
Revenue	525	278	232	340	393	465	428	366
Revenue growth	–	−47.0%	−16.6%	46.7%	15.4%	18.5%	−8.1%	−14.3%
Profit	47	32	26	20	35	93	69	47
Profit growth	–	−32.0%	−19.5%	−20.5%	71.1%	167.1%	−26.0%	−31.7%
Margin	8.9%	11.4%	11.0%	6.0%	8.9%	20.0%	16.1%	12.8%
Return on capital	19.0%	22.1%	18.4%	14.8%	31.0%	68.0%	39.7%	23.9%
Assets	298	187	172	175	165	178	217	239
Liabilities	52	44	33	37	53	42	44	43
Capital employed	246	144	139	138	112	137	173	197

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

Profit and loss

Consolidated, ₹ crore, years to March.SRF quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 4 Jun	Mar 2021Filed 6 May	Mar 2022Filed 10 May	Mar 2023Filed 11 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 5 May
Revenue from operations	5,137	5,685	7,693	7,209	8,400	12,434	14,870	13,139	14,693	15,787
	4,140	4,732	6,337	5,754	6,255	9,258	11,341	10,554	11,975	12,377
Materials and goods bought	2,418	3,032	4,360	3,687	4,019	6,067	7,394	6,709	7,699	7,798
Employee costs	–	–	516	542	621	780	814	935	1,042	1,148
Other expenses	–	–	1,462	1,526	1,615	2,411	3,134	2,911	3,233	3,431
Operating profit before depreciation	997	953	1,355	1,455	2,145	3,176	3,529	2,584	2,718	3,410
Operating margin	19.4%	16.8%	17.6%	20.2%	25.5%	25.5%	23.7%	19.7%	18.5%	21.6%
Materials, % of revenue	–	–	56.7%	51.1%	47.8%	48.8%	49.7%	51.1%	52.4%	49.4%
Employee costs, % of revenue	–	–	6.7%	7.5%	7.4%	6.3%	5.5%	7.1%	7.1%	7.3%
Other expenses, % of revenue	–	–	19.0%	21.2%	19.2%	19.4%	21.1%	22.2%	22.0%	21.7%
Depreciation and amortisation	283	316	367	389	453	517	575	673	772	852
Operating profit after depreciation	714	637	988	1,066	1,692	2,659	2,954	1,911	1,947	2,558
Other income	45	69	40	49	54	43	75	83	133	107
Finance costs	102	124	202	201	134	116	205	302	376	278
Profit before one-off items and tax	657	582	827	915	1,613	2,586	2,824	1,692	1,704	2,387
One-off items	0	0	0	0	0	0	0	0	0	−85
Profit before tax	657	582	827	915	1,613	2,586	2,824	1,692	1,704	2,302
	142	120	185	−1	414	697	662	357	453	466
Current tax	–	–	212	27	415	714	711	460	456	566
Deferred tax	–	–	−27	−28	−1	−17	−50	−103	−3	−99
Profit from discontinued businesses	–	–	–	103	0	–	–	–	–	–
Net profit	515	462	642	1,019	1,198	1,889	2,162	1,336	1,251	1,835
Other comprehensive income	–	–	6	−119	128	21	−196	21	101	−160
Total comprehensive income	–	–	647	900	1,325	1,910	1,967	1,357	1,352	1,675
Net margin	10.0%	8.1%	8.3%	–	14.3%	15.2%	14.5%	10.2%	8.5%	11.6%

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. Net margin is left blank for the year to Mar 2020: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

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 2019Filed 14 May	Mar 2020Filed 4 Jun	Mar 2021Filed 6 May	Mar 2022Filed 10 May	Mar 2023Filed 11 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 5 May	Sep 2026Half yearFiled 21 Oct
	4,129	4,933	6,856	8,565	10,327	11,479	12,626	14,043	15,304
Share capital	59	59	60	297	297	297	297	297	297
Reserves	4,071	4,875	6,796	8,268	10,030	11,182	12,329	13,745	15,007
	3,289	3,267	2,931	3,539	4,354	4,920	4,641	5,004	5,205
Repayable after a year	2,161	2,312	1,965	1,753	2,312	2,251	1,981	1,953	2,254
Repayable within a year	1,127	955	966	1,786	2,043	2,669	2,660	3,051	2,951
	3,199	3,308	3,571	4,440	4,917	5,481	5,430	6,523	6,551
Trade payables	1,382	1,112	1,585	2,096	2,231	2,198	2,332	2,585	2,919
Other financial liabilities	602	1,138	906	392	511	495	313	617	487
Other liabilities	71	86	93	144	109	94	99	244	127
Provisions	6	7	9	7	8	9	10	15	20
Tax owed	10	10	12	14	15	17	17	11	47
	2,560	2,636	2,502	2,771	3,511	3,522	3,501	3,581	3,982
Other financial liabilities	0	97	64	249	257	84	75	186	169
Other liabilities	19	14	43	40	882	177	307	311	–
Provisions	38	38	44	52	61	71	83	96	96
Deferred tax	342	176	386	677	0	939	1,055	1,035	1,143
	9,888	10,877	12,929	15,777	18,755	20,482	21,557	24,147	25,837
Held for sale or for a demerger	–	12	–	3	–	–	–	–	–
	6,716	7,971	8,990	10,522	12,980	14,833	15,428	16,949	17,622
Plant in use, after depreciation	5,496	6,251	7,714	8,306	9,935	13,122	13,607	13,820	–
Plant being built	754	1,393	772	1,672	2,406	805	811	1,889	–
Intangible assets	109	116	112	119	115	120	112	106	104
Goodwill	4	1	1	0	0	0	0	0	0
Investments	0	4	4	4	4	121	123	124	123
Loans given	34	44	46	15	45	50	52	48	43
Other financial assets	5	112	45	141	68	198	284	228	212
Deferred tax	19	14	18	32	19	239	239	378	37
Other assets	295	35	278	234	388	178	198	357	541
	3,172	2,894	3,939	5,251	5,775	5,649	6,130	7,198	8,215
Inventories	1,225	1,201	1,466	2,138	2,274	2,326	2,349	2,789	3,379
Trade receivables	1,029	891	1,275	1,792	1,786	1,943	2,169	2,562	3,161
Cash and cash equivalents	190	116	138	450	608	399	334	590	398
Other bank balances	9	9	144	9	8	8	20	20	28
Current investments	100	199	413	317	490	406	705	563	477
Loans given	11	25	11	9	11	13	17	18	17
Other financial assets	200	170	226	226	235	198	168	225	324
Tax paid in advance	0	2	0	0	0	0	0	0	–
Other assets	408	281	267	310	363	356	368	430	431
Net debt	2,989	2,943	2,236	2,763	3,248	4,107	3,583	3,830	4,302

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

₹ crore	Mar 2021Filed 6 May	Mar 2022Filed 10 May	Mar 2023Filed 11 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 5 May	Sep 2026Half yearFiled 21 Oct
	1,772	2,106	2,902	2,094	2,487	2,554	793
	2,027	2,507	3,409	2,476	2,821	3,060	1,061
	−124	−664	−60	−114	−18	−417	−1,160
Receivables	−400	−507	−2	−169	−204	−306	−606
Inventories	−260	−666	−131	−74	6	−374	−584
Payables	480	510	122	−14	109	124	349
Other working capital	56	−2	−50	143	71	138	−318
Tax paid	−255	−402	−508	−383	−334	−506	−268
Capital spending	1,214	1,832	2,866	2,217	1,231	1,815	974
Free cash flow	557	274	36	−123	1,256	738	−180
	−1,500	−1,588	−2,961	−2,227	−1,484	−1,598	−836
Plant and property sold	10	15	14	15	9	9	2
Companies bought	0	−10	0	0	0	0	0
Interest received	0	32	27	27	35	21	8
	−251	−207	220	−72	−1,071	−708	−153
Borrowings raised	1,305	618	1,419	1,038	680	689	862
Borrowings repaid	−1,976	−471	−759	−497	−1,109	−799	−687
Interest paid	0	−117	−194	−361	−393	−293	−158
Lease payments	−20	0	−32	−37	−35	−39	−22
Dividends paid	141	212	213	214	213	266	148
Shares bought back	0	0	0	0	0	0	0
Shares issued	738	0	0	0	0	0	0
Net change in cash	21	311	160	−205	−67	247	−195

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.SRF dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 4 Jun	Mar 2021Filed 6 May	Mar 2022Filed 10 May	Mar 2023Filed 11 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 5 May
	₹17.94	₹16.08	₹22.33	₹35.46	₹41.11	₹63.75	₹72.95	₹45.06	₹42.40	₹61.91
As stated that year	₹89.69	₹80.41	₹111.66	₹177.29	₹205.54	₹63.75	₹72.95	₹45.06	₹42.40	₹61.91
	₹17.94	₹16.08	₹22.33	₹35.46	₹41.11	₹63.75	₹72.95	₹45.06	₹42.40	₹61.91
As stated that year	₹89.69	₹80.41	₹111.66	₹177.29	₹205.54	₹63.75	₹72.95	₹45.06	₹42.40	₹61.91
	₹2.40	₹2.40	₹2.40	₹2.80	₹4.80	₹7.15	₹7.20	₹7.20	₹7.20	₹9.00
As declared that year	₹12.00	₹12.00	₹12.00	₹14.00	₹24.00	–	₹7.20	₹7.20	₹7.20	₹9.00
	–	–	₹143.68	₹171.65	₹231.44	₹288.96	₹348.39	₹387.26	₹425.96	₹473.75
On that year's share count	–	–	₹718.38	₹858.27	₹1,157.20	₹288.96	₹348.39	₹387.26	₹425.96	₹473.75
Dividend payout	13.4%	14.9%	10.8%	7.9%	11.9%	11.2%	9.9%	16.0%	17.1%	14.5%
Shareholder yield	–	–	–	–	−1.9%	0.3%	0.3%	0.3%	0.2%	0.4%
Market cap at the year end (₹ crore)	9,343	11,227	13,813	15,999	32,056	79,422	71,493	75,892	87,124	72,268

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 2022: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.SRF PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 4 Jun	Mar 2021Filed 6 May	Mar 2022Filed 10 May	Mar 2023Filed 11 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 5 May
Revenue growth	–	10.7%	35.3%	–	16.5%	48.0%	19.6%	−11.6%	11.8%	7.4%
Operating profit growth	–	−4.5%	42.3%	–	47.4%	48.0%	11.1%	−26.8%	5.2%	25.4%
Net profit growth	–	−10.3%	39.0%	–	17.6%	57.7%	14.5%	−38.2%	−6.4%	46.7%
Earnings per share growth	–	−10.3%	38.9%	–	15.9%	55.1%	14.4%	−38.2%	−5.9%	46.0%
	–	–	15.5%	22.5%	20.3%	24.5%	22.9%	12.3%	10.4%	13.8%
	–	–	–	7.0 pts	−2.2 pts	4.2 pts	−1.6 pts	−10.6 pts	−1.9 pts	3.4 pts
From the net margin	–	–	–	–	–	1.3 pts	−1.0 pts	−6.9 pts	−2.0 pts	3.8 pts
From asset turnover	–	–	–	–	–	4.9 pts	−0.1 pts	−3.6 pts	0.4 pts	−0.2 pts
From borrowing	–	–	–	–	–	−2.1 pts	−0.4 pts	−0.2 pts	−0.3 pts	−0.2 pts
Return on capital employed	–	–	13.3%	13.0%	17.3%	22.0%	20.1%	11.7%	11.3%	13.4%
Cash conversion	–	–	–	–	147.9%	111.5%	134.2%	156.8%	198.9%	139.1%
Interest cover	7.0	5.1	4.9	5.3	12.6	22.9	14.4	6.3	5.2	9.2
Debt to equity	–	–	0.80	0.66	0.43	0.41	0.42	0.43	0.37	0.36
Receivable days	–	–	49	45	55	53	44	54	54	59
Inventory days	–	–	103	119	133	129	112	127	111	131
Payable days	–	–	116	110	144	126	110	120	111	121
Cash conversion cycle, days	–	–	36	54	45	55	46	61	55	69
Working capital days	–	–	38	11	28	53	44	56	57	59
Asset turnover	–	–	0.78	0.69	0.71	0.87	0.86	0.67	0.70	0.69
Assets per rupee of net worth	–	–	2.39	2.29	2.02	1.86	1.83	1.80	1.74	1.71
Sales per rupee of plant	–	–	1.40	1.15	1.09	1.50	1.50	1.00	1.08	1.14
Capital spending to depreciation	–	–	–	–	2.68	3.54	4.98	3.30	1.60	2.13
Plant being built, % of plant in use	–	–	13.7%	22.3%	10.0%	20.1%	24.2%	6.1%	6.0%	13.7%

Revenue growth, operating profit growth and net profit growth are 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. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020 and Mar 2021: 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. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2020: 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. 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: 8.0%
Cash from operations against operating profit: 74.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	13.1%	13.4%	2.0%
Profit growth, yearly rate	15.8%	8.9%	−5.3%
Return on equity, average	–	16.8%	12.1%
Return on capital employed, average	–	15.7%	12.1%
Operating margin, average	20.9%	21.8%	19.9%
Net margin, average	11.2%	12.0%	10.1%
Asset turnover, average	–	0.76	0.69
Cash conversion cycle, days, average	–	57	61
Interest cover, average	9.3	11.6	6.9
Debt to equity, average	–	0.40	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	12,142	7,135	2,554
Cash from investing	−9,858	−5,309	−1,598
Cash from financing	−1,838	−1,851	−708
Capital spending	9,962	5,264	1,815
Dividends paid	1,118	693	266
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	4,443	2,406	689
Borrowings repaid	3,635	2,405	799

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	–	–	–	–	8	7	4	5	7	8
Altman Z-scorePublished threshold 1.81	–	–	3.13	3.20	5.03	8.76	7.22	6.79	7.69	6.13
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.44	−1.98	−2.56	−2.75	−2.61	−2.27
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	7.78	9.55	12.87	7.49	1.18	3.85
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.29	1.32	1.58	1.61
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−7.10	26.52	−7.39	−19.98	20.45	−0.17	10.63
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	13.51	13.02	−5.07	−15.51	11.56	−13.80	17.44
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.15	0.47	0.34	0.42	−0.33	−0.12	0.76
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.22	0.40	1.51	1.09	0.21	0.65	1.78
Effective tax ratePublished threshold 17.16 per cent	21.64	20.62	22.40	−0.13	25.70	26.94	23.43	21.07	26.58	20.27
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	11.41	5.45	−1.54	6.99	−1.73

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
28 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		800
28 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+Review, Re-affirm	Stable	4,742
21 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	120
21 May 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		800

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