DCM Shriram financials: balance sheet, profit and loss, cash flow

NSE: DCMSHRIRAMBSE: 523367DiversifiedSmall Cap

DCM Shriram Limited · Formerly DCM Shriram Consolidated · Face value ₹2 · Listed Mar 1991 on BSE, Apr 1995 on NSE

₹874.00₹37.05 (4.07%)BSE ₹874.70

Share price at the NSE close on 30 Oct 2026. Previous close ₹911.05.

30 Oct: open ₹909.90, high ₹914.60, low ₹866.60

52-week range of traded prices to 30 Oct 2026

₹866.60Low, 30 Oct 2026₹1,340.60High, 30 Oct 2025

Market cap: ₹13,629 Cr381st largest listed
P/E: 9.87
P/B: 1.61
Dividend yield: 1.33%
ROE: 17.6%
ROCE: 9.5%
Debt to equity: 0.22
Volume, NSE: 1,49,79851.9% delivered

DCM Shriram'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.DCM Shriram annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹14,264 Cr, year to Mar 2026; lowest ₹6,117 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 1.0% 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

Revenue14,264
Materials and goods−6,999
Employee costs−1,260
Other expenses−4,508
Operating profit1,497
Depreciation−502
Other income+196
One-off items−23
Finance costs−176
Profit before tax992
Tax−136
Net profit856

What the company owns

Plant, investments and other assets₹9,030 Cr
Inventory₹3,108 Cr
Receivables₹1,081 Cr
Cash and bank₹854 Cr
Current investments₹63 Cr

What pays for it: net worth and liabilities

Net worth₹7,733 Cr
Borrowings₹2,812 Cr
Other liabilities₹2,373 Cr
Owed to suppliers₹1,218 Cr

DCM Shriram 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.DCM Shriram segment results by quarter

Revenue by segment

₹14,345 CrTotal

Chemicals and Vinyl₹4,651 Cr32.4% of total
Sugar and Ethanol₹4,496 Cr31.3% of total
Shriram Farm Solutions₹1,689 Cr11.8% of total
Fertiliser₹1,445 Cr10.1% of total
Fenesta Building Systems₹1,112 Cr7.8% of total
Bioseed₹666 Cr4.6% of total
Others₹286 Cr2.0% of total

Profit by segment

Chemicals and Vinyl₹560 Cr39.6% of total
Sugar and Ethanol₹309 Cr21.9% of total
Shriram Farm Solutions₹289 Cr20.5% of total
Fertiliser₹90 Cr6.4% of total
Fenesta Building Systems₹116 Cr8.2% of total
Bioseed₹49 Cr3.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Chemicals and Vinyl
Revenue, ₹ crore
4,651
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
560
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sugar and Ethanol
Revenue, ₹ crore
2,353
2,522
3,385
2,696
3,526
4,207
4,526
4,496
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
355
391
429
323
237
424
304
309
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Shriram Farm Solutions
Revenue, ₹ crore
717
762
858
949
1,034
1,186
1,436
1,689
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
41
68
109
135
184
221
279
289
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Fertiliser
Revenue, ₹ crore
1,041
1,017
901
1,327
1,987
1,519
1,461
1,445
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
18
80
59
76
129
54
73
90
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Fenesta Building Systems
Revenue, ₹ crore
696
824
868
1,112
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
121
145
125
116
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Bioseed
Revenue, ₹ crore
472
416
464
406
483
552
648
666
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
10
4
−76
−9
20
58
49
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
815
832
741
968
525
546
307
286
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
38
45
40
55
−39
10
−4
−14
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	7,900	7,826	8,364	9,962	12,205	11,544	12,808	14,345
Company revenue, as in its results	7,771	7,767	8,308	9,849	12,080	11,431	12,741	14,264
Revenue	–	–	–	–	–	–	–	4,651
Profit	–	–	–	–	–	–	–	560
Margin	–	–	–	–	–	–	–	12.0%
Return on capital	–	–	–	–	–	–	–	10.3%
Assets	–	–	–	–	–	–	–	6,315
Liabilities	–	–	–	–	–	–	–	859
Capital employed	–	–	–	–	–	–	–	5,455
Revenue	2,353	2,522	3,385	2,696	3,526	4,207	4,526	4,496
Revenue growth	–	7.2%	34.2%	−20.4%	30.8%	19.3%	7.6%	−0.7%
Profit	355	391	429	323	237	424	304	309
Profit growth	–	10.2%	9.8%	−24.8%	−26.6%	79.0%	−28.4%	1.8%
Margin	15.1%	15.5%	12.7%	12.0%	6.7%	10.1%	6.7%	6.9%
Return on capital	17.4%	14.4%	16.4%	10.9%	7.1%	11.4%	7.7%	8.3%
Assets	2,892	3,394	3,088	3,466	3,909	4,271	4,461	4,160
Liabilities	853	689	466	511	556	537	511	449
Capital employed	2,039	2,705	2,621	2,954	3,354	3,733	3,950	3,712
Revenue	717	762	858	949	1,034	1,186	1,436	1,689
Revenue growth	–	6.3%	12.6%	10.6%	8.9%	14.7%	21.1%	17.6%
Profit	41	68	109	135	184	221	279	289
Profit growth	–	66.2%	61.6%	23.3%	36.4%	20.3%	26.3%	3.7%
Margin	5.7%	8.9%	12.7%	14.2%	17.8%	18.6%	19.4%	17.1%
Return on capital	19.7%	55.7%	–	891.7%	363.0%	386.0%	436.0%	854.4%
Assets	292	210	125	184	233	259	296	353
Liabilities	86	89	126	169	183	202	232	319
Capital employed	206	121	−1	15	51	57	64	34
Revenue	1,041	1,017	901	1,327	1,987	1,519	1,461	1,445
Revenue growth	–	−2.3%	−11.4%	47.3%	49.8%	−23.6%	−3.8%	−1.1%
Profit	18	80	59	76	129	54	73	90
Profit growth	–	349.1%	−25.8%	29.4%	69.2%	−58.6%	36.1%	23.5%
Margin	1.7%	7.8%	6.6%	5.8%	6.5%	3.5%	5.0%	6.2%
Return on capital	2.9%	10.4%	25.7%	16.0%	41.9%	56.8%	62.7%	55.5%
Assets	734	904	346	711	532	343	417	472
Liabilities	128	135	116	233	224	248	301	309
Capital employed	606	768	229	478	309	94	116	162
Revenue	–	–	–	–	696	824	868	1,112
Revenue growth	–	–	–	–	–	18.4%	5.5%	28.1%
Profit	–	–	–	–	121	145	125	116
Profit growth	–	–	–	–	–	19.1%	−13.6%	−7.6%
Margin	–	–	–	–	17.4%	17.6%	14.4%	10.4%
Return on capital	–	–	–	–	–	317.9%	342.4%	51.7%
Assets	–	–	–	–	302	358	395	675
Liabilities	–	–	–	–	309	312	359	452
Capital employed	–	–	–	–	−8	45	36	223
Revenue	472	416	464	406	483	552	648	666
Revenue growth	–	−12.0%	11.6%	−12.5%	19.0%	14.2%	17.4%	2.8%
Profit	3	10	4	−76	−9	20	58	49
Profit growth	–	215.9%	−56.3%	–	–	–	193.6%	−14.8%
Margin	0.7%	2.4%	1.0%	−18.8%	−1.9%	3.6%	8.9%	7.4%
Return on capital	0.7%	2.4%	1.0%	−19.5%	−2.2%	4.6%	11.0%	7.1%
Assets	652	594	605	579	601	661	802	939
Liabilities	219	169	177	188	196	233	273	243
Capital employed	433	425	427	392	405	428	529	696
Revenue	815	832	741	968	525	546	307	286
Revenue growth	–	2.1%	−10.9%	30.6%	–	4.0%	−43.9%	−6.6%
Profit	38	45	40	55	−39	10	−4	−14
Profit growth	–	18.3%	−10.9%	35.5%	–	–	–	–
Margin	4.7%	5.4%	5.4%	5.6%	−7.3%	1.8%	−1.5%	−4.8%
Return on capital	44.7%	75.9%	725.6%	82.2%	−39.5%	8.2%	−11.3%	−36.2%
Assets	311	309	312	435	190	205	92	104
Liabilities	225	249	307	368	92	86	52	66
Capital employed	85	60	6	66	98	120	39	38
Revenue	2,503	2,278	2,015	3,616	3,954	2,711	3,562	–
Revenue growth	–	−9.0%	−11.5%	79.5%	9.3%	−31.4%	31.4%	–
Profit	994	652	518	1,267	983	78	407	–
Profit growth	–	−34.4%	−20.5%	144.3%	−22.4%	−92.0%	419.7%	–
Margin	39.7%	28.6%	25.7%	35.0%	24.9%	2.9%	11.4%	–
Return on capital	76.3%	43.7%	34.7%	66.2%	31.5%	1.9%	9.2%	–
Assets	1,647	1,863	1,815	2,401	3,797	4,674	5,148	–
Liabilities	346	370	322	489	675	621	727	–
Capital employed	1,301	1,493	1,492	1,912	3,122	4,053	4,421	–

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.DCM Shriram quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Twelve months
Revenue from operations	6,117	7,007	7,771	7,767	8,308	9,849	12,080	11,431	12,741	14,264	15,312
	5,346	5,972	6,402	6,575	7,156	8,053	10,473	10,441	11,411	12,767	13,799
Materials and goods bought	3,043	3,694	3,691	3,815	4,526	4,436	5,674	5,805	6,288	6,999	7,630
Employee costs	–	–	664	736	733	783	891	984	1,070	1,260	1,308
Other expenses	–	–	2,047	2,024	1,898	2,834	3,908	3,651	4,053	4,508	4,862
Operating profit before depreciation	771	1,035	1,369	1,192	1,152	1,796	1,606	991	1,330	1,497	1,513
Operating margin	12.6%	14.8%	17.6%	15.4%	13.9%	18.2%	13.3%	8.7%	10.4%	10.5%	9.9%
Materials, % of revenue	–	–	47.5%	49.1%	54.5%	45.0%	47.0%	50.8%	49.4%	49.1%	49.8%
Employee costs, % of revenue	–	–	8.5%	9.5%	8.8%	8.0%	7.4%	8.6%	8.4%	8.8%	8.5%
Other expenses, % of revenue	–	–	26.3%	26.1%	22.8%	28.8%	32.4%	31.9%	31.8%	31.6%	31.8%
Depreciation and amortisation	114	141	157	219	233	238	260	303	410	502	531
Operating profit after depreciation	657	894	1,212	973	919	1,558	1,346	688	920	995	981
Other income	47	56	88	102	92	92	120	99	142	196	130
Finance costs	71	83	119	164	122	85	53	88	153	176	165
Profit before one-off items and tax	633	867	1,180	912	889	1,565	1,413	699	909	1,016	947
One-off items	0	0	0	−15	0	0	0	0	0	−23	56
Profit before tax	633	867	1,180	897	889	1,565	1,413	699	909	992	1,003
	80	199	278	178	217	499	502	252	305	136	−377
Current tax	–	–	251	106	167	484	257	198	162	194	90
Deferred tax	–	–	27	72	50	14	245	54	143	−57	−468
Share of profit of joint ventures and associates	–	0	2	3	2	1	–	–	–	–	2
	552	670	904	722	674	1,067	911	447	604	856	1,383
Belonging to the company's shareholders	552	670	904	722	674	1,067	911	447	604	853	1,380
Belonging to outside owners of subsidiaries	–	–	–	–	–	–	–	–	–	3	–
Other comprehensive income	–	–	0	−12	4	−19	13	−8	−6	4	0
Total comprehensive income	–	–	904	710	678	1,048	924	439	599	860	1,383
Net margin	9.0%	9.6%	11.6%	9.3%	8.1%	10.8%	7.5%	3.9%	4.7%	6.0%	9.0%
Net margin without joint ventures and associates	–	9.6%	11.6%	9.3%	8.1%	10.8%	–	–	–	–	–

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. 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 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half year
	3,526	4,056	4,648	5,502	6,194	6,522	7,004	7,733	8,468
	3,526	4,050	4,648	5,502	6,194	6,522	7,004	7,712	8,445
Share capital	31	31	31	31	31	31	31	31	31
Reserves	3,494	4,018	4,617	5,470	6,162	6,491	6,973	7,681	8,414
Belonging to outside owners of subsidiaries	1	6	–	0	–	–	0	21	22
	1,475	2,046	1,288	1,509	1,633	2,083	2,408	2,812	1,893
Repayable after a year	937	975	1,012	951	1,154	1,385	1,391	1,601	1,419
Repayable within a year	538	1,071	275	558	479	698	1,017	1,211	474
	2,414	2,731	1,801	2,360	2,550	2,758	3,237	3,725	3,707
Trade payables	1,144	927	702	960	1,011	1,040	1,185	1,218	1,668
Other financial liabilities	312	306	338	240	428	357	341	385	332
Other liabilities	375	375	426	544	569	591	621	753	1,129
Provisions	45	52	59	56	62	70	72	99	97
Tax owed	0	0	–	2	2	2	0	60	7
	1,186	1,334	1,323	1,490	1,962	2,261	2,485	2,669	2,152
Other financial liabilities	1	99	52	56	61	53	104	91	85
Other liabilities	27	18	10	5	6	4	3	2	2
Provisions	222	242	245	256	266	294	323	361	377
Deferred tax	–	–	4	222	475	525	664	614	269
Liabilities going with businesses held for sale	10	14	19	19	16	9	6	9	2
	7,136	8,135	7,791	9,371	10,722	11,549	12,732	14,137	14,328
Held for sale or for a demerger	95	85	71	43	23	14	20	17	9
	3,283	3,724	3,626	4,193	6,013	7,075	7,619	8,555	8,543
Plant in use, after depreciation	2,586	3,392	3,267	3,315	4,012	4,130	6,426	7,359	–
Plant being built	330	51	103	485	1,618	2,597	805	532	–
Intangible assets	22	19	13	12	12	10	10	19	17
Goodwill	75	81	79	81	81	81	81	139	139
Intangible assets being developed	2	8	6	9	12	18	29	39	39
Property held to earn rent	7	7	1	1	1	1	1	1	1
Investments	31	29	30	3	12	54	56	73	156
Loans given	12	10	14	25	21	31	40	43	41
Other financial assets	32	43	40	34	43	52	94	217	69
Deferred tax	67	56	1	2	2	2	1	22	24
Other assets	119	27	73	227	200	99	77	110	127
	3,758	4,327	4,094	5,135	4,686	4,460	5,093	5,564	5,776
Inventories	1,925	2,177	1,804	2,306	2,376	2,677	2,799	3,108	2,636
Trade receivables	1,039	1,079	463	907	869	646	919	1,081	1,535
Cash and cash equivalents	382	543	870	932	450	343	620	306	218
Other bank balances	34	17	464	675	524	329	366	548	531
Current investments	0	0	0	0	0	0	0	63	251
Loans given	3	13	7	4	8	5	9	13	16
Other financial assets	120	231	236	33	35	27	27	100	60
Tax paid in advance	38	39	40	41	112	109	47	0	91
Other assets	218	228	210	237	311	325	305	344	436
Net debt	1,059	1,486	−46	−98	659	1,410	1,422	1,895	892

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 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half year
	1,887	1,224	1,296	794	1,128	1,234	986
	2,066	1,454	1,625	990	1,225	1,322	1,106
	817	−308	−13	−27	−171	−287	443
Receivables	606	−340	37	218	−277	−134	−527
Inventories	365	−495	−71	−301	−122	−270	454
Payables	−224	229	50	29	145	8	227
Other working capital	70	298	−30	26	84	109	289
Tax paid	−161	−276	−328	−196	−97	−88	−120
Interest paid	0	85	0	0	0	0	0
Capital spending	251	768	1,797	1,310	845	869	340
Free cash flow	1,635	456	−501	−516	283	365	646
	−642	−904	−1,543	−1,070	−850	−1,241	−244
Plant and property sold	9	12	45	13	13	17	77
Companies bought	0	0	0	0	0	−78	0
Interest received	6	27	54	38	47	50	36
Dividends received	0	0	0	0	0	0	0
	−918	−259	−235	169	−1	−307	−830
Borrowings raised	113	168	432	654	486	445	4
Borrowings repaid	−796	−118	−326	−210	−168	−392	−925
Interest paid	−134	−79	−82	−132	−165	−163	−74
Lease payments	0	−18	0	−24	−26	−32	−17
Dividends paid	86	212	239	119	128	165	62
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	327	62	−482	−107	277	−314	−88

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.DCM Shriram dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Earnings per share	₹33.97	₹41.22	₹57.09	₹45.96	₹43.17	₹68.45	₹58.41	₹28.67	₹38.75	₹54.73
Diluted earnings per share	₹33.97	₹41.22	₹57.09	₹45.96	₹43.17	₹68.45	₹58.41	₹28.67	₹38.75	₹54.73
Dividend per share	₹5.80	₹8.20	₹9.80	₹8.20	₹9.30	₹14.70	₹14.00	₹6.60	₹9.00	₹11.20
Book value per share	–	–	₹224.92	₹258.36	₹296.53	₹350.99	₹395.14	₹416.08	₹446.83	₹491.99
Dividend payout	17.1%	19.9%	17.0%	17.8%	21.6%	21.6%	24.1%	23.1%	23.3%	20.6%
Shareholder yield	–	–	–	–	1.1%	1.2%	2.0%	0.9%	0.8%	0.9%
Market cap at the year end (₹ crore)	4,797	6,891	6,456	3,356	7,815	17,623	11,655	13,321	16,829	17,411

Ratios

Consolidated, years to March.DCM Shriram 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	–	14.5%	10.9%	−0.1%	7.0%	18.6%	22.6%	−5.4%	11.5%	12.0%
Operating profit growth	–	34.2%	32.2%	−12.9%	−3.4%	55.9%	−10.6%	−38.3%	34.3%	12.6%
Net profit growth	85.6%	21.4%	35.1%	−20.1%	−6.7%	58.4%	−14.7%	−50.9%	35.2%	41.7%
Earnings per share growth	–	21.3%	38.5%	−19.5%	−6.1%	58.6%	−14.7%	−50.9%	35.2%	41.2%
	–	–	25.7%	19.1%	15.5%	21.0%	15.6%	7.0%	8.9%	11.6%
	–	–	–	−6.6 pts	−3.6 pts	5.5 pts	−5.5 pts	−8.5 pts	1.9 pts	2.7 pts
From the net margin	–	–	–	−5.2 pts	−2.4 pts	5.2 pts	−6.4 pts	−7.5 pts	1.5 pts	2.3 pts
From asset turnover	–	–	–	−1.4 pts	0.4 pts	2.1 pts	0.7 pts	−1.2 pts	0.2 pts	0.1 pts
From borrowing	–	–	–	−0.1 pts	−1.6 pts	−1.7 pts	0.2 pts	0.1 pts	0.2 pts	0.2 pts
Return on capital employed	–	–	24.2%	16.0%	15.5%	22.2%	17.2%	8.0%	9.8%	9.4%
Cash conversion	–	–	–	–	279.9%	114.7%	142.3%	177.5%	186.6%	144.1%
Interest cover	9.2	10.8	10.2	5.9	7.5	18.3	25.5	7.9	6.0	5.7
Debt to equity	–	–	0.42	0.50	0.28	0.27	0.26	0.32	0.34	0.36
Receivable days	–	–	49	51	20	34	26	21	26	28
Inventory days	–	–	190	208	145	190	153	168	162	162
Payable days	–	–	113	89	57	79	65	65	69	64
Cash conversion cycle, days	–	–	126	170	109	144	114	124	120	126
Working capital days	–	–	69	99	54	64	50	55	54	55
Asset turnover	–	–	1.09	1.02	1.04	1.15	1.20	1.03	1.05	1.06
Assets per rupee of net worth	–	–	2.02	2.02	1.83	1.69	1.72	1.75	1.80	1.83
Sales per rupee of plant	–	–	3.01	2.29	2.54	2.97	3.01	2.77	1.98	1.94
Capital spending to depreciation	–	–	–	–	1.08	3.23	6.91	4.32	2.06	1.73
Plant being built, % of plant in use	–	–	12.8%	1.5%	3.2%	14.6%	40.3%	62.9%	12.5%	7.2%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: 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: 6.4%
Cash from operations against operating profit: 82.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	11.4%	5.7%
Profit growth, yearly rate	11.1%	4.8%	−2.1%
Return on equity, average	–	12.8%	9.2%
Return on capital employed, average	–	13.3%	9.1%
Operating margin, average	13.5%	12.2%	9.9%
Net margin, average	8.1%	6.6%	4.9%
Asset turnover, average	–	1.10	1.05
Cash conversion cycle, days, average	–	126	123
Interest cover, average	10.7	12.7	6.5
Debt to equity, average	–	0.31	0.34

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	5,676	3,155	1,234
Cash from investing	−5,607	−3,161	−1,241
Cash from financing	−633	−139	−307
Capital spending	5,590	3,024	869
Dividends paid	862	412	165
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	2,185	1,584	445
Borrowings repaid	1,214	770	392

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	8	5	4	8	7
Altman Z-scorePublished threshold 1.1	–	–	5.08	4.82	6.29	6.52	5.54	4.62	4.59	4.45
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.49	−1.56	−2.24	−2.73	−2.59	−2.52
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−7.17	8.71	11.52	6.50	2.69	6.42
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.66	1.37	1.64	1.65
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	3.86	−64.00	77.10	−26.82	−20.30	30.85	5.67
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	9.74	−35.77	29.81	−24.86	10.33	−3.74	−0.27
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.58	−0.14	−1.78	1.22	0.02	−0.63	0.46
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	0.96	1.70	1.69	6.17	0.30	0.37
Effective tax ratePublished threshold 17.16 per cent	12.70	22.91	23.52	19.82	24.39	31.88	35.54	36.01	33.55	13.73
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	14.25	12.31	7.95	22.87	4.84

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
31 Aug 2026	ICRA Limited	Unallocated limits-Unallocated limits	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	17.96
31 Aug 2026	ICRA Limited	Fixed Deposit	[ICRA]AA+Review, Re-affirm	Stable	40
31 Aug 2026	ICRA Limited	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		1,500
31 Aug 2026	ICRA Limited	Fund-based-Term loan	[ICRA]AA+Review, Re-affirm	Stable	1,019.82
31 Aug 2026	ICRA Limited	Fund-based-Working capital demand loan	[ICRA]A1+Review, Re-affirm		100
31 Aug 2026	ICRA Limited	Fund-based-Cash credit	[ICRA]AA+Review, Re-affirm	Stable	1,349
31 Aug 2026	ICRA Limited	Commercial Paper	[ICRA]A1+Review, Re-affirm		120
31 Aug 2026	ICRA Limited	Commercial Paper	[ICRA]A1+ / -Review, Re-affirm		580
20 Aug 2026	CRISIL Ratings Limited	Commercial Paper	Crisil A1+Review, Re-affirm		700
29 Aug 2025	ICRA Limited	Unallocated-Unallocated	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	125.62

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