Thermax financials and balance sheet

NSE: THERMAXBSE: 500411Electrical EquipmentMid Cap

₹3,096.00₹65.30 (2.07%)BSE ₹3,095.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹3,161.30.

52-week range of traded prices to 23 Oct 2026

₹2,742.70Low, 8 Dec 2025₹5,277.80High, 29 Jun 2026

Next results date: the board meets on 5 Nov 2026 to consider: financial results.

Market cap: ₹36,891 Cr212th largest listed
P/E: 62.2
P/E without one-offs: 69.3
P/B: 6.6
Dividend yield: 0.65%
ROE: 11.3%
ROE without one-offs: 10.1%
ROCE: 8.3%
Debt to equity: 0.41
Volume, NSE: 1,76,73957.6% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹10,694 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 1.6% 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

Revenue10,694
Materials and goods−5,560
Employee costs−1,421
Other expenses−2,687
Operating profit1,026
Depreciation−208
Other income+267
One-off items+61
Finance costs−139
Profit before tax1,008
Tax−288
Joint ventures−0.4
Net profit720

What the company owns

Plant, investments and other assets₹7,700 Cr
Receivables₹2,205 Cr
Current investments₹1,277 Cr
Cash and bank₹1,191 Cr
Inventory₹910 Cr

What pays for it: net worth and liabilities

Net worth₹5,579 Cr
Other liabilities₹3,358 Cr
Borrowings₹2,288 Cr
Owed to suppliers₹2,057 Cr

Thermax 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.Thermax segment results by quarter

Revenue by segment

₹10,934 CrTotal

Industrial Products₹5,096 Cr46.6% of total
Industrial Infra₹4,348 Cr39.8% of total
Chemical₹758 Cr6.9% of total
Green Solutions₹732 Cr6.7% of total

Profit by segment

Industrial Products₹540 Cr66.6% of total
Industrial Infra₹218 Cr26.8% of total
Chemical₹54 Cr6.6% of total
Green Solutions₹0 Cr0.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Industrial Products
Revenue, ₹ crore
3,338
4,055
4,529
5,096
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
274
397
529
540
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Industrial Infra
Revenue, ₹ crore
3,928
4,455
4,715
4,348
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
217
209
110
218
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Chemical
Revenue, ₹ crore
415
421
429
539
673
663
763
758
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
62
78
103
62
86
124
122
54
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Green Solutions
Revenue, ₹ crore
363
507
690
732
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
15
45
−1
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	6,043	5,820	4,851	6,267	8,301	9,681	10,696	10,934
Company revenue, as in its results	5,973	5,731	4,791	6,128	8,090	9,323	10,389	10,694
Revenue	–	–	–	–	3,338	4,055	4,529	5,096
Revenue growth	–	–	–	–	–	21.5%	11.7%	12.5%
Profit	–	–	–	–	274	397	529	540
Profit growth	–	–	–	–	–	44.9%	33.3%	2.1%
Margin	–	–	–	–	8.2%	9.8%	11.7%	10.6%
Return on capital	–	–	–	–	–	–	312.0%	171.4%
Assets	–	–	–	–	1,600	1,939	2,240	2,535
Liabilities	–	–	–	–	1,778	2,180	2,071	2,220
Capital employed	–	–	–	–	−178	−241	170	315
Revenue	–	–	–	–	3,928	4,455	4,715	4,348
Revenue growth	–	–	–	–	–	13.4%	5.8%	−7.8%
Profit	–	–	–	–	217	209	110	218
Profit growth	–	–	–	–	–	−3.6%	−47.3%	97.6%
Margin	–	–	–	–	5.5%	4.7%	2.3%	5.0%
Return on capital	–	–	–	–	106.5%	43.2%	83.0%	135.8%
Assets	–	–	–	–	2,505	2,692	2,962	2,473
Liabilities	–	–	–	–	2,302	2,208	2,829	2,313
Capital employed	–	–	–	–	204	483	133	160
Revenue	415	421	429	539	673	663	763	758
Revenue growth	–	1.5%	1.9%	25.4%	24.9%	−1.4%	15.0%	−0.7%
Profit	62	78	103	62	86	124	122	54
Profit growth	–	26.4%	32.5%	−39.7%	38.6%	43.2%	−1.2%	−56.2%
Margin	14.9%	18.5%	24.1%	11.6%	12.8%	18.7%	16.0%	7.1%
Return on capital	19.9%	23.1%	29.3%	16.0%	21.5%	25.0%	15.8%	6.2%
Assets	365	391	415	478	494	569	883	945
Liabilities	54	53	62	88	92	74	110	83
Capital employed	311	338	353	389	402	495	773	862
Revenue	–	–	–	–	363	507	690	732
Revenue growth	–	–	–	–	–	39.8%	36.1%	6.1%
Profit	–	–	–	–	15	45	−1	0
Profit growth	–	–	–	–	–	200.3%	–	–
Margin	–	–	–	–	4.1%	8.9%	−0.1%	0.0%
Return on capital	–	–	–	–	4.7%	7.0%	−0.2%	0.0%
Assets	–	–	–	–	938	1,683	2,317	3,383
Liabilities	–	–	–	–	620	1,037	1,789	2,661
Capital employed	–	–	–	–	318	646	528	722
Revenue	4,799	4,677	3,627	4,434	–	–	–	–
Revenue growth	–	−2.6%	−22.4%	22.2%	–	–	–	–
Profit	322	249	218	286	–	–	–	–
Profit growth	–	−22.5%	−12.7%	31.1%	–	–	–	–
Margin	6.7%	5.3%	6.0%	6.4%	–	–	–	–
Return on capital	36.6%	25.2%	69.2%	91.9%	–	–	–	–
Assets	3,992	3,182	2,760	3,253	–	–	–	–
Liabilities	3,113	2,195	2,445	2,942	–	–	–	–
Capital employed	879	988	314	311	–	–	–	–
Revenue	828	722	794	1,294	–	–	–	–
Revenue growth	–	−12.8%	10.0%	62.9%	–	–	–	–
Profit	57	38	38	43	–	–	–	–
Profit growth	–	−32.9%	−1.3%	14.3%	–	–	–	–
Margin	6.8%	5.3%	4.7%	3.3%	–	–	–	–
Return on capital	49.7%	68.7%	783.1%	183.8%	–	–	–	–
Assets	498	460	521	711	–	–	–	–
Liabilities	383	404	516	688	–	–	–	–
Capital employed	114	55	5	23	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	1,945	–	–	–	–	–	–	–
Liabilities	235	–	–	–	–	–	–	–

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

Profit and loss

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

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 19 Jun	Mar 2021Filed 26 May	Mar 2022Filed 20 May	Mar 2023Filed 18 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue from operations	4,590	4,486	5,973	5,731	4,791	6,128	8,090	9,323	10,389	10,694
	4,157	4,085	5,516	5,325	4,436	5,707	7,492	8,526	9,481	9,668
Materials and goods bought	97	2,349	3,337	3,086	2,539	3,485	4,625	5,220	5,814	5,560
Employee costs	–	–	767	799	759	813	954	1,148	1,269	1,421
Other expenses	–	–	1,412	1,440	1,139	1,409	1,913	2,158	2,398	2,687
Operating profit before depreciation	433	401	457	406	355	421	598	797	908	1,026
Operating margin	9.4%	8.9%	7.7%	7.1%	7.4%	6.9%	7.4%	8.6%	8.7%	9.6%
Materials, % of revenue	–	–	55.9%	53.8%	53.0%	56.9%	57.2%	56.0%	56.0%	52.0%
Employee costs, % of revenue	–	–	12.8%	13.9%	15.8%	13.3%	11.8%	12.3%	12.2%	13.3%
Other expenses, % of revenue	–	–	23.6%	25.1%	23.8%	23.0%	23.7%	23.1%	23.1%	25.1%
Depreciation and amortisation	82	82	92	117	115	113	117	148	159	208
Operating profit after depreciation	351	319	365	290	241	308	481	649	749	819
Other income	114	116	150	100	108	127	160	233	252	267
Finance costs	10	13	14	15	21	25	38	88	117	139
Profit before one-off items and tax	455	422	501	375	328	410	603	794	885	947
One-off items	−18	0	−90	0	−53	0	0	75	0	61
Profit before tax	438	422	411	375	275	410	603	870	885	1,008
	156	166	85	162	69	98	152	226	258	288
Current tax	–	159	194	96	75	73	126	214	300	268
Deferred tax	–	7	−109	66	−6	25	26	11	−42	20
Share of profit of joint ventures and associates	−65	−25	−1	–	–	0	0	−1	0	0
	216	231	325	212	207	312	451	643	627	720
Belonging to the company's shareholders	216	–	325	212	207	312	450	645	634	721
Belonging to outside owners of subsidiaries	–	–	–	0	0	0	0	−2	−8	0
Other comprehensive income	–	–	−22	−9	17	8	0	−9	−2	−19
Total comprehensive income	–	–	304	204	223	320	451	634	624	701
Net margin	4.7%	5.2%	5.4%	3.7%	4.3%	5.1%	5.6%	6.9%	6.0%	6.7%
Net margin without joint ventures and associates	6.1%	5.7%	5.5%	–	–	5.1%	5.6%	6.9%	6.0%	6.7%

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 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 2019Filed 24 May	Mar 2020Filed 19 Jun	Mar 2021Filed 26 May	Mar 2022Filed 20 May	Mar 2023Filed 18 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	3,014	3,028	3,251	3,492	3,870	4,440	4,943	5,579
	3,014	3,028	3,251	3,492	3,868	4,440	4,937	5,550
Share capital	23	23	23	23	23	23	23	23
Reserves	2,992	3,005	3,229	3,470	3,846	4,417	4,914	5,527
Belonging to outside owners of subsidiaries	–	–	0	0	2	0	6	29
	220	212	305	355	811	1,256	1,693	2,288
Repayable after a year	35	33	22	61	423	789	1,162	1,616
Repayable within a year	185	178	283	294	388	466	532	672
	3,654	2,787	3,071	3,758	4,409	4,725	5,635	5,820
Trade payables	1,371	960	1,138	1,460	1,498	1,533	1,697	2,057
Other financial liabilities	148	148	123	112	150	195	231	623
Other liabilities	1,794	1,320	1,306	1,662	2,145	2,185	2,711	2,111
Provisions	143	169	195	207	204	305	374	325
Tax owed	13	11	25	23	24	41	91	32
	132	141	185	211	559	988	1,460	1,883
Other financial liabilities	6	18	25	25	43	67	138	137
Other liabilities	36	25	72	41	22	28	37	42
Provisions	16	21	26	32	38	42	40	48
Deferred tax	10	4	7	3	3	12	30	40
Trade payables	29	40	33	48	31	48	54	0
	6,800	5,956	6,507	7,461	8,839	10,153	12,038	13,282
Held for sale or for a demerger	–	–	–	–	8	–	9	–
	2,063	1,979	2,040	2,723	2,758	3,705	4,716	6,173
Plant in use, after depreciation	1,255	1,225	1,210	1,154	1,216	1,874	2,615	2,868
Plant being built	40	55	21	44	434	519	561	1,392
Intangible assets	24	23	29	38	29	29	111	100
Goodwill	33	35	3	3	3	3	80	80
Intangible assets being developed	–	1	3	0	0	5	2	50
Investments	54	59	119	703	217	383	121	497
Stakes in joint ventures and associates	–	0	0	7	16	19	10	9
Loans given	19	18	17	5	5	4	5	4
Other financial assets	102	98	120	180	183	235	544	652
Deferred tax	222	155	161	130	109	109	154	175
Trade receivables	60	92	101	174	115	151	148	0
Other assets	253	217	256	285	432	374	366	346
	4,737	3,977	4,466	4,738	6,072	6,448	7,313	7,109
Inventories	509	455	405	727	756	765	720	910
Trade receivables	1,378	1,386	1,237	1,424	1,762	2,116	2,418	2,205
Cash and cash equivalents	308	254	461	311	453	487	418	674
Other bank balances	61	222	1,478	643	679	489	737	516
Current investments	775	816	115	767	1,393	1,363	1,568	1,277
Loans given	7	6	4	2	2	1	1	1
Other financial assets	1,228	441	383	486	550	563	813	159
Tax paid in advance	5	3	3	3	1	1	2	9
Other assets	466	394	380	376	476	664	636	1,358
Net debt	−924	−1,081	−1,749	−1,365	−1,714	−1,083	−1,029	−179

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 26 May	Mar 2022Filed 20 May	Mar 2023Filed 18 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	769	325	460	247	1,043	542
	863	428	611	434	1,229	891
	473	−1	−63	−476	141	−228
Receivables	108	−250	−314	−444	−329	−194
Inventories	49	−322	−29	−9	78	−174
Payables	190	355	39	69	155	304
Other working capital	126	216	242	−92	238	−165
Tax paid	−94	−103	−151	−186	−186	−349
Capital spending	83	84	650	844	903	952
Free cash flow	686	241	−190	−597	140	−411
	−636	−422	−680	−509	−1,241	−587
Plant and property sold	0	0	0	0	0	10
Interest received	25	87	70	87	64	136
Dividends received	2	1	0	0	0	0
	77	−21	349	285	124	248
Borrowings raised	95	76	448	969	1,295	1,469
Borrowings repaid	0	0	0	−538	−861	−911
Interest paid	−12	−13	−26	−82	−176	−162
Lease payments	−6	−4	−10	−10	−6	0
Dividends paid	0	79	102	113	135	158
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	211	−117	128	23	−74	202

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.Thermax dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 19 Jun	Mar 2021Filed 26 May	Mar 2022Filed 20 May	Mar 2023Filed 18 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Earnings per share	₹19.80	₹206.10	₹28.90	₹18.87	₹18.34	₹27.73	₹39.98	₹57.30	₹56.33	₹63.95
Diluted earnings per share	₹19.80	₹206.10	₹28.90	₹18.87	₹18.34	₹27.73	₹39.98	₹57.28	₹56.31	₹63.94
Dividend per share	–	₹6.00	₹7.00	₹7.00	₹7.00	₹9.00	₹10.00	₹12.00	₹14.00	₹20.00
Book value per share	–	–	₹267.70	₹268.91	₹288.76	₹310.17	₹343.52	₹394.30	₹438.25	₹492.67
Dividend payout	–	–	24.2%	37.1%	38.2%	32.4%	25.0%	20.9%	24.9%	31.3%
Shareholder yield	–	–	–	–	0.0%	0.3%	0.4%	0.2%	0.3%	0.4%
Market cap at the year end (₹ crore)	11,677	13,519	11,576	8,823	16,009	23,105	27,319	49,954	43,541	38,853

Ratios

Consolidated, years to March.Thermax PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 19 Jun	Mar 2021Filed 26 May	Mar 2022Filed 20 May	Mar 2023Filed 18 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue growth	−16.6%	−2.3%	33.2%	−4.0%	−16.4%	27.9%	32.0%	15.2%	11.4%	2.9%
Operating profit growth	−3.4%	−7.4%	14.1%	−11.2%	−12.6%	18.6%	41.8%	33.4%	13.8%	13.1%
Net profit growth	−21.5%	6.9%	40.8%	−34.7%	−2.8%	51.2%	44.3%	42.7%	−2.6%	14.9%
Earnings per share growth	–	940.9%	−86.0%	−34.7%	−2.8%	51.2%	44.2%	43.3%	−1.7%	13.5%
	–	–	10.8%	7.0%	6.6%	9.3%	12.2%	15.5%	13.5%	13.7%
	–	–	–	−3.8 pts	−0.5 pts	2.7 pts	3.0 pts	3.3 pts	−2.0 pts	0.2 pts
From the net margin	–	–	–	−3.5 pts	1.1 pts	1.2 pts	0.9 pts	3.0 pts	−1.8 pts	1.4 pts
From asset turnover	–	–	–	0.2 pts	−1.2 pts	1.1 pts	1.3 pts	−0.2 pts	−0.6 pts	−1.5 pts
From borrowing	–	–	–	−0.5 pts	−0.4 pts	0.4 pts	0.8 pts	0.5 pts	0.5 pts	0.3 pts
Return on capital employed	–	–	11.3%	8.9%	6.8%	8.0%	10.3%	11.4%	11.3%	10.4%
Cash conversion	–	–	–	–	372.5%	104.0%	102.0%	38.4%	166.4%	75.2%
Interest cover	36.2	24.8	25.5	19.3	11.7	12.2	12.8	7.4	6.4	5.9
Debt to equity	–	–	0.07	0.07	0.09	0.10	0.21	0.28	0.34	0.41
Receivable days	–	–	84	88	94	85	80	83	85	75
Inventory days	–	–	56	54	58	76	60	53	45	60
Payable days	–	–	150	114	164	153	118	107	107	135
Cash conversion cycle, days	–	–	−10	28	−11	8	21	29	24	0
Working capital days	–	–	8	5	−29	−27	−21	−6	−18	−17
Asset turnover	–	–	0.88	0.90	0.77	0.88	0.99	0.98	0.94	0.84
Assets per rupee of net worth	–	–	2.26	2.11	1.98	2.07	2.21	2.29	2.37	2.41
Sales per rupee of plant	–	–	4.76	4.68	3.96	5.31	6.65	4.97	3.97	3.73
Capital spending to depreciation	–	–	–	–	0.73	0.74	5.56	5.70	5.69	4.59
Plant being built, % of plant in use	–	–	3.2%	4.5%	1.7%	3.8%	35.7%	27.7%	21.4%	48.5%

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: 5.7%
Cash from operations against operating profit: 52.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.9%	17.4%	9.7%
Profit growth, yearly rate	10.1%	28.4%	17.0%
Return on equity, average	–	12.9%	14.3%
Return on capital employed, average	–	10.3%	11.0%
Operating margin, average	8.2%	8.2%	9.0%
Net margin, average	5.4%	6.1%	6.6%
Asset turnover, average	–	0.93	0.92
Cash conversion cycle, days, average	–	16	18
Interest cover, average	16.2	9.0	6.6
Debt to equity, average	–	0.27	0.35

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	2,616	1,832	542
Cash from investing	−3,438	−2,337	−587
Cash from financing	985	657	248
Capital spending	3,433	2,699	952
Dividends paid	587	406	158
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	4,257	3,733	1,469
Borrowings repaid	2,310	2,310	911

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	6	7	5	4	4
Altman Z-scorePublished threshold 1.81	–	–	3.63	3.83	4.63	5.12	5.11	7.00	5.36	4.65
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.02	−2.27	−2.15	−2.14	−2.43	−2.46
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.17	5.86	8.23	9.53	7.43	6.05
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.60	0.73	1.02	0.92
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	4.64	5.64	−12.82	−8.24	4.86	2.80	−11.74
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−3.11	6.77	42.34	−28.76	−11.64	−17.21	30.63
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−15.02	−1.51	1.62	2.01	2.14	2.16	0.70
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.64	0.21	0.77	2.43	0.64	0.62	3.02
Effective tax ratePublished threshold 17.16 per cent	35.65	39.27	20.64	43.28	24.93	23.85	25.25	25.96	29.14	28.53
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.27	0.19	4.53	8.10	−6.13

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
23 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		4,420
23 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Other	Stable	430
12 Jan 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+New, New		100

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