Triveni Engineering & Industries financials and balance sheet

NSE: TRIVENIBSE: 532356Agricultural Food & other ProductsSmall Cap

₹227.52₹7.02 (2.99%)BSE ₹227.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹234.54.

52-week range of traded prices to 23 Oct 2026

₹220.05Low, 31 Jul 2026₹490.10High, 14 Jul 2026

Market cap: ₹5,014 Cr612th largest listed
P/E: Demergernew accounts awaited
P/B: Demergernew accounts awaited
Dividend yield: 0.95%
ROE: Demergernew accounts awaited
ROCE: Demergernew accounts awaited
Debt to equity: Demergernew accounts awaited
Volume, NSE: 5,30,14454.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Triveni Engineering & Industries 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 1.3% 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

Revenue7,621
Materials and goods−4,582
Employee costs−475
Other expenses−2,015
Operating profit548
Depreciation−144
Other income+76
One-off items−14
Finance costs−100
Profit before tax365
Tax−95
Joint ventures−1.3
Net profit269

What the company owns

Inventory₹2,986 Cr
Plant, investments and other assets₹2,905 Cr
Receivables₹559 Cr
Cash and bank₹70 Cr

What pays for it: net worth and liabilities

Net worth₹3,343 Cr
Borrowings₹2,147 Cr
Other liabilities₹585 Cr
Owed to suppliers₹446 Cr

Triveni Engineering & Industries 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. The year to Mar 2026 ended before the demerger of 22 Jul 2026: these businesses may include ones that left with it.Triveni Engineering & Industries segment results by quarter

Revenue by segment

₹8,187 CrTotal

SUGAR₹4,477 Cr54.7% of total
DISTILLERY₹2,883 Cr35.2% of total
POWER TRANSMISSION₹340 Cr4.2% of total
WATER₹269 Cr3.3% of total
OTHERS₹219 Cr2.7% of total

Profit by segment

SUGAR₹272 Cr50.1% of total
DISTILLERY₹119 Cr22.0% of total
POWER TRANSMISSION₹120 Cr22.2% of total
WATER₹31 Cr5.7% of total
OTHERS₹0 Cr0.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

SUGAR
Revenue, ₹ crore
2,531
3,858
4,063
3,474
4,362
3,858
3,967
4,477
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
79
303
375
387
306
306
267
272
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
DISTILLERY
Revenue, ₹ crore
214
391
544
1,072
1,866
2,205
2,592
2,883
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
133
111
101
149
212
181
40
119
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
POWER TRANSMISSION
Revenue, ₹ crore
133
154
130
185
225
292
370
340
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
38
49
41
64
76
107
127
120
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
WATER
Revenue, ₹ crore
249
306
261
270
352
246
234
269
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7
24
27
31
24
31
33
31
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
OTHERS
Revenue, ₹ crore
62
81
71
136
159
182
200
219
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
−5
−8
−1
0
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	3,392	4,973	5,069	5,136	6,964	6,783	7,363	8,187
Company revenue, as in its results	3,152	4,437	4,703	4,694	6,310	6,151	6,808	7,621
Revenue	2,531	3,858	4,063	3,474	4,362	3,858	3,967	4,477
Revenue growth	–	52.4%	5.3%	−14.5%	25.6%	−11.6%	2.8%	12.8%
Profit	79	303	375	387	306	306	267	272
Profit growth	–	281.9%	23.8%	3.2%	−20.9%	−0.1%	−12.8%	2.0%
Margin	3.1%	7.8%	9.2%	11.1%	7.0%	7.9%	6.7%	6.1%
Return on capital	3.7%	15.3%	21.7%	16.5%	13.4%	10.8%	8.3%	8.2%
Assets	2,755	2,740	2,391	2,695	2,647	3,131	3,739	3,740
Liabilities	634	761	662	346	369	303	524	410
Capital employed	2,121	1,979	1,730	2,349	2,278	2,828	3,215	3,331
Revenue	214	391	544	1,072	1,866	2,205	2,592	2,883
Revenue growth	–	82.8%	39.0%	97.1%	74.1%	18.2%	17.6%	11.2%
Profit	133	111	101	149	212	181	40	119
Profit growth	–	−16.7%	−8.6%	47.8%	42.2%	−14.8%	−78.1%	200.8%
Margin	62.0%	28.3%	18.6%	13.9%	11.4%	8.2%	1.5%	4.1%
Return on capital	49.1%	28.9%	23.4%	23.8%	26.0%	19.4%	3.2%	8.4%
Assets	293	405	461	684	885	1,015	1,358	1,517
Liabilities	23	23	29	56	70	81	115	96
Capital employed	270	382	432	628	815	933	1,244	1,421
Revenue	133	154	130	185	225	292	370	340
Revenue growth	–	15.9%	−15.7%	41.9%	22.0%	29.5%	26.8%	−8.1%
Profit	38	49	41	64	76	107	127	120
Profit growth	–	27.3%	−15.7%	56.8%	19.1%	40.1%	18.4%	−5.0%
Margin	28.7%	31.5%	31.4%	34.8%	33.9%	36.7%	34.3%	35.4%
Return on capital	34.1%	56.1%	47.5%	60.6%	49.8%	69.8%	47.2%	28.9%
Assets	144	111	118	146	211	226	373	542
Liabilities	32	24	32	40	57	73	104	125
Capital employed	112	87	86	106	154	153	269	417
Revenue	249	306	261	270	352	246	234	269
Revenue growth	–	22.7%	−14.8%	3.6%	30.3%	−30.1%	−4.9%	14.6%
Profit	7	24	27	31	24	31	33	31
Profit growth	–	233.9%	11.4%	16.0%	−21.7%	29.4%	4.4%	−5.5%
Margin	2.9%	7.8%	10.3%	11.5%	6.9%	12.8%	14.0%	11.5%
Return on capital	8.4%	13.1%	12.2%	10.6%	6.9%	17.4%	7.5%	8.0%
Assets	290	400	383	482	572	348	617	573
Liabilities	205	217	165	188	218	167	182	187
Capital employed	85	183	218	294	354	181	435	386
Revenue	62	81	71	136	159	182	200	219
Revenue growth	–	30.2%	−11.5%	90.1%	17.3%	14.3%	9.7%	9.6%
Profit	0	0	0	−5	−8	−1	0	0
Margin	0.1%	−0.6%	−0.6%	−3.3%	−5.0%	−0.4%	0.0%	0.0%
Return on capital	1.4%	−8.0%	−7.8%	−57.6%	−150.8%	−7.1%	0.0%	0.8%
Assets	19	20	11	14	11	12	9	11
Liabilities	14	14	6	6	6	2	2	2
Capital employed	5	6	6	8	5	9	7	8
Revenue	203	183	–	–	–	–	–	–
Revenue growth	–	−9.7%	–	–	–	–	–	–
Profit	91	53	–	–	–	–	–	–
Profit growth	–	−41.6%	–	–	–	–	–	–
Margin	44.9%	29.1%	–	–	–	–	–	–
Return on capital	69.4%	38.5%	–	–	–	–	–	–
Assets	136	143	–	–	–	–	–	–
Liabilities	4	4	–	–	–	–	–	–
Capital employed	131	138	–	–	–	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March.Triveni Engineering & Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 17 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 16 May	Mar 2023Filed 26 May	Mar 2024Filed 21 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Revenue from operations	2,967	3,412	3,152	4,437	4,703	4,694	6,310	6,151	6,808	7,621
	2,445	3,136	2,843	3,893	4,145	4,060	5,694	5,525	6,332	7,073
Materials and goods bought	1,840	2,590	2,231	3,252	3,436	2,859	4,086	3,599	4,133	4,582
Employee costs	–	–	224	256	271	303	348	375	439	475
Other expenses	–	–	388	386	438	898	1,259	1,551	1,761	2,015
Operating profit before depreciation	522	276	309	543	558	634	616	626	476	548
Operating margin	17.6%	8.1%	9.8%	12.2%	11.9%	13.5%	9.8%	10.2%	7.0%	7.2%
Materials, % of revenue	–	–	70.8%	73.3%	73.1%	60.9%	64.8%	58.5%	60.7%	60.1%
Employee costs, % of revenue	–	–	7.1%	5.8%	5.8%	6.4%	5.5%	6.1%	6.4%	6.2%
Other expenses, % of revenue	–	–	12.3%	8.7%	9.3%	19.1%	20.0%	25.2%	25.9%	26.4%
Depreciation and amortisation	57	55	57	75	79	81	93	104	126	144
Operating profit after depreciation	464	221	252	468	479	554	522	522	350	404
Other income	27	15	64	36	30	22	80	62	58	76
Finance costs	127	85	68	79	52	55	57	56	83	100
Profit before one-off items and tax	365	151	248	425	458	521	546	529	324	379
One-off items	−85	0	0	0	1	−7	1,401	0	0	−14
Profit before tax	279	151	248	425	459	515	1,947	529	324	365
	49	50	52	110	165	150	172	134	86	95
Current tax	23	32	60	79	109	149	197	123	76	43
Deferred tax	26	18	−9	31	56	1	−26	11	10	53
Share of profit of joint ventures and associates	23	18	20	20	1	59	16	0	0	−1
Net profit	253	119	216	335	295	424	1,792	395	238	269
Other comprehensive income	–	–	0	−3	−1	6	−4	10	−7	2
Total comprehensive income	–	–	216	332	294	430	1,788	405	232	271
Net margin	8.5%	3.5%	6.9%	7.6%	6.3%	9.0%	28.4%	6.4%	3.5%	3.5%
Net margin without joint ventures and associates	7.8%	3.0%	6.2%	7.1%	6.2%	7.8%	28.1%	6.4%	3.5%	3.5%

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.

₹ crore	Mar 2019Filed 22 May	Mar 2020Filed 17 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 16 May	Mar 2023Filed 26 May	Mar 2024Filed 21 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	1,141	1,339	1,556	1,913	2,665	2,901	3,160	3,343
	1,141	1,339	1,556	1,913	2,665	2,901	3,111	3,343
Share capital	26	25	24	24	22	22	22	22
Reserves	1,115	1,314	1,531	1,889	2,643	2,879	3,089	3,321
Belonging to outside owners of subsidiaries	0	0	–	–	–	0	48	0
	1,609	1,387	870	1,565	911	1,411	1,969	2,147
Repayable after a year	374	444	309	319	222	249	397	321
Repayable within a year	1,235	943	562	1,246	689	1,162	1,572	1,826
	2,186	2,107	1,549	1,882	1,390	1,794	2,482	2,621
Trade payables	638	756	624	351	415	357	560	446
Other financial liabilities	126	201	158	80	81	91	115	104
Other liabilities	144	166	149	143	159	127	150	159
Provisions	32	32	37	48	44	45	84	86
Tax owed	10	9	19	13	1	12	3	0
	479	600	515	503	400	423	600	557
Other financial liabilities	0	12	10	10	12	8	8	7
Other liabilities	29	18	11	5	34	30	30	37
Provisions	43	48	52	34	22	15	30	36
Deferred tax	32	78	134	135	109	121	135	155
Total assets	3,805	4,046	3,620	4,297	4,454	5,118	6,242	6,521
	1,230	1,315	1,407	1,740	1,712	2,029	2,620	2,603
Plant in use, after depreciation	830	1,074	1,059	1,063	1,454	1,502	2,320	2,386
Plant being built	205	26	22	257	28	226	32	14
Intangible assets	0	1	1	2	3	2	2	1
Goodwill	0	0	1	1	1	1	1	1
Intangible assets being developed	0	0	0	0	0	0	0	0
Property held to earn rent	12	12	12	12	12	12	11	10
Investments	4	3	7	6	6	52	7	6
Stakes in joint ventures and associates	109	138	139	187	0	3	3	1
Loans given	0	0	0	0	0	0	0	0
Other financial assets	10	9	14	16	15	22	23	23
Deferred tax	0	0	0	0	0	0	33	0
Trade receivables	1	0	120	165	171	161	150	139
Other assets	60	51	32	31	21	47	38	21
	2,576	2,731	2,213	2,558	2,742	3,089	3,622	3,919
Inventories	2,119	1,912	1,734	2,037	1,996	2,420	2,738	2,986
Trade receivables	296	349	208	267	392	345	520	559
Cash and cash equivalents	15	32	11	23	72	76	46	55
Other bank balances	4	1	1	5	8	1	9	15
Loans given	3	3	18	0	1	1	1	1
Other financial assets	2	2	3	7	17	16	17	20
Other assets	137	432	237	219	256	230	293	282
Net debt	1,590	1,354	858	1,537	832	1,333	1,914	2,077

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 Jun	Mar 2022Filed 16 May	Mar 2023Filed 26 May	Mar 2024Filed 21 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	791	−173	397	100	−106	188
	854	−22	609	217	−24	229
	265	−691	−33	−436	−526	−357
Receivables	17	−109	−132	54	−160	−33
Inventories	178	−305	40	−424	−290	−249
Payables	−131	−272	65	−54	−65	−107
Other working capital	201	−4	−7	−12	−11	33
Tax paid	−63	−152	−211	−117	−83	−41
Capital spending	88	292	234	356	298	182
Free cash flow	702	−466	163	−255	−404	6
	−108	−257	1,414	−359	−323	−163
Plant and property sold	2	2	0	1	2	1
Companies bought	0	0	0	0	0	0
Interest received	1	1	48	33	24	21
Dividends received	0	16	11	0	0	0
	−704	442	−1,762	263	395	−16
Borrowings raised	57	694	75	142	231	79
Borrowings repaid	−622	−120	−729	355	280	100
Interest paid	−52	−53	−56	−57	−27	−99
Lease payments	−7	−6	−17	−7	0	−7
Dividends paid	0	73	48	170	7	88
Shares bought back	80	0	987	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−21	12	49	4	−35	9

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.Triveni Engineering & Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 17 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 16 May	Mar 2023Filed 26 May	Mar 2024Filed 21 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Earnings per share	₹9.81	₹4.62	₹8.39	₹13.32	₹12.01	₹17.54	₹74.58	₹18.05	₹10.88	₹12.19
Diluted earnings per share	₹9.81	₹4.62	₹8.39	₹13.32	₹12.01	₹17.54	₹74.58	₹18.05	₹10.88	₹12.19
Dividend per share	–	₹0.25	₹0.70	₹1.10	₹1.75	₹3.25	–	₹5.75	₹2.50	₹2.75
Book value per share	–	–	₹44.22	₹54.00	₹64.34	₹79.11	₹121.76	₹132.52	₹142.13	₹152.71
Dividend payout	–	5.4%	8.3%	8.1%	14.4%	18.5%	–	31.9%	23.0%	22.4%
Shareholder yield	–	–	–	–	3.9%	1.0%	17.4%	2.5%	0.1%	1.1%
Market cap at the year end (₹ crore)	2,284	1,049	1,577	903	2,043	7,522	5,935	6,810	8,416	8,305

Ratios

Consolidated, years to March.Triveni Engineering & Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 17 Jun	Mar 2021Filed 30 Jun	Mar 2022Filed 16 May	Mar 2023Filed 26 May	Mar 2024Filed 21 May	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Revenue growth	54.9%	–	–	40.8%	6.0%	−0.2%	34.4%	−2.5%	10.7%	11.9%
Operating profit growth	317.2%	−47.1%	12.0%	75.8%	2.8%	13.6%	−2.9%	1.7%	−24.0%	15.0%
Net profit growth	–	−52.9%	81.5%	54.9%	−12.1%	43.9%	322.5%	−77.9%	−39.7%	12.8%
Earnings per share growth	–	−52.9%	81.6%	58.8%	−9.8%	46.0%	325.2%	−75.8%	−39.7%	12.0%
	–	–	19.0%	27.0%	20.4%	24.5%	78.3%	14.2%	7.9%	8.3%
	–	–	–	8.1 pts	−6.7 pts	4.1 pts	53.8 pts	−64.1 pts	−6.3 pts	0.4 pts
From the net margin	–	–	–	1.9 pts	−4.6 pts	9.0 pts	52.4 pts	−60.6 pts	−6.5 pts	0.1 pts
From asset turnover	–	–	–	7.6 pts	1.9 pts	−1.0 pts	16.6 pts	−1.9 pts	−0.5 pts	0.0 pts
From borrowing	–	–	–	−1.4 pts	−4.0 pts	−3.9 pts	−15.2 pts	−1.6 pts	0.7 pts	0.4 pts
Return on capital employed	–	–	9.2%	17.2%	19.7%	15.9%	14.6%	12.1%	6.8%	7.3%
Cash conversion	–	–	–	–	268.4%	−40.9%	22.2%	25.4%	−44.6%	69.9%
Interest cover	3.7	2.6	3.7	5.9	9.3	10.2	9.2	9.4	4.2	4.0
Debt to equity	–	–	1.41	1.04	0.56	0.82	0.34	0.49	0.62	0.64
Receivable days	–	–	34	29	16	21	23	20	28	27
Inventory days	–	–	347	215	184	260	178	245	242	238
Payable days	–	–	104	85	66	45	37	36	49	36
Cash conversion cycle, days	–	–	277	158	134	236	164	230	220	229
Working capital days	–	–	186	126	94	147	113	141	142	146
Asset turnover	–	–	0.83	1.13	1.23	1.19	1.44	1.29	1.20	1.19
Assets per rupee of net worth	–	–	3.34	3.17	2.65	2.28	1.91	1.72	1.89	1.98
Sales per rupee of plant	–	–	3.80	4.13	4.44	4.42	4.34	4.10	2.93	3.19
Capital spending to depreciation	–	–	–	–	1.12	3.62	2.50	3.42	2.36	1.27
Plant being built, % of plant in use	–	–	24.7%	2.4%	2.1%	24.1%	1.9%	15.0%	1.4%	0.6%

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: 4.2%
Cash from operations against operating profit: 34.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	14.8%	10.1%	6.5%
Profit growth, yearly rate	–	−1.8%	−46.9%
Return on equity, average	–	26.6%	10.2%
Return on capital employed, average	–	11.4%	8.8%
Operating margin, average	10.7%	9.5%	8.1%
Net margin, average	8.4%	10.2%	4.5%
Asset turnover, average	–	1.26	1.23
Cash conversion cycle, days, average	–	216	226
Interest cover, average	6.2	7.4	5.9
Debt to equity, average	–	0.58	0.58

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	182	188
Cash from investing	311	−846	−163
Cash from financing	−678	643	−16
Capital spending	1,362	836	182
Dividends paid	385	264	88
Shares bought back	987	0	0
Shares issued for cash	0	0	0
Borrowings raised	1,221	452	79
Borrowings repaid	1,585	735	100

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	6	7	5	2	6
Altman Z-scorePublished threshold 1.81	–	–	1.99	2.35	3.17	4.23	6.09	4.51	3.86	3.92
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.17	−1.72	−0.70	−2.26	−1.98	−2.50
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−10.13	21.58	−0.44	13.67	11.76	3.82
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.40	0.12	0.16	0.20
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−22.97	−46.25	28.23	12.49	−9.54	40.13	−4.31
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−55.48	−15.00	34.27	−44.91	33.13	−1.68	−1.82
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	6.66	−4.13	−0.29	0.76	−0.44	0.92	−0.09
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.08	0.35	3.02	0.06	1.49	0.03	0.07
Effective tax ratePublished threshold 17.16 per cent	17.60	33.00	20.81	25.98	36.02	29.09	8.82	25.31	26.52	26.12
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.42	−2.03	3.23	1.02	14.96

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
14 Aug 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Other		726.44
14 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA+Review, Other	Stable	2,021.89
14 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA+Review, Other	Stable	362.04
14 Aug 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Other		100

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