Tata Power Company financials and balance sheet

NSE: TATAPOWERBSE: 500400PowerLarge Cap

₹348.10₹5.40 (1.53%)BSE ₹346.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹353.50.

52-week range of traded prices to 23 Oct 2026

₹333.60Low, 9 Oct 2026₹464.90High, 28 Apr 2026

Next results date: the board meets on 11 Nov 2026 to consider: financial results and other business matters.

Market cap: ₹1,11,230 Cr81st largest listed
P/E: 28.8
P/B: 2.8
Dividend yield: 0.72%
ROE: 10.3%
ROCE: 6.8%
Debt to equity: 1.50
Volume, NSE: 41,80,66644.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Tata Power Company 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 5.1% 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

Revenue62,429
Materials and goods−8,577
Employee costs−4,694
Other expenses−36,063
Operating profit13,095
Depreciation−4,811
Other income+1,743
One-off items−94
Finance costs−5,257
Profit before tax4,676
Joint ventures+708
Net profit5,118

What the company owns

Plant, investments and other assets₹1,50,640 Cr
Cash and bank₹13,644 Cr
Inventory₹5,108 Cr
Receivables₹4,424 Cr
Current investments₹1,356 Cr

What pays for it: net worth and liabilities

Borrowings₹71,122 Cr
Other liabilities₹49,373 Cr
Net worth₹47,538 Cr
Owed to suppliers₹7,138 Cr

Tata Power Company 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.Tata Power Company segment results by quarter

Revenue by segment

₹68,434 CrTotal

Transmission and Distribution₹41,339 Cr60.4% of total
Renewables₹15,028 Cr22.0% of total
Thermal & Hydro₹11,636 Cr17.0% of total
Others₹432 Cr0.6% of total

Profit by segment

Transmission and Distribution₹4,399 Cr41.1% of total
Renewables₹4,341 Cr40.6% of total
Thermal & Hydro₹1,965 Cr18.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Transmission and Distribution
Revenue, ₹ crore
14,003
16,670
27,493
34,529
36,206
39,121
41,339
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,922
1,677
2,138
2,198
2,489
3,206
4,399
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Renewables
Revenue, ₹ crore
3,977
5,888
7,749
8,197
10,175
9,876
15,028
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,500
1,494
1,924
1,932
2,046
2,597
4,341
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Thermal & Hydro
Revenue, ₹ crore
14,533
13,433
11,211
18,211
19,614
19,739
11,636
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,765
2,710
2,633
5,092
3,649
3,813
1,965
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
3,545
256
262
318
414
431
431
432
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
93
193
83
−286
−308
132
−107
−105
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	31,625	33,112	36,446	46,771	61,351	66,425	69,167	68,434
Company revenue, as in its results	29,559	29,136	32,468	42,816	55,109	61,449	65,478	62,429
Revenue	–	14,003	16,670	27,493	34,529	36,206	39,121	41,339
Revenue growth	–	–	19.0%	64.9%	25.6%	4.9%	8.1%	5.7%
Profit	–	1,922	1,677	2,138	2,198	2,489	3,206	4,399
Profit growth	–	–	−12.8%	27.5%	2.8%	13.3%	28.8%	37.2%
Margin	–	13.7%	10.1%	7.8%	6.4%	6.9%	8.2%	10.6%
Return on capital	–	15.3%	14.3%	16.6%	15.3%	15.9%	18.1%	20.3%
Assets	–	17,859	25,555	32,411	37,477	42,060	45,708	53,429
Liabilities	–	5,294	13,842	19,542	23,135	26,436	28,028	31,779
Capital employed	–	12,565	11,713	12,869	14,342	15,623	17,680	21,650
Revenue	–	3,977	5,888	7,749	8,197	10,175	9,876	15,028
Revenue growth	–	–	48.0%	31.6%	5.8%	24.1%	−2.9%	52.2%
Profit	–	1,500	1,494	1,924	1,932	2,046	2,597	4,341
Profit growth	–	–	−0.4%	28.7%	0.4%	5.9%	26.9%	67.2%
Margin	–	37.7%	25.4%	24.8%	23.6%	20.1%	26.3%	28.9%
Return on capital	–	8.4%	7.9%	8.5%	7.8%	6.3%	5.9%	8.8%
Assets	–	19,534	22,703	27,589	29,744	40,459	51,356	56,921
Liabilities	–	1,596	3,753	5,012	4,931	8,030	7,402	7,826
Capital employed	–	17,937	18,950	22,578	24,813	32,430	43,953	49,095
Revenue	–	14,533	13,433	11,211	18,211	19,614	19,739	11,636
Revenue growth	–	–	−7.6%	−16.5%	62.4%	7.7%	0.6%	−41.1%
Profit	–	2,765	2,710	2,633	5,092	3,649	3,813	1,965
Profit growth	–	–	−2.0%	−2.8%	93.4%	−28.3%	4.5%	−48.5%
Margin	–	19.0%	20.2%	23.5%	28.0%	18.6%	19.3%	16.9%
Return on capital	–	7.6%	8.2%	8.1%	14.4%	11.5%	12.5%	5.4%
Assets	–	40,076	37,717	38,202	41,201	39,316	39,708	41,697
Liabilities	–	3,685	4,690	5,729	5,848	7,619	9,288	4,998
Capital employed	–	36,391	33,027	32,473	35,353	31,697	30,420	36,700
Revenue	3,545	256	262	318	414	431	431	432
Revenue growth	–	−92.8%	–	–	–	–	–	–
Profit	93	193	83	−286	−308	132	−107	−105
Profit growth	–	107.6%	–	–	–	–	–	–
Margin	2.6%	75.6%	31.7%	−90.0%	−74.5%	30.7%	−24.7%	−24.3%
Return on capital	92.6%	15.7%	6.2%	−15.7%	−25.1%	8.4%	−6.8%	−7.5%
Assets	1,572	1,362	1,470	1,973	1,351	1,716	1,722	1,573
Liabilities	1,472	129	119	148	125	142	154	171
Capital employed	100	1,233	1,351	1,825	1,226	1,574	1,568	1,402
Revenue	144	344	194	–	–	–	–	–
Revenue growth	–	–	−43.7%	–	–	–	–	–
Profit	−192	−82	−60	–	–	–	–	–
Margin	−133.6%	−23.8%	−30.9%	–	–	–	–	–
Return on capital	−17.5%	−9.6%	–	–	–	–	–	–
Assets	2,064	1,880	0	–	–	–	–	–
Liabilities	966	1,032	0	–	–	–	–	–
Capital employed	1,098	848	0	–	–	–	–	–
	–	0	0	–	–	–	–	–
Profit	–	−361	−160	–	–	–	–	–
Assets	–	0	0	–	–	–	–	–
Liabilities	–	0	0	–	–	–	–	–
Capital employed	–	0	0	–	–	–	–	–
Revenue	27,936	–	–	–	–	–	–	–
Profit	4,144	–	–	–	–	–	–	–
Margin	14.8%	–	–	–	–	–	–	–
Return on capital	7.7%	–	–	–	–	–	–	–
Assets	62,883	–	–	–	–	–	–	–
Liabilities	9,330	–	–	–	–	–	–	–
Capital employed	53,552	–	–	–	–	–	–	–
	–	0	0	–	–	–	–	–
Profit	–	−351	−109	–	–	–	–	–
Assets	–	0	0	–	–	–	–	–
Liabilities	–	0	0	–	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	−190	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	768	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	1,746	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	1,287	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Tata Power Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 20 May	Mar 2021Filed 12 May	Mar 2022Filed 7 May	Mar 2023Filed 6 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
Revenue from operations	27,898	29,331	29,559	29,136	32,468	42,816	55,109	61,449	65,478	62,429
	22,051	23,384	23,136	21,194	25,540	35,305	47,403	50,665	51,548	49,334
Materials and goods bought	1,036	922	1,289	1,053	2,657	3,683	3,982	5,428	4,513	8,577
Employee costs	–	–	1,339	1,441	2,156	3,612	3,624	4,036	4,373	4,694
Other expenses	–	–	20,508	18,700	20,726	28,010	39,797	41,201	42,663	36,063
Operating profit before depreciation	5,847	5,947	6,423	7,943	6,928	7,511	7,706	10,784	13,930	13,095
Operating margin	21.0%	20.3%	21.7%	27.3%	21.3%	17.5%	14.0%	17.5%	21.3%	21.0%
Materials, % of revenue	–	–	4.4%	3.6%	8.2%	8.6%	7.2%	8.8%	6.9%	13.7%
Employee costs, % of revenue	–	–	4.5%	4.9%	6.6%	8.4%	6.6%	6.6%	6.7%	7.5%
Other expenses, % of revenue	–	–	69.4%	64.2%	63.8%	65.4%	72.2%	67.0%	65.2%	57.8%
Depreciation and amortisation	1,989	2,398	2,393	2,634	2,745	3,122	3,439	3,786	4,117	4,811
Operating profit after depreciation	3,858	3,549	4,030	5,309	4,183	4,389	4,267	6,997	9,813	8,284
Other income	202	433	396	563	439	920	1,438	1,823	1,514	1,743
Finance costs	3,114	3,723	4,170	4,494	4,010	3,859	4,372	4,633	4,702	5,257
Profit before one-off items and tax	946	259	255	1,378	612	1,450	1,333	4,188	6,625	4,770
One-off items	−1,261	1,103	1,746	226	−109	−150	0	273	−122	−94
Profit before tax	−315	1,361	2,001	1,604	502	1,300	1,333	4,461	6,502	4,676
	−46	164	–	–	–	–	–	–	–	–
Current tax	609	–	–	–	–	–	–	–	–	–
Deferred tax	−655	–	–	–	–	–	–	–	–	–
Share of profit of joint ventures and associates	–	1,554	1,287	953	873	1,943	3,199	1,178	793	708
Profit from discontinued businesses	–	–	−126	−410	−46	−468	–	–	–	–
	949	2,679	2,440	1,316	1,439	2,156	3,810	4,280	4,775	5,118
Belonging to the company's shareholders	633	–	2,191	1,017	1,127	1,741	3,336	3,696	3,971	3,747
Belonging to outside owners of subsidiaries	–	–	249	299	311	414	473	584	804	1,370
Other comprehensive income	–	–	164	836	−380	473	842	504	135	600
Total comprehensive income	–	–	2,605	2,153	1,059	2,629	4,651	4,784	4,910	5,718
Net margin	3.4%	9.1%	8.3%	–	4.4%	–	6.9%	7.0%	7.3%	8.2%
Net margin without joint ventures and associates	–	3.8%	3.9%	–	1.7%	–	1.1%	5.0%	6.1%	7.1%

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. 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 it leaves the other owners is more than 10 points from the share the company's other periods state. Tax is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown. Net margin is left blank for the years to Mar 2020 and Mar 2022: 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.

₹ crore	Mar 2019Filed 3 May	Mar 2020Filed 20 May	Mar 2021Filed 12 May	Mar 2022Filed 7 May	Mar 2023Filed 6 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
	20,388	21,898	25,250	26,028	34,204	38,333	42,606	47,538
	18,221	19,566	22,322	22,442	28,787	32,355	35,841	39,467
Share capital	271	271	320	320	320	320	320	320
Reserves	17,951	19,296	22,003	22,122	28,468	32,036	35,521	39,148
Belonging to outside owners of subsidiaries	2,167	2,332	2,927	3,587	5,417	5,977	6,765	8,071
	45,015	44,540	38,481	47,590	48,974	49,480	58,146	71,122
Repayable after a year	31,139	32,695	30,045	32,730	30,708	37,392	44,130	61,609
Repayable within a year	13,875	11,844	8,436	14,860	18,266	12,088	14,016	9,514
	27,665	26,521	30,768	38,620	43,979	41,138	45,270	39,224
Trade payables	5,481	5,095	7,120	10,460	7,407	9,321	8,855	7,138
Other financial liabilities	6,481	7,883	12,691	10,029	13,589	15,263	18,081	18,015
Other liabilities	1,500	1,453	2,052	2,779	4,188	3,880	3,672	3,691
Provisions	177	116	270	345	311	294	438	680
Tax owed	150	129	198	147	218	292	208	185
	35,117	40,266	42,633	47,488	48,817	59,253	68,583	88,287
Other financial liabilities	687	3,902	4,533	4,364	4,921	5,250	4,870	5,245
Other liabilities	1,877	2,088	6,221	8,142	9,848	11,973	12,931	13,412
Provisions	334	407	840	1,218	1,420	1,865	2,549	3,214
Deferred tax	1,057	1,174	976	1,033	1,919	2,772	4,104	4,808
Trade payables	23	0	17	–	0	0	–	–
Liabilities going with businesses held for sale	993	1,063	140	114	114	114	114	114
	84,162	89,748	98,851	1,12,885	1,28,349	1,39,553	1,56,711	1,75,172
Held for sale or for a demerger	5,542	6,253	3,047	3,047	3,300	1,201	1,145	1,154
	62,637	65,993	72,955	81,442	88,824	1,02,789	1,19,646	1,35,308
Plant in use, after depreciation	41,102	44,663	48,749	54,165	58,507	63,993	75,351	84,396
Plant being built	2,576	1,612	3,600	4,635	5,376	11,561	12,679	14,595
Intangible assets	1,562	1,362	1,346	1,366	1,381	1,459	1,372	1,245
Goodwill	1,642	1,642	1,795	1,858	1,858	1,757	1,651	1,651
Investments	861	633	729	1,170	1,301	1,855	2,120	1,669
Stakes in joint ventures and associates	11,990	13,203	11,921	12,580	14,219	12,984	12,894	13,549
Loans given	145	81	58	3	3	2	2	37
Other financial assets	882	1,168	2,176	2,273	2,294	2,646	2,696	4,360
Deferred tax	89	74	184	335	253	499	518	608
Trade receivables	193	30	605	686	360	273	1,223	1,599
Other assets	1,596	1,527	1,793	2,370	3,272	5,759	9,140	11,597
	10,224	12,021	16,371	21,585	27,792	27,264	28,757	30,571
Inventories	1,706	1,752	1,885	4,232	3,943	4,420	4,572	5,108
Trade receivables	4,445	5,225	6,575	8,265	9,409	7,402	5,710	4,424
Cash and cash equivalents	645	1,862	3,783	3,077	4,190	3,324	4,862	4,410
Other bank balances	142	233	2,330	3,563	7,017	5,828	6,889	9,234
Current investments	167	700	500	411	1,150	1,478	1,302	1,356
Loans given	116	33	31	9	12	11	12	20
Other financial assets	1,117	1,446	352	548	743	3,090	3,468	4,246
Tax paid in advance	3	1	0	0	1	8	0	0
Other assets	1,882	770	917	1,480	1,329	1,704	1,941	1,774
Net debt	44,060	41,746	31,869	40,539	36,618	38,850	45,092	56,122

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 12 May	Mar 2022Filed 7 May	Mar 2023Filed 6 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
	8,458	6,693	7,159	12,596	12,680	5,993
	9,679	7,472	8,030	13,186	13,267	7,157
	2,028	−189	−986	1,927	1,121	−3,969
Receivables	−1,989	−1,582	−1,242	−955	90	645
Inventories	−93	−2,308	310	−445	−140	−536
Payables	1,710	3,222	−3,018	1,896	60	−1,559
Other working capital	2,401	480	2,964	1,431	1,110	−2,519
Tax paid	−447	−695	−871	−589	−587	−1,164
Capital spending	3,336	7,268	7,656	13,333	17,273	13,695
Free cash flow	5,122	−575	−497	−737	−4,593	−7,702
	668	−6,277	−7,375	−9,035	−15,449	−14,193
Plant and property sold	1,549	35	50	146	235	25
Companies bought	−721	0	0	0	0	0
Interest received	161	151	315	856	746	785
Dividends received	1,846	1,856	3,310	2,317	1,556	1,539
	−7,603	−1,183	1,341	−4,497	4,292	7,783
Borrowings raised	5,602	11,474	13,008	68,889	43,158	55,047
Borrowings repaid	−11,576	−7,317	−11,839	−68,376	−34,587	−42,485
Interest paid	−3,731	−3,555	−4,108	−4,777	−5,069	−5,627
Lease payments	−352	−384	0	−465	−497	−604
Dividends paid	526	559	787	887	965	1,114
Shares bought back	0	0	0	0	0	0
Shares issued	2,996	11	4,008	114	0	56
Net change in cash	1,523	−767	1,125	−936	1,524	−417

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 Power Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 20 May	Mar 2021Filed 12 May	Mar 2022Filed 7 May	Mar 2023Filed 6 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
Earnings per share	₹2.34	₹8.74	–	–	₹3.17	₹5.36	₹10.43	₹11.56	₹12.42	₹11.72
Diluted earnings per share	₹2.34	₹8.74	–	–	₹3.17	₹5.36	₹10.43	₹11.56	₹12.41	₹11.71
Dividend per share	₹1.30	₹1.30	₹1.30	₹1.55	₹1.55	₹1.75	₹2.00	₹2.00	₹2.25	₹2.50
Book value per share	–	–	₹67.36	₹72.34	₹69.86	₹70.23	₹90.08	₹101.25	₹112.16	₹123.50
Dividend payout	55.6%	–	16.1%	41.2%	43.9%	32.1%	19.2%	17.3%	18.1%	21.3%
Shareholder yield	–	–	–	–	−7.5%	0.7%	−5.3%	0.6%	0.8%	0.9%
Market cap at the year end (₹ crore)	24,438	21,368	19,961	8,885	32,992	76,257	60,791	1,25,960	1,19,953	1,21,023

Earnings per share is left blank for the years to Mar 2019 and Mar 2020: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Tata Power Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 3 May	Mar 2020Filed 20 May	Mar 2021Filed 12 May	Mar 2022Filed 7 May	Mar 2023Filed 6 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
Revenue growth	−25.6%	5.1%	0.8%	–	11.4%	31.9%	28.7%	11.5%	6.6%	−4.7%
Operating profit growth	−35.1%	1.7%	8.0%	–	−12.8%	8.4%	2.6%	39.9%	29.2%	−6.0%
Net profit growth	8.6%	182.4%	−8.9%	–	9.3%	49.8%	76.7%	12.3%	11.6%	7.2%
Earnings per share growth	–	273.5%	–	–	–	69.1%	94.6%	10.8%	7.4%	−5.6%
	–	–	12.0%	5.4%	5.4%	7.8%	13.0%	12.1%	11.6%	10.0%
	–	–	–	−6.6 pts	0.0 pts	2.4 pts	5.2 pts	−0.9 pts	−0.4 pts	−1.7 pts
From the net margin	–	–	–	–	–	–	–	−0.1 pts	0.1 pts	−0.1 pts
From asset turnover	–	–	–	–	–	–	–	0.1 pts	−0.4 pts	−1.7 pts
From borrowing	–	–	–	–	–	–	–	−0.9 pts	−0.1 pts	0.1 pts
Return on capital employed	–	–	6.2%	8.0%	6.6%	6.0%	5.1%	8.0%	9.7%	7.0%
Cash conversion	–	–	–	–	587.9%	310.5%	187.9%	294.3%	265.5%	117.1%
Interest cover	1.2	1.0	1.0	1.2	1.0	1.1	1.0	1.5	2.1	1.6
Debt to equity	–	–	2.21	2.03	1.52	1.83	1.43	1.29	1.36	1.50
Receivable days	–	–	55	65	74	70	62	44	32	26
Inventory days	–	–	483	607	259	419	361	297	370	217
Payable days	–	–	1,552	1,766	978	1,037	679	627	716	304
Cash conversion cycle, days	–	–	−1,014	−1,093	−645	−547	−255	−286	−315	−61
Working capital days	–	–	−56	−68	−141	−79	−68	−74	−87	−83
Asset turnover	–	–	0.35	0.34	0.34	0.40	0.46	0.46	0.44	0.38
Assets per rupee of net worth	–	–	4.62	4.60	4.50	4.73	4.71	4.38	4.34	4.41
Sales per rupee of plant	–	–	0.72	0.65	0.67	0.79	0.94	0.96	0.87	0.74
Capital spending to depreciation	–	–	–	–	1.22	2.33	2.23	3.52	4.20	2.85
Plant being built, % of plant in use	–	–	6.3%	3.6%	7.4%	8.6%	9.2%	18.1%	16.8%	17.3%

From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020, Mar 2021, Mar 2022 and Mar 2023: 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 and net profit 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: 2.3%
Cash from operations against operating profit: 45.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	5.2%	14.0%	4.2%
Profit growth, yearly rate	15.7%	27.2%	3.9%
Return on equity, average	–	10.9%	11.2%
Return on capital employed, average	–	7.2%	8.2%
Operating margin, average	20.3%	18.3%	19.9%
Net margin, average	–	7.3%	7.5%
Asset turnover, average	–	0.43	0.43
Cash conversion cycle, days, average	–	−293	−220
Interest cover, average	1.3	1.5	1.7
Debt to equity, average	–	1.48	1.38

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	45,121	31,270	5,993
Cash from investing	−52,329	−38,677	−14,193
Cash from financing	7,735	7,578	7,783
Capital spending	59,224	44,300	13,695
Dividends paid	4,310	2,965	1,114
Shares bought back	0	0	0
Shares issued for cash	4,190	170	56
Borrowings raised	1,91,575	1,67,094	55,047
Borrowings repaid	1,64,604	1,45,448	42,485

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
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	7	8	9	5	6	5
Altman Z-scorePublished threshold 1.1	–	0.16	0.44	0.44	0.27	0.58	0.93	0.92	1.18
Beneish M-scorePublished threshold −1.78	–	–	–	−2.60	−2.54	−2.57	−2.89	−2.95	−2.65
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−8.15	1.64	3.34	0.54	5.09	8.03
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	3.01	2.58	2.52	2.21
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	18.98	14.39	−6.15	−14.88	−32.84	−29.42	−17.86
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	20.97	−144.75	85.93	−14.95	−24.22	20.31	−78.34
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	−2.69	−2.92	1.77	0.08	4.44	0.93	0.98
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.26	0.53	0.54	0.69	1.25	0.82	1.05
Effective tax ratePublished threshold 17.16 per cent	12.07	32.78	39.99	99.92	29.21	123.54	32.55	23.75	32.47
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−24.25	58.24	19.33	14.72	7.58

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
2 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AA+Review, Other	Stable	150
2 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Other	Stable	490
2 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		400
2 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Other		9,000
20 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA+Review, Re-affirm	Stable	4,100
9 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AA+Review, Re-affirm	Stable
9 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+Review, Re-affirm	Stable	2,500
9 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		9,000
9 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AA+New, New	Stable	1,500
9 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		500
18 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA+Review, Re-affirm	Stable	35
18 Jun 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AA+Review, Re-affirm	Stable	1,000
8 Jan 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AA+Review, Other	Stable	20

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