Dhampur Sugar Mills financials: balance sheet, profit and loss, cash flow

NSE: DHAMPURSUGBSE: 500119Agricultural Food & other ProductsSmall Cap

Dhampur Sugar Mills Limited · Face value ₹10 · Listed Oct 1993 on BSE, Mar 1995 on NSE

₹159.60₹9.83 (5.80%)BSE ₹159.65

Share price at the NSE close on 30 Oct 2026. Previous close ₹169.43.

30 Oct: open ₹170.00, high ₹170.32, low ₹158.91

52-week range of traded prices to 30 Oct 2026

₹110.00Low, 21 Jan 2026₹219.70High, 14 Oct 2026

Market cap: ₹1,026 Cr1,569th largest listed
P/E: 14.60
P/B: 0.86
Dividend yield: 1.25%
ROE: 6.0%
ROCE: 5.8%
Debt to equity: 0.73
Volume, NSE: 6,95,46954.0% delivered

Dhampur Sugar Mills' 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.Dhampur Sugar Mills 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 0.9% 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 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2022, the company's revenue for that year, ₹2,163 Cr, differs from its quarters added, ₹3,194 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue2,808
Materials and goods−1,518
Employee costs−87
Other expenses−1,029
Operating profit173
Depreciation−62
Other income+23
One-off items0.0
Finance costs−49
Profit before tax86
Tax−21
Net profit65

What the company owns

Plant, investments and other assets₹1,168 Cr
Inventory₹858 Cr
Current investments₹263 Cr
Receivables₹114 Cr
Cash and bank₹13 Cr

What pays for it: net worth and liabilities

Net worth₹1,198 Cr
Borrowings₹879 Cr
Other liabilities₹180 Cr
Owed to suppliers₹158 Cr

Dhampur Sugar Mills 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.Dhampur Sugar Mills segment results by quarter

Revenue by segment

₹3,421 CrTotal

Sugar₹1,496 Cr43.7% of total
Potable Spirits₹935 Cr27.3% of total
Ethanol₹434 Cr12.7% of total
Power₹250 Cr7.3% of total
Chemicals₹175 Cr5.1% of total
Others₹132 Cr3.8% of total

Profit by segment

Sugar₹20.0 Cr13.5% of total
Potable Spirits₹14.7 Cr9.9% of total
Ethanol₹25.1 Cr17.0% of total
Power₹76.4 Cr51.7% of total
Chemicals₹10.0 Cr6.8% of total
Others₹1.7 Cr1.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Sugar
Revenue, ₹ crore
2,402
2,990
3,723
1,452
1,937
1,433
1,408
1,496
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
31
127
121
54
62
28
41
20
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Potable Spirits
Revenue, ₹ crore
291
464
539
782
935
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
−1
7
14
15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Ethanol
Revenue, ₹ crore
427
596
812
510
434
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
132
132
124
19
25
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
607
364
372
213
217
226
247
250
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
241
116
122
82
82
85
72
76
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Chemicals
Revenue, ₹ crore
632
845
278
302
260
226
175
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
131
200
20
23
13
−1
10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
295
176
109
102
237
150
140
132
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
−3
−4
1
6
2
1
2
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	3,803	4,161	5,048	2,762	3,754	3,420	3,313	3,421
Company revenue, as in its results	2,954	3,526	4,231	2,163	2,874	2,647	2,656	2,808
Revenue	2,402	2,990	3,723	1,452	1,937	1,433	1,408	1,496
Revenue growth	–	24.4%	24.5%	–	33.4%	−26.0%	−1.8%	6.3%
Profit	31	127	121	54	62	28	41	20
Profit growth	–	313.0%	−4.8%	–	13.8%	−54.8%	47.4%	−51.2%
Margin	1.3%	4.2%	3.2%	3.7%	3.2%	1.9%	2.9%	1.3%
Return on capital	1.5%	6.1%	7.0%	4.6%	6.8%	2.2%	3.4%	1.7%
Assets	2,682	2,719	2,352	1,382	1,122	1,395	1,348	1,312
Liabilities	609	635	634	213	214	145	156	161
Capital employed	2,073	2,084	1,718	1,168	908	1,250	1,192	1,151
Revenue	–	–	–	291	464	539	782	935
Revenue growth	–	–	–	–	59.6%	16.3%	45.0%	19.5%
Profit	–	–	–	−1	−1	7	14	15
Profit growth	–	–	–	–	–	–	110.1%	5.5%
Margin	–	–	–	−0.3%	−0.2%	1.2%	1.8%	1.6%
Return on capital	–	–	–	−9.1%	−7.4%	49.4%	72.1%	77.5%
Assets	–	–	–	14	20	19	29	28
Liabilities	–	–	–	6	6	6	10	9
Capital employed	–	–	–	9	14	13	19	19
Revenue	–	–	–	427	596	812	510	434
Revenue growth	–	–	–	–	39.6%	36.3%	−37.2%	−15.0%
Profit	–	–	–	132	132	124	19	25
Profit growth	–	–	–	–	0.1%	−6.0%	−84.3%	29.1%
Margin	–	–	–	30.9%	22.1%	15.3%	3.8%	5.8%
Return on capital	–	–	–	45.4%	33.3%	42.4%	6.5%	8.5%
Assets	–	–	–	331	433	313	328	319
Liabilities	–	–	–	40	37	20	27	25
Capital employed	–	–	–	291	396	293	301	295
Revenue	607	364	372	213	217	226	247	250
Revenue growth	–	−40.1%	2.1%	–	1.9%	3.9%	9.4%	1.3%
Profit	241	116	122	82	82	85	72	76
Profit growth	–	−52.1%	5.6%	–	−1.0%	3.9%	−15.2%	6.4%
Margin	39.8%	31.8%	32.9%	38.7%	37.6%	37.6%	29.1%	30.6%
Return on capital	33.7%	17.5%	19.8%	22.9%	20.8%	21.5%	17.5%	19.7%
Assets	731	672	627	366	403	401	415	393
Liabilities	14	10	9	7	10	6	5	4
Capital employed	717	661	617	359	393	395	410	389
Revenue	–	632	845	278	302	260	226	175
Revenue growth	–	–	33.6%	–	8.9%	−14.1%	−13.1%	−22.4%
Profit	–	131	200	20	23	13	−1	10
Profit growth	–	–	53.0%	–	16.0%	−42.0%	–	–
Margin	–	20.7%	23.7%	7.1%	7.5%	5.1%	−0.4%	5.7%
Return on capital	–	38.1%	51.1%	120.6%	35.8%	11.2%	−1.3%	24.1%
Assets	–	369	429	48	65	127	84	62
Liabilities	–	26	38	32	1	9	6	20
Capital employed	–	343	391	16	64	118	78	42
Revenue	295	176	109	102	237	150	140	132
Revenue growth	–	−40.5%	−38.0%	–	133.4%	−36.9%	−6.4%	−5.9%
Profit	1	−3	−4	1	6	2	1	2
Profit growth	–	–	–	–	389.9%	−59.5%	−62.9%	96.5%
Margin	0.2%	−1.7%	−3.7%	1.1%	2.4%	1.5%	0.6%	1.3%
Return on capital	4.4%	–	−18.0%	30.9%	14.8%	13.2%	10.5%	22.9%
Assets	135	35	23	8	41	18	8	8
Liabilities	121	42	0	4	3	0	0	0
Capital employed	14	−8	22	4	38	17	8	7
Revenue	498	–	–	–	–	–	–	–
Profit	186	–	–	–	–	–	–	–
Margin	37.3%	–	–	–	–	–	–	–
Return on capital	58.7%	–	–	–	–	–	–	–
Assets	352	–	–	–	–	–	–	–
Liabilities	36	–	–	–	–	–	–	–
Capital employed	317	–	–	–	–	–	–	–

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.Dhampur Sugar Mills quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 28 May	Jun 2026Twelve monthsFiled 31 Jul
Revenue from operations	2,716	3,396	2,954	3,526	4,231	2,163	2,874	2,647	2,656	2,808	2,853
	2,203	3,041	2,491	3,164	3,776	1,872	2,571	2,381	2,487	2,634	2,671
Materials and goods bought	1,712	2,640	2,078	2,715	3,226	1,350	1,882	1,611	1,522	1,518	1,538
Employee costs	–	–	150	141	147	78	84	86	80	87	88
Other expenses	–	–	264	308	403	443	605	684	884	1,029	1,045
Operating profit before depreciation	513	354	463	362	455	291	303	266	170	173	182
Operating margin	18.9%	10.4%	15.7%	10.3%	10.8%	13.5%	10.6%	10.1%	6.4%	6.2%	6.4%
Materials, % of revenue	–	–	70.3%	77.0%	76.2%	62.4%	65.5%	60.9%	57.3%	54.1%	53.9%
Employee costs, % of revenue	–	–	5.1%	4.0%	3.5%	3.6%	2.9%	3.2%	3.0%	3.1%	3.1%
Other expenses, % of revenue	–	–	8.9%	8.7%	9.5%	20.5%	21.0%	25.8%	33.3%	36.7%	36.6%
Depreciation and amortisation	54	58	71	76	78	50	52	59	62	62	61
Operating profit after depreciation	459	297	392	286	378	241	251	208	108	111	120
Other income	24	27	18	30	17	11	15	27	18	23	21
Finance costs	167	122	91	101	80	50	44	43	50	49	49
One-off items	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	316	203	319	216	315	202	223	192	75	86	93
	78	51	68	−8	86	58	65	58	23	21	22
Current tax	0	45	65	32	56	34	37	33	13	15	16
Deferred tax	78	7	3	−40	30	23	28	24	10	6	6
Profit from discontinued businesses	–	–	–	−8	0	–	–	–	–	–	–
	237	151	251	216	229	144	158	135	52	65	71
Belonging to the company's shareholders	237	151	251	217	229	144	158	134	52	65	70
Belonging to outside owners of subsidiaries	–	–	0	−1	0	0	–	0	0	0	0
Other comprehensive income	–	–	0	−8	9	2	0	0	0	0	0
Total comprehensive income	–	–	251	208	237	146	158	135	53	65	70
Net margin	8.7%	4.5%	8.5%	6.1%	5.4%	6.7%	5.5%	5.1%	2.0%	2.3%	2.5%

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 2026Filed 28 May
	1,226	1,362	1,560	885	1,043	1,101	1,153	1,198
	1,225	1,362	1,560	885	1,043	1,100	1,152	1,197
Share capital	66	66	66	66	66	65	65	64
Reserves	1,158	1,295	1,494	819	976	1,035	1,087	1,133
Belonging to outside owners of subsidiaries	1	0	0	–	0	1	1	1
	1,676	1,617	1,031	879	726	963	910	879
Repayable after a year	531	417	320	234	217	165	143	144
Repayable within a year	1,145	1,201	711	646	509	798	767	735
	2,078	2,026	1,504	996	775	981	966	946
Trade payables	666	602	594	232	182	115	133	158
Other financial liabilities	196	184	161	78	49	40	40	28
Other liabilities	48	33	25	35	28	17	20	21
Provisions	8	8	9	5	7	7	4	4
Tax owed	15	–	5	1	0	4	1	0
	623	479	407	284	304	275	268	271
Other financial liabilities	0	13	11	4	13	12	20	16
Other liabilities	23	17	9	2	0	0	0	0
Provisions	29	32	33	15	16	16	14	13
Deferred tax	40	–	34	30	57	82	91	97
Liabilities going with businesses held for sale	–	2	0	–	–	–	–	–
	3,927	3,869	3,471	2,165	2,122	2,357	2,387	2,415
Held for sale or for a demerger	2	4	1	0	0	0	0	0
	1,676	1,676	1,665	1,051	1,157	1,175	1,146	1,116
Plant in use, after depreciation	1,594	1,616	1,612	997	1,044	1,149	1,131	1,094
Plant being built	34	7	21	29	103	17	9	13
Intangible assets	3	22	2	2	2	1	1	1
Goodwill	0	0	0	0	0	0	0	0
Investments	12	2	3	5	2	1	1	1
Loans given	4	3	3	0	0	0	0	0
Other financial assets	0	0	0	2	2	3	2	2
Deferred tax	0	4	0	–	0	0	0	0
Other assets	29	23	24	16	5	4	1	7
	2,249	2,189	1,805	1,114	964	1,182	1,241	1,299
Inventories	1,674	1,604	1,293	852	667	917	899	858
Trade receivables	391	343	297	160	194	163	149	114
Cash and cash equivalents	13	10	72	45	38	3	114	5
Other bank balances	7	7	8	14	17	17	10	8
Current investments	0	0	0	0	0	46	25	263
Loans given	8	9	8	2	2	2	2	2
Other financial assets	1	1	5	1	1	2	0	3
Tax paid in advance	0	–	–	–	2	0	0	0
Other assets	155	215	122	40	44	33	42	47
Net debt	1,656	1,601	951	821	670	898	760	603

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 2026Filed 28 May
	880	0	383	−53	201	243
	916	35	422	−25	215	258
	439	−265	108	−295	44	84
Receivables	40	−63	−35	31	15	34
Inventories	311	−277	186	−250	18	41
Payables	−9	0	−50	−75	22	14
Other working capital	96	75	7	0	−11	−5
Tax paid	−36	−34	−39	−28	−15	−15
Capital spending	88	88	149	74	21	30
Free cash flow	792	−88	234	−126	180	214
	−80	−91	−146	−92	22	−244
Plant and property sold	4	0	0	21	3	0
Interest received	2	1	2	4	4	13
Dividends received	0	0	0	0	0	1
	−738	77	−243	109	−111	−109
Borrowings raised	52	247	140	379	75	112
Borrowings repaid	−655	−118	−293	−142	−128	−143
Interest paid	−90	−49	−46	−45	−53	−49
Lease payments	0	−3	0	0	−5	−8
Dividends paid	40	0	40	40	0	0
Shares bought back	0	0	0	30	0	20
Shares issued	0	0	0	0	0	0
Net change in cash	62	−14	−6	−36	112	−109

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.Dhampur Sugar Mills dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 28 May
Earnings per share	₹36.42	₹22.85	₹37.81	₹32.61	₹34.52	₹21.70	₹23.72	₹20.27	₹7.98	₹10.09
Diluted earnings per share	₹36.42	₹22.85	₹37.81	₹32.61	₹34.52	₹21.70	₹23.72	₹20.27	₹7.98	₹10.09
Dividend per share	₹6.00	₹3.00	₹6.50	₹6.00	₹6.00	₹6.00	₹6.00	–	–	₹2.00
Book value per share	–	–	₹184.48	₹205.11	₹234.99	₹133.31	₹157.06	₹168.30	₹176.27	₹186.21
Dividend payout	16.8%	13.2%	17.2%	18.4%	17.4%	27.7%	25.2%	–	–	19.8%
Shareholder yield	–	–	–	–	3.3%	0.0%	2.7%	5.1%	0.0%	2.2%
Market cap at the year end (₹ crore)	1,440	904	1,546	547	1,213	3,550	1,484	1,380	783	912

Ratios

Consolidated, years to March.Dhampur Sugar Mills PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 28 May
Revenue growth	–	–	–	19.4%	20.0%	–	32.9%	−7.9%	0.4%	5.7%
Operating profit growth	–	−30.9%	30.5%	−21.7%	25.7%	–	4.1%	−12.2%	−36.3%	2.2%
Net profit growth	–	−36.1%	65.9%	−14.1%	6.2%	–	9.7%	−14.9%	−61.0%	24.6%
Earnings per share growth	–	−37.3%	65.5%	−13.8%	5.9%	–	9.3%	−14.5%	−60.6%	26.4%
	–	–	20.5%	16.7%	15.7%	11.8%	16.4%	12.5%	4.6%	5.5%
	–	–	–	−3.8 pts	−1.1 pts	−3.9 pts	4.6 pts	−3.9 pts	−7.9 pts	0.9 pts
From the net margin	–	–	–	−5.7 pts	−2.0 pts	3.6 pts	−2.1 pts	−1.3 pts	−7.7 pts	0.8 pts
From asset turnover	–	–	–	3.0 pts	4.1 pts	−6.4 pts	7.3 pts	−1.8 pts	−0.3 pts	0.2 pts
From borrowing	–	–	–	−1.1 pts	−3.1 pts	−1.1 pts	−0.6 pts	−0.8 pts	0.0 pts	−0.2 pts
Return on capital employed	–	–	13.5%	9.6%	14.6%	13.7%	14.2%	10.1%	5.2%	5.4%
Cash conversion	–	–	–	–	384.5%	−0.2%	242.4%	−39.1%	382.9%	372.1%
Interest cover	2.7	2.4	4.3	2.8	4.7	4.8	5.7	4.9	2.1	2.3
Debt to equity	–	–	1.37	1.19	0.66	0.99	0.70	0.87	0.79	0.73
Receivable days	–	–	48	36	26	27	25	23	20	15
Inventory days	–	–	294	216	146	230	129	208	215	206
Payable days	–	–	117	81	67	63	35	26	32	38
Cash conversion cycle, days	–	–	225	170	105	195	119	204	204	183
Working capital days	–	–	160	139	80	119	82	129	123	106
Asset turnover	–	–	0.75	0.90	1.15	0.77	1.34	1.18	1.12	1.17
Assets per rupee of net worth	–	–	3.21	3.01	2.51	2.30	2.22	2.09	2.11	2.04
Sales per rupee of plant	–	–	1.85	2.18	2.63	2.17	2.75	2.30	2.35	2.57
Capital spending to depreciation	–	–	–	–	1.13	1.75	2.86	1.26	0.33	0.48
Plant being built, % of plant in use	–	–	2.1%	0.4%	1.3%	2.9%	9.9%	1.5%	0.8%	1.1%

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. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2022: 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: 2.7%
Cash from operations against operating profit: 140.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	–	−0.8%
Profit growth, yearly rate	–	–	−25.6%
Return on equity, average	–	10.2%	7.6%
Return on capital employed, average	–	9.7%	6.9%
Operating margin, average	11.3%	9.3%	7.5%
Net margin, average	5.5%	4.3%	3.1%
Asset turnover, average	–	1.12	1.16
Cash conversion cycle, days, average	–	181	197
Interest cover, average	3.7	4.0	3.1
Debt to equity, average	–	0.82	0.80

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	774	391	243
Cash from investing	−550	−313	−244
Cash from financing	−277	−112	−109
Capital spending	361	124	30
Dividends paid	80	40	0
Shares bought back	50	50	20
Shares issued for cash	0	0	0
Borrowings raised	953	566	112
Borrowings repaid	824	413	143

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	–	–	–	–	9	3	8	4	7	9
Altman Z-scorePublished threshold 1.81	–	–	1.91	1.83	2.68	3.64	3.35	2.82	2.44	2.63
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.41	−2.75	−2.11	−2.74	−3.13	−2.81
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−15.57	8.35	−3.66	12.45	−7.19	2.74
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.38	0.76	1.54	1.55
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−31.64	−33.56	2.78	−11.25	−8.09	−9.38	−28.85
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−34.87	−38.22	24.08	−61.14	51.94	3.49	−4.25
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.71	−2.11	−4.00	0.17	−0.41	0.29	0.25
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.07	0.29	–	1.05	0.10	0.20	0.51
Effective tax ratePublished threshold 17.16 per cent	24.78	25.33	21.38	−3.88	27.33	28.55	29.09	29.97	30.21	23.88
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	11.59	11.40	15.42	10.86	6.40

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
3 Aug 2026	India Ratings and Research Private Limited	Fixed deposit	WDReview, Other		1
3 Aug 2026	India Ratings and Research Private Limited	Commercial paper	IND A1+Review, Re-affirm		300
3 Aug 2026	India Ratings and Research Private Limited	Issuer Rating	IND A+Review, Downgrade	Stable
3 Aug 2026	India Ratings and Research Private Limited	Bank loan facilities	IND A+; IND A1+Review, Other	Stable	1,243

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