UPL financials and balance sheet

NSE: UPLBSE: 512070Fertilizers & AgrochemicalsMid Cap

Formerly United Phosphorus

₹508.65₹5.45 (1.06%)BSE ₹506.35

Share price at the NSE close on 23 Oct 2026. Previous close ₹514.10.

52-week range of traded prices to 23 Oct 2026

₹476.45Low, 8 Oct 2026₹812.20High, 2 Jan 2026

Market cap: ₹42,939 Cr187th largest listed
P/E: 21.3
P/B: 1.2
Dividend yield: 1.18%
ROE: 6.3%
ROCE: 9.4%
Debt to equity: 0.53
Volume, NSE: 9,73,84948.8% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹53,576 Cr, year to Mar 2023A loss in 1 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 2.9% 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

Revenue51,839
Materials and goods−25,891
Employee costs−5,807
Other expenses−10,869
Operating profit9,272
Depreciation−3,244
Other income+663
One-off items+61
Finance costs−3,401
Profit before tax3,351
Tax−937
Joint ventures−194
Net profit2,220

What the company owns

Plant, investments and other assets₹57,935 Cr
Receivables₹17,874 Cr
Inventory₹12,676 Cr
Cash and bank₹6,086 Cr
Current investments₹634 Cr

What pays for it: net worth and liabilities

Net worth₹41,269 Cr
Borrowings₹22,046 Cr
Other liabilities₹19,872 Cr
Owed to suppliers₹12,018 Cr

UPL 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.UPL segment results by quarter

Revenue by segment

₹52,032 CrTotal

Crop protection₹42,399 Cr81.5% of total
Seeds & Post harvest₹6,830 Cr13.1% of total
Non agro₹2,803 Cr5.4% of total

Profit by segment

Crop protection₹5,738 Cr76.4% of total
Seeds & Post harvest₹1,425 Cr19.0% of total
Non agro₹344 Cr4.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Crop protection
Revenue, ₹ crore
47,568
36,896
39,796
42,399
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7,956
1,794
4,992
5,738
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Seeds & Post harvest
Revenue, ₹ crore
6,830
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,425
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Non agro
Revenue, ₹ crore
966
1,607
1,882
2,422
2,741
2,305
2,383
2,803
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
147
290
330
367
303
253
236
344
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	22,113	35,991	38,920	46,592	53,912	43,425	46,857	52,032
Company revenue, as in its results	21,837	35,756	38,694	46,240	53,576	43,098	46,637	51,839
Revenue	–	–	–	–	47,568	36,896	39,796	42,399
Revenue growth	–	–	–	–	–	−22.4%	7.9%	6.5%
Profit	–	–	–	–	7,956	1,794	4,992	5,738
Profit growth	–	–	–	–	–	−77.5%	178.3%	14.9%
Margin	–	–	–	–	16.7%	4.9%	12.5%	13.5%
Return on capital	–	–	–	–	16.3%	3.7%	11.5%	12.3%
Assets	–	–	–	–	72,940	69,005	64,265	70,194
Liabilities	–	–	–	–	24,231	20,779	21,009	23,684
Capital employed	–	–	–	–	48,709	48,226	43,256	46,510
Revenue	–	–	–	–	–	–	–	6,830
Profit	–	–	–	–	–	–	–	1,425
Margin	–	–	–	–	–	–	–	20.9%
Return on capital	–	–	–	–	–	–	–	27.1%
Assets	–	–	–	–	–	–	–	8,107
Liabilities	–	–	–	–	–	–	–	2,847
Capital employed	–	–	–	–	–	–	–	5,260
Revenue	966	1,607	1,882	2,422	2,741	2,305	2,383	2,803
Revenue growth	–	66.4%	17.1%	28.7%	13.2%	−15.9%	3.4%	17.6%
Profit	147	290	330	367	303	253	236	344
Profit growth	–	97.3%	13.8%	11.2%	−17.4%	−16.5%	−6.7%	45.8%
Margin	15.2%	18.0%	17.5%	15.2%	11.1%	11.0%	9.9%	12.3%
Return on capital	14.7%	34.3%	37.0%	53.2%	60.8%	21.4%	19.3%	21.4%
Assets	1,356	1,272	1,405	1,504	1,392	1,601	1,327	2,162
Liabilities	353	427	514	814	894	416	106	551
Capital employed	1,003	845	891	690	498	1,185	1,221	1,611
Revenue	–	–	–	–	3,603	4,224	4,678	–
Revenue growth	–	–	–	–	–	17.2%	10.7%	–
Profit	–	–	–	–	686	807	978	–
Profit growth	–	–	–	–	–	17.6%	21.2%	–
Margin	–	–	–	–	19.0%	19.1%	20.9%	–
Return on capital	–	–	–	–	37.0%	38.8%	37.4%	–
Assets	–	–	–	–	3,462	3,888	5,039	–
Liabilities	–	–	–	–	1,610	1,807	2,426	–
Capital employed	–	–	–	–	1,852	2,081	2,613	–
Revenue	21,147	34,384	37,038	44,170	–	–	–	–
Revenue growth	–	62.6%	7.7%	19.3%	–	–	–	–
Profit	3,564	5,337	6,875	8,248	–	–	–	–
Profit growth	–	49.7%	28.8%	20.0%	–	–	–	–
Margin	16.9%	15.5%	18.6%	18.7%	–	–	–	–
Return on capital	7.9%	12.3%	16.1%	17.8%	–	–	–	–
Assets	56,128	58,387	60,880	69,702	–	–	–	–
Liabilities	11,034	15,075	18,269	23,378	–	–	–	–
Capital employed	45,094	43,312	42,611	46,324	–	–	–	–
Revenue	9	6	11	4	4	2	–	–
Profit	0	0	0	0	0	0	–	–
Assets	5,564	10,424	0	0	0	13,052	–	–
Liabilities	33,658	31,987	0	0	0	31,838	–	–

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

Profit and loss

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

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 23 May	Mar 2021Filed 13 May	Mar 2022Filed 10 May	Mar 2023Filed 9 May	Mar 2024Filed 14 May	Mar 2025Filed 10 Jun	Mar 2026Filed 17 Jul
Revenue from operations	16,680	17,506	21,837	35,756	38,694	46,240	53,576	43,098	46,637	51,839
	13,695	14,001	18,024	28,983	30,342	36,711	43,380	38,559	39,037	42,567
Materials and goods bought	7,816	8,112	10,904	18,743	19,096	22,072	27,281	24,494	24,223	25,891
Employee costs	–	–	2,095	3,391	3,712	4,622	5,056	4,682	5,309	5,807
Other expenses	–	–	5,025	6,849	7,534	10,017	11,043	9,383	9,505	10,869
Operating profit before depreciation	2,985	3,505	3,813	6,773	8,352	9,529	10,196	4,539	7,600	9,272
Operating margin	17.9%	20.0%	17.5%	18.9%	21.6%	20.6%	19.0%	10.5%	16.3%	17.9%
Materials, % of revenue	–	–	49.9%	52.4%	49.4%	47.7%	50.9%	56.8%	51.9%	49.9%
Employee costs, % of revenue	–	–	9.6%	9.5%	9.6%	10.0%	9.4%	10.9%	11.4%	11.2%
Other expenses, % of revenue	–	–	23.0%	19.2%	19.5%	21.7%	20.6%	21.8%	20.4%	21.0%
Depreciation and amortisation	672	675	969	2,012	2,173	2,359	2,547	2,763	2,750	3,244
Operating profit after depreciation	2,314	2,830	2,844	4,761	6,179	7,170	7,649	1,776	4,850	6,028
Other income	444	414	240	104	258	281	477	483	486	663
Finance costs	735	783	963	1,481	2,060	2,295	2,963	3,852	3,627	3,401
Profit before one-off items and tax	2,022	2,461	2,121	3,384	4,377	5,156	5,163	−1,593	1,709	3,290
One-off items	−81	−63	−451	−623	−238	−324	−170	−252	−408	61
Profit before tax	1,941	2,398	1,670	2,761	4,139	4,832	4,993	−1,845	1,301	3,351
	189	275	165	586	686	529	736	−209	9	937
Current tax	–	–	438	767	831	1,096	1,506	790	295	1,243
Deferred tax	–	–	−273	−181	−145	−567	−770	−999	−286	−306
Share of profit of joint ventures and associates	–	−93	14	3	42	134	157	−242	−472	−194
	1,734	2,030	1,519	2,178	3,495	4,437	4,414	−1,878	820	2,220
Belonging to the company's shareholders	1,734	2,030	1,447	1,776	2,871	3,626	3,570	−1,200	897	1,922
Belonging to outside owners of subsidiaries	–	–	72	402	624	811	844	−678	−77	298
Other comprehensive income	–	–	−882	−259	−950	1,369	2,010	99	42	3,573
Total comprehensive income	–	–	637	1,919	2,545	5,806	6,424	−1,779	862	5,793
Net margin	10.4%	11.6%	7.0%	6.1%	9.0%	9.6%	8.2%	−4.4%	1.8%	4.3%
Net margin without joint ventures and associates	–	12.1%	6.9%	6.1%	8.9%	9.3%	7.9%	−3.8%	2.8%	4.7%

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.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 18 May	Mar 2020Filed 23 May	Mar 2021Filed 13 May	Mar 2022Filed 10 May	Mar 2023Filed 9 May	Mar 2024Filed 14 May	Mar 2025Filed 10 Jun	Mar 2026Filed 17 Jul
	18,003	22,594	24,580	29,308	35,429	32,706	37,826	41,269
	14,645	19,282	20,887	24,661	26,858	24,807	29,213	34,696
Share capital	102	153	153	153	150	150	159	169
Reserves	14,543	19,129	20,734	24,508	26,708	24,657	29,054	34,527
Belonging to outside owners of subsidiaries	3,358	3,312	3,693	4,647	8,571	7,899	8,613	6,573
	28,861	28,669	23,560	25,866	22,999	28,438	23,714	22,046
Repayable after a year	26,383	27,371	22,146	21,605	20,144	24,010	18,263	15,535
Repayable within a year	2,478	1,298	1,414	4,261	2,855	4,428	5,451	6,511
	15,564	16,686	19,627	28,196	29,037	26,861	28,569	34,748
Trade payables	9,423	10,233	12,525	16,552	17,614	15,684	10,867	12,018
Other financial liabilities	1,499	1,750	1,991	2,932	2,687	2,569	7,092	9,256
Other liabilities	724	1,910	2,309	3,325	4,723	3,335	4,390	5,809
Provisions	844	1,110	865	748	503	315	269	333
Tax owed	596	385	523	378	655	530	500	821
	29,481	30,803	26,224	25,175	24,111	27,979	21,607	19,188
Other financial liabilities	136	631	1,378	1,043	1,288	1,177	1,019	1,051
Other liabilities	–	–	0	0	–	–	–	93
Provisions	20	24	38	52	217	386	335	423
Deferred tax	2,942	2,777	2,662	2,475	2,462	2,406	1,990	2,086
	63,048	70,083	70,431	82,679	88,577	87,546	88,002	95,205
Held for sale or for a demerger	26	51	55	48	40	29	44	133
	36,056	40,842	40,361	42,951	46,549	48,218	48,341	52,910
Plant in use, after depreciation	4,654	5,596	6,452	7,286	8,164	8,443	8,107	8,474
Plant being built	1,166	1,059	899	1,184	1,197	1,106	615	999
Intangible assets	12,197	11,484	10,624	10,543	10,651	10,429	10,302	10,725
Goodwill	15,050	18,241	17,689	18,364	19,898	20,184	20,675	22,954
Intangible assets being developed	617	1,014	1,218	1,317	1,621	1,859	1,931	2,148
Investments	298	198	201	522	605	655	614	770
Stakes in joint ventures and associates	408	360	380	560	973	1,238	1,394	1,262
Loans given	156	157	181	67	57	23	21	0
Other financial assets	167	123	37	315	211	179	216	270
Deferred tax	731	1,655	1,666	2,076	2,661	3,595	3,322	3,929
Trade receivables	4	190	435	6	62	10	7	469
Other assets	608	765	579	711	449	497	1,137	910
	26,966	29,190	30,015	39,680	41,988	39,299	39,617	42,162
Inventories	9,270	7,850	9,422	13,078	13,985	12,776	10,316	12,676
Trade receivables	11,812	11,867	12,591	15,328	18,224	16,354	15,505	17,874
Cash and cash equivalents	2,826	6,724	4,797	5,797	5,967	5,943	9,478	5,975
Other bank balances	25	28	56	323	130	93	59	111
Current investments	2	0	37	840	46	261	320	634
Loans given	51	40	55	16	25	20	25	203
Other financial assets	310	801	456	1,318	350	692	746	1,027
Tax paid in advance	486	87	366	86	141	398	341	415
Other assets	2,184	1,793	2,235	2,894	3,120	2,762	2,827	3,247
Net debt	26,008	21,917	18,670	18,906	16,856	22,141	13,857	15,326

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 13 May	Mar 2022Filed 10 May	Mar 2023Filed 9 May	Mar 2024Filed 14 May	Mar 2025Filed 10 Jun	Mar 2026Filed 17 Jul
	7,212	6,496	7,751	1,822	10,151	7,855
	7,937	7,583	9,013	2,965	11,134	8,426
	−214	−1,767	−1,371	−1,271	3,620	−1,173
Receivables	−628	−3,091	−2,125	1,487	560	−4,500
Inventories	−1,520	−3,594	−902	1,208	2,460	−2,360
Payables	2,039	3,925	139	−2,615	600	5,687
Other working capital	−105	993	1,517	−1,351	0	0
Tax paid	−725	−1,004	−1,262	−1,143	−983	−571
Capital spending	1,619	2,022	1,672	1,159	813	1,666
Free cash flow	5,593	4,474	6,079	663	9,338	6,189
	−2,101	−3,819	−1,490	−2,478	−1,840	−2,362
Plant and property sold	82	123	71	41	440	53
Companies bought	−179	−130	−56	−136	0	0
Interest received	171	155	184	322	299	512
Dividends received	0	16	30	26	21	275
	−6,713	−1,921	−6,227	164	−4,793	−9,883
Borrowings raised	7,456	9,770	6,163	6,466	0	575
Borrowings repaid	−11,675	−8,464	−10,758	−1,661	−5,354	−4,742
Interest paid	−1,655	−1,941	−2,345	−3,405	−3,328	−2,879
Lease payments	0	−278	0	−434	−530	−641
Dividends paid	458	922	750	749	77	487
Shares bought back	0	0	410	0	0	0
Shares issued	0	0	0	0	1,633	1,700
Net change in cash	−1,602	756	34	−492	3,518	−4,390

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.UPL dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 23 May	Mar 2021Filed 13 May	Mar 2022Filed 10 May	Mar 2023Filed 9 May	Mar 2024Filed 14 May	Mar 2025Filed 10 Jun	Mar 2026Filed 17 Jul
	₹22.71	₹26.53	₹18.95	₹23.24	₹36.40	₹45.87	₹45.79	–	₹9.85	₹22.32
As stated that year	₹34.07	₹39.79	₹28.42	₹23.24	₹36.40	₹45.87	₹45.79	–	₹9.85	₹22.32
	₹22.61	₹26.52	₹18.94	₹23.24	₹36.40	₹45.87	₹45.79	–	₹9.62	₹22.32
As stated that year	₹33.92	₹39.78	₹28.41	₹23.24	₹36.40	₹45.87	₹45.79	–	₹9.62	₹22.32
	₹4.67	₹5.33	₹5.33	₹6.00	₹10.00	₹10.00	₹10.00	₹1.00	₹6.00	₹6.00
As declared that year	₹7.00	₹8.00	₹8.00	₹6.00	₹10.00	₹10.00	₹10.00	₹1.00	₹6.00	₹6.00
	–	–	₹191.44	₹252.05	₹273.03	₹322.37	₹358.11	₹330.49	₹345.95	₹410.60
On that year's share count	–	–	₹287.16	₹252.05	₹273.03	₹322.37	₹358.11	₹330.49	₹345.95	₹410.60
Dividend payout	20.5%	20.1%	28.2%	25.8%	26.6%	21.1%	21.0%	–	56.5%	26.4%
Shareholder yield	–	–	–	–	0.9%	1.6%	2.2%	2.2%	−2.9%	−2.5%
Market cap at the year end (₹ crore)	36,850	37,123	48,838	24,946	49,040	58,801	53,867	34,228	53,727	47,945

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. As stated that year and earnings per share are left blank for the year to Mar 2024: 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.UPL PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 23 May	Mar 2021Filed 13 May	Mar 2022Filed 10 May	Mar 2023Filed 9 May	Mar 2024Filed 14 May	Mar 2025Filed 10 Jun	Mar 2026Filed 17 Jul
Revenue growth	25.4%	5.0%	24.7%	63.7%	8.2%	19.5%	15.9%	−19.6%	8.2%	11.2%
Operating profit growth	–	17.4%	8.8%	77.6%	23.3%	14.1%	7.0%	−55.5%	67.4%	22.0%
Net profit growth	33.5%	17.1%	−25.2%	43.4%	60.5%	27.0%	−0.5%	–	–	170.7%
Earnings per share growth	12.4%	16.8%	−28.6%	22.7%	56.6%	26.0%	−0.2%	–	–	126.6%
	–	–	9.9%	10.5%	14.3%	15.9%	13.9%	−4.6%	3.3%	6.0%
	–	–	–	0.6 pts	3.8 pts	1.6 pts	−2.1 pts	−18.5 pts	8.0 pts	2.7 pts
From the net margin	–	–	–	−2.5 pts	5.2 pts	0.8 pts	−2.4 pts	−19.7 pts	7.9 pts	3.1 pts
From asset turnover	–	–	–	4.1 pts	0.4 pts	1.5 pts	0.5 pts	1.3 pts	0.3 pts	0.4 pts
From borrowing	–	–	–	−1.0 pts	−1.7 pts	−0.6 pts	−0.2 pts	−0.1 pts	−0.2 pts	−0.8 pts
Return on capital employed	–	–	6.1%	9.3%	12.8%	13.0%	13.1%	2.9%	7.9%	9.5%
Cash conversion	–	–	–	–	206.4%	146.4%	175.6%	–	1,237.9%	353.8%
Interest cover	3.1	3.6	3.0	3.2	3.0	3.1	2.6	0.5	1.3	1.8
Debt to equity	–	–	1.60	1.27	0.96	0.88	0.65	0.87	0.63	0.53
Receivable days	–	–	197	121	119	121	124	139	121	126
Inventory days	–	–	310	153	180	216	187	190	155	179
Payable days	–	–	315	199	239	274	236	234	164	169
Cash conversion cycle, days	–	–	192	75	59	64	76	95	113	135
Working capital days	–	–	184	72	65	69	66	90	52	51
Asset turnover	–	–	0.35	0.54	0.55	0.60	0.63	0.49	0.53	0.57
Assets per rupee of net worth	–	–	4.31	3.92	3.50	3.36	3.32	3.41	3.25	2.87
Sales per rupee of plant	–	–	4.69	6.39	6.00	6.35	6.56	5.10	5.75	6.12
Capital spending to depreciation	–	–	–	–	0.75	0.86	0.66	0.42	0.30	0.51
Plant being built, % of plant in use	–	–	25.1%	18.9%	13.9%	16.3%	14.7%	13.1%	7.6%	11.8%

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: 2.1%
Cash from operations against operating profit: 84.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	14.6%	6.0%	−1.1%
Profit growth, yearly rate	4.0%	−7.7%	−18.6%
Return on equity, average	–	6.9%	1.6%
Return on capital employed, average	–	9.3%	6.8%
Operating margin, average	18.0%	16.9%	14.9%
Net margin, average	6.4%	3.9%	0.6%
Asset turnover, average	–	0.56	0.53
Cash conversion cycle, days, average	–	96	114
Interest cover, average	2.5	1.9	1.2
Debt to equity, average	–	0.71	0.68

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	34,075	19,828	7,855
Cash from investing	−11,989	−6,680	−2,362
Cash from financing	−22,660	−14,512	−9,883
Capital spending	7,332	3,638	1,666
Dividends paid	2,985	1,313	487
Shares bought back	410	0	0
Shares issued for cash	3,333	3,333	1,700
Borrowings raised	22,974	7,041	575
Borrowings repaid	30,979	11,757	4,742

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	8	6	4	7	7
Altman Z-scorePublished threshold 1.81	–	–	1.68	1.62	2.07	2.09	2.11	1.51	1.93	1.91
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.70	−2.51	−2.42	−2.68	−3.02	−2.64
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.30	2.30	−2.16	−1.39	−8.53	−3.57
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.74	2.30	5.88	17.06
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−63.27	−2.12	2.24	3.03	9.30	−13.40	4.12
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−87.21	18.14	23.22	−16.66	1.57	−18.15	15.99
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.84	0.97	2.68	−1.28	0.56	0.13	1.50
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.36	0.30	0.37	0.35	0.36	0.25	0.28
Effective tax ratePublished threshold 17.16 per cent	9.73	11.47	9.88	21.22	16.57	10.95	14.74	–	0.69	27.96
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−9.83	−10.53	–	−74.87	10.92

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
2 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		1,100
2 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		456
2 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Other	Stable	900
30 Jun 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based-Short Term	CARE A1+Review, Re-affirm		850
30 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Cash Credit	CARE AA+ / CARE A1+Review, Upgrade	Stable	1,650
30 Jun 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		1,100

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