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

NSE: BSOFTBSE: 532400IT - SoftwareSmall Cap

BIRLASOFT LIMITED · Formerly KPIT Technologies · Face value ₹2 · Listed Nov 1999 on NSE, Jan 2001 on BSE

₹342.50₹36.40 (11.89%)BSE ₹342.65

Share price at the NSE close on 29 Oct 2026. Previous close ₹306.10.

29 Oct: open ₹313.30, high ₹352.00, low ₹312.95

52-week range of traded prices to 29 Oct 2026

₹267.05Low, 1 Oct 2026₹474.00High, 11 Feb 2026

Market cap: ₹9,579 Cr548th largest listed
P/E: 15.54
P/B: 2.19
Dividend yield: 1.90%
ROE: 15.3%
ROCE: 19.4%
Debt to equity: 0.00
Volume, NSE: 6,33,92,9618.5% delivered

Birlasoft's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Birlasoft 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 7.5% 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. From the year to Mar 2019, the company's revenue for that year, ₹2,551 Cr, differs from its quarters added, ₹3,445 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue5,310
Materials and goods−31
Employee costs−3,171
Other expenses−1,242
Operating profit866
Depreciation−80
Other income+65
One-off items−41
Finance costs−20
Profit before tax790
Tax−272
Net profit518

What the company owns

Current investments₹1,990 Cr
Plant, investments and other assets₹1,593 Cr
Receivables₹1,213 Cr
Cash and bank₹466 Cr
Inventory₹5 Cr

What pays for it: net worth and liabilities

Net worth₹4,113 Cr
Other liabilities₹890 Cr
Owed to suppliers₹255 Cr
Borrowings₹8 Cr

Birlasoft 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.Birlasoft segment results by quarter

Revenue by segment

₹5,310 CrTotal

Manufacturing₹2,011 Cr37.9% of total
Banking, Financial Services and Insurance₹1,296 Cr24.4% of total
Life Sciences & Services₹1,085 Cr20.4% of total
Energy and Utilities₹918 Cr17.3% of total

Profit by segment

Manufacturing₹532 Cr36.7% of total
Banking, Financial Services and Insurance₹385 Cr26.6% of total
Life Sciences & Services₹182 Cr12.5% of total
Energy and Utilities₹352 Cr24.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Manufacturing
Revenue, ₹ crore
1,467
1,849
2,237
2,174
2,131
2,011
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
449
507
523
608
424
532
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Banking, Financial Services and Insurance
Revenue, ₹ crore
643
726
928
1,103
1,279
1,296
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
182
195
262
333
341
385
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Life Sciences & Services
Revenue, ₹ crore
1,246
1,098
1,085
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
273
173
182
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Energy and Utilities
Revenue, ₹ crore
538
610
682
754
867
918
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
215
233
265
254
265
352
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	3,153	3,970	3,556	4,130	4,795	5,278	5,375	5,310
Company revenue, as in its results	2,551	3,291	3,556	4,130	4,795	5,278	5,375	5,310
Revenue	–	–	1,467	1,849	2,237	2,174	2,131	2,011
Revenue growth	–	–	–	26.0%	21.0%	−2.8%	−2.0%	−5.6%
Profit	–	–	449	507	523	608	424	532
Profit growth	–	–	–	13.0%	3.1%	16.3%	−30.2%	25.3%
Margin	–	–	30.6%	27.4%	23.4%	28.0%	19.9%	26.4%
Revenue	–	–	643	726	928	1,103	1,279	1,296
Revenue growth	–	–	–	12.9%	27.9%	18.8%	15.9%	1.4%
Profit	–	–	182	195	262	333	341	385
Profit growth	–	–	–	7.3%	34.5%	26.9%	2.5%	13.0%
Margin	–	–	28.2%	26.8%	28.2%	30.2%	26.7%	29.7%
Revenue	–	–	–	–	–	1,246	1,098	1,085
Revenue growth	–	–	–	–	–	–	−11.9%	−1.2%
Profit	–	–	–	–	–	273	173	182
Profit growth	–	–	–	–	–	–	−36.6%	4.9%
Margin	–	–	–	–	–	21.9%	15.8%	16.7%
Revenue	–	–	538	610	682	754	867	918
Revenue growth	–	–	–	13.4%	11.9%	10.6%	14.9%	5.8%
Profit	–	–	215	233	265	254	265	352
Profit growth	–	–	–	8.4%	13.8%	−3.8%	4.2%	32.6%
Margin	–	–	39.9%	38.1%	38.8%	33.7%	30.6%	38.3%
Revenue	–	–	908	945	947	–	–	–
Revenue growth	–	–	–	4.1%	0.2%	–	–	–
Profit	–	–	154	118	−1	–	–	–
Profit growth	–	–	–	−23.1%	–	–	–	–
Margin	–	–	16.9%	12.5%	−0.1%	–	–	–
Revenue	1,993	2,613	–	–	–	–	–	–
Revenue growth	–	31.1%	–	–	–	–	–	–
Profit	485	684	–	–	–	–	–	–
Profit growth	–	41.2%	–	–	–	–	–	–
Margin	24.3%	26.2%	–	–	–	–	–	–
Return on capital	87.3%	109.4%	–	–	–	–	–	–
Assets	586	668	–	–	–	–	–	–
Liabilities	31	43	–	–	–	–	–	–
Capital employed	555	625	–	–	–	–	–	–
Revenue	866	994	–	–	–	–	–	–
Revenue growth	–	14.7%	–	–	–	–	–	–
Profit	51	56	–	–	–	–	–	–
Profit growth	–	9.6%	–	–	–	–	–	–
Margin	5.9%	5.6%	–	–	–	–	–	–
Return on capital	37.4%	38.1%	–	–	–	–	–	–
Assets	143	152	–	–	–	–	–	–
Liabilities	7	5	–	–	–	–	–	–
Capital employed	136	146	–	–	–	–	–	–
Revenue	294	364	–	–	–	–	–	–
Revenue growth	–	23.7%	–	–	–	–	–	–
Profit	76	80	–	–	–	–	–	–
Profit growth	–	5.0%	–	–	–	–	–	–
Margin	26.0%	22.0%	–	–	–	–	–	–
Return on capital	82.1%	116.6%	–	–	–	–	–	–
Assets	104	98	–	–	–	–	–	–
Liabilities	11	29	–	–	–	–	–	–
Capital employed	93	69	–	–	–	–	–	–

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 Sep 2026, the latest four quarters added.Birlasoft quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 21 May	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Twelve monthsFiled 28 Oct
Revenue from operations	3,323	3,666	2,551	3,291	3,556	4,130	4,795	5,278	5,375	5,310	5,492
	2,975	3,287	2,244	2,899	3,026	3,490	4,274	4,442	4,678	4,444	4,560
Materials and goods bought	26	55	0	0	0	0	0	0	139	31	8
Employee costs	–	2,292	1,535	1,998	2,116	2,369	2,813	3,048	3,201	3,171	3,295
Other expenses	–	938	709	902	911	1,121	1,461	1,394	1,338	1,242	1,257
Operating profit before depreciation	349	379	306	392	529	640	520	836	697	866	932
Operating margin	10.5%	10.3%	12.0%	11.9%	14.9%	15.5%	10.9%	15.8%	13.0%	16.3%	17.0%
Materials, % of revenue	–	1.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.6%	0.6%	0.1%
Employee costs, % of revenue	–	62.5%	60.2%	60.7%	59.5%	57.4%	58.7%	57.8%	59.5%	59.7%	60.0%
Other expenses, % of revenue	–	25.6%	27.8%	27.4%	25.6%	27.1%	30.5%	26.4%	24.9%	23.4%	22.9%
Depreciation and amortisation	83	84	50	83	80	77	82	85	86	80	84
Operating profit after depreciation	266	294	257	309	449	564	438	751	612	786	848
Other income	21	45	26	43	19	66	23	104	109	65	81
Finance costs	14	10	11	16	13	13	19	20	23	20	22
Profit before one-off items and tax	273	329	272	336	455	617	442	835	697	831	908
One-off items	26	3	18	0	0	0	0	0	0	−41	−41
Profit before tax	299	331	289	336	455	617	442	835	697	790	867
	61	70	54	112	134	153	111	211	180	272	251
Current tax	–	–	75	111	117	152	128	199	173	279	251
Deferred tax	–	–	−21	1	17	1	−17	12	7	−7	0
Share of profit of joint ventures and associates	0	–	–	–	–	–	–	–	–	–	–
Profit from discontinued businesses	–	–	57	–	–	–	–	–	–	–	–
	239	254	292	224	321	464	332	624	517	518	616
Belonging to the company's shareholders	239	254	289	224	321	464	332	624	517	518	616
Belonging to outside owners of subsidiaries	–	–	3	0	0	0	0	0	0	0	0
Other comprehensive income	–	–	15	44	11	29	91	24	35	275	206
Total comprehensive income	–	–	307	268	332	493	423	648	552	793	822
Net margin	7.2%	6.9%	–	6.8%	9.0%	11.2%	6.9%	11.8%	9.6%	9.8%	11.2%
Net margin without joint ventures and associates	7.2%	–	–	–	–	–	–	–	–	–	–

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. Net margin is left blank for the year to Mar 2019: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021Filed 21 May	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half yearFiled 28 Oct
	1,714	1,892	2,180	2,583	2,448	3,044	3,478	4,113	4,364
Share capital	55	55	55	56	55	55	56	56	56
Reserves	1,659	1,837	2,124	2,527	2,393	2,989	3,423	4,057	4,308
	38	0	0	0	0	0	11	8	15
Repayable after a year	0	0	0	0	0	0	8	5	8
Repayable within a year	38	0	0	0	0	0	3	3	7
	714	611	634	660	624	746	785	912	871
Trade payables	215	190	132	210	231	281	235	255	261
Other financial liabilities	315	224	238	204	173	240	204	225	165
Other liabilities	89	119	185	172	124	138	257	317	305
Provisions	17	19	24	40	64	63	67	75	67
Tax owed	40	58	55	34	33	24	20	36	67
	70	183	180	140	115	136	199	241	296
Other financial liabilities	0	114	100	91	66	64	109	107	128
Other liabilities	6	0	–	0	0	0	0	–	–
Provisions	64	70	80	49	49	71	76	128	161
Trade payables	0	0	–	0	0	0	6	1	0
Total assets	2,498	2,687	2,994	3,383	3,187	3,926	4,462	5,266	5,532
	824	999	889	950	1,017	1,158	1,299	1,349	1,395
Plant in use, after depreciation	144	280	240	258	233	192	231	233	–
Plant being built	0	2	7	2	6	12	5	2	–
Intangible assets	22	17	11	9	14	9	6	36	29
Goodwill	422	454	448	457	490	496	507	565	569
Intangible assets being developed	0	0	–	1	0	0	18	0	2
Investments	0	0	0	54	74	286	297	181	204
Loans given	10	15	14	0	0	0	0	0	0
Other financial assets	8	3	21	16	27	16	82	57	49
Deferred tax	143	120	88	92	117	104	100	114	113
Other assets	74	107	61	60	57	43	53	161	131
	1,674	1,688	2,105	2,433	2,170	2,767	3,163	3,917	4,136
Inventories	0	0	0	0	0	0	10	5	5
Trade receivables	711	740	518	849	907	1,037	980	1,213	1,044
Cash and cash equivalents	362	450	466	291	467	393	327	426	424
Other bank balances	15	181	577	92	87	32	118	40	27
Current investments	191	33	55	786	489	1,034	1,457	1,990	2,223
Loans given	5	2	3	0	0	0	0	0	0
Other financial assets	291	109	173	20	6	3	25	27	33
Tax paid in advance	0	0	313	0	0	0	0	0	0
Other assets	99	174	–	395	214	269	246	216	380
Net debt	−530	−663	−1,098	−1,169	−1,043	−1,459	−1,891	−2,448	−2,660

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. 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. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 21 May	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half year
	558	281	561	718	588	481	381
	624	459	692	899	775	774	509
	84	−256	−80	−73	14	−96	28
Receivables	159	−217	−244	−168	51	−210	154
Inventories	0	0	0	0	−10	6	0
Payables	−55	75	22	53	−35	15	5
Other working capital	−20	−115	142	42	9	94	−130
Tax paid	−67	−178	−131	−181	−188	−293	−128
Capital spending	25	64	58	26	49	44	82
Free cash flow	533	217	503	692	539	437	299
	−444	−307	252	−627	−437	−143	−251
Plant and property sold	0	2	1	7	2	4	0
Interest received	15	33	24	39	47	52	21
Dividends received	0	0	0	0	0	0	0
	−97	−147	−636	−168	−215	−233	−131
Borrowings raised	0	0	0	0	14	0	10
Borrowings repaid	0	0	0	0	−3	−3	−4
Interest paid	−2	−3	−9	−13	−13	−9	−7
Lease payments	−39	−41	−40	−41	−45	−46	−18
Dividends paid	55	111	125	124	180	181	112
Shares bought back	0	0	474	0	0	0	0
Shares issued	0	8	13	10	11	6	0
Net change in cash	17	−173	176	−76	−65	105	−1

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.Birlasoft dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 21 May	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	–	–	₹13.53	₹8.11	₹11.53	₹16.63	₹11.96	₹22.54	₹18.64	₹18.54
As stated that year	₹12.44	₹13.13	₹13.53	₹8.11	₹11.53	₹16.63	₹11.96	₹22.54	₹18.64	₹18.54
	–	–	₹13.38	₹8.06	₹11.29	₹16.43	₹11.92	₹22.25	₹18.48	₹18.50
As stated that year	₹11.94	₹12.69	₹13.38	₹8.06	₹11.29	₹16.43	₹11.92	₹22.25	₹18.48	₹18.50
	–	–	₹2.00	₹2.00	₹3.50	₹4.50	₹3.50	₹6.50	₹6.50	₹6.50
As declared that year	₹2.20	₹2.40	₹2.00	₹2.00	₹3.50	₹4.50	₹3.50	₹6.50	₹6.50	₹6.50
Book value per share	–	–	₹62.51	₹68.39	₹78.62	₹92.42	₹89.07	₹110.32	₹125.17	₹147.16
Dividend payout	18.2%	18.6%	18.9%	24.7%	30.2%	27.1%	29.0%	28.8%	35.0%	35.0%
Shareholder yield	–	–	–	–	0.8%	0.8%	8.2%	0.6%	1.6%	1.9%
Market cap at the year end (₹ crore)	2,562	4,277	2,704	1,688	7,012	12,667	7,137	20,461	10,724	9,268

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.Birlasoft PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 21 May	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	3.1%	–	–	29.0%	8.0%	16.2%	16.1%	10.1%	1.8%	−1.2%
Operating profit growth	−19.9%	8.6%	–	27.9%	35.0%	21.0%	−18.7%	60.7%	−16.6%	24.2%
Net profit growth	−15.3%	6.6%	–	−23.2%	43.0%	44.5%	−28.5%	88.1%	−17.2%	0.3%
Earnings per share growth	–	–	–	−40.1%	42.2%	44.2%	−28.1%	88.5%	−17.3%	−0.5%
	–	–	16.9%	12.4%	15.8%	19.5%	13.2%	22.7%	15.8%	13.7%
	–	–	–	−4.5 pts	3.3 pts	3.7 pts	−6.3 pts	9.5 pts	−6.9 pts	−2.2 pts
From the net margin	–	–	–	–	4.0 pts	3.8 pts	−7.5 pts	9.3 pts	−4.2 pts	0.2 pts
From asset turnover	–	–	–	–	−0.2 pts	0.7 pts	1.5 pts	0.4 pts	−2.5 pts	−2.4 pts
From borrowing	–	–	–	–	−0.5 pts	−0.8 pts	−0.3 pts	−0.2 pts	−0.1 pts	0.0 pts
Return on capital employed	–	–	14.6%	16.3%	20.6%	21.8%	17.9%	24.7%	17.5%	19.1%
Cash conversion	–	–	–	–	173.9%	60.5%	169.2%	115.1%	113.7%	92.8%
Interest cover	19.6	28.2	23.7	19.2	34.4	43.3	23.6	37.7	26.1	40.1
Debt to equity	–	–	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	102	82	53	75	69	72	67	83
Inventory days	–	–	–	–	–	–	–	–	27	55
Payable days	–	–	–	–	–	–	–	–	618	3,036
Cash conversion cycle, days	–	–	–	–	–	–	–	–	−524	−2,897
Working capital days	–	–	61	46	38	53	38	39	33	38
Asset turnover	–	–	1.02	1.27	1.25	1.30	1.46	1.48	1.28	1.09
Assets per rupee of net worth	–	–	1.46	1.44	1.40	1.34	1.31	1.30	1.29	1.28
Sales per rupee of plant	–	–	17.66	11.75	14.81	15.98	20.62	27.50	23.31	22.76
Capital spending to depreciation	–	–	–	–	0.31	0.83	0.70	0.31	0.57	0.55
Plant being built, % of plant in use	–	–	0.0%	0.8%	2.7%	0.7%	2.8%	6.1%	2.1%	0.8%

Revenue growth is left blank for the year to Mar 2018: 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. Revenue growth is left blank for the year to Mar 2019: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued and 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. Operating profit growth is left blank for the year to Mar 2019: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Net profit growth is left blank for the year to Mar 2019: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the year to Mar 2020: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. 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: 10.7%
Cash from operations against operating profit: 55.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	8.4%	3.5%
Profit growth, yearly rate	–	10.1%	16.1%
Return on equity, average	–	17.0%	17.4%
Return on capital employed, average	–	20.2%	20.4%
Operating margin, average	13.1%	14.3%	15.0%
Net margin, average	8.8%	9.9%	10.4%
Asset turnover, average	–	1.32	1.29
Cash conversion cycle, days, average	–	–	−1,711
Interest cover, average	29.6	34.1	34.6
Debt to equity, average	–	0.00	0.00

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	2,628	1,787	481
Cash from investing	−1,262	−1,207	−143
Cash from financing	−1,399	−616	−233
Capital spending	241	119	44
Dividends paid	720	484	181
Shares bought back	474	0	0
Shares issued for cash	47	26	6
Borrowings raised	14	14	0
Borrowings repaid	6	6	3

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	5	5	6	4	5
Altman Z-scorePublished threshold 1.1	–	–	7.79	8.24	9.40	10.51	10.08	10.95	10.79	11.03
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.16	−1.72	−2.70	−2.56	−2.56	−2.21
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	7.30	15.35	−14.64	14.97	8.73	3.71
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.25	1.10	1.27	1.08
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−24.88	−38.03	47.62	−9.21	4.18	−7.28	24.92
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	–	–	–	–	22.44
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−3.25	5.69	−1.69	−4.08	0.99	−0.03	−0.51
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.01	0.16	0.02	0.12	0.26	0.04	0.02
Effective tax ratePublished threshold 17.16 per cent	20.25	21.05	18.64	33.27	29.46	24.81	25.05	25.28	25.84	34.40
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−4.11	−4.67	3.62	−1.11	−2.64

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
24 Sep 2026	CARE Ratings Limited	Non-fund-based - LT/ ST-Bank Guarantee	CARE AA+ / CARE A1+Review, Re-affirm	Stable	20
24 Sep 2026	CARE Ratings Limited	Fund-based - ST-Bank Overdraft	CARE A1+Review, Re-affirm		25
24 Sep 2026	CARE Ratings Limited	Fund-based - LT-Working Capital Limits	CARE AA+Review, Re-affirm	Stable	30
24 Sep 2026	CARE Ratings Limited	Fund-based - LT-Cash Credit	CARE AA+Review, Re-affirm	Stable	277

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