Titagarh Rail Systems financials and balance sheet

NSE: TITAGARHBSE: 532966Industrial ManufacturingSmall Cap

Formerly Titagarh Wagons

₹663.35₹30.95 (4.46%)BSE ₹662.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹694.30.

52-week range of traded prices to 23 Oct 2026

₹568.70Low, 30 Mar 2026₹971.00High, 18 Jun 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹8,934 Cr545th largest listed
P/E: Earlier quarters restated in the year
P/B: 3.6
Dividend yield: 0.15%
ROCE: 10.5%
Debt to equity: 0.21
Volume, NSE: 11,39,44042.6% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 5 of the 10 years shown

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 0.1% 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 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. 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

Revenue3,186
Materials and goods−2,321
Employee costs−110
Other expenses−406
Operating profit348
Depreciation−51
Other income+48
One-off items−65
Finance costs−71
Profit before tax210
Tax−71
Joint ventures−17
Discontinued businesses+1.3
Net profit123

What the company owns

Plant, investments and other assets₹2,504 Cr
Receivables₹630 Cr
Inventory₹588 Cr
Cash and bank₹317 Cr

What pays for it: net worth and liabilities

Net worth₹2,457 Cr
Other liabilities₹731 Cr
Borrowings₹522 Cr
Owed to suppliers₹330 Cr

Titagarh Rail Systems 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.Titagarh Rail Systems segment results by quarter

Revenue by segment

₹3,186 CrTotal

Freight Rail Systems₹2,604 Cr81.7% of total
Passenger Rail System₹539 Cr16.9% of total
Shipbuilding₹42 Cr1.3% of total

Profit by segment

Freight Rail Systems₹318 Cr80.5% of total
Passenger Rail System₹77 Cr19.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Freight Rail Systems
Revenue, ₹ crore
2,251
3,418
3,610
2,604
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
236
443
438
318
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Passenger Rail System
Revenue, ₹ crore
48
658
529
436
257
539
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−5
−41
22
13
15
77
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Shipbuilding
Revenue, ₹ crore
42
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−21
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	1,271	1,766	1,026	1,931	2,780	3,853	3,868	3,186
Company revenue, as in its results	1,711	1,766	1,521	1,931	2,780	3,853	3,868	3,186
Revenue	–	–	–	–	2,251	3,418	3,610	2,604
Revenue growth	–	–	–	–	–	51.8%	5.6%	−27.9%
Profit	–	–	–	–	236	443	438	318
Profit growth	–	–	–	–	–	88.0%	−1.3%	−27.4%
Margin	–	–	–	–	10.5%	13.0%	12.1%	12.2%
Return on capital	–	–	–	–	43.1%	50.3%	32.9%	26.6%
Assets	–	–	–	–	1,179	1,552	1,734	1,566
Liabilities	–	–	–	–	633	670	406	372
Capital employed	–	–	–	–	547	882	1,329	1,194
Revenue	–	–	48	658	529	436	257	539
Revenue growth	–	–	–	1,284.0%	–	−17.6%	−40.9%	109.5%
Profit	–	–	−5	−41	22	13	15	77
Profit growth	–	–	–	–	–	−40.2%	15.8%	405.8%
Margin	–	–	−10.5%	−6.2%	4.2%	3.0%	5.9%	14.3%
Return on capital	–	–	–	−4.6%	8.7%	3.4%	2.4%	8.1%
Assets	–	–	166	1,467	617	593	908	1,364
Liabilities	–	–	247	579	364	202	264	409
Capital employed	–	–	−82	889	253	391	644	955
Revenue	–	–	–	–	–	–	–	42
Profit	–	–	–	–	–	–	–	−21
Margin	–	–	–	–	–	–	–	−48.9%
Return on capital	–	–	–	–	–	–	–	−24.1%
Assets	–	–	–	–	–	–	–	161
Liabilities	–	–	–	–	–	–	–	75
Capital employed	–	–	–	–	–	–	–	86
Revenue	43	25	15	59	–	–	–	–
Revenue growth	–	−41.7%	−42.4%	304.3%	–	–	–	–
Profit	−12	3	−3	15	–	–	–	–
Margin	−28.5%	12.6%	−23.8%	25.9%	–	–	–	–
Return on capital	−16.6%	9.6%	−16.8%	52.0%	–	–	–	–
Assets	87	36	43	68	–	–	–	–
Liabilities	13	3	22	39	–	–	–	–
Capital employed	74	33	21	29	–	–	–	–
Revenue	–	–	964	1,214	–	–	–	–
Revenue growth	–	–	–	26.0%	–	–	–	–
Profit	–	–	124	158	–	–	–	–
Profit growth	–	–	–	27.5%	–	–	–	–
Margin	–	–	12.8%	13.0%	–	–	–	–
Return on capital	–	–	20.6%	34.6%	–	–	–	–
Assets	–	–	746	749	–	–	–	–
Liabilities	–	–	146	293	–	–	–	–
Capital employed	–	–	600	456	–	–	–	–
Revenue	1,187	1,720	–	–	–	–	–	–
Revenue growth	–	44.9%	–	–	–	–	–	–
Profit	−116	149	–	–	–	–	–	–
Margin	−9.7%	8.6%	–	–	–	–	–	–
Return on capital	−11.6%	20.8%	–	–	–	–	–	–
Assets	2,289	1,862	–	–	–	–	–	–
Liabilities	1,295	1,147	–	–	–	–	–	–
Capital employed	994	715	–	–	–	–	–	–
Revenue	42	21	–	–	–	–	–	–
Revenue growth	–	−49.1%	–	–	–	–	–	–
Profit	4	3	–	–	–	–	–	–
Profit growth	–	−3.3%	–	–	–	–	–	–
Margin	8.6%	16.4%	–	–	–	–	–	–
Return on capital	11.4%	13.4%	–	–	–	–	–	–
Assets	48	37	–	–	–	–	–	–
Liabilities	17	11	–	–	–	–	–	–
Capital employed	31	26	–	–	–	–	–	–
	0	0	0	–	–	–	–	–
Profit	0	0	0	–	–	–	–	–
Assets	293	337	463	–	–	–	–	–
Liabilities	504	265	130	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Titagarh Rail Systems quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 9 Oct	Mar 2021Filed 9 Jun	Mar 2022Filed 16 Jun	Mar 2023Filed 25 May	Mar 2024Filed 17 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
Revenue from operations	1,739	1,271	1,711	1,766	1,521	1,931	2,780	3,853	3,868	3,186
	1,631	1,368	1,677	1,645	1,440	1,798	2,516	3,401	3,435	2,838
Materials and goods bought	1,080	757	1,055	1,151	993	1,208	2,150	2,988	2,929	2,321
Employee costs	–	–	225	152	211	224	57	66	87	110
Other expenses	–	–	397	342	236	366	310	347	419	406
Operating profit before depreciation	108	−97	34	121	81	133	263	452	433	348
Operating margin	6.2%	−7.6%	2.0%	6.8%	5.3%	6.9%	9.5%	11.7%	11.2%	10.9%
Materials, % of revenue	–	–	61.7%	65.2%	65.3%	62.6%	77.3%	77.5%	75.7%	72.9%
Employee costs, % of revenue	–	–	13.2%	8.6%	13.8%	11.6%	2.0%	1.7%	2.2%	3.5%
Other expenses, % of revenue	–	–	23.2%	19.4%	15.5%	19.0%	11.1%	9.0%	10.8%	12.8%
Depreciation and amortisation	52	51	36	29	30	33	23	27	30	51
Operating profit after depreciation	57	−148	−2	92	51	100	241	425	403	297
Other income	29	30	53	34	25	36	43	40	75	48
Finance costs	31	44	68	88	81	93	81	73	73	71
Profit before one-off items and tax	54	−162	−17	38	−6	42	203	391	406	275
One-off items	−5	−5	−38	0	0	−13	0	−3	0	−65
Profit before tax	50	−167	−55	38	−6	29	203	389	406	210
	22	−20	−33	−21	13	30	55	100	107	71
Current tax	25	3	2	2	2	28	53	103	100	79
Deferred tax	−3	−23	−35	−22	11	2	2	−3	7	−8
Share of profit of joint ventures and associates	–	0	–	0	0	–	−13	–	−24	−17
Profit from discontinued businesses	–	–	–	−94	–	–	−9	−2	0	1
	27	−147	−23	−36	−19	−1	126	286	275	123
Belonging to the company's shareholders	27	−147	−29	−36	−15	0	130	286	275	123
Belonging to outside owners of subsidiaries	–	–	6	–	−4	0	−4	0	–	–
Other comprehensive income	–	–	−7	5	8	6	−10	0	−1	0
Total comprehensive income	–	–	−30	−31	−11	5	116	286	274	123
Net margin	1.6%	−11.6%	−1.3%	–	−1.2%	0.0%	4.5%	7.4%	7.1%	3.9%
Net margin without joint ventures and associates	–	−11.6%	–	–	−1.2%	–	5.0%	–	7.7%	4.4%

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. Net margin is left blank for the year to Mar 2020: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin. Belonging to outside owners of subsidiaries is left blank for the year to Mar 2020: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months. Share of profit of joint ventures and associates is left blank for the year to Mar 2024: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 13 Jun	Mar 2020Filed 9 Oct	Mar 2021Filed 9 Jun	Mar 2022Filed 16 Jun	Mar 2023Filed 25 May	Mar 2024Filed 17 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
	889	845	841	842	964	2,231	2,484	2,457
	816	845	841	842	964	2,231	2,483	2,456
Share capital	23	23	24	24	24	27	27	27
Reserves	793	822	817	818	940	2,204	2,456	2,429
Belonging to outside owners of subsidiaries	73	0	0	0	–	0	1	1
	870	729	846	861	249	66	529	522
Repayable after a year	576	553	539	496	50	37	25	170
Repayable within a year	294	175	307	365	200	29	504	352
	1,202	725	904	1,267	1,089	730	1,098	1,205
Trade payables	535	351	398	439	323	319	235	330
Other financial liabilities	86	36	13	14	8	32	45	295
Other liabilities	177	65	108	345	546	320	281	35
Provisions	108	98	78	88	8	17	25	193
Tax owed	1	0	0	16	5	13	7	–
	626	701	729	570	194	268	181	378
Other financial liabilities	18	0	0	0	99	94	93	199
Other liabilities	–	144	175	0	28	123	37	–
Provisions	3	3	4	3	3	4	6	9
Deferred tax	29	0	11	14	13	11	19	–
Trade payables	–	0	0	57	–	0	–	–
Liabilities going with businesses held for sale	–	–	–	–	1	–	–	–
	2,716	2,272	2,474	2,679	2,248	3,229	3,762	4,039
Held for sale or for a demerger	–	–	–	–	1	–	–	23
	1,131	1,027	1,069	1,177	906	1,242	1,583	1,833
Plant in use, after depreciation	885	825	833	879	620	648	831	1,084
Plant being built	33	0	16	15	12	108	40	72
Intangible assets	42	38	29	19	2	92	153	81
Goodwill	0	0	2	60	102	0	0	0
Intangible assets being developed	2	0	25	46	1	66	82	120
Property held to earn rent	8	8	8	8	8	8	8	3
Investments	87	29	31	30	32	50	52	55
Stakes in joint ventures and associates	0	0	0	0	0	161	247	225
Loans given	3	4	4	0	0	0	0	0
Other financial assets	0	43	49	38	61	53	80	25
Deferred tax	35	40	38	38	29	0	26	35
Trade receivables	3	1	0	0	0	0	–	0
Other assets	33	39	35	44	40	57	64	135
	1,585	1,245	1,405	1,502	1,341	1,987	2,179	2,183
Inventories	521	376	385	504	461	524	523	588
Trade receivables	344	252	214	659	279	533	671	630
Cash and cash equivalents	99	29	80	9	55	329	25	162
Other bank balances	21	27	44	33	45	280	442	155
Loans given	46	50	40	0	0	0	0	0
Other financial assets	271	510	383	87	6	18	142	648
Tax paid in advance	0	0	0	0	–	0	–	–
Other assets	283	0	257	209	495	304	375	–
Net debt	751	673	722	818	149	−543	62	205

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 9 Jun	Mar 2022Filed 16 Jun	Mar 2023Filed 25 May	Mar 2024Filed 17 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
	68	55	41	86	−97	322
	101	66	107	186	0	113
	2	−87	−131	−303	−439	−218
Receivables	3	−105	−103	−261	−140	113
Inventories	0	−142	−173	−78	0	81
Payables	0	0	129	−2	−86	154
Other working capital	−1	160	15	38	−214	−566
Tax paid	1	−12	−66	−101	−96	62
Capital spending	60	102	37	164	220	7
Free cash flow	8	−48	4	−78	−317	315
	−72	−69	−61	−537	−579	−133
Plant and property sold	0	6	0	0	6	−292
Companies bought	0	0	0	0	0	−58
Interest received	2	4	6	16	30	189
	43	−53	67	724	372	−52
Borrowings raised	153	116	158	0	475	132
Borrowings repaid	−47	−103	−47	−183	−13	−50
Interest paid	−64	−63	−52	−47	−64	−154
Lease payments	0	0	−9	−14	−16	0
Dividends paid	0	0	0	6	11	49
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	975	0	121
Net change in cash	39	−68	46	273	−304	137

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.Titagarh Rail Systems dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 9 Oct	Mar 2021Filed 9 Jun	Mar 2022Filed 16 Jun	Mar 2023Filed 25 May	Mar 2024Filed 17 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
Earnings per share	₹2.38	−₹12.44	–	–	−₹1.28	−₹0.03	₹10.14	₹22.46	₹20.41	₹9.12
Diluted earnings per share	₹2.38	−₹12.44	–	–	−₹1.28	−₹0.03	–	₹22.46	₹20.39	₹9.11
Dividend per share	₹0.80	₹0.30	₹0.30	–	–	–	₹0.50	₹0.80	₹1.00	₹1.00
Book value per share	–	–	₹70.65	₹73.13	₹70.41	₹70.43	₹80.58	₹165.66	₹184.40	₹182.38
Dividend payout	33.7%	–	–	–	–	–	4.6%	3.8%	4.9%	11.0%
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	−7.8%	0.1%	−0.9%
Market cap at the year end (₹ crore)	1,342	1,267	808	288	532	1,212	3,138	12,377	10,723	7,742

Earnings per share is left blank for the year to Mar 2019: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown. Earnings per share is left blank for the year to 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.Titagarh Rail Systems PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 9 Oct	Mar 2021Filed 9 Jun	Mar 2022Filed 16 Jun	Mar 2023Filed 25 May	Mar 2024Filed 17 May	Mar 2025Filed 13 Jun	Mar 2026Filed 14 Jul
Revenue growth	81.3%	–	–	–	−13.9%	27.0%	44.0%	38.6%	0.4%	−17.6%
Operating profit growth	165.5%	–	–	–	−33.3%	64.8%	98.2%	71.5%	−4.2%	−19.6%
Net profit growth	–	–	–	–	–	–	–	127.6%	−3.9%	−55.3%
Earnings per share growth	–	–	–	–	–	–	–	121.5%	−9.1%	−55.3%
	–	–	−3.5%	−4.4%	−1.8%	0.0%	14.4%	17.9%	11.7%	5.0%
	–	–	–	−0.9 pts	2.6 pts	1.7 pts	14.5 pts	3.5 pts	−6.3 pts	−6.7 pts
From the net margin	–	–	–	–	–	1.7 pts	10.8 pts	8.4 pts	−0.8 pts	−5.3 pts
From asset turnover	–	–	–	–	–	0.0 pts	5.4 pts	5.6 pts	−3.7 pts	−1.7 pts
From borrowing	–	–	–	–	–	0.0 pts	−1.8 pts	−10.6 pts	−1.8 pts	0.3 pts
Return on capital employed	–	–	−0.1%	5.8%	3.0%	5.9%	19.9%	18.5%	13.4%	10.0%
Cash conversion	–	–	–	–	–	–	32.5%	30.0%	−35.4%	262.5%
Interest cover	1.8	–	–	1.0	0.6	1.1	3.0	5.8	5.5	4.2
Debt to equity	–	–	0.98	0.86	1.01	1.02	0.26	0.03	0.21	0.21
Receivable days	–	–	73	52	51	125	37	50	63	72
Inventory days	–	–	180	119	142	152	78	64	65	92
Payable days	–	–	185	111	146	133	55	39	29	52
Cash conversion cycle, days	–	–	69	60	47	144	60	75	99	113
Working capital days	–	–	119	132	164	105	46	64	106	116
Asset turnover	–	–	0.63	0.71	0.64	0.75	1.13	1.41	1.11	0.82
Assets per rupee of net worth	–	–	3.33	3.00	2.81	3.06	2.73	1.71	1.48	1.58
Sales per rupee of plant	–	–	1.93	2.14	1.83	2.20	4.48	5.95	4.66	2.94
Capital spending to depreciation	–	–	–	–	2.01	3.07	1.63	6.03	7.42	0.14
Plant being built, % of plant in use	–	–	3.8%	0.0%	1.9%	1.7%	2.0%	16.6%	4.8%	6.6%

Interest cover is left blank for the years to Mar 2018 and Mar 2019: operating profit after depreciation is a loss, and a loss covers no interest bill. 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. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020 and Mar 2021: 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 and operating 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: 3.1%
Cash from operations against operating profit: 92.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.8%	15.9%	4.7%
Profit growth, yearly rate	–	–	−1.9%
Return on equity, average	–	9.8%	11.5%
Return on capital employed, average	–	13.5%	14.0%
Operating margin, average	6.3%	10.0%	11.3%
Net margin, average	1.1%	4.6%	6.1%
Asset turnover, average	–	1.04	1.11
Cash conversion cycle, days, average	–	98	96
Interest cover, average	–	3.9	5.2
Debt to equity, average	–	0.35	0.15

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	406	311	322
Cash from investing	−1,380	−1,249	−133
Cash from financing	1,059	1,045	−52
Capital spending	529	390	7
Dividends paid	66	66	49
Shares bought back	0	0	0
Shares issued for cash	1,096	1,096	121
Borrowings raised	881	607	132
Borrowings repaid	396	246	50

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	–	–	–	–	5	6	7	6	4	5
Altman Z-scorePublished threshold 1.81	–	–	1.49	1.86	1.62	1.80	3.84	10.53	7.74	5.09
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.79	−1.03	−1.93	−1.08	−2.01	−2.86
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−0.61	0.55	5.93	26.92	27.21	−1.70
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.54	0.44	0.04	0.45
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−29.91	−1.21	180.76	−101.61	52.14	25.60	11.50
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−36.96	16.09	9.18	−86.37	−25.47	1.91	33.14
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.50	8.59	−17.83	7.35	−4.66	5.07	4.08
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.43	0.19	–	1.97	0.19	0.24
Effective tax ratePublished threshold 17.16 per cent	44.80	–	–	−54.59	–	102.37	27.35	25.77	26.30	33.90
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	61.83	−5.17	−0.12	2.69	4.51

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
30 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		4,100
30 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	WithdrawnReview, Other		50
30 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Stable	900

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