Anant Raj financials: balance sheet, profit and loss, cash flow

NSE: ANANTRAJBSE: 515055RealtySmall Cap

Anant Raj Limited · Formerly Anant Raj Industries · Face value ₹2 · Listed Jan 1990 on BSE, Sep 2006 on NSE

₹466.90₹8.05 (1.75%)

Share price at the NSE close on 27 Oct 2026. Previous close ₹458.85.

27 Oct: open ₹460.20, high ₹477.00, low ₹457.00

52-week range of traded prices to 27 Oct 2026

₹403.00Low, 30 Mar 2026₹657.25High, 4 Nov 2025

Next results date: the board meets on 28 Oct 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹16,803 Cr362nd largest listed
P/E: 29.04
P/B: 2.90
Dividend yield: 0.21%
ROE: 11.6%
ROCE: 9.8%
Debt to equity: 0.10
Volume, NSE: 16,68,82843.2% delivered

Anant Raj'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.Anant Raj annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

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 7.9% 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 2020, the company's revenue for that year, ₹276 Cr, differs from its quarters added, ₹428 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue2,512
Materials and goods−1,755
Employee costs−36
Other expenses−65
Operating profit656
Depreciation−49
Other income+67
One-off items0.0
Finance costs−12
Profit before tax662
Tax−108
Joint ventures+3.4
Net profit557

What the company owns

Plant, investments and other assets₹4,721 Cr
Inventory₹1,058 Cr
Cash and bank₹911 Cr
Receivables₹179 Cr

What pays for it: net worth and liabilities

Net worth₹5,819 Cr
Borrowings₹606 Cr
Other liabilities₹398 Cr
Owed to suppliers₹46 Cr

Profit and loss

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

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 21 Apr	Mar 2026Filed 11 May	Jun 2026Twelve monthsFiled 8 Aug
Revenue from operations	466	480	500	276	250	462	957	1,483	2,060	2,512	2,551
	325	370	368	223	214	386	760	1,149	1,568	1,856	1,862
Materials and goods bought	–	–	315	180	178	347	710	1,080	1,483	1,755	1,752
Employee costs	–	–	17	12	13	14	16	19	22	36	40
Other expenses	–	–	35	32	23	25	35	50	63	65	70
Operating profit before depreciation	141	110	132	53	35	76	197	334	492	656	688
Operating margin	30.2%	23.0%	26.4%	19.1%	14.2%	16.4%	20.6%	22.5%	23.9%	26.1%	27.0%
Materials, % of revenue	–	–	63.1%	65.1%	71.5%	75.1%	74.2%	72.8%	72.0%	69.9%	68.7%
Employee costs, % of revenue	–	–	3.4%	4.3%	5.2%	3.1%	1.6%	1.3%	1.1%	1.4%	1.6%
Other expenses, % of revenue	–	–	7.1%	11.6%	9.2%	5.4%	3.6%	3.4%	3.1%	2.6%	2.8%
Depreciation and amortisation	27	26	26	18	17	17	17	18	30	49	57
Operating profit after depreciation	113	84	107	35	18	59	181	316	461	607	631
Other income	29	49	24	9	20	39	48	37	40	67	77
Finance costs	55	55	63	15	31	27	32	35	11	12	11
One-off items	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	88	79	68	29	8	72	197	319	491	662	697
	21	18	14	12	7	23	52	54	69	108	122
Current tax	20	15	10	10	5	17	40	39	80	119	129
Deferred tax	1	4	4	2	2	6	12	15	−11	−11	−7
Share of profit of joint ventures and associates	10	6	13	10	10	6	7	1	4	3	5
	77	66	66	27	11	55	151	266	426	557	580
Belonging to the company's shareholders	77	66	69	29	13	57	153	261	426	555	579
Belonging to outside owners of subsidiaries	–	–	−2	−2	−2	−2	−2	5	0	2	2
Other comprehensive income	–	–	0	0	0	0	0	−2	−5	0	0
Total comprehensive income	–	–	67	27	11	55	152	264	421	557	580
Net margin	16.5%	13.7%	13.3%	9.7%	4.3%	11.9%	15.8%	17.9%	20.7%	22.2%	22.8%
Net margin without joint ventures and associates	14.3%	12.5%	10.7%	6.1%	0.1%	10.5%	15.1%	17.8%	20.5%	22.0%	–

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 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 21 Apr	Mar 2026Filed 11 May
	4,261	2,524	2,536	2,674	2,858	3,685	4,189	5,819
	4,220	2,485	2,500	2,639	2,825	3,656	4,161	5,789
Share capital	59	59	59	59	65	68	69	72
Reserves	4,161	2,426	2,440	2,580	2,760	3,588	4,092	5,717
Belonging to outside owners of subsidiaries	41	39	37	35	33	28	28	30
	2,212	1,506	1,499	978	933	627	467	606
Repayable after a year	2,079	1,361	1,411	910	896	467	389	521
Repayable within a year	132	145	88	68	37	159	77	85
	1,258	778	618	616	382	464	490	376
Trade payables	13	2	7	6	14	19	20	46
Other financial liabilities	618	323	255	7	5	6	10	18
Other liabilities	489	300	264	521	295	278	346	136
Provisions	5	8	1	1	1	1	1	1
Tax owed	0	0	4	12	30	1	35	90
	2,181	1,408	1,456	1,095	1,118	719	556	674
Other financial liabilities	83	31	0	157	182	20	28	90
Other liabilities	0	0	24	0	0	178	97	31
Provisions	2	1	2	2	2	3	3	5
Deferred tax	18	15	19	25	37	51	38	27
Total assets	7,700	4,711	4,611	4,385	4,358	4,868	5,235	6,869
	4,530	2,452	2,230	2,212	2,181	2,130	2,572	3,202
Plant in use, after depreciation	230	43	43	40	49	71	105	375
Plant being built	188	140	104	48	77	22	36	39
Intangible assets	0	0	0	0	0	0	11	63
Goodwill	360	0	0	0	0	0	0	0
Property held to earn rent	2,218	1,299	1,283	1,270	1,256	1,243	1,252	1,355
Investments	551	461	423	460	460	302	311	183
Loans given	20	143	61	68	22	52	127	74
Other financial assets	528	33	49	63	85	154	364	611
Trade receivables	12	16	19	20	23	22	23	92
Other assets	422	317	248	242	209	265	345	408
	3,171	2,259	2,381	2,173	2,177	2,738	2,662	3,667
Inventories	1,237	1,388	1,457	1,135	1,197	1,416	1,151	1,058
Trade receivables	120	72	44	22	51	100	126	179
Cash and cash equivalents	66	8	27	19	34	305	330	899
Other bank balances	26	10	10	11	35	16	16	12
Other financial assets	1,556	644	749	798	746	775	949	1,315
Other assets	165	137	94	188	115	127	89	204
Net debt	2,119	1,488	1,461	947	864	306	121	−305

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 21 Apr	Mar 2026Filed 11 May
	−130	458	−6	24	97	−435
	−151	459	57	79	191	−287
	−187	364	−156	−258	−331	−1,005
Receivables	25	21	−32	−48	−26	−123
Inventories	−69	322	−62	−219	265	94
Payables	5	−1	8	6	1	25
Other working capital	−148	23	−70	3	−570	−1,002
Tax paid	−7	−23	−52	−54	−69	−108
Interest paid	28	26	31	34	10	11
Capital spending	4	1	12	41	50	142
Free cash flow	−134	457	−19	−17	47	−577
	65	−4	50	132	−72	−231
Plant and property sold	1	1	4	15	0	0
Interest received	−1	1	42	33	35	63
	83	−461	−29	115	1	1,235
Borrowings raised	161	3	0	0	0	7
Borrowings repaid	−48	−521	−35	−407	−78	132
Interest paid	−28	−26	−31	−34	−10	−11
Lease payments	0	0	0	0	0	52
Dividends paid	1	3	4	16	25	25
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	43	4	0	3
Net change in cash	18	−7	15	271	25	569

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.Anant Raj dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 21 Apr	Mar 2026Filed 11 May
Earnings per share	₹2.62	₹2.30	₹2.33	₹0.98	₹0.43	₹1.92	₹4.73	₹7.96	₹12.43	₹15.81
Diluted earnings per share	₹2.62	₹2.30	₹2.33	₹0.98	₹0.43	₹1.74	–	₹7.96	₹12.43	₹15.81
Dividend per share	₹0.24	₹0.24	₹0.24	₹0.08	₹0.10	₹0.12	₹0.50	₹0.73	₹0.73	₹1.00
Book value per share	–	–	₹143.01	₹84.22	₹84.70	₹89.43	₹87.17	₹106.94	₹121.22	₹160.84
Dividend payout	9.2%	10.7%	10.3%	8.1%	23.1%	6.3%	10.6%	9.6%	5.9%	6.5%
Shareholder yield	–	–	–	–	0.1%	0.2%	−1.0%	0.1%	0.1%	0.1%
Market cap at the year end (₹ crore)	1,409	1,375	992	584	1,604	1,945	3,959	10,617	16,807	14,600

Ratios

Consolidated, years to March.Anant Raj PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 21 Apr	Mar 2026Filed 11 May
Revenue growth	5.1%	3.0%	4.2%	–	−9.6%	85.0%	107.2%	55.0%	38.9%	21.9%
Operating profit growth	16.7%	−21.7%	19.9%	–	−33.0%	114.5%	159.7%	69.4%	47.3%	33.4%
Net profit growth	20.1%	−14.4%	0.7%	–	−60.2%	415.9%	175.3%	76.0%	60.1%	30.8%
Earnings per share growth	–	−12.2%	1.3%	–	−56.1%	346.5%	146.4%	68.3%	56.2%	27.2%
	–	–	1.6%	0.9%	0.5%	2.2%	5.6%	8.1%	10.9%	11.2%
	–	–	–	−0.8 pts	−0.4 pts	1.7 pts	3.4 pts	2.4 pts	2.8 pts	0.3 pts
From the net margin	–	–	–	−0.4 pts	−0.4 pts	0.7 pts	0.7 pts	0.6 pts	1.4 pts	0.8 pts
From asset turnover	–	–	–	−0.4 pts	0.1 pts	1.1 pts	3.3 pts	2.9 pts	2.5 pts	0.2 pts
From borrowing	–	–	–	0.0 pts	0.0 pts	−0.2 pts	−0.5 pts	−1.0 pts	−1.1 pts	−0.7 pts
Return on capital employed	–	–	1.6%	0.9%	0.5%	1.6%	4.8%	7.3%	9.9%	9.4%
Cash conversion	–	–	–	–	−1,217.8%	834.7%	−4.2%	9.1%	22.7%	−78.1%
Interest cover	2.1	1.5	1.7	2.3	0.6	2.2	5.7	9.1	42.0	49.1
Debt to equity	–	–	0.52	0.60	0.59	0.37	0.33	0.17	0.11	0.10
Receivable days	–	–	87	95	64	17	20	25	22	26
Inventory days	–	–	1,432	2,819	2,980	1,194	616	479	283	220
Payable days	–	–	15	4	14	6	7	6	5	9
Cash conversion cycle, days	–	–	1,504	2,910	3,030	1,205	628	497	301	236
Working capital days	–	–	1,425	2,125	2,651	1,260	673	520	337	358
Asset turnover	–	–	0.07	0.04	0.05	0.10	0.22	0.32	0.41	0.42
Assets per rupee of net worth	–	–	1.82	1.85	1.87	1.75	1.60	1.42	1.29	1.22
Sales per rupee of plant	–	–	2.17	6.47	5.81	11.43	19.42	20.88	19.59	6.69
Capital spending to depreciation	–	–	–	–	0.25	0.06	0.75	2.27	1.64	2.90
Plant being built, % of plant in use	–	–	81.7%	327.8%	242.6%	117.7%	156.2%	30.3%	34.6%	10.5%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2020: 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: 9.2%
Cash from operations against operating profit: −66.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	58.7%	37.9%
Profit growth, yearly rate	–	112.6%	53.6%
Return on equity, average	–	7.6%	10.0%
Return on capital employed, average	–	6.6%	8.9%
Operating margin, average	22.2%	21.9%	24.2%
Net margin, average	14.6%	17.7%	20.3%
Asset turnover, average	–	0.29	0.38
Cash conversion cycle, days, average	–	573	345
Interest cover, average	11.6	21.6	33.4
Debt to equity, average	–	0.22	0.13

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	138	−314	−435
Cash from investing	−125	−170	−231
Cash from financing	860	1,350	1,235
Capital spending	246	233	142
Dividends paid	73	66	25
Shares bought back	0	0	0
Shares issued for cash	50	7	3
Borrowings raised	10	7	7
Borrowings repaid	1,173	617	132

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	–	–	–	–	4	7	6	7	6	5
Altman Z-scorePublished threshold 1.1	–	–	4.81	5.02	5.57	6.04	7.12	9.22	10.12	12.34
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.61	−2.61	−1.12	−1.44	−1.82	−1.34
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.61	−8.87	2.46	2.38	7.95	20.20
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.49	1.01	0.14	−0.25
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	4.49	−29.53	−135.01	28.25	39.30	−12.62	19.98
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	55.19	5.68	−116.58	−99.06	−33.88	−55.98	−26.51
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−340.13	24.66	30.92	−13.13	2.76	6.68	19.12
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	5.97	3.38	3.03	0.54	0.56	0.12
Effective tax ratePublished threshold 17.16 per cent	23.68	23.34	20.98	42.20	96.98	32.23	26.59	16.96	14.06	16.36
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.01	0.00	0.01	0.00	0.00

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
5 May 2026	CRISIL Ratings Limited	Bank Facilities	Crisil BBBReview, Other	Positive	330.90
5 May 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A3+Review, Other		50
5 May 2026	Infomerics Valuation and Ratings Private Limited	Short Term Rating	IVR A2+/RWDIReview, Re-affirm		79
5 May 2026	Infomerics Valuation and Ratings Private Limited	Long Term Rating	IVR A-/RWDI / StableReview, Re-affirm		272
14 Jan 2026	Infomerics Valuation and Ratings Private Limited	Long Term Bank Facilities	IVR A-Review, Upgrade	Stable	272
14 Jan 2026	Infomerics Valuation and Ratings Private Limited	Short Term Bank Facilities	IVR A2+Review, Upgrade		79

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