Biocon financials: balance sheet, profit and loss, cash flow

NSE: BIOCONBSE: 532523Pharmaceuticals & BiotechnologyMid Cap

Biocon Limited · Face value ₹5 · Listed Apr 2004

₹350.70₹18.25 (5.49%)BSE ₹350.00

Share price at the NSE close on 28 Oct 2026. Previous close ₹332.45.

28 Oct: open ₹331.45, high ₹350.70, low ₹330.60

52-week range of traded prices to 28 Oct 2026

₹318.40Low, 23 Oct 2026₹447.15High, 16 Jul 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹57,153 Cr173rd largest listed
P/E: 115.39
P/E without one-offs: 63.89
P/B: 1.68
Dividend yield: 0.14%
ROE: 1.8%
ROE without one-offs: 3.2%
ROCE: 2.9%
Debt to equity: 0.40
Volume, NSE: 42,59,63748.1% delivered

Biocon'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.Biocon annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹16,927 Cr, year to Mar 2026; lowest ₹3,922 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 1.3% 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

Revenue16,927
Materials and goods−5,691
Employee costs−3,508
Other expenses−4,273
Operating profit3,455
Depreciation−1,957
Other income+343
One-off items−403
Finance costs−990
Profit before tax448
Tax−79
Net profit369

What the company owns

Plant, investments and other assets₹47,695 Cr
Inventory₹6,086 Cr
Receivables₹5,987 Cr
Cash and bank₹3,194 Cr
Current investments₹690 Cr

What pays for it: net worth and liabilities

Net worth₹36,622 Cr
Borrowings₹14,825 Cr
Owed to suppliers₹6,772 Cr
Other liabilities₹5,432 Cr

Biocon 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.Biocon segment results by quarter

Revenue by segment

₹17,338 CrTotal

Biosimilars₹10,431 Cr60.2% of total
CRDMO₹3,739 Cr21.6% of total
Generics₹3,168 Cr18.3% of total

Profit by segment

Biosimilars₹588 Cr54.7% of total
CRDMO₹488 Cr45.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Biosimilars
Revenue, ₹ crore
2,800
3,464
5,584
8,824
9,017
10,431
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
365
543
403
296
1,088
588
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
CRDMO
Revenue, ₹ crore
3,739
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
488
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Generics
Revenue, ₹ crore
2,336
2,341
2,637
2,799
3,018
3,168
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
301
261
264
230
176
−135
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	5,772	6,593	7,320	8,460	11,433	15,111	15,677	17,338
Company revenue, as in its results	5,514	6,367	7,106	8,184	11,174	14,756	15,262	16,927
Revenue	–	–	2,800	3,464	5,584	8,824	9,017	10,431
Revenue growth	–	–	–	23.7%	61.2%	58.0%	2.2%	15.7%
Profit	–	–	365	543	403	296	1,088	588
Profit growth	–	–	–	48.7%	−25.8%	−26.6%	267.8%	−46.0%
Margin	–	–	13.0%	15.7%	7.2%	3.4%	12.1%	5.6%
Return on capital	–	–	22.9%	26.5%	2.4%	1.7%	5.3%	2.2%
Assets	–	–	9,018	9,695	40,159	43,144	44,440	47,888
Liabilities	–	–	7,423	7,642	23,679	25,734	23,912	21,179
Capital employed	–	–	1,595	2,054	16,480	17,409	20,528	26,709
Revenue	–	–	–	–	–	–	–	3,739
Profit	–	–	–	–	–	–	–	488
Margin	–	–	–	–	–	–	–	13.0%
Return on capital	–	–	–	–	–	–	–	10.1%
Assets	–	–	–	–	–	–	–	7,055
Liabilities	–	–	–	–	–	–	–	2,215
Capital employed	–	–	–	–	–	–	–	4,840
Revenue	–	–	2,336	2,341	2,637	2,799	3,018	3,168
Revenue growth	–	–	–	0.2%	12.6%	6.1%	7.8%	5.0%
Profit	–	–	301	261	264	230	176	−135
Profit growth	–	–	–	−13.2%	1.1%	−12.9%	−23.8%	–
Margin	–	–	12.9%	11.2%	10.0%	8.2%	5.8%	−4.3%
Return on capital	–	–	8.1%	6.6%	6.4%	4.5%	3.4%	−2.6%
Assets	–	–	4,624	5,285	5,853	7,107	8,327	8,993
Liabilities	–	–	897	1,336	1,750	1,976	3,100	3,756
Capital employed	–	–	3,727	3,949	4,103	5,131	5,227	5,237
Revenue	1,826	2,012	2,184	2,604	3,193	3,489	3,642	–
Revenue growth	–	10.2%	8.6%	19.2%	22.6%	9.3%	4.4%	–
Profit	415	446	434	515	594	632	628	–
Profit growth	–	7.3%	−2.6%	18.6%	15.2%	6.5%	−0.6%	–
Margin	22.8%	22.1%	19.9%	19.8%	18.6%	18.1%	17.2%	–
Return on capital	21.1%	20.5%	15.4%	15.6%	16.4%	14.8%	13.3%	–
Assets	3,704	4,163	4,883	5,564	5,831	6,152	6,796	–
Liabilities	1,735	1,987	2,062	2,266	2,213	1,894	2,069	–
Capital employed	1,968	2,176	2,821	3,298	3,618	4,258	4,727	–
Revenue	–	–	0	51	19	0	0	–
Profit	–	–	−20	−220	32	474	0	–
Margin	–	–	–	−431.0%	165.6%	–	–	–
Return on capital	–	–	−11.4%	−243.1%	19.9%	–	–	–
Assets	–	–	180	228	190	0	0	–
Liabilities	–	–	0	138	30	0	0	–
Capital employed	–	–	180	90	160	0	0	–
Revenue	1,773	2,094	–	–	–	–	–	–
Revenue growth	–	18.1%	–	–	–	–	–	–
Profit	325	410	–	–	–	–	–	–
Profit growth	–	26.0%	–	–	–	–	–	–
Margin	18.4%	19.6%	–	–	–	–	–	–
Return on capital	21.5%	22.9%	–	–	–	–	–	–
Assets	2,007	2,426	–	–	–	–	–	–
Liabilities	497	632	–	–	–	–	–	–
Capital employed	1,510	1,794	–	–	–	–	–	–
Revenue	1,517	1,951	–	–	–	–	–	–
Revenue growth	–	28.6%	–	–	–	–	–	–
Profit	398	482	–	–	–	–	–	–
Profit growth	–	21.1%	–	–	–	–	–	–
Margin	26.2%	24.7%	–	–	–	–	–	–
Return on capital	11.2%	10.5%	–	–	–	–	–	–
Assets	4,760	6,382	–	–	–	–	–	–
Liabilities	1,215	1,808	–	–	–	–	–	–
Capital employed	3,545	4,574	–	–	–	–	–	–
Revenue	656	536	–	–	–	–	–	–
Revenue growth	–	−18.3%	–	–	–	–	–	–
Profit	62	19	–	–	–	–	–	–
Profit growth	–	−69.2%	–	–	–	–	–	–
Margin	9.5%	3.6%	–	–	–	–	–	–
Return on capital	81.5%	28.1%	–	–	–	–	–	–
Assets	318	187	–	–	–	–	–	–
Liabilities	242	119	–	–	–	–	–	–
Capital employed	76	68	–	–	–	–	–	–

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.Biocon 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 monthsFiled 5 Aug
Revenue from operations	3,922	4,130	5,514	6,367	7,106	8,184	11,174	14,756	15,262	16,927	17,321
	2,942	3,301	4,121	4,764	5,453	6,214	8,663	11,457	12,095	13,472	13,785
Materials and goods bought	1,447	1,636	1,897	2,052	2,209	2,718	3,663	4,898	5,198	5,691	5,753
Employee costs	–	–	1,165	1,459	1,741	1,880	2,181	2,664	3,144	3,508	3,591
Other expenses	–	–	1,059	1,253	1,504	1,615	2,818	3,895	3,754	4,273	4,441
Operating profit before depreciation	980	829	1,394	1,603	1,653	1,970	2,512	3,299	3,166	3,455	3,536
Operating margin	25.0%	20.1%	25.3%	25.2%	23.3%	24.1%	22.5%	22.4%	20.7%	20.4%	20.4%
Materials, % of revenue	–	–	34.4%	32.2%	31.1%	33.2%	32.8%	33.2%	34.1%	33.6%	33.2%
Employee costs, % of revenue	–	–	21.1%	22.9%	24.5%	23.0%	19.5%	18.1%	20.6%	20.7%	20.7%
Other expenses, % of revenue	–	–	19.2%	19.7%	21.2%	19.7%	25.2%	26.4%	24.6%	25.2%	25.6%
Depreciation and amortisation	277	385	448	552	715	814	1,113	1,569	1,687	1,957	2,049
Operating profit after depreciation	702	444	946	1,051	938	1,156	1,399	1,730	1,479	1,499	1,487
Other income	157	206	144	161	255	213	376	866	1,208	343	317
Finance costs	26	62	71	65	58	68	419	974	897	990	927
Profit before one-off items and tax	833	589	1,019	1,147	1,134	1,301	1,356	1,621	1,790	851	878
One-off items	0	0	195	68	13	−111	−291	−12	97	−403	−399
Profit before tax	833	589	1,214	1,215	1,147	1,190	1,064	1,609	1,887	448	479
	162	157	212	315	222	212	254	227	457	79	62
Current tax	–	–	204	315	222	212	254	314	369	444	493
Deferred tax	–	–	9	0	0	0	0	−87	88	−365	−431
Share of profit of joint ventures and associates	16	–	1	−29	−70	−207	−167	−84	–	–	–
Profit from discontinued businesses	–	–	–	–	−10	–	–	–	–	–	–
	612	372	1,003	871	846	772	643	1,298	1,429	369	416
Belonging to the company's shareholders	612	372	905	748	741	648	463	1,023	1,013	386	495
Belonging to outside owners of subsidiaries	–	–	–	123	106	123	180	275	416	−17	−79
Other comprehensive income	–	–	−72	−188	215	110	77	387	437	2,044	3,039
Total comprehensive income	–	–	930	683	1,061	882	720	1,685	1,866	2,413	3,455
Net margin	15.6%	9.0%	18.2%	13.7%	11.9%	9.4%	5.8%	8.8%	9.4%	2.2%	2.4%
Net margin without joint ventures and associates	15.2%	–	18.2%	14.1%	12.9%	12.0%	7.2%	9.4%	–	–	–

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
	6,707	7,383	8,508	9,470	22,489	25,275	27,713	36,622
	6,098	6,706	7,627	8,433	17,867	19,784	21,644	34,032
Share capital	300	600	600	600	600	600	600	811
Reserves	5,798	6,106	7,027	7,832	17,267	19,183	21,044	33,221
Belonging to outside owners of subsidiaries	609	677	881	1,038	4,622	5,491	6,069	2,590
	1,803	1,890	3,556	4,904	17,771	15,730	17,756	14,825
Repayable after a year	1,542	1,222	2,962	3,999	15,291	12,932	12,405	10,746
Repayable within a year	261	668	594	906	2,480	2,797	5,350	4,078
	3,038	4,008	4,170	3,828	8,511	15,359	14,334	14,069
Trade payables	1,198	1,325	1,514	1,609	3,983	6,272	6,549	6,772
Other financial liabilities	1,005	1,287	1,219	397	564	5,056	1,046	1,287
Other liabilities	369	498	581	625	1,109	777	1,025	1,260
Provisions	81	103	109	131	149	180	192	256
Tax owed	124	128	152	162	225	277	173	416
	2,448	3,053	5,805	7,096	21,043	15,437	16,751	12,960
Other financial liabilities	35	766	1,679	1,738	4,854	1,565	3,391	1,160
Other liabilities	805	949	1,025	1,215	290	311	337	481
Provisions	66	86	106	92	227	238	261	330
Deferred tax	–	30	32	52	382	392	358	242
Liabilities going with businesses held for sale	–	–	40	–	–	–	–	–
	12,192	14,444	18,522	20,394	52,043	56,071	58,797	63,651
Held for sale or for a demerger	–	–	52	–	–	–	–	–
	7,370	9,119	10,922	12,012	39,709	40,892	42,511	46,471
Plant in use, after depreciation	4,253	5,393	5,557	5,677	7,535	7,418	8,708	9,473
Plant being built	1,287	1,577	2,254	3,420	2,588	3,985	4,102	4,613
Intangible assets	192	552	780	866	5,796	6,853	6,469	8,636
Goodwill	26	26	26	26	16,136	16,372	16,786	18,378
Intangible assets being developed	612	620	547	690	4,730	4,008	4,407	2,374
Investments	139	94	564	362	605	684	680	1,089
Stakes in joint ventures and associates	43	14	180	8	138	0	0	0
Other financial assets	110	82	267	192	1,228	412	256	639
Deferred tax	325	368	308	293	301	317	258	556
Other assets	382	393	440	477	652	841	846	714
	4,823	5,325	7,548	8,382	12,334	15,179	16,286	17,180
Inventories	1,032	1,436	1,867	2,298	4,244	4,944	4,931	6,086
Trade receivables	1,292	1,224	1,218	2,058	3,573	6,231	5,488	5,987
Cash and cash equivalents	730	910	953	663	1,324	1,234	3,227	2,417
Other bank balances	327	89	1,062	1,085	1,077	1,025	893	777
Current investments	829	858	1,209	1,218	1,327	316	447	690
Loans given	0	0	0	67	0	0	0	0
Other financial assets	464	470	876	573	203	715	552	337
Tax paid in advance	0	–	–	–	0	0	747	–
Other assets	149	340	364	421	588	715	0	887
Net debt	−84	34	332	1,939	14,044	13,155	13,188	10,941

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
	1,160	1,177	1,853	2,954	4,061	1,994
	1,354	1,439	2,081	3,408	4,521	2,237
	−424	−790	−501	−635	923	−1,132
Receivables	−72	−474	1,591	−2,417	548	624
Inventories	−445	−414	886	−886	0	−918
Payables	310	162	−3,736	2,937	581	−192
Other working capital	−216	−64	758	−268	−206	−647
Tax paid	−194	−262	−229	−292	−460	−243
Capital spending	1,517	1,698	1,596	1,681	2,137	1,798
Free cash flow	−357	−521	257	1,273	1,925	196
	−3,625	−1,699	−14,282	−1,005	−234	−2,082
Plant and property sold	10	2	3	23	0	0
Companies bought	0	0	0	−553	0	0
Interest received	65	60	123	145	114	148
Dividends received	0	0	0	0	3	0
	2,564	242	13,049	−2,333	−1,854	−924
Borrowings raised	2,657	1,070	12,444	1,497	10,343	301
Borrowings repaid	−734	−1,095	−28	−2,768	−9,770	−2,708
Interest paid	−116	−110	−486	−847	−634	−865
Lease payments	0	0	0	−42	−139	−91
Dividends paid	35	346	72	203	83	91
Shares bought back	9	0	65	0	0	0
Shares issued	766	0	1,237	0	1	8,531
Net change in cash	99	−280	619	−383	1,973	−1,012

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.Biocon dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	₹5.20	₹3.16	₹7.65	₹6.32	₹6.24	₹5.44	₹3.88	₹8.55	₹8.46	₹2.82
As stated that year	₹31.18	₹6.31	₹15.30	₹6.32	₹6.24	₹5.44	₹3.88	₹8.55	₹8.46	₹2.82
	₹5.16	₹3.14	₹7.60	₹6.30	₹6.19	₹5.42	₹3.87	₹8.54	₹8.46	₹2.82
As stated that year	₹30.97	₹6.27	₹15.20	₹6.30	₹6.19	₹5.42	₹3.87	₹8.54	₹8.46	₹2.82
	₹0.50	₹0.50	₹0.50	–	–	₹0.50	₹1.50	₹0.50	₹0.50	₹0.50
As declared that year	₹1.00	₹1.00	₹0.50	–	–	₹0.50	₹1.50	₹0.50	₹0.50	₹0.50
	–	–	₹50.82	₹55.88	₹63.56	₹70.24	₹148.82	₹164.78	₹180.28	₹209.96
On that year's share count	–	–	₹101.63	₹55.88	₹63.56	₹70.24	₹148.82	₹164.78	₹180.28	₹209.96
Dividend payout	9.8%	16.1%	6.6%	–	–	9.3%	38.9%	5.9%	5.9%	21.0%
Shareholder yield	–	–	–	–	−1.5%	0.9%	−4.4%	0.6%	0.2%	−14.4%
Market cap at the year end (₹ crore)	22,646	35,634	36,633	32,466	49,068	40,292	24,774	31,714	41,025	58,499

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.Biocon 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	12.5%	5.3%	33.5%	15.5%	11.6%	15.2%	36.5%	32.1%	3.4%	10.9%
Operating profit growth	19.5%	−15.4%	68.1%	15.0%	3.1%	19.2%	27.5%	31.3%	−4.0%	9.1%
Net profit growth	−31.7%	−39.2%	169.2%	−13.1%	−2.8%	−8.8%	−16.7%	101.8%	10.1%	−74.2%
Earnings per share growth	−30.4%	−39.3%	142.5%	−17.4%	−1.3%	−12.8%	−28.7%	120.4%	−1.1%	−66.7%
	–	–	14.8%	11.7%	10.3%	8.1%	3.5%	5.4%	4.9%	1.4%
	–	–	–	−3.2 pts	−1.4 pts	−2.3 pts	−4.6 pts	1.9 pts	−0.5 pts	−3.5 pts
From the net margin	–	–	–	−4.2 pts	−1.3 pts	−2.5 pts	−3.9 pts	2.4 pts	−0.2 pts	−3.2 pts
From asset turnover	–	–	–	0.6 pts	−1.0 pts	−0.2 pts	−1.1 pts	−0.7 pts	−0.1 pts	0.1 pts
From borrowing	–	–	–	0.5 pts	1.0 pts	0.4 pts	0.4 pts	0.2 pts	−0.2 pts	−0.4 pts
Return on capital employed	–	–	11.1%	11.3%	7.8%	8.0%	3.5%	4.2%	3.3%	2.9%
Cash conversion	–	–	–	–	137.0%	152.5%	288.1%	227.6%	284.1%	540.7%
Interest cover	27.0	7.2	13.3	16.2	16.2	17.1	3.3	1.8	1.6	1.5
Debt to equity	–	–	0.27	0.26	0.42	0.52	0.79	0.62	0.64	0.40
Receivable days	–	–	86	70	63	92	117	154	131	129
Inventory days	–	–	199	255	308	309	423	368	346	390
Payable days	–	–	231	236	250	216	397	467	460	434
Cash conversion cycle, days	–	–	53	90	121	184	143	55	18	85
Working capital days	–	–	11	7	38	111	84	1	65	71
Asset turnover	–	–	0.45	0.48	0.43	0.42	0.31	0.27	0.27	0.28
Assets per rupee of net worth	–	–	2.00	2.08	2.30	2.42	2.75	2.87	2.77	2.20
Sales per rupee of plant	–	–	1.30	1.18	1.28	1.44	1.48	1.99	1.75	1.79
Capital spending to depreciation	–	–	–	–	2.12	2.09	1.43	1.07	1.27	0.92
Plant being built, % of plant in use	–	–	30.3%	29.2%	40.6%	60.3%	34.3%	53.7%	47.1%	48.7%

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: 0.6%
Cash from operations against operating profit: 57.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	17.1%	19.0%	14.8%
Profit growth, yearly rate	−8.1%	−12.2%	−5.9%
Return on equity, average	–	4.7%	3.9%
Return on capital employed, average	–	4.4%	3.5%
Operating margin, average	22.9%	22.0%	21.2%
Net margin, average	10.4%	7.1%	6.8%
Asset turnover, average	–	0.31	0.27
Cash conversion cycle, days, average	–	97	53
Interest cover, average	10.5	5.1	1.6
Debt to equity, average	–	0.60	0.56

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	12,038	9,009	1,994
Cash from investing	−19,302	−3,321	−2,082
Cash from financing	8,181	−5,110	−924
Capital spending	8,909	5,615	1,798
Dividends paid	795	377	91
Shares bought back	65	0	0
Shares issued for cash	9,768	8,532	8,531
Borrowings raised	25,655	12,141	301
Borrowings repaid	16,369	15,246	2,708

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	–	–	–	–	6	4	6	5	7	7
Altman Z-scorePublished threshold 1.81	–	–	5.65	4.19	4.29	3.62	1.36	1.51	1.75	2.43
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.57	−1.90	−1.64	−2.10	−2.79	−2.47
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	20.09	6.65	36.09	−1.21	−4.17	0.75
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.85	2.21	2.63	2.91
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−20.74	−12.10	53.86	37.07	42.32	−15.35	−1.82
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	30.99	22.38	0.03	49.90	−17.21	−6.38	13.93
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.08	6.06	−3.01	−1.82	4.34	−0.86	−0.45
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.93	2.56	3.66	0.87	2.75	1.38	1.70
Effective tax ratePublished threshold 17.16 per cent	19.39	26.65	17.49	25.94	19.31	17.77	23.88	14.13	24.23	17.66
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−4.24	2.40	−4.03	−0.13	−36.50

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
16 Dec 2025	CRISIL Ratings Limited	Bank Facilities	Crisil A1+Review, Re-affirm		2
16 Dec 2025	CRISIL Ratings Limited	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	100
16 Dec 2025	ICRA Limited	Unallocated limits-Unallocated limits	[ICRA]AA+ /[ICRA]A1+Review, Other	Stable	450
9 Dec 2025	India Ratings and Research Private Limited	Commercial paper	IND A1+New, New		800
9 Dec 2025	India Ratings and Research Private Limited	Non-convertible debentures	WDReview, Other		267.50
9 Dec 2025	India Ratings and Research Private Limited	Bank loan facilities	IND AA+; IND A1+New, New	Stable	550
30 Oct 2025	ICRA Limited	Unallocated-UnallocatedLong and short-term scales	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	450

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