Tata Consultancy Services financials and balance sheet

NSE: TCSBSE: 532540IT - SoftwareLarge Cap

₹2,530.00₹23.10 (0.92%)BSE ₹2,528.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,506.90.

52-week range of traded prices to 23 Oct 2026

₹1,976.80Low, 1 Jul 2026₹3,350.00High, 3 Feb 2026

Market cap: ₹9,15,376 Cr6th largest listed
P/E: 17.7
P/B: 7.7
Dividend yield: 4.43%
ROE: 45.8%
ROCE: 58.0%
Debt to equity: 0.00
Volume, NSE: 68,57,94234.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Tata Consultancy Services annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,67,021 Cr, year to Mar 2026

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.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue2,67,021
Employee costs−1,54,994
Other expenses−39,629
Operating profit72,398
Depreciation−5,560
Other income+4,402
One-off items−4,526
Finance costs−1,227
Profit before tax65,487
Tax−16,033
Net profit49,454

What the company owns

Plant, investments and other assets₹67,951 Cr
Receivables₹67,714 Cr
Current investments₹33,770 Cr
Cash and bank₹12,908 Cr
Inventory₹29 Cr

What pays for it: net worth and liabilities

Net worth₹1,08,478 Cr
Other liabilities₹59,086 Cr
Owed to suppliers₹14,808 Cr

Tata Consultancy Services 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 Consultancy Services segment results by quarter

Revenue by segment

₹2,67,021 CrTotal

Banking, Financial Services and Insurance₹1,03,363 Cr38.7% of total
Consumer Business₹42,432 Cr15.9% of total
Communication, Media and Technology₹39,474 Cr14.8% of total
Life Sciences and Healthcare₹27,745 Cr10.4% of total
Others₹27,393 Cr10.3% of total
Manufacturing₹26,614 Cr10.0% of total

Profit by segment

Banking, Financial Services and Insurance₹27,011 Cr37.3% of total
Consumer Business₹12,090 Cr16.7% of total
Communication, Media and Technology₹11,473 Cr15.8% of total
Life Sciences and Healthcare₹7,504 Cr10.4% of total
Others₹6,269 Cr8.7% of total
Manufacturing₹8,051 Cr11.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Banking, Financial Services and Insurance
Revenue, ₹ crore
57,938
61,095
65,634
75,126
86,127
90,928
94,597
1,03,363
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
16,089
16,950
18,681
20,174
22,345
23,574
25,135
27,011
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Consumer Business
Revenue, ₹ crore
25,164
26,280
25,589
30,715
37,506
39,357
40,197
42,432
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6,871
6,870
7,151
8,534
9,636
10,252
11,222
12,090
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Communication, Media and Technology
Revenue, ₹ crore
23,925
25,978
27,077
31,874
37,653
39,391
45,893
39,474
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6,644
7,703
8,010
9,518
10,667
10,918
9,582
11,473
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Life Sciences and Healthcare
Revenue, ₹ crore
20,462
24,605
26,745
26,456
27,745
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6,139
6,894
7,611
7,448
7,504
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
23,754
27,128
29,927
14,967
18,331
20,981
23,011
27,393
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5,554
6,141
8,221
3,090
3,875
4,673
5,795
6,269
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Manufacturing
Revenue, ₹ crore
15,682
16,468
15,950
18,610
21,236
23,491
25,170
26,614
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4,311
4,445
4,483
5,602
5,842
7,268
8,225
8,051
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	1,46,463	1,56,949	1,64,177	1,91,754	2,25,458	2,40,893	2,55,324	2,67,021
Company revenue, as in its results	1,46,463	1,56,949	1,64,177	1,91,754	2,25,458	2,40,893	2,55,324	2,67,021
Revenue	57,938	61,095	65,634	75,126	86,127	90,928	94,597	1,03,363
Revenue growth	–	5.4%	7.4%	14.5%	14.6%	5.6%	4.0%	9.3%
Profit	16,089	16,950	18,681	20,174	22,345	23,574	25,135	27,011
Profit growth	–	5.4%	10.2%	8.0%	10.8%	5.5%	6.6%	7.5%
Margin	27.8%	27.7%	28.5%	26.9%	25.9%	25.9%	26.6%	26.1%
Return on capital	153.5%	–	–	–	–	–	–	–
Assets	13,650	–	–	–	–	–	–	–
Liabilities	3,167	–	–	–	–	–	–	–
Capital employed	10,483	–	–	–	–	–	–	–
Revenue	25,164	26,280	25,589	30,715	37,506	39,357	40,197	42,432
Revenue growth	–	4.4%	−2.6%	20.0%	22.1%	4.9%	2.1%	5.6%
Profit	6,871	6,870	7,151	8,534	9,636	10,252	11,222	12,090
Profit growth	–	0.0%	4.1%	19.3%	12.9%	6.4%	9.5%	7.7%
Margin	27.3%	26.1%	27.9%	27.8%	25.7%	26.0%	27.9%	28.5%
Return on capital	106.6%	–	–	–	–	–	–	–
Assets	6,982	–	–	–	–	–	–	–
Liabilities	535	–	–	–	–	–	–	–
Capital employed	6,447	–	–	–	–	–	–	–
Revenue	23,925	25,978	27,077	31,874	37,653	39,391	45,893	39,474
Revenue growth	–	8.6%	4.2%	17.7%	18.1%	4.6%	16.5%	−14.0%
Profit	6,644	7,703	8,010	9,518	10,667	10,918	9,582	11,473
Profit growth	–	15.9%	4.0%	18.8%	12.1%	2.4%	−12.2%	19.7%
Margin	27.8%	29.7%	29.6%	29.9%	28.3%	27.7%	20.9%	29.1%
Return on capital	118.9%	–	–	–	–	–	–	–
Assets	6,042	–	–	–	–	–	–	–
Liabilities	452	–	–	–	–	–	–	–
Capital employed	5,590	–	–	–	–	–	–	–
Revenue	–	–	–	20,462	24,605	26,745	26,456	27,745
Revenue growth	–	–	–	–	20.2%	8.7%	−1.1%	4.9%
Profit	–	–	–	6,139	6,894	7,611	7,448	7,504
Profit growth	–	–	–	–	12.3%	10.4%	−2.1%	0.8%
Margin	–	–	–	30.0%	28.0%	28.5%	28.2%	27.0%
Revenue	23,754	27,128	29,927	14,967	18,331	20,981	23,011	27,393
Revenue growth	–	14.2%	10.3%	−50.0%	22.5%	14.5%	9.7%	19.0%
Profit	5,554	6,141	8,221	3,090	3,875	4,673	5,795	6,269
Profit growth	–	10.6%	33.9%	−62.4%	25.4%	20.6%	24.0%	8.2%
Margin	23.4%	22.6%	27.5%	20.6%	21.1%	22.3%	25.2%	22.9%
Return on capital	80.9%	–	–	–	–	–	–	–
Assets	7,945	–	–	–	–	–	–	–
Liabilities	1,081	–	–	–	–	–	–	–
Capital employed	6,864	–	–	–	–	–	–	–
Revenue	15,682	16,468	15,950	18,610	21,236	23,491	25,170	26,614
Revenue growth	–	5.0%	−3.1%	16.7%	14.1%	10.6%	7.1%	5.7%
Profit	4,311	4,445	4,483	5,602	5,842	7,268	8,225	8,051
Profit growth	–	3.1%	0.9%	25.0%	4.3%	24.4%	13.2%	−2.1%
Margin	27.5%	27.0%	28.1%	30.1%	27.5%	30.9%	32.7%	30.3%
Return on capital	106.6%	–	–	–	–	–	–	–
Assets	4,305	–	–	–	–	–	–	–
Liabilities	262	–	–	–	–	–	–	–
Capital employed	4,043	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Tata Consultancy Services quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Apr	Mar 2020Filed 17 Apr	Mar 2021Filed 13 Apr	Mar 2022Filed 12 Apr	Mar 2023Filed 13 Apr	Mar 2024Filed 15 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 9 Apr
Revenue from operations	1,17,966	1,23,104	1,46,463	1,56,949	1,64,177	1,91,754	2,25,458	2,40,893	2,55,324	2,67,021
	85,655	90,588	1,06,957	1,14,840	1,17,631	1,38,697	1,66,199	1,76,597	1,87,917	1,94,623
Materials and goods bought	–	–	2,270	0	0	0	0	0	0	0
Employee costs	–	–	78,246	85,952	91,814	1,07,554	1,27,522	1,40,131	1,45,788	1,54,994
Other expenses	–	–	26,441	28,888	25,817	31,143	38,677	36,466	42,129	39,629
Operating profit before depreciation	32,311	32,516	39,506	42,109	46,546	53,057	59,259	64,296	67,407	72,398
Operating margin	27.4%	26.4%	27.0%	26.8%	28.4%	27.7%	26.3%	26.7%	26.4%	27.1%
Materials, % of revenue	–	–	1.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	53.4%	54.8%	55.9%	56.1%	56.6%	58.2%	57.1%	58.0%
Other expenses, % of revenue	–	–	18.1%	18.4%	15.7%	16.2%	17.2%	15.1%	16.5%	14.8%
Depreciation and amortisation	1,987	2,014	2,056	3,529	4,065	4,604	5,022	4,985	5,242	5,560
Operating profit after depreciation	30,324	30,502	37,450	38,580	42,481	48,453	54,237	59,311	62,165	66,838
Other income	4,221	3,642	4,311	4,592	3,134	4,018	3,449	4,422	3,962	4,402
Finance costs	32	52	198	924	637	784	779	778	796	1,227
Profit before one-off items and tax	34,513	34,092	41,563	42,248	44,978	51,687	56,907	62,955	65,331	70,013
One-off items	0	0	0	0	−1,218	0	0	−958	0	−4,526
Profit before tax	34,513	34,092	41,563	42,248	43,760	51,687	56,907	61,997	65,331	65,487
	8,156	8,212	10,001	9,801	11,198	13,238	14,604	15,898	16,534	16,033
Current tax	8,235	8,265	9,502	10,378	11,635	13,654	14,757	15,864	16,910	16,388
Deferred tax	−79	−53	499	−577	−437	−416	−153	34	−376	−355
	26,357	25,880	31,562	32,447	32,562	38,449	42,303	46,099	48,797	49,454
Belonging to the company's shareholders	26,357	25,880	31,472	32,340	32,430	38,327	42,147	45,908	48,553	49,210
Belonging to outside owners of subsidiaries	–	–	90	107	132	122	156	191	244	244
Other comprehensive income	–	–	324	464	461	−95	492	237	589	2,750
Total comprehensive income	–	–	31,886	32,911	33,023	38,354	42,795	46,336	49,386	52,204
Net margin	22.3%	21.0%	21.5%	20.7%	19.8%	20.1%	18.8%	19.1%	19.1%	18.5%

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

₹ crore	Mar 2019Filed 13 Apr	Mar 2020Filed 17 Apr	Mar 2021Filed 13 Apr	Mar 2022Filed 12 Apr	Mar 2023Filed 13 Apr	Mar 2024Filed 15 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 9 Apr	Sep 2026Half yearFiled 8 Oct
	89,899	84,749	87,108	89,846	91,206	91,319	95,771	1,08,478	1,19,994
	89,446	84,126	86,433	89,139	90,424	90,489	94,756	1,07,240	1,18,986
Share capital	375	375	370	366	366	362	362	362	362
Reserves	89,071	83,751	86,063	88,773	90,058	90,127	94,394	1,06,878	1,18,624
Belonging to outside owners of subsidiaries	453	623	675	707	782	830	1,015	1,238	1,008
Borrowings	44	0	0	0	0	0	0	0	0
	22,084	27,060	34,155	42,351	43,558	46,104	53,001	60,914	57,887
Trade payables	6,292	6,740	7,860	8,045	10,515	9,981	13,909	14,808	15,206
Other financial liabilities	4,903	7,368	7,442	9,137	10,553	9,867	10,096	13,024	9,762
Other liabilities	7,983	8,947	11,216	15,837	12,800	14,683	16,101	16,953	17,360
Provisions	239	293	1,394	1,411	345	140	180	1,378	459
Tax owed	2,667	3,712	6,243	7,921	9,345	11,433	12,715	14,751	15,100
	2,960	9,090	9,496	9,317	8,887	9,026	10,857	12,980	12,901
Other financial liabilities	287	7,197	6,783	6,940	6,556	6,881	8,518	10,167	10,707
Other liabilities	1,587	1,114	1,946	1,787	1,539	1,168	1,359	1,608	1,138
Deferred tax	1,042	779	767	590	792	977	980	1,205	1,056
Total assets	1,14,943	1,20,899	1,30,759	1,41,514	1,43,651	1,46,449	1,59,629	1,82,372	1,90,782
	22,812	30,662	31,479	33,204	33,381	33,465	36,618	46,667	47,273
Plant in use, after depreciation	10,411	10,941	11,110	10,774	10,230	9,376	10,978	11,032	–
Plant being built	963	906	926	1,205	1,234	1,564	1,546	2,665	–
Intangible assets	179	8,277	8,113	8,737	8,427	8,396	10,215	11,203	12,516
Goodwill	1,700	1,710	1,798	1,787	1,858	1,832	1,860	9,108	8,463
Investments	239	216	213	223	266	281	275	218	258
Loans given	60	29	29	311	173	2	25	775	1,024
Other financial assets	1,129	1,508	1,846	2,253	2,149	3,272	2,731	2,944	1,762
Deferred tax	2,656	2,828	3,931	3,708	3,307	3,403	3,578	4,465	4,551
Trade receivables	95	74	55	200	348	143	129	213	346
Other assets	5,380	4,173	3,458	4,006	5,389	5,196	5,281	4,044	4,080
	92,131	90,237	99,280	1,08,310	1,10,270	1,12,984	1,23,011	1,35,705	1,43,509
Inventories	10	5	8	20	28	28	21	29	28
Trade receivables	27,346	30,532	30,079	41,810	49,954	53,577	59,046	67,714	69,028
Cash and cash equivalents	7,224	8,646	6,858	12,488	7,123	9,016	8,342	6,417	5,106
Other bank balances	5,624	1,020	2,471	5,733	3,909	4,270	7,121	6,491	8,952
Current investments	29,091	26,140	29,160	30,262	36,897	31,481	30,689	33,770	40,582
Loans given	8,029	8,475	11,472	6,445	1,325	491	9	1,659	1,563
Other financial assets	6,926	7,205	7,977	1,390	1,319	1,703	2,742	1,833	2,489
Tax paid in advance	1,853	8	19	11	8	151	257	1,259	642
Other assets	6,028	8,206	11,236	10,151	9,707	12,267	14,784	16,533	15,119
Net debt	−41,895	−35,806	−38,489	−48,483	−47,929	−44,767	−46,152	−46,678	−54,640

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 13 Apr	Mar 2022Filed 12 Apr	Mar 2023Filed 13 Apr	Mar 2024Filed 15 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 9 Apr	Sep 2026Half yearFiled 8 Oct
	38,802	39,949	41,965	44,338	48,908	52,094	25,801
	47,894	51,435	54,931	56,827	64,494	70,367	34,448
	2,081	−2,769	−4,217	−6,882	−3,359	−2,210	−3,401
Receivables	1,260	−5,144	−7,683	−3,332	−5,228	−5,248	−1,192
Inventories	−3	−12	−8	0	7	−8	1
Payables	−93	186	2,036	−632	3,718	−1,105	361
Other working capital	917	2,201	1,438	−2,918	−1,856	4,151	−2,571
Tax paid	−9,092	−11,486	−12,966	−12,489	−15,586	−14,384	−8,647
Capital spending	2,719	2,483	2,532	2,202	2,917	3,670	1,926
Free cash flow	36,083	37,466	39,433	42,136	45,991	48,424	23,875
	−8,129	−897	39	6,026	−2,318	−12,845	−9,390
Plant and property sold	37	31	37	17	23	65	38
Companies bought	0	0	0	0	−1,063	−7,304	0
Interest received	2,730	2,700	3,080	2,990	3,056	84	1,419
Dividends received	8	4	13	26	40	3,008	44
	−32,634	−33,581	−47,878	−48,536	−47,438	−42,133	−17,775
Interest paid	−634	−698	−779	−699	−840	−901	−856
Lease payments	−1,336	−1,417	−1,515	−1,614	−1,664	−1,861	−991
Dividends paid	10,907	13,375	41,410	25,218	44,962	39,571	15,928
Shares bought back	19,757	18,049	4,192	21,005	0	0	0
Shares issued	0	0	0	0	0	200	0
Net change in cash	−1,961	5,471	−5,874	1,828	−848	−2,884	−1,364

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 Consultancy Services dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Apr	Mar 2020Filed 17 Apr	Mar 2021Filed 13 Apr	Mar 2022Filed 12 Apr	Mar 2023Filed 13 Apr	Mar 2024Filed 15 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 9 Apr
	₹66.71	₹67.10	₹83.05	₹86.19	₹86.71	₹103.62	₹115.19	₹125.88	₹134.19	₹136.01
As stated that year	₹133.41	₹134.19	₹83.05	₹86.19	₹86.71	₹103.62	₹115.19	₹125.88	₹134.19	₹136.01
	₹66.71	₹67.10	₹83.05	₹86.19	₹86.71	–	–	₹125.88	₹134.19	₹136.01
As stated that year	₹133.41	₹134.19	₹83.05	₹86.19	₹86.71	–	–	₹125.88	₹134.19	₹136.01
	₹23.50	₹39.50	₹30.00	₹73.00	₹38.00	₹43.00	₹115.00	₹73.00	₹126.00	₹110.00
As declared that year	₹47.00	–	₹30.00	₹73.00	₹38.00	₹43.00	₹115.00	₹73.00	₹126.00	₹110.00
Book value per share	–	–	₹238.52	₹224.34	₹233.60	₹243.55	₹247.06	₹249.97	₹261.76	₹296.24
Dividend payout	35.1%	58.4%	35.7%	84.6%	43.4%	41.1%	99.9%	57.6%	93.9%	80.9%
Shareholder yield	–	–	–	–	2.6%	2.3%	3.9%	3.3%	3.4%	4.6%
Market cap at the year end (₹ crore)	4,79,169	5,45,409	7,51,096	6,85,223	11,92,452	13,83,427	11,73,055	14,02,479	13,04,737	8,53,471

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 2018: 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.Tata Consultancy Services PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Apr	Mar 2020Filed 17 Apr	Mar 2021Filed 13 Apr	Mar 2022Filed 12 Apr	Mar 2023Filed 13 Apr	Mar 2024Filed 15 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 9 Apr
Revenue growth	8.6%	4.4%	19.0%	7.2%	4.6%	16.8%	17.6%	6.8%	6.0%	4.6%
Operating profit growth	5.6%	0.6%	21.5%	6.6%	10.5%	14.0%	11.7%	8.5%	4.8%	7.4%
Net profit growth	8.5%	−1.8%	22.0%	2.8%	0.4%	18.1%	10.0%	9.0%	5.9%	1.3%
Earnings per share growth	–	0.6%	23.8%	3.8%	0.6%	19.5%	11.2%	9.3%	6.6%	1.4%
	–	–	35.2%	37.3%	38.0%	43.7%	46.9%	50.8%	52.4%	48.7%
	–	–	–	2.1 pts	0.8 pts	5.6 pts	3.3 pts	3.8 pts	1.7 pts	−3.7 pts
From the net margin	–	–	–	−1.4 pts	−1.5 pts	0.5 pts	−2.8 pts	0.9 pts	−0.1 pts	−1.6 pts
From asset turnover	–	–	–	1.5 pts	−0.7 pts	3.1 pts	5.0 pts	2.4 pts	0.2 pts	−3.3 pts
From borrowing	–	–	–	2.0 pts	3.0 pts	2.1 pts	1.1 pts	0.5 pts	1.5 pts	1.2 pts
Return on capital employed	–	–	41.6%	45.5%	48.8%	53.9%	59.5%	64.9%	64.9%	61.6%
Cash conversion	–	–	–	–	119.2%	103.9%	99.2%	96.2%	100.2%	105.3%
Interest cover	947.6	586.6	189.1	41.8	66.7	61.8	69.6	76.2	78.1	54.5
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	68	71	67	80	81	81	84	93
Inventory days	–	–	2	–	–	–	–	–	–	–
Payable days	–	–	1,012	–	–	–	–	–	–	–
Cash conversion cycle, days	–	–	−942	–	–	–	–	–	–	–
Working capital days	–	–	70	64	59	33	30	34	34	38
Asset turnover	–	–	1.27	1.33	1.30	1.41	1.58	1.66	1.67	1.56
Assets per rupee of net worth	–	–	1.29	1.36	1.48	1.55	1.59	1.60	1.65	1.69
Sales per rupee of plant	–	–	14.07	14.35	14.78	17.80	22.04	25.69	23.26	24.20
Capital spending to depreciation	–	–	–	–	0.67	0.54	0.50	0.44	0.56	0.66
Plant being built, % of plant in use	–	–	9.2%	8.3%	8.3%	11.2%	12.1%	16.7%	14.1%	24.2%

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: 28.8%
Cash from operations against operating profit: 72.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.4%	10.2%	5.8%
Profit growth, yearly rate	7.3%	8.7%	5.3%
Return on equity, average	–	48.5%	50.6%
Return on capital employed, average	–	61.0%	63.8%
Operating margin, average	27.0%	26.8%	26.7%
Net margin, average	20.1%	19.1%	18.9%
Asset turnover, average	–	1.58	1.63
Interest cover, average	217.2	68.0	69.6
Debt to equity, average	–	0.00	0.00

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	2,27,254	1,45,340	52,094
Cash from investing	−9,995	−9,137	−12,845
Cash from financing	−2,19,566	−1,38,107	−42,133
Capital spending	13,804	8,789	3,670
Dividends paid	1,64,536	1,09,751	39,571
Shares bought back	43,246	21,005	0
Shares issued for cash	200	200	200
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

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	–	–	–	–	4	6	5	5	6	4
Altman Z-scorePublished threshold 1.1	–	–	12.73	10.55	9.79	9.42	9.61	9.62	9.16	8.60
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.80	−2.26	−2.31	−2.37	−2.41	−2.33
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.50	−0.44	0.21	−2.94	1.44	5.97
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.07	1.00	0.99	1.01
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	4.49	−6.09	22.20	1.90	0.41	4.22	10.10
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	50.00	–	–	–	–	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.39	2.32	−4.01	−0.23	1.28	1.43	0.69
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.22	0.22	0.28	0.28	0.38	0.23	0.47
Effective tax ratePublished threshold 17.16 per cent	23.63	24.09	24.06	23.20	25.59	25.61	25.66	25.64	25.31	24.48
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	3.39	2.88	5.50	1.45	2.52

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
20 Aug 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	6,242
20 Aug 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	1,705
20 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	20
20 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	1,033
25 Aug 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	263

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