Titan Company financials and balance sheet

NSE: TITANBSE: 500114Consumer DurablesLarge Cap

Formerly Titan Industries

₹4,299.70₹50.30 (1.16%)BSE ₹4,299.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹4,350.00.

52-week range of traded prices to 23 Oct 2026

₹3,667.30Low, 3 Nov 2025₹5,186.70High, 27 Aug 2026

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

Market cap: ₹3,81,721 Cr18th largest listed
P/E: 66.3
P/B: 24.3
Dividend yield: 0.35%
ROE: 42.2%
ROCE: 31.5%
Debt to equity: 0.72
Volume, NSE: 6,33,22052.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Titan 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 6.6% 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, the company's revenue for that year, ₹16,156 Cr, differs from its quarters added, ₹15,876 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue87,584
Materials and goods−70,307
Employee costs−2,681
Other expenses−6,241
Operating profit8,355
Depreciation−826
Other income+552
One-off items−101
Finance costs−1,180
Profit before tax6,800
Tax−1,728
Joint ventures+1.0
Net profit5,073

What the company owns

Inventory₹42,743 Cr
Plant, investments and other assets₹12,736 Cr
Current investments₹2,249 Cr
Cash and bank₹1,917 Cr
Receivables₹916 Cr

What pays for it: net worth and liabilities

Owed to suppliers₹18,934 Cr
Net worth₹15,703 Cr
Other liabilities₹14,546 Cr
Borrowings₹11,378 Cr

Titan 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.Titan Company segment results by quarter

Revenue by segment

₹88,136 CrTotal

Jewellery₹79,660 Cr90.4% of total
Watches₹5,267 Cr6.0% of total
Others₹2,006 Cr2.3% of total
Eyecare₹916 Cr1.0% of total
Corporate₹287 Cr0.3% of total

Profit by segment

Jewellery₹7,209 Cr87.0% of total
Watches₹824 Cr9.9% of total
Others₹173 Cr2.1% of total
Eyecare₹77 Cr0.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Jewellery
Revenue, ₹ crore
16,390
17,319
19,320
25,523
35,914
45,524
53,966
79,660
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,908
2,051
1,701
3,055
4,387
4,812
4,899
7,209
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Watches
Revenue, ₹ crore
2,447
2,622
5,267
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
267
316
824
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
483
635
457
545
805
1,138
1,275
2,006
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
19
−5
−14
−48
5
8
173
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Eyecare
Revenue, ₹ crore
509
544
375
517
689
726
801
916
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
−14
23
51
98
80
80
77
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Corporate
Revenue, ₹ crore
287
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−201
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	19,830	21,120	21,739	28,901	40,718	51,318	60,640	88,136
Company revenue, as in its results	19,779	21,052	21,644	28,799	40,575	51,084	60,456	87,584
Revenue	16,390	17,319	19,320	25,523	35,914	45,524	53,966	79,660
Revenue growth	–	5.7%	11.6%	32.1%	40.7%	26.8%	18.5%	47.6%
Profit	1,908	2,051	1,701	3,055	4,387	4,812	4,899	7,209
Profit growth	–	7.5%	−17.0%	79.6%	43.6%	9.7%	1.8%	47.2%
Margin	11.6%	11.8%	8.8%	12.0%	12.2%	10.6%	9.1%	9.0%
Return on capital	75.7%	50.1%	93.0%	57.1%	66.0%	56.1%	43.0%	53.1%
Assets	7,315	8,904	9,459	15,302	18,516	21,632	30,219	47,325
Liabilities	4,796	4,811	7,630	9,949	11,869	13,049	18,820	33,753
Capital employed	2,519	4,093	1,829	5,353	6,647	8,583	11,399	13,572
Revenue	2,447	2,622	–	–	–	–	–	5,267
Revenue growth	–	7.1%	–	–	–	–	–	–
Profit	267	316	–	–	–	–	–	824
Profit growth	–	18.5%	–	–	–	–	–	–
Margin	10.9%	12.1%	–	–	–	–	–	15.6%
Return on capital	24.4%	22.0%	–	–	–	–	–	23.9%
Assets	1,560	2,218	–	–	–	–	–	4,970
Liabilities	465	783	–	–	–	–	–	1,528
Capital employed	1,095	1,435	–	–	–	–	–	3,442
Revenue	483	635	457	545	805	1,138	1,275	2,006
Revenue growth	–	31.3%	−28.0%	19.1%	47.8%	41.4%	12.0%	57.3%
Profit	1	19	−5	−14	−48	5	8	173
Profit growth	–	1,426.6%	–	–	–	–	60.0%	2,062.5%
Margin	0.3%	3.0%	−1.1%	−2.6%	−6.0%	0.4%	0.6%	8.6%
Return on capital	0.3%	4.1%	−1.2%	−3.0%	−8.7%	0.7%	1.0%	17.8%
Assets	502	710	661	736	932	1,412	1,446	1,910
Liabilities	132	242	227	272	380	738	671	940
Capital employed	371	469	434	464	552	674	775	970
Revenue	509	544	375	517	689	726	801	916
Revenue growth	–	6.9%	−31.1%	37.7%	33.4%	5.4%	10.3%	14.4%
Profit	−2	−14	23	51	98	80	80	77
Profit growth	–	–	–	119.5%	93.9%	−18.4%	0.0%	−3.8%
Margin	−0.5%	−2.6%	6.1%	9.8%	14.2%	11.0%	10.0%	8.4%
Return on capital	−0.9%	−5.5%	11.9%	25.9%	38.3%	30.4%	30.2%	26.7%
Assets	394	495	414	463	644	657	667	728
Liabilities	127	234	221	268	388	394	402	440
Capital employed	267	261	193	195	256	263	265	288
Revenue	–	–	–	–	–	–	–	287
Profit	–	–	–	–	–	–	–	−201
Margin	–	–	–	–	–	–	–	−70.0%
Assets	–	–	–	–	–	–	–	5,628
Liabilities	–	–	–	–	–	–	–	8,197
Capital employed	–	–	–	–	–	–	–	−2,569
Revenue	–	–	1,587	2,317	3,310	3,930	4,598	–
Revenue growth	–	–	–	46.0%	42.9%	18.7%	17.0%	–
Profit	–	–	−132	74	408	393	548	–
Profit growth	–	–	–	–	451.4%	−3.7%	39.4%	–
Margin	–	–	−8.3%	3.2%	12.3%	10.0%	11.9%	–
Return on capital	–	–	−10.3%	5.4%	22.8%	14.8%	18.4%	–
Assets	–	–	1,960	2,276	2,808	3,651	4,208	–
Liabilities	–	–	683	915	1,018	995	1,225	–
Capital employed	–	–	1,277	1,361	1,790	2,656	2,983	–
Revenue	132	85	91	131	165	299	302	–
Profit	−164	−104	−57	−44	−98	−48	−47	–
Assets	1,944	1,223	3,958	2,417	4,123	4,198	4,107	–
Liabilities	112	807	189	457	1,464	6,981	705	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Titan Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 9 Jun	Mar 2021Filed 30 Apr	Mar 2022Filed 4 May	Mar 2023Filed 10 May	Mar 2024Filed 4 May	Mar 2025Filed 22 Dec	Mar 2026Filed 8 May
Revenue from operations	13,100	16,156	19,779	21,052	21,644	28,799	40,575	51,084	60,456	87,584
	11,945	14,511	17,787	18,585	19,919	25,458	35,696	45,792	54,762	79,229
Materials and goods bought	856	11,686	14,394	15,155	16,414	21,641	30,355	39,432	47,456	70,307
Employee costs	–	–	1,019	1,199	1,065	1,349	1,647	1,864	2,156	2,681
Other expenses	–	–	2,374	2,230	2,441	2,467	3,694	4,496	5,150	6,241
Operating profit before depreciation	1,155	1,645	1,991	2,467	1,725	3,341	4,879	5,292	5,694	8,355
Operating margin	8.8%	10.2%	10.1%	11.7%	8.0%	11.6%	12.0%	10.4%	9.4%	9.5%
Materials, % of revenue	–	–	72.8%	72.0%	75.8%	75.1%	74.8%	77.2%	78.5%	80.3%
Employee costs, % of revenue	–	–	5.2%	5.7%	4.9%	4.7%	4.1%	3.6%	3.6%	3.1%
Other expenses, % of revenue	–	–	12.0%	10.6%	11.3%	8.6%	9.1%	8.8%	8.5%	7.1%
Depreciation and amortisation	111	131	163	348	375	399	441	584	693	826
Operating profit after depreciation	1,045	1,513	1,829	2,119	1,349	2,942	4,438	4,708	5,001	7,529
Other income	70	89	183	153	186	234	308	533	486	552
Finance costs	38	53	53	166	203	218	300	619	953	1,180
Profit before one-off items and tax	1,078	1,549	1,959	2,106	1,332	2,957	4,446	4,622	4,534	6,901
One-off items	−103	−17	0	0	0	−54	0	0	0	−101
Profit before tax	975	1,533	1,959	2,106	1,332	2,903	4,446	4,622	4,534	6,800
	276	428	568	609	353	706	1,173	1,127	1,198	1,728
Current tax	302	450	615	570	360	786	1,147	1,101	1,183	1,740
Deferred tax	−26	−22	−47	39	−7	−80	26	26	15	−12
Share of profit of joint ventures and associates	–	−3	−2	−4	–	–	1	1	1	1
	697	1,102	1,389	1,493	979	2,197	3,274	3,496	3,337	5,073
Belonging to the company's shareholders	697	1,102	1,404	1,501	973	2,173	3,250	3,496	3,337	5,073
Belonging to outside owners of subsidiaries	–	–	−16	−9	–	25	24	0	0	0
Other comprehensive income	–	–	12	−234	209	−12	−39	−63	−136	−96
Total comprehensive income	–	–	1,401	1,258	1,188	2,185	3,235	3,433	3,201	4,977
Net margin	5.3%	6.8%	7.0%	7.1%	4.5%	7.6%	8.1%	6.8%	5.5%	5.8%
Net margin without joint ventures and associates	–	6.8%	7.0%	7.1%	–	–	8.1%	6.8%	5.5%	5.8%

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. Share of profit of joint ventures and associates is left blank for the year to Mar 2021: 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 9 May	Mar 2020Filed 9 Jun	Mar 2021Filed 30 Apr	Mar 2022Filed 4 May	Mar 2023Filed 10 May	Mar 2024Filed 4 May	Mar 2025Filed 22 Dec	Mar 2026Filed 8 May
	6,084	6,673	7,501	9,333	11,904	9,393	11,624	15,703
	6,070	6,669	7,497	9,303	11,851	9,393	11,624	15,703
Share capital	89	89	89	89	89	89	89	89
Reserves	5,981	6,580	7,408	9,214	11,762	9,304	11,535	15,614
Belonging to outside owners of subsidiaries	14	4	5	30	53	0	0	0
	2,385	723	164	518	2,195	7,838	10,286	11,378
Repayable after a year	32	17	9	2	0	3,302	595	93
Repayable within a year	2,353	706	156	516	2,195	4,536	9,691	11,285
	5,462	5,627	7,715	10,511	13,264	16,528	25,793	39,793
Trade payables	906	1,585	5,196	5,398	6,513	6,751	1,963	18,934
Other financial liabilities	238	1,002	239	1,955	568	987	1,330	2,530
Other liabilities	1,890	2,206	2,014	2,523	3,783	4,092	12,614	6,694
Provisions	65	120	30	38	132	100	155	327
Tax owed	10	9	80	82	73	62	40	23
	169	1,250	1,236	1,350	1,855	5,628	3,230	5,065
Other financial liabilities	1	5	3	4	4	8	6	1,876
Other liabilities	0	0	1	1	1,608	2,041	2,328	2,721
Provisions	131	166	156	198	240	274	299	375
Deferred tax	5	6	8	6	3	3	2	0
Trade payables	0	1,056	1,059	1,138	–	–	0	0
Liabilities going with businesses held for sale	–	–	–	–	–	1	–	–
	11,715	13,550	16,452	21,194	27,023	31,550	40,647	60,561
Held for sale or for a demerger	–	–	–	–	–	18	–	–
	2,128	3,429	3,255	3,740	4,616	5,942	6,213	9,780
Plant in use, after depreciation	1,182	1,285	1,216	1,218	1,343	1,737	1,854	2,684
Plant being built	29	12	19	69	133	88	93	135
Intangible assets	237	1,201	243	229	246	1,848	310	1,105
Goodwill	123	123	1,040	123	1,408	123	123	758
Intangible assets being developed	3	7	13	16	11	9	12	28
Property held to earn rent	24	24	24	1	1	1	1	136
Investments	39	44	19	279	351	679	651	1,105
Stakes in joint ventures and associates	0	0	0	0	0	–	0	152
Loans given	129	144	158	42	54	72	62	66
Other financial assets	8	199	211	382	595	788	868	982
Deferred tax	196	159	226	325	158	187	170	173
Trade receivables	0	154	0	0	0	–	0	0
Other assets	157	79	86	84	316	410	2,069	2,456
	9,587	10,120	13,197	17,454	22,407	25,590	34,434	50,781
Inventories	7,039	8,103	8,408	13,609	16,584	19,051	28,184	42,743
Trade receivables	420	312	366	565	674	1,018	1,068	916
Cash and cash equivalents	430	75	181	219	232	409	407	873
Other bank balances	637	306	379	1,354	1,111	1,117	1,177	1,044
Current investments	69	114	2,805	15	2,164	1,666	1,337	2,249
Loans given	247	56	109	423	135	281	44	51
Other financial assets	99	459	197	291	201	327	260	672
Tax paid in advance	0	0	0	0	1,288	–	0	–
Other assets	647	696	752	978	18	1,721	1,957	2,233
Net debt	1,249	228	−3,201	−1,070	−1,312	4,646	7,365	7,212

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 30 Apr	Mar 2022Filed 4 May	Mar 2023Filed 10 May	Mar 2024Filed 4 May	Mar 2025Filed 22 Dec	Mar 2026Filed 8 May
	4,808	−724	1,370	1,759	−548	5,590
	4,537	78	2,667	3,181	830	7,327
	2,656	−3,227	−2,413	−2,472	−5,205	−1,120
Receivables	−59	−204	−112	−348	−95	210
Inventories	−316	−5,208	−2,977	−2,462	−9,072	−11,592
Payables	2,855	1,691	−188	238	3,034	7,776
Other working capital	176	494	864	100	928	2,486
Tax paid	271	−802	−1,154	−1,173	−1,090	−1,737
Capital spending	146	224	432	691	494	902
Free cash flow	4,662	−948	938	1,068	−1,042	4,688
	−2,204	1,164	−1,811	−253	551	−2,934
Plant and property sold	7	8	0	20	0	25
Interest received	49	56	143	249	288	227
	134	−403	457	−1,329	−5	−2,159
Borrowings raised	−550	349	1,684	5,629	2,599	3,314
Borrowings repaid	12	−7	−7	0	−378	−2,632
Interest paid	203	−218	−300	−619	−538	−1,000
Lease payments	114	−172	−254	0	−700	−865
Dividends paid	355	355	666	888	976	976
Shares bought back	0	0	0	236	6	0
Shares issued	0	0	0	0	0	0
Net change in cash	2,738	37	16	177	−2	497

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.Titan Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 9 Jun	Mar 2021Filed 30 Apr	Mar 2022Filed 4 May	Mar 2023Filed 10 May	Mar 2024Filed 4 May	Mar 2025Filed 22 Dec	Mar 2026Filed 8 May
Earnings per share	₹7.85	₹12.41	₹15.82	₹16.91	₹10.96	₹24.48	₹36.61	₹39.38	₹37.62	₹57.00
Diluted earnings per share	₹7.85	₹12.41	₹15.82	₹16.91	–	–	₹36.61	–	₹37.61	₹57.00
Dividend per share	₹2.60	₹3.75	₹5.00	₹4.00	₹4.00	₹7.50	₹10.00	₹11.00	₹11.00	₹15.00
Book value per share	–	–	₹68.37	₹75.12	₹84.44	₹104.79	₹133.49	₹105.80	₹130.93	₹176.44
Dividend payout	33.1%	30.2%	31.6%	23.7%	36.5%	30.6%	27.3%	27.9%	29.3%	26.3%
Shareholder yield	–	–	–	–	0.3%	0.2%	0.3%	0.3%	0.4%	0.3%
Market cap at the year end (₹ crore)	41,082	83,656	1,01,372	82,893	1,38,322	2,25,156	2,23,269	3,37,519	2,71,960	3,50,800

Ratios

Consolidated, years to March.Titan Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 9 May	Mar 2020Filed 9 Jun	Mar 2021Filed 30 Apr	Mar 2022Filed 4 May	Mar 2023Filed 10 May	Mar 2024Filed 4 May	Mar 2025Filed 22 Dec	Mar 2026Filed 8 May
Revenue growth	16.2%	–	22.4%	6.4%	2.8%	33.1%	40.9%	25.9%	18.3%	44.9%
Operating profit growth	24.1%	–	21.1%	23.9%	−30.1%	93.7%	46.0%	8.5%	7.6%	46.7%
Net profit growth	1.1%	58.0%	26.0%	7.5%	−34.4%	124.4%	49.0%	6.8%	−4.6%	52.0%
Earnings per share growth	–	58.1%	27.5%	6.9%	−35.2%	123.3%	49.6%	7.6%	−4.5%	51.5%
	–	–	23.1%	23.6%	13.7%	25.9%	30.7%	32.9%	31.8%	37.1%
	–	–	–	0.4 pts	−9.8 pts	12.1 pts	4.9 pts	2.2 pts	−1.2 pts	5.4 pts
From the net margin	–	–	–	0.1 pts	−8.7 pts	9.3 pts	1.6 pts	−4.5 pts	−6.4 pts	1.6 pts
From asset turnover	–	–	–	−0.3 pts	−2.0 pts	1.4 pts	2.7 pts	1.0 pts	−1.1 pts	1.1 pts
From borrowing	–	–	–	0.6 pts	0.9 pts	1.4 pts	0.5 pts	5.7 pts	6.3 pts	2.7 pts
Return on capital employed	–	–	21.6%	28.6%	17.6%	29.9%	31.5%	27.3%	22.8%	27.8%
Cash conversion	–	–	–	–	491.1%	−33.0%	41.8%	50.3%	−16.4%	110.2%
Interest cover	27.7	28.6	34.8	12.7	6.6	13.5	14.8	7.6	5.2	6.4
Debt to equity	–	–	0.39	0.11	0.02	0.06	0.18	0.83	0.88	0.72
Receivable days	–	–	8	5	6	7	6	7	6	4
Inventory days	–	–	178	195	187	230	199	176	217	222
Payable days	–	–	23	38	116	91	78	62	15	98
Cash conversion cycle, days	–	–	163	162	78	146	127	121	208	127
Working capital days	–	–	99	82	38	74	70	74	93	75
Asset turnover	–	–	1.69	1.67	1.44	1.53	1.68	1.74	1.67	1.73
Assets per rupee of net worth	–	–	1.93	1.98	2.12	2.24	2.28	2.76	3.44	3.70
Sales per rupee of plant	–	–	16.73	16.38	17.81	23.64	30.21	29.41	32.61	32.63
Capital spending to depreciation	–	–	–	–	0.39	0.56	0.98	1.18	0.71	1.09
Plant being built, % of plant in use	–	–	2.4%	0.9%	1.6%	5.7%	9.9%	5.1%	5.0%	5.0%

Revenue growth and operating profit growth are left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, 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: 10.0%
Cash from operations against operating profit: 66.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	22.7%	32.3%	29.2%
Profit growth, yearly rate	22.1%	39.1%	16.0%
Return on equity, average	–	31.7%	33.9%
Return on capital employed, average	–	27.9%	26.0%
Operating margin, average	10.2%	10.6%	9.8%
Net margin, average	6.5%	6.8%	6.1%
Asset turnover, average	–	1.67	1.72
Cash conversion cycle, days, average	–	146	152
Interest cover, average	15.8	9.5	6.4
Debt to equity, average	–	0.54	0.81

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	7,447	6,801	5,590
Cash from investing	−3,283	−2,636	−2,934
Cash from financing	−3,439	−3,493	−2,159
Capital spending	2,743	2,087	902
Dividends paid	3,861	2,840	976
Shares bought back	242	242	0
Shares issued for cash	0	0	0
Borrowings raised	13,575	11,542	3,314
Borrowings repaid	3,024	3,010	2,632

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	5	7	3	4	7
Altman Z-scorePublished threshold 1.81	–	–	14.19	10.42	11.93	14.24	11.96	12.06	8.21	7.16
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.43	−1.47	−1.96	−1.84	−2.07	−2.35
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−10.83	9.33	15.41	6.80	9.24	4.78
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.85	0.27	0.26	0.57
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−32.34	14.75	21.30	−21.68	25.14	−13.43	−59.10
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	9.83	−4.55	30.01	−18.40	−15.03	27.59	3.50
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.94	−0.95	1.11	0.59	1.06	0.28	0.79
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.03	0.06	0.17	0.24	0.09	0.11	0.08
Effective tax ratePublished threshold 17.16 per cent	28.30	27.92	29.01	28.92	26.51	24.33	26.38	24.38	26.42	25.41
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.29	0.43	−1.00	2.38	−0.13

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 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	250
23 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	WithdrawnReview, Other		500
21 Sep 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		825
21 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/ST	CARE AAA / CARE A1+Review, Re-affirm	Stable	5,525
21 Sep 2026	CARE Ratings Limited (opens in a new tab)	Gold Metal Loan	CARE A1+Review, Re-affirm		11,490
8 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAAReview, Other	Stable	1,000
8 Jul 2026	ICRA Limited (opens in a new tab)	Fixed Deposit	[ICRA]AAA (Stable) / -Review, Other	Stable	3,000
8 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AAA /[ICRA]A1+Review, Other	Stable	14,750
3 Sep 2025	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		1,000

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