Tata Consumer Products financials and balance sheet

NSE: TATACONSUMBSE: 500800Agricultural Food & other ProductsLarge Cap

Formerly Tata Global Beverages

₹963.90₹4.10 (0.43%)BSE ₹960.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹959.80.

52-week range of traded prices to 23 Oct 2026

₹945.00Low, 1 Oct 2026₹1,282.70High, 12 May 2026

Next results date: the board meets on 26 Oct 2026 to consider: financial results and other business matters.

Market cap: ₹95,397 Cr94th largest listed
P/E: 58.3
P/B: 4.4
Dividend yield: 1.04%
ROE: 7.8%
ROCE: 9.0%
Debt to equity: 0.09
Volume, NSE: 14,74,67155.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Tata Consumer Products 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 2.9% 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's revenue for that year, ₹9,637 Cr, differs from its quarters added, ₹8,098 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue20,290
Materials and goods−11,856
Employee costs−1,661
Other expenses−3,982
Operating profit2,792
Depreciation−627
Other income+165
One-off items−20
Finance costs−137
Profit before tax2,173
Tax−535
Joint ventures−91
Net profit1,547

What the company owns

Plant, investments and other assets₹25,489 Cr
Inventory₹3,527 Cr
Cash and bank₹3,420 Cr
Receivables₹1,148 Cr
Current investments₹868 Cr

What pays for it: net worth and liabilities

Net worth₹23,189 Cr
Other liabilities₹5,268 Cr
Owed to suppliers₹3,875 Cr
Borrowings₹2,120 Cr

Tata Consumer Products 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.Tata Consumer Products segment results by quarter

Revenue by segment

₹20,457 CrTotal

India Business₹12,779 Cr62.5% of total
International Business₹5,251 Cr25.7% of total
Non Branded Business₹2,387 Cr11.7% of total
Others₹41 Cr0.2% of total

Profit by segment

India Business₹1,504 Cr59.4% of total
International Business₹626 Cr24.7% of total
Non Branded Business₹280 Cr11.1% of total
Others₹122 Cr4.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

India Business
Revenue, ₹ crore
5,441
7,042
7,914
8,717
9,736
11,241
12,779
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
732
884
1,012
1,193
1,348
1,021
1,504
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
International Business
Revenue, ₹ crore
3,226
3,469
3,336
3,589
3,925
4,549
5,251
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
361
459
478
380
485
667
626
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Non Branded Business
Revenue, ₹ crore
842
975
1,122
1,214
1,500
1,577
1,910
2,387
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
42
56
91
93
122
248
407
280
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
27
13
14
49
58
40
41
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
96
110
151
206
170
122
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	7,279	9,668	11,647	12,477	13,855	15,297	17,738	20,457
Company revenue, as in its results	7,252	9,637	11,602	12,425	13,783	15,206	17,618	20,290
Revenue	–	5,441	7,042	7,914	8,717	9,736	11,241	12,779
Revenue growth	–	–	29.4%	12.4%	10.2%	11.7%	15.4%	13.7%
Profit	–	732	884	1,012	1,193	1,348	1,021	1,504
Profit growth	–	–	20.8%	14.4%	17.9%	13.0%	−24.3%	47.3%
Margin	–	13.4%	12.6%	12.8%	13.7%	13.8%	9.1%	11.8%
Return on capital	–	10.4%	12.4%	13.8%	16.5%	10.5%	7.4%	11.2%
Assets	–	7,786	8,769	9,100	9,305	15,328	16,910	16,819
Liabilities	–	779	1,612	1,756	2,059	2,504	3,135	3,429
Capital employed	–	7,007	7,157	7,344	7,247	12,823	13,776	13,390
Revenue	–	3,226	3,469	3,336	3,589	3,925	4,549	5,251
Revenue growth	–	–	7.5%	−3.9%	7.6%	9.4%	15.9%	15.4%
Profit	–	361	459	478	380	485	667	626
Profit growth	–	–	27.2%	4.2%	−20.6%	27.6%	37.6%	−6.1%
Margin	–	11.2%	13.2%	14.3%	10.6%	12.3%	14.7%	11.9%
Return on capital	–	7.9%	10.3%	10.4%	7.4%	9.4%	10.7%	9.0%
Assets	–	5,353	5,192	5,385	6,071	6,232	7,409	8,314
Liabilities	–	760	748	786	947	1,053	1,185	1,382
Capital employed	–	4,593	4,444	4,599	5,123	5,178	6,224	6,932
Revenue	842	975	1,122	1,214	1,500	1,577	1,910	2,387
Revenue growth	–	15.7%	15.1%	8.2%	23.5%	5.2%	21.1%	25.0%
Profit	42	56	91	93	122	248	407	280
Profit growth	–	33.8%	63.3%	1.9%	32.1%	102.8%	64.0%	−31.1%
Margin	4.9%	5.7%	8.1%	7.6%	8.2%	15.7%	21.3%	11.7%
Return on capital	3.2%	3.9%	6.5%	5.9%	7.3%	13.0%	17.5%	11.4%
Assets	1,484	1,600	1,577	1,752	1,880	2,167	2,613	2,912
Liabilities	170	187	174	179	210	261	282	449
Capital employed	1,314	1,413	1,403	1,573	1,670	1,906	2,331	2,462
Revenue	–	27	13	14	49	58	40	41
Profit	–	0	96	110	151	206	170	122
Margin	–	0.0%	712.4%	797.8%	311.1%	358.5%	429.2%	299.8%
Assets	–	0	0	0	0	0	0	0
Liabilities	–	0	0	0	0	0	0	0
Capital employed	–	0	0	0	0	0	0	0
Revenue	5,203	–	–	–	–	–	–	–
Profit	694	–	–	–	–	–	–	–
Margin	13.3%	–	–	–	–	–	–	–
Return on capital	17.5%	–	–	–	–	–	–	–
Assets	4,683	–	–	–	–	–	–	–
Liabilities	723	–	–	–	–	–	–	–
Capital employed	3,960	–	–	–	–	–	–	–
Revenue	1,203	–	–	–	–	–	–	–
Profit	178	–	–	–	–	–	–	–
Margin	14.8%	–	–	–	–	–	–	–
Return on capital	10.5%	–	–	–	–	–	–	–
Assets	1,846	–	–	–	–	–	–	–
Liabilities	155	–	–	–	–	–	–	–
Capital employed	1,691	–	–	–	–	–	–	–
Revenue	31	–	–	–	–	–	–	–
Profit	−21	–	–	–	–	–	–	–
Margin	−69.0%	–	–	–	–	–	–	–
Return on capital	−94.6%	–	–	–	–	–	–	–
Assets	30	–	–	–	–	–	–	–
Liabilities	8	–	–	–	–	–	–	–
Capital employed	22	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Tata Consumer Products quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 15 May	Mar 2021Filed 7 May	Mar 2022Filed 5 May	Mar 2023Filed 26 Apr	Mar 2024Filed 24 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 8 May
Revenue from operations	6,780	6,815	7,252	9,637	11,602	12,425	13,783	15,206	17,618	20,290
	5,988	5,976	6,466	8,345	10,058	10,707	11,927	12,922	15,139	17,499
Materials and goods bought	3,562	3,699	4,008	5,411	6,902	7,084	8,006	8,564	10,069	11,856
Employee costs	–	–	806	885	970	1,048	1,120	1,259	1,430	1,661
Other expenses	–	–	1,652	2,050	2,186	2,575	2,801	3,099	3,640	3,982
Operating profit before depreciation	791	839	786	1,292	1,544	1,719	1,856	2,284	2,479	2,792
Operating margin	11.7%	12.3%	10.8%	13.4%	13.3%	13.8%	13.5%	15.0%	14.1%	13.8%
Materials, % of revenue	–	–	55.3%	56.1%	59.5%	57.0%	58.1%	56.3%	57.2%	58.4%
Employee costs, % of revenue	–	–	11.1%	9.2%	8.4%	8.4%	8.1%	8.3%	8.1%	8.2%
Other expenses, % of revenue	–	–	22.8%	21.3%	18.8%	20.7%	20.3%	20.4%	20.7%	19.6%
Depreciation and amortisation	126	116	123	242	255	278	304	377	601	627
Operating profit after depreciation	665	723	663	1,050	1,289	1,441	1,552	1,907	1,879	2,165
Other income	83	94	157	112	121	140	169	246	193	165
Finance costs	92	43	52	78	69	73	87	130	290	137
Profit before one-off items and tax	657	774	768	1,084	1,342	1,508	1,634	2,023	1,782	2,193
One-off items	5	−21	−33	−275	−31	−52	159	−327	−5	−20
Profit before tax	662	753	735	809	1,311	1,456	1,794	1,696	1,777	2,173
	198	186	261	274	317	377	447	395	396	535
Current tax	–	–	261	89	98	220	377	469	359	545
Deferred tax	–	–	0	185	219	157	70	−75	37	−10
Share of profit of joint ventures and associates	−9	−11	−17	−75	−63	−64	−26	−86	−93	−91
	455	557	457	460	930	1,015	1,320	1,215	1,287	1,547
Belonging to the company's shareholders	389	495	408	460	857	936	1,204	1,150	1,278	1,542
Belonging to outside owners of subsidiaries	–	–	49	0	74	79	116	65	9	5
Other comprehensive income	–	–	74	281	149	59	84	174	307	841
Total comprehensive income	–	–	531	742	1,080	1,074	1,404	1,390	1,594	2,388
Net margin	6.7%	8.2%	6.3%	4.8%	8.0%	8.2%	9.6%	8.0%	7.3%	7.6%
Net margin without joint ventures and associates	6.8%	8.3%	6.5%	5.6%	8.6%	8.7%	9.8%	8.6%	7.8%	8.1%

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.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 24 Apr	Mar 2020Filed 15 May	Mar 2021Filed 7 May	Mar 2022Filed 5 May	Mar 2023Filed 26 Apr	Mar 2024Filed 24 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 8 May
	8,359	14,907	15,627	16,294	17,127	17,436	21,390	23,189
	7,332	13,815	14,535	15,142	16,277	16,057	20,001	21,788
Share capital	63	92	92	92	93	95	99	99
Reserves	7,269	13,723	14,442	15,050	16,184	15,962	19,902	21,689
Belonging to outside owners of subsidiaries	1,028	1,092	1,093	1,152	850	1,379	1,389	1,401
	1,117	1,182	721	1,011	1,183	2,954	1,849	2,120
Repayable after a year	787	795	288	242	206	168	191	302
Repayable within a year	330	388	433	769	977	2,786	1,658	1,818
	1,458	1,979	3,094	3,173	3,925	6,191	5,841	6,579
Trade payables	665	944	1,625	1,916	2,348	2,707	3,508	3,875
Other financial liabilities	305	421	774	262	283	332	331	493
Other liabilities	81	100	136	132	173	176	185	199
Provisions	50	92	102	73	77	163	150	186
Tax owed	28	34	24	20	66	27	9	7
	1,109	1,617	1,534	1,651	1,760	4,394	4,746	4,686
Other financial liabilities	8	306	469	444	523	2,185	2,136	1,940
Other liabilities	17	17	15	13	0	19	27	27
Provisions	152	183	192	176	167	226	205	216
Deferred tax	145	316	570	776	863	1,795	2,187	2,199
Liabilities going with businesses held for sale	12	–	–	–	–	–	–	–
	10,939	18,503	20,256	21,118	22,811	28,021	31,978	34,453
Held for sale or for a demerger	37	–	–	–	–	–	–	–
	6,391	12,821	13,207	13,982	14,503	20,594	23,008	24,136
Plant in use, after depreciation	809	1,208	1,609	1,859	1,989	2,483	2,574	2,810
Plant being built	413	88	93	209	286	171	207	460
Intangible assets	268	2,771	2,784	2,754	2,841	6,326	7,359	7,112
Goodwill	3,785	7,334	7,597	7,754	8,025	10,334	11,330	11,884
Intangible assets being developed	11	8	20	38	9	18	11	21
Property held to earn rent	52	50	33	232	215	215	214	214
Investments	317	261	275	365	386	353	341	286
Stakes in joint ventures and associates	288	228	207	234	293	278	335	289
Loans given	17	23	22	14	13	7	2	248
Other financial assets	29	32	75	36	43	47	54	71
Deferred tax	58	30	38	43	49	142	147	174
Other assets	345	789	454	444	355	219	434	568
	4,511	5,682	7,049	7,136	8,309	7,427	8,970	10,317
Inventories	1,610	1,712	2,249	2,267	2,702	2,769	3,600	3,527
Trade receivables	681	922	761	835	798	897	870	1,148
Cash and cash equivalents	967	1,122	2,042	1,498	1,540	2,320	2,726	3,047
Other bank balances	67	500	1,033	1,102	1,257	135	92	374
Current investments	583	834	323	198	755	239	292	868
Loans given	245	117	185	660	530	334	485	588
Other financial assets	131	173	116	184	193	150	175	137
Tax paid in advance	2	1	1	1	21	5	33	14
Other assets	225	302	337	391	513	578	697	614
Net debt	−500	−1,273	−2,677	−1,787	−2,369	261	−1,261	−2,168

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 7 May	Mar 2022Filed 5 May	Mar 2023Filed 26 Apr	Mar 2024Filed 24 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 8 May
	1,656	1,516	1,461	1,937	2,057	2,422
	1,763	1,751	1,850	2,335	2,518	2,985
	183	2	−25	11	5	145
Receivables	186	−149	−36	−45	36	−291
Inventories	−533	−1	−368	−3	−735	200
Payables	531	152	379	60	704	236
Tax paid	−106	−235	−389	−398	−462	−563
Capital spending	211	273	312	335	460	449
Free cash flow	1,446	1,242	1,150	1,602	1,597	1,973
	−408	−1,322	−828	−1,931	−2,354	−1,398
Plant and property sold	32	27	22	24	45	42
Companies bought	−169	−511	−55	−3,859	−1,809	0
Interest received	68	75	109	187	111	94
Dividends received	5	13	13	4	7	12
	−426	−995	−714	256	453	−1,075
Borrowings raised	12	0	53	1,327	60	130
Borrowings repaid	−69	−495	−56	−73	−1,511	−194
Interest paid	−65	−63	−82	−118	−261	−112
Lease payments	−45	−53	0	0	−75	−79
Dividends paid	267	398	573	809	741	820
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	2,981	0
Net change in cash	822	−801	−81	261	156	−52

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.Tata Consumer Products dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 15 May	Mar 2021Filed 7 May	Mar 2022Filed 5 May	Mar 2023Filed 26 Apr	Mar 2024Filed 24 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 8 May
Earnings per share	₹6.17	₹7.85	₹6.47	₹4.99	₹9.30	₹10.15	₹13.02	₹12.32	₹13.06	₹15.59
Diluted earnings per share	₹6.17	₹7.85	₹6.47	₹4.99	₹9.30	₹10.15	₹13.02	₹12.32	₹13.06	₹15.58
Dividend per share	₹2.35	₹2.50	₹2.50	₹2.70	₹4.05	₹6.05	₹8.45	₹7.75	₹8.25	₹10.00
Book value per share	–	–	₹116.17	₹149.90	₹157.71	₹164.30	₹175.21	₹168.52	₹202.13	₹220.17
Dividend payout	38.1%	31.8%	38.7%	54.1%	43.6%	59.6%	65.2%	64.2%	63.9%	64.2%
Shareholder yield	–	–	–	–	0.5%	0.6%	0.9%	0.8%	−2.3%	0.8%
Market cap at the year end (₹ crore)	9,502	16,330	12,872	18,609	58,878	71,641	65,853	1,04,450	99,134	1,00,419

Ratios

Consolidated, years to March.Tata Consumer Products PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 24 Apr	Mar 2020Filed 15 May	Mar 2021Filed 7 May	Mar 2022Filed 5 May	Mar 2023Filed 26 Apr	Mar 2024Filed 24 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 8 May
Revenue growth	−16.4%	0.5%	6.4%	–	20.4%	7.1%	10.9%	10.3%	15.9%	15.2%
Operating profit growth	17.3%	6.0%	−6.3%	–	19.5%	11.3%	8.0%	23.0%	8.5%	12.6%
Net profit growth	39.5%	22.4%	−17.9%	–	102.2%	9.1%	30.0%	−7.9%	5.9%	20.2%
Earnings per share growth	–	27.2%	−17.6%	–	86.4%	9.1%	28.3%	−5.4%	6.0%	19.4%
	–	–	5.6%	4.3%	6.0%	6.3%	7.7%	7.1%	7.1%	7.4%
	–	–	–	−1.2 pts	1.7 pts	0.3 pts	1.4 pts	−0.5 pts	0.0 pts	0.3 pts
From the net margin	–	–	–	−0.8 pts	2.4 pts	0.1 pts	1.0 pts	−1.0 pts	−0.3 pts	0.3 pts
From asset turnover	–	–	–	−0.1 pts	−0.6 pts	0.0 pts	0.3 pts	−0.3 pts	−0.1 pts	0.3 pts
From borrowing	–	–	–	−0.3 pts	−0.1 pts	0.1 pts	0.0 pts	0.8 pts	0.4 pts	−0.3 pts
Return on capital employed	–	–	7.0%	6.5%	7.9%	8.3%	8.5%	9.4%	8.1%	8.6%
Cash conversion	–	–	–	–	178.0%	149.3%	110.7%	159.3%	159.8%	156.6%
Interest cover	7.3	16.9	12.6	13.5	18.8	19.8	17.8	14.7	6.5	15.8
Debt to equity	–	–	0.13	0.08	0.05	0.06	0.07	0.17	0.09	0.09
Receivable days	–	–	34	35	24	25	21	22	18	21
Inventory days	–	–	147	115	119	117	123	118	130	109
Payable days	–	–	61	64	86	99	107	115	127	119
Cash conversion cycle, days	–	–	120	87	57	43	37	24	21	10
Working capital days	–	–	89	62	31	57	48	32	35	23
Asset turnover	–	–	0.66	0.65	0.60	0.60	0.63	0.60	0.59	0.61
Assets per rupee of net worth	–	–	1.49	1.39	1.37	1.39	1.40	1.57	1.66	1.59
Sales per rupee of plant	–	–	8.97	7.98	7.21	6.68	6.93	6.12	6.84	7.22
Capital spending to depreciation	–	–	–	–	0.83	0.98	1.03	0.89	0.77	0.72
Plant being built, % of plant in use	–	–	51.1%	7.3%	5.8%	11.3%	14.4%	6.9%	8.0%	16.4%

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 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 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: 4.6%
Cash from operations against operating profit: 86.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.6%	11.8%	13.8%
Profit growth, yearly rate	16.8%	12.5%	8.6%
Return on equity, average	–	7.1%	7.2%
Return on capital employed, average	–	8.6%	8.7%
Operating margin, average	13.2%	14.0%	14.3%
Net margin, average	7.5%	8.1%	7.6%
Asset turnover, average	–	0.60	0.60
Cash conversion cycle, days, average	–	27	18
Interest cover, average	14.4	14.9	12.3
Debt to equity, average	–	0.10	0.12

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	9,392	6,415	2,422
Cash from investing	−7,832	−5,683	−1,398
Cash from financing	−2,076	−367	−1,075
Capital spending	1,828	1,243	449
Dividends paid	3,342	2,371	820
Shares bought back	0	0	0
Shares issued for cash	2,981	2,981	0
Borrowings raised	1,570	1,518	130
Borrowings repaid	2,330	1,779	194

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	–	–	–	–	6	6	6	6	5	6
Altman Z-scorePublished threshold 1.81	–	–	5.16	6.49	9.66	10.96	9.05	7.53	7.37	7.17
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.72	−2.55	−2.58	−2.57	−2.53	−2.32
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.64	3.97	3.13	4.76	5.28	1.57
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.42	1.38	1.43	1.58
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	2.64	−37.85	2.60	−15.34	2.01	−18.87	16.86
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−28.66	3.81	−1.86	6.19	−4.47	12.41	−19.77
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.22	−0.18	0.98	1.10	0.04	0.98	−0.69
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.14	0.14	0.40	0.66	0.20	0.30	0.53
Effective tax ratePublished threshold 17.16 per cent	29.96	24.68	35.51	33.88	24.20	25.90	24.92	23.28	22.30	24.64
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	9.74	3.26	−0.18	−3.69	−1.29

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
6 Oct 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper / Short Term LoanShort-term scale	CARE A1+Review, Re-affirmProposed, ISINs - INE192A14838, INE192A14846 redeemed		1,500
30 Apr 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	850
30 Apr 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		1,500
30 Apr 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-Others	[ICRA]A1+Review, Re-affirm		150

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