Gillanders Arbuthnot & Company financials: balance sheet, profit and loss, cash flow

NSE: GILLANDERSBSE: 532716DiversifiedSmall Cap

Gillanders Arbuthnot & Company Limited · Face value ₹10 · Listed Mar 2006 on BSE, Dec 2009 on NSE

₹94.02₹2.38 (2.47%)BSE ₹92.55

Share price at the NSE close on 30 Oct 2026. Previous close ₹96.40.

30 Oct: open ₹95.60, high ₹97.99, low ₹94.00

52-week range of traded prices to 30 Oct 2026

₹76.00Low, 23 Mar 2026₹127.05High, 17 Nov 2025

Next results date: the board meets on 13 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹201 Cr2,426th largest listed
P/E: 11.51
P/B: 0.78
Dividend yield: Nonein the last 12 months
ROE: 6.9%
ROCE: 4.7%
Debt to equity: 0.58
Volume, NSE: 3,64979.6% delivered

Gillanders Arbuthnot & Company'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.Gillanders Arbuthnot & Company annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹757 Cr, year to Mar 2017; lowest ₹363 Cr, year to Mar 2024A loss in 5 of the 10 years shown

Operating and net margin, per cent

Results for the year to Mar 2026

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

From revenue to net profit

Revenue431
Materials and goods−119
Employee costs−135
Other expenses−153
Operating profit23
Depreciation−11
Other income+12
One-off items0.0
Finance costs−13
Profit before tax11
Tax−1.6
Net profit9.5

What the company owns

Plant, investments and other assets₹354 Cr
Inventory₹133 Cr
Receivables₹63 Cr
Cash and bank₹3 Cr

What pays for it: net worth and liabilities

Net worth₹258 Cr
Borrowings₹149 Cr
Other liabilities₹82 Cr
Owed to suppliers₹64 Cr

Gillanders Arbuthnot & Company 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.Gillanders Arbuthnot & Company segment results by quarter

Revenue by segment

₹431 CrTotal

TEA₹226 Cr52.5% of total
ENGINEERING (MICCO)₹102 Cr23.6% of total
TEXTILES₹93 Cr21.6% of total
PROPERTY₹10 Cr2.3% of total

Profit by segment

TEA₹12.9 Cr46.5% of total
ENGINEERING (MICCO)₹8.9 Cr32.3% of total
PROPERTY₹5.9 Cr21.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

TEA
Revenue, ₹ crore
274
259
248
220
245
213
208
226
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
27
18
33
15
7
−35
12
13
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
ENGINEERING (MICCO)
Revenue, ₹ crore
73
29
23
41
37
129
102
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
12
−2
−1
2
3
10
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
TEXTILES
Revenue, ₹ crore
395
319
144
154
153
104
96
93
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
8
−10
−14
15
2
−6
−3
−4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
PROPERTY
Revenue, ₹ crore
9
10
10
9
10
11
10
10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6
7
7
6
9
7
6
6
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	752	661	431	407	450	364	444	431
Company revenue, as in its results	751	660	431	406	449	363	443	431
Revenue	274	259	248	220	245	213	208	226
Revenue growth	–	−5.6%	−4.0%	−11.4%	11.6%	−13.4%	−2.3%	9.0%
Profit	27	18	33	15	7	−35	12	13
Profit growth	–	−34.4%	90.2%	−56.1%	−52.9%	–	–	6.5%
Margin	9.8%	6.8%	13.5%	6.7%	2.8%	−16.2%	5.8%	5.7%
Return on capital	–	8.6%	18.2%	7.9%	4.3%	−26.9%	7.9%	7.1%
Assets	–	261	236	237	223	183	193	226
Liabilities	–	56	52	51	60	55	39	45
Capital employed	–	205	184	186	163	128	154	181
Revenue	–	73	29	23	41	37	129	102
Revenue growth	–	–	−59.6%	−21.6%	76.4%	−9.9%	252.2%	−21.2%
Profit	–	12	−2	−1	2	3	10	9
Profit growth	–	–	–	–	–	24.8%	292.3%	−12.2%
Margin	–	16.8%	−8.1%	−2.7%	5.1%	7.0%	7.8%	8.7%
Return on capital	–	9.9%	−2.1%	−0.7%	2.6%	4.4%	12.8%	11.8%
Assets	–	166	147	116	102	89	128	138
Liabilities	–	43	32	23	23	29	48	62
Capital employed	–	123	115	93	79	59	79	75
Revenue	395	319	144	154	153	104	96	93
Revenue growth	–	−19.3%	−54.9%	7.2%	−0.8%	−32.2%	−7.2%	−3.3%
Profit	8	−10	−14	15	2	−6	−3	−4
Profit growth	–	–	–	–	−88.2%	–	–	–
Margin	2.1%	−3.1%	−9.7%	9.8%	1.2%	−6.1%	−3.6%	−4.0%
Return on capital	–	−4.6%	−13.4%	15.2%	1.8%	−7.5%	−4.4%	−5.0%
Assets	–	306	144	150	130	115	106	100
Liabilities	–	90	39	51	32	31	28	25
Capital employed	–	216	104	99	97	84	79	75
Revenue	9	10	10	9	10	11	10	10
Revenue growth	–	10.4%	−2.8%	−1.7%	7.7%	5.1%	−3.9%	−3.9%
Profit	6	7	7	6	9	7	6	6
Profit growth	–	5.5%	7.5%	−12.9%	38.4%	−16.7%	−23.2%	5.6%
Margin	70.6%	67.5%	74.6%	66.2%	85.0%	67.4%	53.9%	59.2%
Return on capital	–	9.1%	9.7%	8.6%	11.7%	9.8%	7.3%	7.7%
Assets	–	80	80	80	80	80	80	80
Liabilities	–	6	6	7	5	6	4	4
Capital employed	–	74	74	73	74	74	76	76
Revenue	73	–	–	–	–	–	–	–
Profit	17	–	–	–	–	–	–	–
Margin	22.8%	–	–	–	–	–	–	–
	–	0	–	0	0	0	0	0
Profit	–	0	–	0	0	0	0	0
Assets	–	44	–	14	16	11	7	9
Liabilities	–	385	–	195	152	139	150	159
	–	–	0	–	–	–	–	–
Profit	–	–	0	–	–	–	–	–
Assets	–	–	18	–	–	–	–	–
Liabilities	–	–	243	–	–	–	–	–

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.Gillanders Arbuthnot & Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 9 May	Mar 2026Filed 11 May	Jun 2026Twelve monthsFiled 7 Aug
Revenue from operations	757	665	751	660	431	406	449	363	443	431	434
	715	611	686	632	400	377	437	397	417	408	404
Materials and goods bought	335	265	313	281	150	114	136	109	150	119	112
Employee costs	–	–	159	155	118	123	135	132	128	135	139
Other expenses	–	–	214	196	132	139	166	156	140	153	153
Operating profit before depreciation	42	53	65	28	31	30	12	−34	26	23	30
Operating margin	5.6%	8.0%	8.7%	4.3%	7.1%	7.3%	2.7%	−9.3%	5.8%	5.4%	6.9%
Materials, % of revenue	–	–	41.6%	42.5%	34.9%	28.2%	30.3%	29.9%	33.8%	27.7%	25.8%
Employee costs, % of revenue	–	–	21.2%	23.4%	27.4%	30.2%	30.1%	36.4%	28.9%	31.3%	32.0%
Other expenses, % of revenue	–	–	28.5%	29.7%	30.6%	34.3%	37.0%	42.9%	31.6%	35.6%	35.4%
Depreciation and amortisation	22	24	20	20	16	12	12	12	11	11	11
Operating profit after depreciation	21	29	45	9	15	17	0	−45	15	12	19
Other income	12	17	12	17	9	17	20	14	11	12	13
Finance costs	52	50	50	48	37	23	18	14	12	13	13
Profit before one-off items and tax	−20	−4	7	−22	−13	11	2	−46	13	11	19
One-off items	19	0	0	10	−2	0	11	0	12	0	0
Profit before tax	0	−4	7	−12	−15	11	12	−46	25	11	19
	2	5	6	3	0	−5	−3	3	−2	2	2
Current tax	–	3	5	2	0	0	0	0	2	2	2
Deferred tax	–	2	2	0	0	−5	−3	3	−4	−1	−1
Net profit	−2	−9	0	−15	−16	16	15	−49	27	9	17
Other comprehensive income	–	–	−3	2	−8	1	−8	−11	1	3	3
Total comprehensive income	–	–	−3	−13	−23	17	7	−59	28	13	21
Net margin	−0.3%	−1.3%	0.0%	−2.3%	−3.6%	4.0%	3.3%	−13.4%	6.0%	2.2%	4.0%

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 2025Filed 9 May	Mar 2026Filed 11 May
	289	276	253	270	277	217	245	258
Share capital	21	21	21	21	21	21	21	21
Reserves	268	255	231	249	255	196	224	237
	350	293	186	183	145	129	139	149
Repayable after a year	151	113	77	69	38	30	26	34
Repayable within a year	199	180	109	114	106	99	113	114
	468	449	281	249	228	222	219	237
Trade payables	142	126	67	69	48	49	53	64
Other financial liabilities	85	107	73	31	30	30	36	37
Other liabilities	11	6	6	9	13	12	13	16
Provisions	27	28	26	26	29	32	4	5
Tax owed	3	2	0	0	–	0	0	0
	168	132	90	78	46	38	50	58
Other financial liabilities	9	12	7	6	6	7	12	11
Other liabilities	0	0	0	0	0	0	0	–
Provisions	2	2	1	1	1	1	12	12
Deferred tax	5	6	6	1	0	0	0	0
Total assets	925	857	624	597	550	477	514	553
	480	463	352	348	335	302	322	304
Plant in use, after depreciation	427	420	315	311	298	263	256	252
Plant being built	14	15	14	12	11	9	13	20
Intangible assets	0	0	0	0	0	0	0	0
Intangible assets being developed	0	0	0	0	0	0	0	0
Investments	19	13	3	2	0	0	0	0
Loans given	0	2	1	0	0	0	0	0
Other financial assets	19	5	5	7	3	9	28	25
Deferred tax	0	0	6	7	8	7	5	5
Other assets	0	8	0	0	0	0	1	1
	445	393	272	249	215	175	192	249
Inventories	195	158	99	122	107	93	92	133
Trade receivables	98	82	64	40	26	29	62	63
Cash and cash equivalents	3	4	2	1	3	2	1	3
Other bank balances	6	23	5	3	1	0	0	0
Current investments	11	4	5	1	0	0	0	0
Loans given	0	1	2	0	0	0	0	0
Other financial assets	75	73	67	55	52	30	18	29
Tax paid in advance	10	0	0	0	0	0	0	0
Other assets	48	49	29	27	26	20	20	20
Net debt	330	263	174	178	141	126	138	145

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 2025Filed 9 May	Mar 2026Filed 11 May
	66	69	59	33	8	14
	65	69	59	34	3	16
	35	25	23	40	−29	−14
Receivables	33	44	18	21	−46	−20
Inventories	67	−23	15	15	1	−15
Payables	−66	9	−11	3	12	17
Other working capital	2	−5	1	1	3	4
Tax paid	1	−1	0	−2	4	−2
Capital spending	5	7	11	4	8	10
Free cash flow	61	61	48	28	0	4
	111	−2	0	−3	−7	−8
Plant and property sold	90	1	1	0	1	2
Interest received	1	0	0	1	0	0
	−178	−68	−57	−30	−3	−4
Borrowings raised	39	20	13	7	7	15
Borrowings repaid	−180	−64	−52	−22	2	−5
Interest paid	−38	−23	−19	−15	0	−13
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−2	−1	2	0	−2	2

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.Gillanders Arbuthnot & Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 9 May	Mar 2026Filed 11 May
Earnings per share	−₹1.18	–	₹0.15	−₹7.13	−₹7.32	₹7.66	₹6.95	−₹22.78	₹12.52	₹4.43
Diluted earnings per share	−₹1.18	–	₹0.15	−₹7.13	−₹7.32	₹7.66	₹6.95	−₹22.78	₹12.52	₹4.43
Book value per share	–	–	₹135.46	₹129.30	₹118.37	₹126.44	₹129.69	₹101.89	₹114.88	₹120.86
Shareholder yield	–	–	–	–	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	139	132	102	43	88	142	132	152	207	165

Earnings per share is left blank for the year to Mar 2018: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Consolidated, years to March.Gillanders Arbuthnot & Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 9 May	Mar 2026Filed 11 May
Revenue growth	−7.7%	−12.1%	13.0%	−12.1%	−34.7%	−5.7%	10.5%	−19.1%	22.0%	−2.8%
Operating profit growth	570.6%	27.1%	22.4%	−56.4%	7.3%	−2.5%	−59.9%	–	–	−9.1%
Net profit growth	–	–	–	–	–	–	−9.3%	–	–	−64.6%
Earnings per share growth	–	–	–	–	–	–	−9.3%	–	–	−64.6%
	–	–	0.1%	−5.4%	−5.9%	6.3%	5.4%	−19.7%	11.6%	3.8%
	–	–	–	−5.5 pts	−0.5 pts	12.2 pts	−0.8 pts	−25.1 pts	31.2 pts	−7.8 pts
From the net margin	–	–	–	−6.1 pts	−3.1 pts	12.5 pts	−1.1 pts	−27.4 pts	28.5 pts	−7.3 pts
From asset turnover	–	–	–	0.5 pts	1.8 pts	0.9 pts	0.9 pts	2.1 pts	2.3 pts	−0.4 pts
From borrowing	–	–	–	0.1 pts	0.7 pts	−1.2 pts	−0.6 pts	0.2 pts	0.3 pts	0.0 pts
Return on capital employed	–	–	7.1%	1.5%	3.3%	3.8%	0.0%	−13.1%	3.9%	3.1%
Cash conversion	–	–	–	–	–	419.8%	398.0%	–	28.8%	150.5%
Interest cover	0.4	0.6	0.9	0.2	0.4	0.7	–	–	1.2	1.0
Debt to equity	–	–	1.21	1.06	0.74	0.68	0.52	0.59	0.57	0.58
Receivable days	–	–	47	45	54	36	21	29	51	54
Inventory days	–	–	227	206	240	389	287	314	225	407
Payable days	–	–	166	164	163	220	129	164	130	197
Cash conversion cycle, days	–	–	108	87	130	204	179	180	146	263
Working capital days	–	–	76	52	74	97	73	50	70	105
Asset turnover	–	–	0.81	0.74	0.58	0.67	0.78	0.71	0.89	0.81
Assets per rupee of net worth	–	–	3.20	3.15	2.80	2.34	2.10	2.08	2.14	2.12
Sales per rupee of plant	–	–	1.76	1.57	1.37	1.31	1.51	1.38	1.73	1.71
Capital spending to depreciation	–	–	–	–	0.34	0.59	0.92	0.37	0.74	0.96
Plant being built, % of plant in use	–	–	3.3%	3.6%	4.3%	3.8%	3.8%	3.2%	5.0%	8.1%

Interest cover is left blank for the years to Mar 2023 and Mar 2024: operating profit after depreciation is a loss, and a loss covers no interest bill. 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: 1.8%
Cash from operations against operating profit: 61.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−6.2%	0.0%	−1.4%
Profit growth, yearly rate	–	–	−13.9%
Return on equity, average	–	1.5%	−1.5%
Return on capital employed, average	–	−0.5%	−2.1%
Operating margin, average	4.6%	2.4%	0.7%
Net margin, average	−0.5%	0.4%	−1.7%
Asset turnover, average	–	0.77	0.80
Cash conversion cycle, days, average	–	194	196
Interest cover, average	–	–	1.1
Debt to equity, average	–	0.59	0.58

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	182	55	14
Cash from investing	−19	−17	−8
Cash from financing	−162	−37	−4
Capital spending	41	23	10
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	61	29	15
Borrowings repaid	145	29	5

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	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	9	6	5	7	6
Altman Z-scorePublished threshold 1.1	1.68	1.32	2.06	2.61	2.79	1.13	2.51	2.75
Beneish M-scorePublished threshold −1.78	–	–	−3.05	−3.25	−3.04	−3.09	−1.11	−2.68
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−25.97	−8.26	−7.75	−15.32	5.16	0.65
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	12.46	–	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	−4.36	12.77	−32.06	−44.31	30.86	88.98	4.97
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−8.47	8.83	47.47	−31.02	7.30	−39.01	64.48
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−1.64	−6.09	−3.38	−0.82	−7.99	−2.74	2.93
Assets under construction, years of additionsOur threshold 2 years of additions	–	1.13	–	1.33	–	–	3.10	2.85
Effective tax ratePublished threshold 17.16 per cent	95.19	–	–	−42.40	−21.57	–	−6.98	14.56
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	−50.43	−21.78	–	−24.15	−6.32

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
9 Oct 2026	CARE Ratings Limited	Non-fund-based - LT-Bank GuaranteeLong-term scale	CARE BBBReview, Re-affirm	Stable	85
9 Oct 2026	CARE Ratings Limited	Fund-based - LT/ ST-Working Capital LimitsLong and short-term scales	CARE BBB / CARE A3Review, Re-affirm	Stable	72
9 Oct 2026	CARE Ratings Limited	Non-fund-based - ST-Letter of creditShort-term scale	CARE A3Review, Re-affirm		73
9 Oct 2026	CARE Ratings Limited	Fund-based - LT-Cash CreditLong-term scale	CARE BBBReview, Re-affirm	Stable	90
8 Oct 2025	CARE Ratings Limited	Fixed Deposit	WithdrawnReview, Other
8 Oct 2025	CARE Ratings Limited	Non-fund-based - ST-BG/LC	CARE A3Review, Re-affirm		59.75

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