Agarwal Industrial Corporation financials: balance sheet, profit and loss, cash flow

NSE: AGARINDBSE: 531921Chemicals & PetrochemicalsSmall Cap

Agarwal Industrial Corporation Limited · Face value ₹10 · Listed Oct 2001 on BSE, May 2014 on NSE

₹332.35₹2.70 (0.82%)BSE ₹332.10

Share price at the NSE close on 28 Oct 2026. Previous close ₹329.65.

28 Oct: open ₹329.65, high ₹335.00, low ₹324.05

52-week range of traded prices to 28 Oct 2026

₹311.30Low, 26 Oct 2026₹881.70High, 28 Oct 2025

Market cap: ₹497 Cr1,615th largest listed
P/E: 12.16
P/B: 0.72
Dividend yield: 0.99%
ROE: 6.2%
ROCE: 5.7%
Debt to equity: 0.49
Volume, NSE: 7,74736.0% delivered

Agarwal Industrial Corporation's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Agarwal Industrial Corporation annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,399 Cr, year to Mar 2025; lowest ₹300 Cr, year to Mar 2017

Operating and net margin, per cent

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 7.3% 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

Revenue1,652
Materials and goods−1,219
Employee costs−12
Other expenses−303
Operating profit117
Depreciation−52
Other income+18
One-off items0.0
Finance costs−28
Profit before tax55
Tax−12
Net profit44

What the company owns

Plant, investments and other assets₹821 Cr
Receivables₹152 Cr
Inventory₹118 Cr
Cash and bank₹73 Cr
Current investments₹38 Cr

What pays for it: net worth and liabilities

Net worth₹689 Cr
Borrowings₹336 Cr
Owed to suppliers₹148 Cr
Other liabilities₹29 Cr

Agarwal Industrial Corporation 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.Agarwal Industrial Corporation segment results by quarter

Revenue by segment

₹1,670 CrTotal

Ancillary Infra (Bitumen & Allied products)₹1,281 Cr76.7% of total
Petroleum vessels operating and chartering₹281 Cr16.8% of total
Logistics₹64 Cr3.8% of total
Petroleum Products₹42 Cr2.5% of total
Wind Mill₹1 Cr0.1% of total

Profit by segment

Ancillary Infra (Bitumen & Allied products)₹41.5 Cr56.9% of total
Petroleum vessels operating and chartering₹28.7 Cr39.3% of total
Logistics₹2.6 Cr3.6% of total
Petroleum Products₹0.2 Cr0.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Ancillary Infra (Bitumen & Allied products)
Revenue, ₹ crore
1,343
1,705
1,953
1,281
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
53
60
73
42
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Petroleum vessels operating and chartering
Revenue, ₹ crore
333
281
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
83
29
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Logistics
Revenue, ₹ crore
61
52
44
67
76
78
70
64
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4
2
0
3
4
8
7
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Petroleum Products
Revenue, ₹ crore
75
74
59
42
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
0
1
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Wind Mill
Revenue, ₹ crore
2
1
1
1
1
1
1
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
1
0
0
0
0
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	532	787	905	1,600	2,034	2,141	2,417	1,670
Company revenue, as in its results	531	787	904	1,598	2,015	2,125	2,399	1,652
Revenue	–	–	–	1,343	1,705	–	1,953	1,281
Revenue growth	–	–	–	–	26.9%	–	–	−34.4%
Profit	–	–	–	53	60	–	73	42
Profit growth	–	–	–	–	14.2%	–	–	−43.0%
Margin	–	–	–	3.9%	3.5%	–	3.7%	3.2%
Return on capital	–	–	–	42.3%	33.6%	–	30.5%	19.6%
Assets	–	–	–	307	368	–	556	400
Liabilities	–	–	–	182	188	–	317	188
Capital employed	–	–	–	125	180	–	239	212
Revenue	–	–	–	–	–	–	333	281
Revenue growth	–	–	–	–	–	–	–	−15.7%
Profit	–	–	–	–	–	–	83	29
Profit growth	–	–	–	–	–	–	–	−65.5%
Margin	–	–	–	–	–	–	25.0%	10.2%
Return on capital	–	–	–	–	–	–	28.1%	8.0%
Assets	–	–	–	–	–	–	675	661
Liabilities	–	–	–	–	–	–	379	303
Capital employed	–	–	–	–	–	–	296	358
Revenue	61	52	44	67	76	78	70	64
Revenue growth	–	−14.3%	−15.7%	50.9%	13.4%	3.4%	−10.2%	−8.9%
Profit	4	2	0	3	4	8	7	3
Profit growth	–	−53.0%	−83.4%	857.3%	58.9%	73.3%	−14.7%	−60.2%
Margin	6.1%	3.4%	0.7%	4.2%	5.9%	9.8%	9.4%	4.1%
Return on capital	–	–	1.6%	8.6%	16.4%	17.8%	14.2%	6.0%
Assets	–	–	26	40	39	51	61	56
Liabilities	–	–	8	7	12	8	15	12
Capital employed	–	–	18	32	27	43	46	44
Revenue	–	–	–	–	75	74	59	42
Revenue growth	–	–	–	–	–	−1.5%	−19.6%	−28.6%
Profit	–	–	–	–	1	0	1	0
Profit growth	–	–	–	–	–	−16.8%	34.0%	−66.3%
Margin	–	–	–	–	0.8%	0.6%	1.1%	0.5%
Return on capital	–	–	–	–	13.6%	8.7%	12.6%	7.9%
Assets	–	–	–	–	6	7	7	4
Liabilities	–	–	–	–	1	2	2	1
Capital employed	–	–	–	–	4	5	5	3
Revenue	2	1	1	1	1	1	1	1
Profit	1	1	0	0	0	0	0	0
Margin	49.3%	48.5%	16.5%	30.5%	11.9%	20.1%	−13.0%	−24.2%
Return on capital	–	–	3.0%	8.3%	3.0%	5.9%	−3.5%	−7.8%
Assets	–	–	5	5	4	4	3	3
Liabilities	–	–	0	0	0	0	0	0
Capital employed	–	–	5	5	4	4	3	3
Revenue	–	–	–	–	–	1,735	–	–
Profit	–	–	–	–	–	66	–	–
Margin	–	–	–	–	–	3.8%	–	–
Return on capital	–	–	–	–	–	32.8%	–	–
Assets	–	–	–	–	–	458	–	–
Liabilities	–	–	–	–	–	256	–	–
Capital employed	–	–	–	–	–	202	–	–
Revenue	–	–	–	–	–	253	–	–
Profit	–	–	–	–	–	72	–	–
Margin	–	–	–	–	–	28.3%	–	–
Return on capital	–	–	–	–	–	32.1%	–	–
Assets	–	–	–	–	–	559	–	–
Liabilities	–	–	–	–	–	336	–	–
Capital employed	–	–	–	–	–	223	–	–
Revenue	–	34	70	130	177	–	–	–
Revenue growth	–	–	102.8%	86.8%	36.4%	–	–	–
Profit	–	11	19	25	50	–	–	–
Profit growth	–	–	76.5%	32.2%	101.2%	–	–	–
Margin	–	31.1%	27.1%	19.1%	28.2%	–	–	–
Return on capital	–	–	22.9%	21.2%	31.0%	–	–	–
Assets	–	–	126	168	298	–	–	–
Liabilities	–	–	44	50	137	–	–	–
Capital employed	–	–	82	117	161	–	–	–
Revenue	–	–	–	59	–	–	–	–
Profit	–	–	–	0	–	–	–	–
Margin	–	–	–	0.8%	–	–	–	–
Return on capital	–	–	–	23.5%	–	–	–	–
Assets	–	–	–	3	–	–	–	–
Liabilities	–	–	–	1	–	–	–	–
Capital employed	–	–	–	2	–	–	–	–
Revenue	469	700	790	–	–	–	–	–
Revenue growth	–	49.2%	12.9%	–	–	–	–	–
Profit	24	24	35	–	–	–	–	–
Profit growth	–	−3.2%	49.2%	–	–	–	–	–
Margin	5.2%	3.4%	4.4%	–	–	–	–	–
Return on capital	–	–	40.6%	–	–	–	–	–
Assets	–	–	227	–	–	–	–	–
Liabilities	–	–	140	–	–	–	–	–
Capital employed	–	–	86	–	–	–	–	–
Revenue	1	3	4	8	13	10	10	20
Profit	0	0	0	0	13	0	0	0
Assets	0	0	11	21	35	41	43	79
Liabilities	0	0	7	8	7	7	5	9
	–	–	–	–	0	–	–	–
Profit	–	–	–	–	−7	–	–	–
Assets	–	–	–	–	0	–	–	–
Liabilities	–	–	–	–	0	–	–	–

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

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Agarwal Industrial Corporation quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 24 May	Mar 2026	Jun 2026Twelve monthsFiled 13 Aug
Revenue from operations	300	414	531	787	904	1,598	2,015	2,125	2,399	1,652	1,492
	275	384	494	740	832	1,492	1,880	1,952	2,197	1,535	1,381
Materials and goods bought	214	316	423	649	723	1,301	1,669	1,687	1,876	1,219	1,061
Employee costs	–	5	5	5	5	7	9	10	12	12	13
Other expenses	–	63	66	86	103	184	202	255	309	303	307
Operating profit before depreciation	26	30	37	47	72	106	136	173	202	117	111
Operating margin	8.5%	7.3%	7.0%	6.0%	8.0%	6.6%	6.7%	8.1%	8.4%	7.1%	7.4%
Materials, % of revenue	–	76.2%	79.6%	82.4%	80.0%	81.4%	82.8%	79.4%	78.2%	73.8%	71.1%
Employee costs, % of revenue	–	1.2%	0.9%	0.7%	0.6%	0.5%	0.4%	0.5%	0.5%	0.8%	0.8%
Other expenses, % of revenue	–	15.3%	12.5%	10.9%	11.4%	11.5%	10.0%	12.0%	12.9%	18.3%	20.6%
Depreciation and amortisation	6	8	8	9	14	20	23	30	48	52	53
Operating profit after depreciation	20	22	29	38	58	86	113	143	154	65	58
Other income	1	1	1	2	1	4	9	5	11	18	19
Finance costs	7	8	9	9	10	12	12	21	30	28	25
One-off items	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	14	15	20	31	49	78	110	127	135	55	52
	5	4	7	6	8	14	18	18	19	12	11
Current tax	4	–	6	6	8	14	18	18	19	12	11
Deferred tax	1	–	1	0	0	0	0	0	0	0	0
	9	10	13	26	41	64	92	109	116	44	41
Belonging to the company's shareholders	–	10	13	26	41	64	92	109	116	44	41
Other comprehensive income	–	–	0	1	0	1	−6	2	5	23	25
Total comprehensive income	–	–	13	26	40	65	86	111	121	67	66
Net margin	3.0%	2.5%	2.5%	3.2%	4.5%	4.0%	4.6%	5.1%	4.8%	2.6%	2.7%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 24 May	Mar 2026
	134	158	196	295	404	511	627	689
Share capital	10	10	10	13	15	15	15	15
Reserves	123	147	186	281	389	496	612	674
	68	86	122	147	137	345	427	336
Repayable after a year	5	2	41	31	69	169	182	122
Repayable within a year	63	84	81	115	69	176	245	214
	84	136	139	193	258	427	527	383
Trade payables	7	43	34	55	164	217	258	148
Other financial liabilities	10	6	14	6	6	12	15	17
Other liabilities	4	4	8	13	17	19	8	3
Provisions	0	0	0	0	0	0	0	0
Tax owed	0	–	3	4	3	3	1	0
	10	7	60	55	87	182	190	130
Other financial liabilities	–	–	15	20	0	8	4	3
Other liabilities	–	–	–	0	15	0	0	–
Provisions	0	0	0	1	1	1	1	1
Deferred tax	4	4	4	4	3	3	3	4
Total assets	227	300	395	543	750	1,120	1,345	1,202
	58	106	161	229	353	593	731	761
Plant in use, after depreciation	55	99	137	190	316	570	678	687
Plant being built	1	4	1	3	8	0	16	31
Intangible assets	0	0	20	29	19	5	0	0
Goodwill	2	2	2	0	5	0	5	26
Property held to earn rent	–	–	0	0	0	14	0	0
Investments	0	0	0	0	0	0	0	0
Stakes in joint ventures and associates	–	–	–	0	0	0	0	–
Other financial assets	1	1	1	6	4	4	7	16
Other assets	–	–	–	1	1	0	24	1
	169	194	235	314	397	527	614	441
Inventories	27	28	48	65	116	128	196	118
Trade receivables	113	138	135	161	194	266	270	152
Cash and cash equivalents	2	5	28	46	29	43	25	43
Other bank balances	1	4	8	4	4	20	28	30
Current investments	9	7	6	12	26	36	34	38
Loans given	0	0	0	0	0	0	0	0
Other financial assets	0	1	1	0	1	2	3	4
Tax paid in advance	–	1	1	2	2	1	1	3
Other assets	15	11	8	23	25	32	58	53
Net debt	55	71	81	84	78	247	340	225

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 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 24 May	Mar 2026
	45	65	157	112	100	235
	51	78	177	132	124	252
	−22	−44	25	−46	−92	96
Receivables	0	−30	−34	−73	−5	117
Inventories	−20	−17	−51	−12	−68	78
Payables	−9	15	109	54	40	−109
Other working capital	6	−12	2	−15	−60	9
Tax paid	−6	−13	−18	−18	−21	−14
Capital spending	47	66	149	270	165	121
Free cash flow	−1	−1	8	−158	−65	113
	−44	−70	−158	−276	−157	−89
Plant and property sold	1	1	1	0	0	51
Companies bought	0	0	0	0	0	−22
Interest received	0	1	1	1	3	4
Dividends received	0	0	0	0	0	0
	21	19	−15	178	40	−128
Borrowings raised	39	25	37	107	80	0
Borrowings repaid	−3	−10	−47	100	0	−91
Interest paid	−8	−10	−10	−18	−28	−27
Lease payments	−5	−7	0	0	−8	−5
Dividends paid	2	2	3	4	4	5
Shares bought back	0	0	0	0	0	0
Shares issued	0	23	14	0	0	0
Net change in cash	23	14	−17	13	−18	18

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.Agarwal Industrial Corporation dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 24 May	Mar 2026
Earnings per share	₹10.68	₹10.10	₹13.11	₹24.91	₹39.51	₹51.10	₹63.78	₹73.02	₹77.34	₹29.13
Diluted earnings per share	₹10.68	₹10.10	₹13.11	₹24.91	₹39.51	₹51.10	₹63.78	₹73.02	₹77.34	₹29.13
Dividend per share	₹1.50	₹1.50	₹1.80	₹1.50	₹1.80	₹2.00	₹2.50	₹3.00	₹3.30	₹3.30
Book value per share	–	–	₹130.16	₹153.53	₹191.16	₹223.00	₹269.90	₹341.64	₹419.26	₹460.64
Dividend payout	–	15.0%	13.7%	6.0%	4.6%	4.1%	4.1%	4.1%	4.3%	11.3%
Shareholder yield	–	–	–	–	0.9%	−2.3%	−1.3%	0.3%	0.3%	0.9%
Market cap at the year end (₹ crore)	526	344	163	46	163	891	852	1,197	1,455	542

Ratios

Consolidated, years to March.Agarwal Industrial Corporation PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 24 May	Mar 2026
Revenue growth	–	37.8%	28.3%	48.1%	14.9%	76.8%	26.1%	5.5%	12.9%	−31.1%
Operating profit growth	–	18.3%	22.8%	26.3%	53.7%	46.9%	28.1%	27.5%	17.0%	−42.0%
Net profit growth	–	14.2%	30.8%	90.1%	58.6%	57.1%	44.9%	18.4%	5.9%	−62.3%
Earnings per share growth	–	−5.4%	29.8%	90.0%	58.6%	29.3%	24.8%	14.5%	5.9%	−62.3%
	–	–	10.1%	17.6%	22.9%	26.0%	26.4%	23.9%	20.3%	6.6%
	–	–	–	7.5 pts	5.4 pts	3.0 pts	0.5 pts	−2.5 pts	−3.6 pts	−13.7 pts
From the net margin	–	–	–	2.9 pts	6.7 pts	−2.6 pts	3.9 pts	3.2 pts	−1.5 pts	−9.2 pts
From asset turnover	–	–	–	3.6 pts	−3.1 pts	6.3 pts	−2.5 pts	−8.0 pts	−3.2 pts	−3.7 pts
From borrowing	–	–	–	1.1 pts	1.8 pts	−0.7 pts	−0.9 pts	2.2 pts	1.1 pts	−0.8 pts
Return on capital employed	–	–	14.3%	15.6%	18.1%	19.5%	20.8%	16.7%	14.6%	6.4%
Cash conversion	–	–	–	–	111.5%	101.6%	169.8%	102.8%	86.3%	539.2%
Interest cover	3.0	2.7	3.1	4.3	5.9	7.0	9.3	6.9	5.1	2.4
Debt to equity	–	–	0.51	0.54	0.62	0.50	0.34	0.68	0.68	0.49
Receivable days	–	–	78	64	54	37	35	46	41	34
Inventory days	–	–	23	16	24	18	25	28	38	35
Payable days	–	–	6	24	17	15	36	47	50	44
Cash conversion cycle, days	–	–	95	56	62	40	25	26	29	24
Working capital days	–	–	92	59	55	40	27	31	37	35
Asset turnover	–	–	2.34	2.98	2.60	3.41	3.12	2.27	1.95	1.30
Assets per rupee of net worth	–	–	1.70	1.81	1.97	1.91	1.85	2.04	2.17	1.94
Sales per rupee of plant	–	–	9.75	7.97	6.59	8.43	6.38	3.73	3.54	2.40
Capital spending to depreciation	–	–	–	–	3.23	3.32	6.55	8.98	3.45	2.34
Plant being built, % of plant in use	–	–	1.0%	4.2%	0.6%	1.5%	2.5%	0.1%	2.3%	4.5%

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: 3.4%
Cash from operations against operating profit: 200.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	12.8%	−6.4%
Profit growth, yearly rate	–	1.5%	−22.1%
Return on equity, average	–	20.6%	16.9%
Return on capital employed, average	–	15.6%	12.6%
Operating margin, average	7.4%	7.4%	7.9%
Net margin, average	3.7%	4.2%	4.2%
Asset turnover, average	–	2.41	1.84
Cash conversion cycle, days, average	–	29	27
Interest cover, average	5.0	6.1	4.8
Debt to equity, average	–	0.54	0.61

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	668	447	235
Cash from investing	−751	−523	−89
Cash from financing	93	89	−128
Capital spending	771	557	121
Dividends paid	18	13	5
Shares bought back	0	0	0
Shares issued for cash	37	0	0
Borrowings raised	250	187	0
Borrowings repaid	249	191	91

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	4	5	5	6
Altman Z-scorePublished threshold 1.81	–	–	5.02	4.17	4.21	6.63	5.65	4.24	4.12	3.08
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.01	−1.96	−2.66	−2.58	−2.12	−3.55
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	11.23	14.63	14.53	29.24	14.02	−8.00
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.36	1.26	1.16	1.67
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−26.19	−17.05	−57.28	−6.01	31.93	−11.42	−12.56
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−51.93	61.74	−42.97	49.37	8.92	42.14	−4.93
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.32	−0.29	0.91	0.13	0.34	1.10	−0.10
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.08	0.01	0.04	0.05	0.00	0.10	0.51
Effective tax ratePublished threshold 17.16 per cent	36.89	29.86	33.62	17.81	16.76	17.86	15.95	14.13	14.15	21.15
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.86	−0.47	−0.25	−1.65	−3.44

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
10 Mar 2026	CRISIL Ratings Limited	Bank Facilities	Crisil AReview, Other	Negative	240

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