Technocraft Industries (India) financials and balance sheet

NSE: TIILBSE: 532804Industrial ProductsSmall Cap

₹2,507.60₹9.60 (0.38%)BSE ₹2,517.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,498.00.

52-week range of traded prices to 23 Oct 2026

₹1,868.50Low, 21 Jan 2026₹3,565.30High, 25 Aug 2026

Market cap: ₹5,685 Cr761st largest listed
P/E: 16.7
P/B: 2.8
Dividend yield: 0.80%
ROE: 17.9%
ROCE: 14.2%
Debt to equity: 0.40
Volume, NSE: 42,35249.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Technocraft Industries (India) 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 0.7% 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 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue2,759
Materials and goods−1,192
Employee costs−403
Other expenses−697
Operating profit468
Depreciation−123
Other income+102
One-off items0.0
Finance costs−58
Profit before tax388
Tax−95
Net profit293

What the company owns

Plant, investments and other assets₹1,559 Cr
Inventory₹786 Cr
Receivables₹667 Cr
Cash and bank₹195 Cr
Current investments₹42 Cr

What pays for it: net worth and liabilities

Net worth₹2,066 Cr
Borrowings₹819 Cr
Other liabilities₹261 Cr
Owed to suppliers₹102 Cr

Technocraft Industries (India) 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.Technocraft Industries (India) segment results by quarter

Revenue by segment

₹2,814 CrTotal

Scaffoldings Division₹1,343 Cr47.7% of total
Drum Closures Division₹636 Cr22.6% of total
Yarn Division₹362 Cr12.8% of total
Engineering & Design₹280 Cr9.9% of total
Fabric Division₹194 Cr6.9% of total
Others₹1 Cr0.0% of total

Profit by segment

Scaffoldings Division₹188 Cr40.5% of total
Drum Closures Division₹233 Cr50.3% of total
Yarn Division₹8 Cr1.8% of total
Engineering & Design₹34 Cr7.4% of total
Others₹0 Cr0.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Scaffoldings Division
Revenue, ₹ crore
799
526
448
707
889
1,032
1,245
1,343
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
90
102
36
91
227
184
169
188
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Drum Closures Division
Revenue, ₹ crore
383
378
409
584
535
543
618
636
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
92
94
127
200
163
186
221
233
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Yarn Division
Revenue, ₹ crore
293
273
264
403
343
313
358
362
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−6
−5
−1
50
−18
−6
−24
8
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Engineering & Design
Revenue, ₹ crore
97
115
109
136
198
210
280
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
20
23
27
38
30
34
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Fabric Division
Revenue, ₹ crore
135
150
158
259
181
179
235
194
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−9
−7
−6
−4
−12
−11
−15
−16
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
5
2
0
3
0
0
0
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
1
0
0
−2
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	1,777	1,477	1,394	2,065	2,085	2,266	2,665	2,814
Company revenue, as in its results	1,313	1,359	1,295	1,911	1,985	2,182	2,596	2,759
Revenue	799	526	448	707	889	1,032	1,245	1,343
Revenue growth	–	−34.3%	−14.7%	57.7%	25.7%	16.1%	20.6%	7.8%
Profit	90	102	36	91	227	184	169	188
Profit growth	–	13.1%	−64.6%	153.2%	149.3%	−19.1%	−8.2%	11.1%
Margin	11.3%	19.4%	8.0%	12.9%	25.5%	17.8%	13.6%	14.0%
Return on capital	–	17.9%	6.6%	13.8%	23.1%	18.1%	13.2%	12.3%
Assets	–	613	599	730	1,081	1,107	1,384	1,617
Liabilities	–	45	57	68	95	90	103	92
Capital employed	–	568	542	661	985	1,017	1,282	1,525
Revenue	383	378	409	584	535	543	618	636
Revenue growth	–	−1.5%	8.3%	42.7%	−8.4%	1.5%	13.7%	3.0%
Profit	92	94	127	200	163	186	221	233
Profit growth	–	2.6%	35.5%	57.3%	−18.8%	14.3%	18.9%	5.6%
Margin	23.9%	24.9%	31.1%	34.3%	30.4%	34.2%	35.8%	36.7%
Return on capital	–	51.5%	59.4%	83.8%	62.4%	53.1%	65.6%	64.6%
Assets	–	234	275	311	321	417	404	451
Liabilities	–	51	60	72	60	68	67	90
Capital employed	–	182	214	239	261	350	337	361
Revenue	293	273	264	403	343	313	358	362
Revenue growth	–	−6.9%	−3.5%	52.9%	−15.0%	−8.7%	14.3%	1.1%
Profit	−6	−5	−1	50	−18	−6	−24	8
Margin	−2.1%	−1.7%	−0.2%	12.4%	−5.2%	−2.0%	−6.7%	2.3%
Return on capital	–	−1.4%	−0.2%	17.7%	−6.0%	−1.7%	−6.8%	3.1%
Assets	–	386	269	316	326	431	413	339
Liabilities	–	47	34	33	32	61	59	67
Capital employed	–	339	235	283	293	370	355	272
Revenue	–	97	115	109	136	198	210	280
Revenue growth	–	–	18.1%	−5.4%	25.5%	45.6%	5.7%	33.3%
Profit	–	1	20	23	27	38	30	34
Profit growth	–	–	1,542.1%	16.6%	17.1%	39.0%	−21.5%	15.1%
Margin	–	1.2%	17.4%	21.4%	20.0%	19.1%	14.2%	12.2%
Return on capital	–	4.6%	77.3%	65.9%	50.6%	56.4%	39.2%	34.0%
Assets	–	41	38	48	69	85	112	141
Liabilities	–	15	12	13	15	18	36	41
Capital employed	–	27	26	35	54	67	76	100
Revenue	135	150	158	259	181	179	235	194
Revenue growth	–	10.8%	5.5%	64.0%	−30.0%	−1.3%	31.2%	−17.6%
Profit	−9	−7	−6	−4	−12	−11	−15	−16
Margin	−6.6%	−4.5%	−3.7%	−1.4%	−6.9%	−5.9%	−6.2%	−8.4%
Return on capital	–	−5.1%	−4.4%	−2.9%	−11.2%	−10.2%	−12.4%	−16.5%
Assets	–	148	155	138	129	135	148	124
Liabilities	–	14	19	18	18	31	29	26
Capital employed	–	134	135	120	111	104	119	98
Revenue	5	2	0	3	0	0	0	1
Profit	0	0	0	1	0	0	−2	0
Margin	3.0%	5.8%	–	26.6%	−180.5%	–	–	21.6%
Return on capital	–	342.1%	−0.6%	–	−285.8%	−50.2%	−1,206.6%	3.3%
Assets	–	0	2	0	0	0	0	5
Liabilities	–	0	0	0	0	0	0	0
Capital employed	–	0	1	0	0	0	0	4
	–	–	0	0	0	0	–	–
Profit	–	–	−17	0	5	−1	–	–
Return on capital	–	–	−238.1%	−2.0%	118.3%	–	–	–
Assets	–	–	10	9	5	0	–	–
Liabilities	–	–	3	1	1	0	–	–
Capital employed	–	–	7	8	4	0	–	–
Revenue	53	51	–	–	–	–	–	–
Revenue growth	–	−3.6%	–	–	–	–	–	–
Profit	9	5	–	–	–	–	–	–
Profit growth	–	−41.3%	–	–	–	–	–	–
Margin	16.4%	10.0%	–	–	–	–	–	–
Return on capital	–	21.6%	–	–	–	–	–	–
Assets	–	31	–	–	–	–	–	–
Liabilities	–	7	–	–	–	–	–	–
Capital employed	–	24	–	–	–	–	–	–
Revenue	107	–	–	–	–	–	–	–
Profit	8	–	–	–	–	–	–	–
Margin	7.1%	–	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Technocraft Industries (India) quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 4 Aug	Mar 2021Filed 28 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 29 May	Mar 2024Filed 11 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
Revenue from operations	944	1,188	1,313	1,359	1,295	1,911	1,985	2,182	2,596	2,759
	798	1,018	1,116	1,149	1,079	1,519	1,581	1,783	2,180	2,291
Materials and goods bought	398	568	620	596	557	822	795	989	1,224	1,192
Employee costs	–	–	170	187	185	193	215	284	333	403
Other expenses	–	–	325	366	337	504	571	510	623	697
Operating profit before depreciation	146	170	197	210	215	392	403	398	415	468
Operating margin	15.5%	14.3%	15.0%	15.5%	16.6%	20.5%	20.3%	18.3%	16.0%	17.0%
Materials, % of revenue	–	–	47.2%	43.9%	43.0%	43.0%	40.0%	45.3%	47.2%	43.2%
Employee costs, % of revenue	–	–	13.0%	13.8%	14.3%	10.1%	10.8%	13.0%	12.8%	14.6%
Other expenses, % of revenue	–	–	24.8%	26.9%	26.0%	26.3%	28.8%	23.4%	24.0%	25.3%
Depreciation and amortisation	24	29	38	54	68	63	64	68	108	123
Operating profit after depreciation	122	141	159	156	148	329	339	331	308	344
Other income	41	52	37	42	58	47	50	90	101	102
Finance costs	19	23	32	37	29	21	28	40	55	58
Profit before one-off items and tax	144	170	164	161	177	355	362	381	353	388
One-off items	0	0	0	0	11	5	0	−9	0	0
Profit before tax	144	170	164	161	187	360	362	372	353	388
	43	50	45	35	41	86	87	92	90	95
Current tax	36	51	42	39	35	87	92	84	99	99
Deferred tax	6	−1	3	−4	5	−1	−5	8	−9	−4
Share of profit of joint ventures and associates	–	–	–	0	0	0	0	–	–	–
Profit from discontinued businesses	–	–	–	–	−13	0	4	−1	–	–
	101	120	119	126	134	274	278	279	263	293
Belonging to the company's shareholders	101	–	117	123	130	267	267	264	256	285
Belonging to outside owners of subsidiaries	–	–	2	3	4	7	–	15	7	8
Other comprehensive income	–	–	2	−6	−1	−4	−6	−5	1	7
Total comprehensive income	–	–	121	120	133	271	273	274	264	301
Net margin	10.8%	10.1%	9.1%	9.3%	10.4%	14.4%	14.0%	12.8%	10.1%	10.6%
Net margin without joint ventures and associates	–	–	–	9.3%	10.4%	14.4%	14.0%	–	–	–

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 count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 6 Jun	Mar 2020Filed 4 Aug	Mar 2021Filed 28 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 29 May	Mar 2024Filed 11 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
	833	952	1,084	1,355	1,442	1,714	1,814	2,066
	827	944	1,072	1,336	1,416	1,675	1,772	2,022
Share capital	24	24	24	24	23	23	23	23
Reserves	803	920	1,048	1,312	1,393	1,652	1,750	2,000
Belonging to outside owners of subsidiaries	6	8	12	18	27	39	41	44
	625	635	437	506	656	675	846	819
Repayable after a year	56	136	106	48	34	127	194	168
Repayable within a year	569	499	331	458	622	548	652	651
	701	687	546	670	855	773	908	934
Trade payables	44	67	70	148	145	92	113	102
Other financial liabilities	68	95	110	24	36	62	45	58
Other liabilities	18	21	24	24	37	63	76	96
Provisions	2	2	2	3	2	5	6	8
Tax owed	–	3	9	13	13	3	17	18
	92	177	145	86	67	206	274	249
Other financial liabilities	2	3	2	1	1	2	14	11
Other liabilities	5	11	9	6	4	38	32	25
Provisions	17	20	20	23	24	29	35	45
Deferred tax	11	6	9	7	4	9	0	0
	1,626	1,816	1,776	2,111	2,364	2,692	2,996	3,249
Held for sale or for a demerger	–	–	8	5	3	27	12	10
	542	627	616	700	823	1,145	1,342	1,337
Plant in use, after depreciation	270	431	379	376	417	668	787	787
Plant being built	54	20	12	17	40	14	33	14
Intangible assets	3	3	2	3	3	8	9	6
Goodwill	5	5	5	5	5	49	49	49
Property held to earn rent	41	41	38	37	13	12	10	15
Investments	132	117	145	242	288	353	393	426
Stakes in joint ventures and associates	–	0	–	0	0	0	0	0
Other financial assets	28	7	33	6	57	10	50	23
Deferred tax	–	–	–	0	–	0	3	10
Other assets	9	2	2	15	–	30	7	6
	1,083	1,189	1,152	1,405	1,538	1,520	1,641	1,902
Inventories	478	528	462	550	790	714	742	786
Trade receivables	326	342	346	457	420	454	538	667
Cash and cash equivalents	50	62	75	72	169	117	164	160
Other bank balances	4	26	0	29	12	43	9	35
Current investments	130	154	190	179	43	57	41	42
Loans given	3	3	3	25	14	8	6	6
Other financial assets	12	13	13	15	9	10	7	3
Tax paid in advance	2	61	–	0	0	0	0	0
Other assets	79	–	62	80	81	117	134	203
Net debt	441	394	171	227	432	458	631	582

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 28 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 29 May	Mar 2024Filed 11 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
	258	108	136	308	276	243
	285	189	230	398	359	338
	72	−213	−182	−6	−76	−174
Receivables	−6	−144	40	−54	−80	−98
Inventories	66	−87	−240	79	−27	−45
Payables	11	18	18	−31	20	28
Other working capital	0	0	0	0	11	−58
Tax paid	−27	−82	−94	−90	−83	−95
Capital spending	35	65	0	0	0	0
Free cash flow	223	43	136	308	276	243
	−30	−132	22	−339	−185	−116
Plant and property sold	22	14	9	5	27	6
Companies bought	0	0	0	−70	0	0
Interest received	4	2	5	8	10	13
Dividends received	0	0	0	0	0	0
	−215	20	−61	−21	−45	−131
Borrowings raised	0	37	150	18	171	−25
Borrowings repaid	−187	0	0	0	0	0
Interest paid	−26	−16	−25	−37	−51	−54
Lease payments	−1	0	0	−1	−1	−4
Dividends paid	0	0	1	0	0	45
Shares bought back	0	0	150	0	130	0
Shares issued	0	0	0	0	0	0
Net change in cash	13	−4	97	−52	47	−4

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.Technocraft Industries (India) dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 4 Aug	Mar 2021Filed 28 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 29 May	Mar 2024Filed 11 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
Earnings per share	₹39.14	₹45.69	₹47.73	₹50.19	₹53.19	₹109.31	₹110.98	₹115.06	₹112.32	₹125.84
Diluted earnings per share	₹39.14	₹45.69	₹47.73	₹50.19	₹53.19	₹109.31	₹110.98	₹115.06	₹112.32	₹125.84
Dividend per share	–	–	–	–	–	–	–	–	₹20.00	₹20.00
Book value per share	–	–	₹338.14	₹386.03	₹438.44	₹546.25	₹616.60	₹729.48	₹781.69	₹891.92
Dividend payout	–	–	–	–	–	–	–	–	17.7%	15.9%
Shareholder yield	–	–	–	–	0.0%	0.0%	5.4%	0.0%	2.2%	0.9%
Market cap at the year end (₹ crore)	1,219	1,285	1,358	445	963	2,412	2,790	4,540	5,954	4,961

Ratios

Consolidated, years to March.Technocraft Industries (India) PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 4 Aug	Mar 2021Filed 28 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 29 May	Mar 2024Filed 11 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
Revenue growth	2.4%	–	–	3.5%	−4.8%	47.6%	3.8%	9.9%	19.0%	6.3%
Operating profit growth	−2.9%	16.4%	16.2%	6.5%	2.4%	82.1%	2.9%	−1.2%	4.3%	12.6%
Net profit growth	12.4%	18.2%	−0.8%	6.0%	6.3%	104.6%	1.4%	0.3%	−5.8%	11.5%
Earnings per share growth	–	16.7%	4.5%	5.2%	6.0%	105.5%	1.5%	3.7%	−2.4%	12.0%
	–	–	14.1%	13.9%	12.9%	22.2%	19.4%	17.1%	14.9%	15.0%
	–	–	–	−0.3 pts	−1.0 pts	9.3 pts	−2.8 pts	−2.3 pts	−2.2 pts	0.2 pts
From the net margin	–	–	–	0.2 pts	1.6 pts	5.1 pts	−0.8 pts	−1.9 pts	−3.2 pts	0.7 pts
From asset turnover	–	–	–	−0.3 pts	−1.3 pts	6.5 pts	−2.1 pts	−0.5 pts	0.8 pts	−0.5 pts
From borrowing	–	–	–	−0.2 pts	−1.2 pts	−2.3 pts	0.1 pts	0.1 pts	0.1 pts	0.0 pts
Return on capital employed	–	–	10.9%	9.9%	9.7%	17.7%	16.2%	13.8%	11.6%	11.9%
Cash conversion	–	–	–	–	192.6%	39.2%	48.8%	110.2%	105.1%	83.1%
Interest cover	6.5	6.1	4.9	4.2	5.1	15.5	12.1	8.3	5.6	5.9
Debt to equity	–	–	0.75	0.67	0.40	0.37	0.45	0.39	0.47	0.40
Receivable days	–	–	91	92	97	87	77	76	76	88
Inventory days	–	–	281	323	303	244	363	264	221	241
Payable days	–	–	26	41	46	66	66	34	34	31
Cash conversion cycle, days	–	–	346	374	354	265	374	306	263	298
Working capital days	–	–	213	204	189	175	199	180	165	183
Asset turnover	–	–	0.81	0.79	0.72	0.98	0.89	0.86	0.91	0.88
Assets per rupee of net worth	–	–	1.97	1.94	1.78	1.61	1.63	1.64	1.65	1.65
Sales per rupee of plant	–	–	4.86	3.15	3.41	5.09	4.76	3.26	3.30	3.51
Capital spending to depreciation	–	–	–	–	0.53	1.03	0.00	0.00	0.00	0.00
Plant being built, % of plant in use	–	–	20.0%	4.8%	3.3%	4.6%	9.6%	2.1%	4.2%	1.8%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, 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: 9.1%
Cash from operations against operating profit: 52.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.6%	16.3%	11.6%
Profit growth, yearly rate	12.2%	17.0%	2.2%
Return on equity, average	–	17.7%	15.7%
Return on capital employed, average	–	14.2%	12.4%
Operating margin, average	16.9%	18.4%	17.1%
Net margin, average	11.2%	12.4%	11.2%
Asset turnover, average	–	0.91	0.89
Cash conversion cycle, days, average	–	301	289
Interest cover, average	7.4	9.5	6.6
Debt to equity, average	–	0.42	0.42

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	1,071	827	243
Cash from investing	−749	−640	−116
Cash from financing	−237	−197	−131
Capital spending	65	0	0
Dividends paid	47	45	45
Shares bought back	280	130	0
Shares issued for cash	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	–	–	–	–	7	7	5	5	5	7
Altman Z-scorePublished threshold 1.81	–	–	3.21	2.46	3.20	4.70	4.37	5.29	5.45	5.04
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.60	−1.87	−2.27	−2.25	−2.36	−2.36
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−5.23	15.37	5.37	12.27	6.03	5.32
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.73	0.66	0.88	0.99
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	1.48	5.85	−15.46	−11.98	−1.75	−0.36	17.62
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	14.47	−5.95	−28.69	47.06	−34.05	−19.92	8.67
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.39	0.10	1.04	−0.21	1.67	0.54	2.34
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.10	0.79	0.29	0.38	0.04	0.15	0.12
Effective tax ratePublished threshold 17.16 per cent	29.66	29.38	27.46	21.69	21.66	23.75	24.11	24.83	25.56	24.46
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.04	−1.96	0.64	2.13	0.06

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
9 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Stable	206.72
9 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		53.28

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