Balmer Lawrie & Company financials: balance sheet, profit and loss, cash flow

NSE: BALMLAWRIEBSE: 523319DiversifiedSmall Cap

Balmer Lawrie & Company Limited · Face value ₹10 · Listed Jul 1990 on BSE, Jul 1995 on NSE

₹155.57₹1.15 (0.74%)BSE ₹156.10

Share price at the NSE close on 28 Oct 2026. Previous close ₹154.42.

28 Oct: open ₹154.00, high ₹156.72, low ₹153.25

52-week range of traded prices to 28 Oct 2026

₹148.00Low, 22 Oct 2026₹206.10High, 29 Oct 2025

Next results date: the board meets on 2 Nov 2026 to consider: financial results and other business matters. The notice · Results calendar

Market cap: ₹2,660 Cr970th largest listed
P/E: 9.53
P/B: 1.29
Dividend yield: 5.46%
ROE: 13.8%
ROCE: 13.3%
Debt to equity: 0.04
Volume, NSE: 58,46653.1% delivered

Balmer Lawrie & Company'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.Balmer Lawrie & Company 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 5.3% 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

Revenue2,717
Materials and goods−1,772
Employee costs−267
Other expenses−327
Operating profit351
Depreciation−76
Other income+46
One-off items0.0
Finance costs−33
Profit before tax288
Tax−85
Joint ventures+68
Net profit270

What the company owns

Plant, investments and other assets₹2,193 Cr
Receivables₹535 Cr
Cash and bank₹453 Cr
Inventory₹169 Cr

What pays for it: net worth and liabilities

Net worth₹2,083 Cr
Other liabilities₹846 Cr
Owed to suppliers₹345 Cr
Borrowings₹75 Cr

Balmer Lawrie & 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.Balmer Lawrie & Company segment results by quarter

Revenue by segment

₹2,884 CrTotal

Industrial Packaging₹862 Cr29.9% of total
Greases & Lubricants₹666 Cr23.1% of total
Logistics Services₹574 Cr19.9% of total
Travel & Vacations₹384 Cr13.3% of total
Logistics Infrastructure₹280 Cr9.7% of total
Others₹118 Cr4.1% of total

Profit by segment

Industrial Packaging₹54 Cr14.2% of total
Greases & Lubricants₹76 Cr20.0% of total
Logistics Services₹87 Cr22.7% of total
Travel & Vacations₹136 Cr35.8% of total
Logistics Infrastructure₹28 Cr7.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Industrial Packaging
Revenue, ₹ crore
637
554
555
849
759
831
838
862
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
31
54
46
75
41
57
56
54
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Greases & Lubricants
Revenue, ₹ crore
376
372
365
511
654
674
640
666
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
38
34
31
42
54
93
83
76
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Logistics Services
Revenue, ₹ crore
332
273
379
468
559
418
550
574
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
80
45
53
59
69
58
77
87
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Travel & Vacations
Revenue, ₹ crore
160
171
46
80
162
217
263
384
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
60
55
−15
0
62
87
118
136
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Logistics Infrastructure
Revenue, ₹ crore
188
183
207
183
217
239
262
280
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
44
25
42
39
36
39
24
28
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
88
124
102
115
141
135
143
118
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−6
−24
−24
−64
−81
−37
−56
−60
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	1,781	1,677	1,654	2,205	2,492	2,515	2,696	2,884
Company revenue, as in its results	1,775	1,534	1,529	2,055	2,321	2,339	2,516	2,717
Revenue	637	554	555	849	759	831	838	862
Revenue growth	–	−12.9%	0.1%	53.0%	−10.6%	9.5%	0.8%	2.9%
Profit	31	54	46	75	41	57	56	54
Profit growth	–	73.0%	−14.1%	62.5%	−45.3%	37.7%	−0.9%	−3.7%
Margin	4.9%	9.7%	8.3%	8.9%	5.4%	6.8%	6.7%	6.3%
Return on capital	–	23.6%	18.8%	28.0%	16.7%	19.5%	19.0%	18.4%
Assets	–	308	344	369	374	411	403	417
Liabilities	–	80	97	101	127	120	108	123
Capital employed	–	228	247	269	247	290	295	293
Revenue	376	372	365	511	654	674	640	666
Revenue growth	–	−1.2%	−1.6%	39.7%	28.0%	3.2%	−5.0%	4.0%
Profit	38	34	31	42	54	93	83	76
Profit growth	–	−8.6%	−8.4%	34.9%	28.4%	70.4%	−11.0%	−7.9%
Margin	10.0%	9.2%	8.6%	8.3%	8.3%	13.8%	12.9%	11.4%
Return on capital	–	26.8%	26.8%	25.5%	32.2%	55.4%	44.2%	44.0%
Assets	–	171	192	227	240	229	254	230
Liabilities	–	43	74	60	70	62	67	57
Capital employed	–	128	118	166	169	167	187	173
Revenue	332	273	379	468	559	418	550	574
Revenue growth	–	−17.9%	38.8%	23.4%	19.4%	−25.2%	31.6%	4.4%
Profit	80	45	53	59	69	58	77	87
Profit growth	–	−44.1%	19.7%	10.0%	18.0%	−16.9%	34.0%	12.5%
Margin	24.0%	16.3%	14.1%	12.5%	12.4%	13.8%	14.0%	15.1%
Return on capital	–	282.0%	245.0%	256.1%	–	204.2%	138.8%	201.3%
Assets	–	94	98	100	83	132	149	254
Liabilities	–	78	76	77	87	103	93	211
Capital employed	–	16	22	23	−4	28	56	43
Revenue	160	171	46	80	162	217	263	384
Revenue growth	–	6.8%	−73.3%	75.6%	101.9%	34.4%	21.2%	45.9%
Profit	60	55	−15	0	62	87	118	136
Profit growth	–	−8.7%	–	–	–	40.1%	35.0%	15.6%
Margin	37.7%	32.3%	−33.3%	−0.5%	38.6%	40.2%	44.8%	35.5%
Return on capital	–	22.0%	−10.5%	−0.2%	23.0%	37.7%	31.4%	28.7%
Assets	–	335	197	293	367	364	510	629
Liabilities	–	85	53	82	96	132	134	154
Capital employed	–	250	145	211	271	232	376	475
Revenue	188	183	207	183	217	239	262	280
Revenue growth	–	−2.6%	13.4%	−11.7%	18.8%	10.2%	9.3%	7.0%
Profit	44	25	42	39	36	39	24	28
Profit growth	–	−43.4%	71.1%	−8.4%	−7.6%	8.2%	−37.5%	14.5%
Margin	23.3%	13.6%	20.4%	21.2%	16.5%	16.2%	9.3%	9.9%
Return on capital	–	12.1%	21.3%	13.6%	18.1%	19.4%	13.4%	18.4%
Assets	–	379	400	467	376	423	417	418
Liabilities	–	174	201	182	178	223	237	267
Capital employed	–	205	199	285	198	200	181	151
Revenue	88	124	102	115	141	135	143	118
Revenue growth	–	41.1%	−18.2%	12.7%	23.3%	−4.4%	5.9%	−17.2%
Profit	−6	−24	−24	−64	−81	−37	−56	−60
Margin	−6.6%	−19.5%	−23.1%	−56.1%	−57.1%	−27.1%	−38.9%	−50.6%
Return on capital	–	−3.1%	−2.8%	−9.6%	−9.7%	−3.9%	−6.2%	−6.3%
Assets	–	1,049	1,149	990	1,222	1,314	1,307	1,401
Liabilities	–	277	297	320	390	384	412	454
Capital employed	–	771	851	670	832	930	895	947
Revenue	10	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
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.Balmer Lawrie & Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026Twelve months
Revenue from operations	1,828	1,758	1,775	1,534	1,529	2,055	2,321	2,339	2,516	2,717	2,785
	1,617	1,539	1,549	1,345	1,389	1,886	2,119	2,035	2,203	2,366	2,418
Materials and goods bought	1,081	1,077	1,112	923	987	1,435	1,624	1,544	1,656	1,772	1,809
Employee costs	–	–	213	215	218	228	251	243	256	267	266
Other expenses	–	–	224	207	183	224	244	248	291	327	343
Operating profit before depreciation	211	219	226	189	140	169	202	305	313	351	367
Operating margin	11.5%	12.4%	12.7%	12.3%	9.2%	8.2%	8.7%	13.0%	12.4%	12.9%	13.2%
Materials, % of revenue	–	–	62.6%	60.2%	64.5%	69.8%	69.9%	66.0%	65.8%	65.2%	65.0%
Employee costs, % of revenue	–	–	12.0%	14.0%	14.3%	11.1%	10.8%	10.4%	10.2%	9.8%	9.5%
Other expenses, % of revenue	–	–	12.6%	13.5%	12.0%	10.9%	10.5%	10.6%	11.6%	12.0%	12.3%
Depreciation and amortisation	26	27	30	52	55	56	57	59	60	76	81
Operating profit after depreciation	185	192	196	138	85	113	146	246	252	275	286
Other income	73	51	58	51	49	37	37	51	50	46	48
Finance costs	5	4	7	15	12	14	18	22	27	33	40
One-off items	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	254	238	247	173	123	137	164	274	276	288	294
	84	73	85	55	40	47	57	75	81	85	87
Current tax	89	58	81	52	34	46	53	86	87	96	98
Deferred tax	−5	15	4	4	7	2	4	−11	−6	−11	−11
Share of profit of joint ventures and associates	–	–	–	37	33	45	61	58	64	68	50
	170	165	161	155	115	135	168	257	259	270	257
Belonging to the company's shareholders	170	165	161	161	120	138	172	262	266	277	279
Belonging to outside owners of subsidiaries	–	–	0	−6	–	−3	−4	−4	−7	−6	–
Other comprehensive income	–	–	−6	−7	−1	−8	−6	−4	13	0	0
Total comprehensive income	–	–	155	148	115	127	162	253	272	270	257
Net margin	9.3%	9.4%	9.1%	10.1%	7.5%	6.6%	7.2%	11.0%	10.3%	9.9%	9.2%
Net margin without joint ventures and associates	–	–	–	7.7%	5.4%	4.4%	4.6%	8.5%	7.7%	7.4%	–

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 2025	Mar 2026
	1,570	1,598	1,581	1,623	1,712	1,848	1,989	2,083
	1,520	1,554	1,542	1,588	1,681	1,821	1,969	2,069
Share capital	114	171	171	171	171	171	171	171
Reserves	1,406	1,383	1,371	1,417	1,510	1,650	1,798	1,898
Belonging to outside owners of subsidiaries	51	44	39	36	31	27	20	14
	79	96	102	95	89	77	76	75
Repayable after a year	76	94	93	88	82	66	75	71
Repayable within a year	3	2	9	6	7	11	1	3
	516	494	528	526	642	712	697	789
Trade payables	293	222	0	273	304	315	298	345
Other financial liabilities	130	139	405	138	194	213	242	253
Other liabilities	52	98	82	64	80	93	90	107
Provisions	16	17	7	20	27	28	19	27
Tax owed	22	17	25	25	30	52	46	54
	194	244	270	296	308	314	354	477
Other financial liabilities	0	14	21	20	22	22	23	127
Other liabilities	3	4	4	9	8	8	7	7
Provisions	42	43	53	70	66	89	107	116
Deferred tax	74	88	98	109	129	129	142	156
Total assets	2,281	2,335	2,379	2,446	2,662	2,873	3,040	3,349
	1,106	1,183	1,197	1,231	1,320	1,390	1,459	1,666
Plant in use, after depreciation	563	640	636	641	634	624	619	649
Plant being built	117	24	32	11	27	52	67	34
Intangible assets	4	130	3	126	125	125	117	233
Intangible assets being developed	0	0	0	0	0	0	0	–
Property held to earn rent	1	1	0	0	1	1	1	1
Investments	325	375	386	436	518	565	632	730
Loans given	4	2	2	2	2	1	1	1
Other financial assets	8	1	0	0	0	0	0	–
Other assets	83	12	137	14	12	22	23	18
	1,175	1,152	1,182	1,215	1,342	1,483	1,580	1,683
Inventories	143	145	160	201	205	193	193	169
Trade receivables	276	274	288	315	361	427	479	535
Cash and cash equivalents	53	23	36	48	60	51	41	34
Other bank balances	391	430	497	369	388	474	417	419
Loans given	5	9	9	9	9	3	3	2
Other financial assets	248	202	123	209	252	238	388	481
Other assets	59	71	69	66	67	97	60	44
Net debt	−365	−357	−430	−322	−358	−448	−382	−378

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 2025	Mar 2026
	244	2	208	274	156	289
	269	48	256	338	250	377
	109	−127	39	−23	−98	−13
Receivables	−2	−28	−47	−63	−53	−58
Inventories	−15	−40	−4	11	0	24
Payables	50	1	31	11	−16	47
Other working capital	75	−61	58	18	−29	−26
Tax paid	−25	−46	−48	−63	−94	−88
Capital spending	44	23	52	53	68	64
Free cash flow	200	−21	155	222	88	226
	−80	137	−48	−105	23	−38
Plant and property sold	0	5	2	0	2	0
Interest received	29	27	21	34	32	29
Dividends received	0	0	0	0	0	0
	−149	−127	−147	−178	−189	−259
Borrowings repaid	−1	−1	−5	−13	−1	−1
Lease payments	−7	−11	−13	0	−16	−24
Dividends paid	128	102	111	128	145	211
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	15	12	12	−9	−10	−7

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.Balmer Lawrie & Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	₹9.95	₹9.64	₹9.42	₹9.43	₹7.04	₹8.07	₹10.05	₹15.30	₹15.55	₹16.18
As stated that year	₹14.92	₹14.46	₹14.13	₹9.43	₹7.04	₹8.07	₹10.05	₹15.30	₹15.55	₹16.18
	₹9.95	₹9.64	₹9.42	₹9.43	₹7.04	₹8.07	₹10.05	₹15.30	₹15.55	₹16.18
As stated that year	₹14.92	₹14.46	₹14.13	₹9.43	₹7.04	₹8.07	₹10.05	₹15.30	₹15.55	₹16.18
	₹4.67	₹6.67	₹7.33	₹7.50	₹6.00	₹6.50	₹7.50	₹8.50	₹8.50	₹8.50
As declared that year	₹7.00	₹10.00	₹11.00	₹7.50	₹6.00	₹6.50	₹7.50	₹8.50	₹8.50	₹8.50
	–	–	₹88.86	₹90.87	₹90.17	₹92.84	₹98.29	₹106.48	₹115.12	₹120.99
On that year's share count	–	–	₹133.29	₹90.87	₹90.17	₹92.84	₹98.29	₹106.48	₹115.12	₹120.99
Dividend payout	46.9%	69.2%	77.8%	79.5%	85.7%	80.5%	74.6%	55.6%	54.7%	52.5%
Shareholder yield	–	–	–	–	5.8%	5.3%	5.9%	3.1%	4.6%	8.3%
Market cap at the year end (₹ crore)	2,676	2,473	2,110	1,359	2,202	1,927	1,896	4,077	3,157	2,549

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.

Ratios

Consolidated, years to March.Balmer Lawrie & Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	−43.4%	–	–	−13.6%	−0.4%	34.4%	12.9%	0.8%	7.5%	8.0%
Operating profit growth	−18.0%	3.8%	3.4%	−16.2%	−25.9%	20.4%	19.7%	50.5%	2.6%	12.2%
Net profit growth	−4.9%	−3.1%	−2.2%	−3.9%	−25.5%	16.9%	24.4%	53.5%	0.7%	4.3%
Earnings per share growth	−4.9%	−3.1%	−2.3%	0.1%	−25.3%	14.6%	24.5%	52.2%	1.6%	4.1%
	–	–	10.6%	10.5%	7.7%	8.8%	10.5%	14.9%	14.0%	13.7%
	–	–	–	−0.1 pts	−2.8 pts	1.1 pts	1.7 pts	4.4 pts	−0.9 pts	−0.3 pts
From the net margin	–	–	–	1.7 pts	−2.7 pts	−1.1 pts	0.9 pts	5.4 pts	−0.8 pts	−0.5 pts
From asset turnover	–	–	–	−1.8 pts	−0.2 pts	2.1 pts	0.7 pts	−1.1 pts	0.1 pts	0.0 pts
From borrowing	–	–	–	0.0 pts	0.1 pts	0.1 pts	0.1 pts	0.2 pts	−0.2 pts	0.2 pts
Return on capital employed	–	–	11.9%	8.1%	5.1%	6.6%	8.1%	12.8%	12.2%	12.7%
Cash conversion	–	–	–	–	211.3%	1.7%	123.9%	106.5%	60.2%	107.0%
Interest cover	40.7	45.4	27.5	9.3	7.2	8.3	8.1	11.1	9.5	8.2
Debt to equity	–	–	0.05	0.06	0.06	0.06	0.05	0.04	0.04	0.04
Receivable days	–	–	57	65	69	56	57	67	69	72
Inventory days	–	–	47	57	59	51	46	46	42	35
Payable days	–	–	96	88	0	69	68	74	66	71
Cash conversion cycle, days	–	–	8	35	128	38	34	38	46	35
Working capital days	–	–	45	49	31	50	41	40	62	60
Asset turnover	–	–	0.78	0.66	0.65	0.85	0.91	0.85	0.85	0.85
Assets per rupee of net worth	–	–	1.50	1.50	1.52	1.54	1.56	1.58	1.56	1.58
Sales per rupee of plant	–	–	3.15	2.40	2.40	3.21	3.66	3.75	4.06	4.19
Capital spending to depreciation	–	–	–	–	0.80	0.41	0.92	0.89	1.13	0.84
Plant being built, % of plant in use	–	–	20.8%	3.7%	5.0%	1.7%	4.3%	8.3%	10.8%	5.3%

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: 8.7%
Cash from operations against operating profit: 82.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	12.2%	5.4%
Profit growth, yearly rate	4.5%	18.2%	17.2%
Return on equity, average	–	12.4%	14.2%
Return on capital employed, average	–	10.5%	12.6%
Operating margin, average	11.4%	11.1%	12.8%
Net margin, average	9.0%	9.0%	10.4%
Asset turnover, average	–	0.86	0.85
Cash conversion cycle, days, average	–	38	40
Interest cover, average	17.5	9.1	9.6
Debt to equity, average	–	0.05	0.04

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	930	720	289
Cash from investing	−31	−120	−38
Cash from financing	−900	−626	−259
Capital spending	259	184	64
Dividends paid	697	484	211
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	20	15	1

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	7	7	7	5	7
Altman Z-scorePublished threshold 1.1	–	–	6.97	6.60	6.14	6.22	5.93	6.22	6.49	5.97
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.69	−2.10	−2.55	−2.45	−2.31	−2.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.03	−0.19	0.32	3.19	2.72	0.58
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.09	0.87	0.93	0.91
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	12.56	5.56	−25.09	1.72	17.59	4.56	3.75
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	18.46	3.52	−19.93	−11.15	−0.80	−7.51	−19.54
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.26	−5.25	4.03	1.89	0.69	4.50	2.81
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.18	0.62	0.18	0.55	1.06	1.20	0.33
Effective tax ratePublished threshold 17.16 per cent	32.99	30.84	34.66	31.87	32.73	34.61	34.96	27.39	29.36	29.62
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.25	5.54	4.29	−4.75	−0.89

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
30 Mar 2026	ICRA Limited	Non-fund based-Others	[ICRA]AA+Review, Re-affirm	Stable	130
30 Mar 2026	ICRA Limited	Interchangeable limits-Others	[ICRA]A1+Review, Re-affirm		50
30 Mar 2026	ICRA Limited	Fund-based-Cash credit	[ICRA]AA+Review, Re-affirm	Stable	50
22 Dec 2025	CARE Ratings Limited	Fund-based - ST-Bank Overdraft	CARE A1+Review, Re-affirm		20
22 Dec 2025	CARE Ratings Limited	Fund-based/Non-fund-based-LT/ST	CARE AA+ / CARE A1+Review, Re-affirm	Stable	50
22 Dec 2025	CARE Ratings Limited	Non-fund-based - LT/ ST-BG/LC	CARE AA+ / CARE A1+Review, Re-affirm	Stable	100

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