Edelweiss Financial Services financials: balance sheet, profit and loss, cash flow

NSE: EDELWEISSBSE: 532922FinanceSmall Cap

Edelweiss Financial Services Limited · Formerly Edelweiss Capital · Face value ₹1 · Listed Dec 2007

₹126.60₹3.79 (3.09%)BSE ₹126.55

Share price at the NSE close on 28 Oct 2026. Previous close ₹122.81.

28 Oct: open ₹122.90, high ₹127.30, low ₹122.00

52-week range of traded prices to 28 Oct 2026

₹98.00Low, 9 Dec 2025₹146.00High, 23 Sep 2026

Market cap: ₹11,983 Cr532nd largest listed
P/E: 19.90
P/E without one-offs: 17.10
P/B: 2.59
Dividend yield: 1.18%
ROE: 13.3%
ROE without one-offs: 15.5%
ROCE: 11.3%
Debt to equity: 3.11
Volume, NSE: 44,00,14246.6% delivered

Edelweiss Financial Services' 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.Edelweiss Financial Services annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

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.

The years either side of a change of basis do not compare. From the year to Mar 2024, part of the business was demerged on 2 Jun 2023, and figures before the change include the part that left. From the year to Mar 2025, the company's revenue for that year, ₹9,081 Cr, differs from its quarters added, ₹9,308 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue10,417
Operating expenses−7,327
Operating profit3,090
Depreciation−144
Other income+448
One-off items−99
Finance costs−2,492
Profit before tax805
Tax−147
Joint ventures+23
Net profit680

What the company owns

Plant, investments and other assets₹39,783 Cr
Cash and bank₹3,480 Cr
Receivables₹478 Cr

What pays for it: net worth and liabilities

Other liabilities₹19,294 Cr
Borrowings₹18,504 Cr
Net worth₹5,944 Cr

Edelweiss Financial Services 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.Edelweiss Financial Services segment results by quarter

Revenue by segment

₹10,865 CrTotal

Capital business₹4,970 Cr45.7% of total
Insurance business₹3,482 Cr32.1% of total
Alternatives business₹964 Cr8.9% of total
Asset reconstruction business₹930 Cr8.6% of total
Other business₹300 Cr2.8% of total
Mutual Fund business₹219 Cr2.0% of total

Profit by segment

Capital business₹139 Cr13.4% of total
Alternatives business₹339 Cr32.4% of total
Asset reconstruction business₹470 Cr45.0% of total
Other business₹21 Cr2.0% of total
Mutual Fund business₹75 Cr7.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Capital business
Revenue, ₹ crore
8,382
4,465
4,805
2,799
3,300
1,790
3,748
4,970
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,652
−2,790
−349
−201
−229
−92
71
139
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Insurance business
Revenue, ₹ crore
1,110
1,246
2,071
2,194
2,388
3,552
3,638
3,482
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−330
−367
−298
−311
−325
−279
−175
−216
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Alternatives business
Revenue, ₹ crore
787
964
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
284
339
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Asset reconstruction business
Revenue, ₹ crore
1,821
1,706
1,023
1,463
2,412
883
930
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
335
225
366
490
478
528
470
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other business
Revenue, ₹ crore
217
300
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
29
21
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Mutual Fund business
Revenue, ₹ crore
248
219
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
64
75
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	10,859	9,543	10,800	7,356	8,698	9,543	9,519	10,865
Company revenue, as in its results	10,798	9,513	9,357	7,008	8,613	9,500	9,081	10,417
Revenue	8,382	4,465	4,805	2,799	3,300	1,790	3,748	4,970
Revenue growth	–	−46.7%	7.6%	−41.7%	17.9%	–	–	32.6%
Profit	1,652	−2,790	−349	−201	−229	−92	71	139
Profit growth	–	–	–	–	–	–	–	96.1%
Margin	19.7%	−62.5%	−7.3%	−7.2%	−6.9%	−5.2%	1.9%	2.8%
Return on capital	24.3%	−247.9%	−16.4%	−14.4%	−30.5%	–	–	21.4%
Assets	55,204	33,943	29,008	23,927	22,325	16,065	20,190	22,586
Liabilities	48,393	32,818	26,880	22,529	21,574	17,596	20,338	21,937
Capital employed	6,811	1,125	2,128	1,398	751	−1,531	−149	650
Revenue	1,110	1,246	2,071	2,194	2,388	3,552	3,638	3,482
Revenue growth	–	12.3%	66.2%	6.0%	8.8%	–	–	−4.3%
Profit	−330	−367	−298	−311	−325	−279	−175	−216
Margin	−29.7%	−29.4%	−14.4%	−14.2%	−13.6%	−7.9%	−4.8%	−6.2%
Return on capital	−31.5%	−42.0%	−45.5%	−41.2%	−38.1%	−28.9%	−13.9%	−19.4%
Assets	3,886	4,395	5,649	7,085	8,506	10,863	12,846	14,365
Liabilities	2,837	3,521	4,994	6,331	7,655	9,896	11,588	13,248
Capital employed	1,049	874	655	754	852	968	1,258	1,117
Revenue	–	–	–	–	–	–	787	964
Revenue growth	–	–	–	–	–	–	–	22.5%
Profit	–	–	–	–	–	–	284	339
Profit growth	–	–	–	–	–	–	–	19.1%
Margin	–	–	–	–	–	–	36.1%	35.1%
Return on capital	–	–	–	–	–	–	29.4%	31.5%
Assets	–	–	–	–	–	–	2,084	2,172
Liabilities	–	–	–	–	–	–	1,117	1,097
Capital employed	–	–	–	–	–	–	966	1,076
Revenue	–	1,821	1,706	1,023	1,463	2,412	883	930
Revenue growth	–	–	−6.3%	−40.0%	43.0%	–	–	5.4%
Profit	–	335	225	366	490	478	528	470
Profit growth	–	–	−32.8%	62.5%	34.1%	–	–	−11.0%
Margin	–	18.4%	13.2%	35.7%	33.5%	19.8%	59.8%	50.5%
Return on capital	–	17.2%	10.6%	15.3%	17.7%	15.3%	14.9%	15.7%
Assets	–	6,595	6,067	6,096	6,688	6,882	4,974	3,525
Liabilities	–	4,651	3,952	3,710	3,922	3,761	1,439	540
Capital employed	–	1,944	2,115	2,386	2,765	3,121	3,535	2,985
Revenue	–	–	–	–	–	–	217	300
Revenue growth	–	–	–	–	–	–	–	38.3%
Profit	–	–	–	–	–	–	29	21
Profit growth	–	–	–	–	–	–	–	−28.9%
Margin	–	–	–	–	–	–	13.5%	6.9%
Return on capital	–	–	–	–	–	–	29.0%	18.0%
Assets	–	–	–	–	–	–	1,235	1,092
Liabilities	–	–	–	–	–	–	1,135	977
Capital employed	–	–	–	–	–	–	101	116
Revenue	–	–	–	–	–	–	248	219
Revenue growth	–	–	–	–	–	–	–	−11.5%
Profit	–	–	–	–	–	–	64	75
Profit growth	–	–	–	–	–	–	–	16.7%
Margin	–	–	–	–	–	–	26.0%	34.2%
Return on capital	–	–	–	–	–	–	31.1%	–
Assets	–	–	–	–	–	–	293	0
Liabilities	–	–	–	–	–	–	86	0
Capital employed	–	–	–	–	–	–	207	0
Revenue	1,367	1,127	1,337	556	972	800	–	–
Revenue growth	–	−17.6%	18.6%	−58.4%	74.8%	–	–	–
Profit	448	256	172	86	341	135	–	–
Profit growth	–	−42.8%	−32.8%	−50.3%	298.0%	–	–	–
Margin	32.8%	22.7%	12.9%	15.4%	35.1%	16.9%	–	–
Return on capital	104.0%	40.0%	42.5%	26.0%	45.1%	15.8%	–	–
Assets	4,393	4,529	733	720	1,451	1,604	–	–
Liabilities	3,962	3,888	328	391	695	746	–	–
Capital employed	431	640	405	329	756	858	–	–
Revenue	–	884	881	784	576	989	–	–
Revenue growth	–	–	−0.4%	−11.0%	−26.5%	–	–	–
Profit	–	116	416	296	137	224	–	–
Profit growth	–	–	257.8%	−28.8%	−53.8%	–	–	–
Margin	–	13.1%	47.2%	37.8%	23.8%	22.7%	–	–
Return on capital	–	8.2%	49.9%	32.6%	19.6%	74.8%	–	–
Assets	–	3,277	2,724	3,269	2,832	4,923	–	–
Liabilities	–	1,859	1,892	2,360	2,135	4,623	–	–
Capital employed	–	1,418	832	908	698	300	–	–
Revenue	27	60	49	45	66	58	–	–
Profit	0	−7	−20	−8	−30	−28	–	–
Assets	821	1,540	1,795	2,091	2,262	2,582	–	–
Liabilities	396	336	253	274	237	249	–	–

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.Edelweiss Financial Services quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 30 Apr	Jun 2026Twelve monthsFiled 6 Aug
Revenue from operations	6,592	8,581	10,798	9,513	9,357	7,008	8,613	9,500	9,081	10,417	10,517
	2,760	3,559	4,288	–	6,609	4,039	5,667	6,252	6,033	7,327	7,613
Materials and goods bought	–	–	0	0	0	0	0	0	0	0	0
Employee costs	–	–	1,650	–	–	–	–	–	–	–	–
Other expenses	–	–	2,638	–	–	–	–	–	–	–	–
Operating profit before depreciation	3,833	5,022	6,510	–	2,748	2,969	2,946	3,248	3,048	3,090	2,903
Operating margin	58.1%	58.5%	60.3%	–	29.4%	42.4%	34.2%	34.2%	33.6%	29.7%	27.6%
Materials, % of revenue	–	–	0.0%	–	–	–	–	–	–	–	–
Employee costs, % of revenue	–	–	15.3%	–	–	–	–	–	–	–	–
Other expenses, % of revenue	–	–	24.4%	–	–	–	–	–	–	–	–
Depreciation and amortisation	106	112	132	232	260	151	138	126	147	144	144
Operating profit after depreciation	3,726	4,910	6,378	–	2,488	2,818	2,808	3,122	2,901	2,947	2,760
Other income	27	38	84	89	1,491	393	152	102	438	448	491
Finance costs	2,810	3,530	4,722	4,793	3,834	2,984	2,575	2,787	2,537	2,492	2,364
Profit before one-off items and tax	943	1,418	1,740	−2,457	146	227	385	437	802	903	887
One-off items	0	0	0	0	0	0	0	0	0	−99	−99
Profit before tax	943	1,418	1,740	−2,457	146	227	385	437	802	805	788
	395	560	699	−413	−108	15	−21	−91	266	147	127
Current tax	–	–	679	297	24	108	164	215	341	141	98
Deferred tax	–	–	20	−710	−132	−92	−185	−306	−75	6	29
Share of profit of joint ventures and associates	15	4	4	–	−1	–	–	–	–	23	–
	609	890	1,044	−2,044	253	212	406	528	536	680	712
Belonging to the company's shareholders	609	890	995	−2,044	265	189	344	421	399	547	602
Belonging to outside owners of subsidiaries	–	–	49	–	–	23	61	107	137	134	110
Other comprehensive income	–	–	57	473	−2	−119	19	146	−773	−825	−519
Total comprehensive income	–	–	1,102	−1,571	251	93	424	674	−237	−144	193
Net margin	9.2%	10.4%	9.7%	−21.5%	2.7%	3.0%	4.7%	5.6%	5.9%	6.5%	6.8%
Net margin without joint ventures and associates	9.0%	10.3%	9.6%	–	2.7%	–	–	–	–	6.3%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017, Mar 2018, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2020: borrowing is this company's raw material rather than a claim against it, and it has no trading cycle, so netting its debt against its cash, adding its interest bill back to its profit or counting days of inventory are not figures about it.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 30 Apr
	8,715	7,207	7,677	7,592	7,846	6,049	5,918	5,944
	7,677	7,207	6,577	6,537	6,744	4,762	4,425	4,623
Share capital	89	89	89	90	90	90	92	95
Reserves	7,588	7,118	6,488	6,448	6,654	4,672	4,333	4,528
Belonging to outside owners of subsidiaries	1,038	–	1,100	1,055	1,102	1,287	1,493	1,321
	19,435	36,440	28,426	22,709	21,734	20,247	17,875	18,504
Repayable after a year	12,969	–	–	–	–	–	–	–
Repayable within a year	6,466	–	–	–	–	–	–	–
	18,152	–	–	–	–	–	–	–
Trade payables	2,063	–	–	–	–	–	–	–
Other financial liabilities	9,479	–	–	–	–	–	–	–
Tax owed	144	–	–	–	–	–	–	–
	37,436	–	–	–	–	–	–	–
Other financial liabilities	20,969	–	–	–	–	–	–	–
Other liabilities	3,456	–	–	–	–	–	–	–
Provisions	43	–	–	–	–	–	–	–
Total assets	64,303	54,280	45,975	43,188	44,064	42,920	41,623	43,741
	33,929	–	–	–	–	–	–	–
Plant in use, after depreciation	548	1,501	1,228	1,107	1,033	915	876	877
Plant being built	10	11	1	0	1	4	0	1
Intangible assets	228	–	–	–	–	–	–	–
Goodwill	174	–	–	–	–	–	–	–
Intangible assets being developed	33	–	–	–	–	–	–	–
Property held to earn rent	314	–	–	–	–	–	–	–
Investments	1,754	–	–	–	–	–	–	–
Loans given	29,478	–	–	–	–	–	–	–
Other financial assets	1,087	–	–	–	–	–	–	–
Deferred tax	237	–	–	–	–	–	–	–
Other assets	64	–	–	–	–	–	–	–
	30,374	–	–	–	–	–	–	–
Inventories	169	44	0	0	0	0	0	0
Trade receivables	2,610	–	506	469	413	358	394	478
Cash and cash equivalents	3,116	4,943	3,899	1,989	2,746	2,373	4,723	2,720
Other bank balances	3,337	3,667	862	1,050	953	958	518	759
Current investments	7,045	–	–	–	–	–	–	–
Loans given	8,955	–	–	–	–	–	–	–
Other financial assets	50	–	–	–	–	–	–	–
Tax paid in advance	433	–	–	–	–	–	–	–
Other assets	4,660	–	–	–	–	–	–	–
Net debt	5,938	–	23,666	19,671	18,035	16,916	12,634	15,024

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. Net debt is left blank for the year to Mar 2020: borrowing is this company's raw material rather than a claim against it, and it has no trading cycle, so netting its debt against its cash, adding its interest bill back to its profit or counting days of inventory are not figures about it.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 30 Apr
Cash from operations	−1,483	5,592	1,720	2,894	2,052	897
Capital spending	69	103	82	88	166	70
Free cash flow	−1,553	5,489	1,638	2,806	1,886	827
Cash from investing	9,026	−1,058	746	−482	3,726	−963
Cash from financing	−8,587	−6,444	−1,708	−2,785	−3,428	−1,936
Dividends paid	0	132	138	140	138	476
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	1
Net change in cash	−1,044	−1,910	757	−373	2,350	−2,002

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.Edelweiss Financial Services dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 30 Apr
Earnings per share	₹7.26	₹10.11	₹11.28	−₹23.01	₹2.98	₹2.11	₹3.83	₹4.68	₹5.89	₹7.23
Diluted earnings per share	₹6.92	₹9.80	₹11.09	−₹23.01	₹2.97	₹2.11	₹3.83	₹4.68	₹5.81	₹7.15
Dividend per share	₹1.30	₹1.35	₹1.40	–	₹1.45	₹1.45	₹1.50	₹1.50	₹1.50	₹1.50
Book value per share	–	–	₹86.47	₹81.02	₹73.83	₹72.78	₹75.07	₹52.98	₹46.78	₹48.84
Dividend payout	17.8%	13.9%	12.5%	–	48.7%	69.0%	39.2%	32.1%	35.6%	26.0%
Shareholder yield	–	–	–	–	0.0%	2.4%	2.8%	2.3%	1.6%	5.0%
Market cap at the year end (₹ crore)	13,108	21,710	18,430	3,587	5,919	5,536	4,961	5,998	8,504	9,433

Ratios

Consolidated, years to March.Edelweiss Financial Services PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 30 Apr
Revenue growth	25.5%	30.2%	25.8%	−11.9%	−1.6%	−25.1%	22.9%	–	–	14.7%
Operating profit growth	17.3%	31.0%	29.6%	–	–	8.1%	−0.8%	–	–	1.4%
Net profit growth	47.0%	46.1%	17.3%	–	–	−16.3%	91.2%	–	1.5%	27.0%
Earnings per share growth	44.9%	39.3%	11.6%	–	–	−29.2%	81.5%	–	25.9%	22.8%
	–	–	13.0%	−27.5%	3.8%	2.9%	5.2%	7.3%	8.7%	12.1%
	–	–	–	−40.4 pts	31.3 pts	−1.0 pts	2.3 pts	2.1 pts	1.4 pts	3.4 pts
From the net margin	–	–	–	−43.2 pts	31.1 pts	−0.2 pts	1.4 pts	0.6 pts	−0.1 pts	1.7 pts
From asset turnover	–	–	–	1.3 pts	0.6 pts	−0.6 pts	1.1 pts	0.6 pts	−0.1 pts	1.4 pts
From borrowing	–	–	–	1.4 pts	−0.4 pts	−0.2 pts	−0.2 pts	1.0 pts	1.5 pts	0.3 pts
Return on capital employed	–	–	22.7%	–	6.9%	9.3%	9.5%	11.9%	12.2%	12.1%
Cash conversion	–	–	–	–	−585.7%	2,636.9%	424.1%	548.0%	382.9%	131.9%
Interest cover	1.3	1.4	1.4	–	0.6	0.9	1.1	1.1	1.1	1.2
Debt to equity	–	–	2.23	–	3.70	2.99	2.77	3.35	3.02	3.11
Receivable days	–	–	88	–	20	24	18	14	16	17
Working capital days	–	–	175	–	–	–	–	–	–	–
Asset turnover	–	–	0.17	0.16	0.19	0.16	0.20	0.22	0.21	0.24
Assets per rupee of net worth	–	–	8.38	7.97	7.27	6.80	6.57	7.56	9.20	9.43
Sales per rupee of plant	–	–	19.71	–	7.62	6.33	8.34	10.38	10.37	11.87
Capital spending to depreciation	–	–	–	–	0.27	0.68	0.59	0.69	1.12	0.49
Plant being built, % of plant in use	–	–	1.9%	0.7%	0.1%	0.0%	0.1%	0.4%	0.1%	0.2%

Debt to equity, interest cover, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2020: borrowing is this company's raw material rather than a claim against it, and it has no trading cycle, so netting its debt against its cash, adding its interest bill back to its profit or counting days of inventory are not figures about it. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2024: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. Revenue growth and operating profit growth are left blank for the year to Mar 2025: 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: 1.3%
Cash from operations against operating profit: 29.0%

Measure	10 years	5 years	3 years
Return on equity, average	–	7.2%	9.4%
Return on capital employed, average	–	11.0%	12.0%
Operating margin, average	42.3%	34.8%	32.5%
Net margin, average	3.6%	5.1%	6.0%
Asset turnover, average	–	0.21	0.23
Interest cover, average	1.1	1.1	1.1
Debt to equity, average	–	3.05	3.16

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	13,155	5,843	897
Cash from investing	1,969	2,281	−963
Cash from financing	−16,302	−8,149	−1,936
Capital spending	508	323	70
Dividends paid	1,023	754	476
Shares bought back	0	0	0
Shares issued for cash	1	1	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
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−14.54	−9.70	−4.72	−4.33	−12.40	1.75
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	6.69	8.91	4.54	3.35
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.01	–	0.00	0.01	0.41	0.00	0.01
Effective tax ratePublished threshold 17.16 per cent	41.85	39.48	40.20	–	−74.38	6.73	−5.41	−20.73	33.16	18.26
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−106.67	−22.27	−52.82	13.67	−23.88

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
7 Oct 2026	CRISIL Ratings Limited	Non Convertible DebenturesLong-term scale	Crisil A+Rating ReaffirmedINE532F07HF4 Debt ISIN	Stable	17.09
7 Oct 2026	CRISIL Ratings Limited	Long Term Principal Protected Market Linked DebenturesLong-term scale	Crisil PPMLD A+Rating Reaffirmed	Stable	300
7 Oct 2026	CRISIL Ratings Limited	Commercial PaperShort-term scale	Crisil A1+Rating Reaffirmed		500
7 Oct 2026	CRISIL Ratings Limited	Non-convertible debenturesLong-term scale	WithdrawnRating WithdrawnINE532F07DN7 Debt ISIN		49.80
7 Oct 2026	CRISIL Ratings Limited	Retail BondLong-term scale	Crisil A+Rating ReaffirmedINE532F07CR0 Debt ISIN	Stable	75.80
20 Feb 2026	Acuite Ratings & Research Limited	Proposed DebentureLong-term scale	ACUITE A+NA	Stable	499.38
20 Feb 2026	Acuite Ratings & Research Limited	Proposed DebentureLong-term scale	Not ApplicableRating Withdrawn		1,585
20 Feb 2026	Acuite Ratings & Research Limited	Proposed Commerical PaperShort-term scale	ACUITE A1+NA		500
19 Feb 2026	Acuite Ratings & Research Limited	Debentures	ACUITE A+Review, Re-affirm	Stable	1,472.53
19 Feb 2026	Acuite Ratings & Research Limited	Debentures	Not ApplicableReview, Other		294.71
24 Dec 2025	Infomerics Valuation and Ratings Private Limited	Proposed Commercial Paper (CPs)	IVR A1+Review, Re-affirm		900
17 Dec 2025	ICRA Limited	Non Convertible Debentures	[ICRA]A+ (Stable)Review, Re-affirm	Stable	10
17 Nov 2025	CARE Ratings Limited	Debentures-Non Convertible Debentures	CARE AReview, Re-affirm	Stable	7.10

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