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

NSE: ITCBSE: 500875Diversified FMCGLarge Cap

ITC Limited · Face value ₹1 · Listed Dec 1970 on BSE, Aug 1995 on NSE

₹265.60₹0.60 (0.23%)BSE ₹265.60

Share price at the NSE close on 30 Oct 2026. Previous close ₹265.00.

30 Oct: open ₹265.00, high ₹267.90, low ₹262.70

52-week range of traded prices to 30 Oct 2026

₹252.80Low, 28 Oct 2026₹426.40High, 31 Oct 2025

Next results date: the board meets on 2 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹3,32,811 Cr17th largest listed
P/E: 16.78
P/B: 4.59
Dividend yield: 5.46%
ROE: 27.8%
ROCE: 31.9%
Debt to equity: 0.03
Volume, NSE: 1,62,97,26356.6% delivered

ITC'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.ITC 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 0.3% 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 2025, the company's revenue for that year, ₹81,613 Cr, differs from its quarters added, ₹83,038 Cr; the company reports the part of the business demerged on 6 Jan 2025 as discontinued, and figures before the change include it.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue89,913
Materials and goods−32,548
Employee costs−6,782
Other expenses−23,266
Operating profit27,318
Depreciation−1,711
Other income+2,426
One-off items−292
Finance costs−85
Profit before tax27,656
Tax−7,015
Joint ventures+377
Net profit21,018

What the company owns

Plant, investments and other assets₹47,487 Cr
Current investments₹20,751 Cr
Inventory₹18,623 Cr
Receivables₹3,923 Cr
Cash and bank₹3,009 Cr

What pays for it: net worth and liabilities

Net worth₹72,873 Cr
Other liabilities₹13,094 Cr
Owed to suppliers₹5,640 Cr
Borrowings₹2,186 Cr

ITC 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.ITC segment results by quarter

Revenue by segment

₹99,515 CrTotal

FMCG - Cigarettes₹40,601 Cr40.8% of total
FMCG - Others₹24,322 Cr24.4% of total
Agri Business₹20,787 Cr20.9% of total
Paperboards, Paper & Packaging₹8,769 Cr8.8% of total
Others₹5,036 Cr5.1% of total

Profit by segment

FMCG - Cigarettes₹22,246 Cr82.2% of total
FMCG - Others₹1,812 Cr6.7% of total
Agri Business₹1,584 Cr5.9% of total
Paperboards, Paper & Packaging₹754 Cr2.8% of total
Others₹670 Cr2.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

FMCG - Cigarettes
Revenue, ₹ crore
22,913
23,679
22,557
26,158
31,267
33,668
35,894
40,601
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
15,412
15,838
13,498
15,768
18,883
20,071
21,091
22,246
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
FMCG - Others
Revenue, ₹ crore
12,535
12,875
14,757
16,023
19,153
21,002
22,015
24,322
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
396
425
838
935
1,386
1,790
1,590
1,812
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Agri Business
Revenue, ₹ crore
9,565
10,454
12,883
16,466
18,443
16,124
20,164
20,787
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
793
830
918
1,086
1,380
1,278
1,540
1,584
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Paperboards, Paper & Packaging
Revenue, ₹ crore
5,860
6,107
5,619
7,642
9,081
8,344
8,425
8,769
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,239
1,305
1,099
1,700
2,294
1,372
883
754
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
1,967
2,203
2,394
2,799
3,263
3,651
4,288
5,036
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
172
291
559
724
535
600
671
670
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	54,587	57,244	58,873	70,436	83,897	85,893	90,785	99,515
Company revenue, as in its results	49,862	51,393	53,155	65,205	76,518	76,840	81,613	89,913
Revenue	22,913	23,679	22,557	26,158	31,267	33,668	35,894	40,601
Revenue growth	–	3.3%	−4.7%	16.0%	19.5%	7.7%	–	13.1%
Profit	15,412	15,838	13,498	15,768	18,883	20,071	21,091	22,246
Profit growth	–	2.8%	−14.8%	16.8%	19.7%	6.3%	–	5.5%
Margin	67.3%	66.9%	59.8%	60.3%	60.4%	59.6%	58.8%	54.8%
Return on capital	–	474.9%	512.6%	674.4%	706.1%	465.8%	434.4%	269.8%
Assets	–	7,484	7,258	7,193	7,913	9,752	10,585	13,996
Liabilities	–	4,149	4,624	4,855	5,239	5,443	5,730	5,750
Capital employed	–	3,335	2,633	2,338	2,674	4,309	4,855	8,246
Revenue	12,535	12,875	14,757	16,023	19,153	21,002	22,015	24,322
Revenue growth	–	2.7%	14.6%	8.6%	19.5%	9.7%	–	10.5%
Profit	396	425	838	935	1,386	1,790	1,590	1,812
Profit growth	–	7.3%	97.2%	11.6%	48.3%	29.1%	–	13.9%
Margin	3.2%	3.3%	5.7%	5.8%	7.2%	8.5%	7.2%	7.4%
Return on capital	–	6.4%	9.3%	10.1%	14.3%	17.7%	15.0%	17.6%
Assets	–	8,810	11,517	11,546	12,060	12,593	13,016	13,359
Liabilities	–	2,123	2,523	2,259	2,338	2,491	2,433	3,089
Capital employed	–	6,687	8,994	9,288	9,721	10,101	10,583	10,270
Revenue	9,565	10,454	12,883	16,466	18,443	16,124	20,164	20,787
Revenue growth	–	9.3%	23.2%	27.8%	12.0%	−12.6%	–	3.1%
Profit	793	830	918	1,086	1,380	1,278	1,540	1,584
Profit growth	–	4.6%	10.7%	18.3%	27.1%	−7.4%	–	2.9%
Margin	8.3%	7.9%	7.1%	6.6%	7.5%	7.9%	7.6%	7.6%
Return on capital	–	24.7%	21.2%	31.2%	44.7%	29.2%	26.9%	26.4%
Assets	–	4,334	5,376	5,203	4,837	5,850	7,905	7,792
Liabilities	–	972	1,053	1,724	1,751	1,468	2,177	1,784
Capital employed	–	3,361	4,322	3,478	3,086	4,382	5,728	6,008
Revenue	5,860	6,107	5,619	7,642	9,081	8,344	8,425	8,769
Revenue growth	–	4.2%	−8.0%	36.0%	18.8%	−8.1%	–	4.1%
Profit	1,239	1,305	1,099	1,700	2,294	1,372	883	754
Profit growth	–	5.3%	−15.8%	54.7%	34.9%	−40.2%	–	−14.6%
Margin	21.1%	21.4%	19.6%	22.2%	25.3%	16.4%	10.5%	8.6%
Return on capital	–	21.6%	17.8%	23.8%	29.1%	16.5%	10.4%	8.7%
Assets	–	6,817	7,238	8,482	9,195	9,597	9,909	10,021
Liabilities	–	764	1,080	1,326	1,315	1,287	1,385	1,395
Capital employed	–	6,053	6,158	7,156	7,880	8,310	8,524	8,626
Revenue	1,967	2,203	2,394	2,799	3,263	3,651	4,288	5,036
Revenue growth	–	12.0%	8.7%	16.9%	16.6%	11.9%	–	17.4%
Profit	172	291	559	724	535	600	671	670
Profit growth	–	68.7%	92.0%	29.5%	−26.1%	12.3%	–	0.0%
Margin	8.8%	13.2%	23.3%	25.9%	16.4%	16.4%	15.6%	13.3%
Return on capital	–	23.7%	45.3%	57.9%	28.4%	26.7%	41.0%	38.0%
Assets	–	1,602	1,629	1,713	3,090	3,497	2,736	2,997
Liabilities	–	376	395	463	1,210	1,253	1,101	1,231
Capital employed	–	1,226	1,234	1,250	1,880	2,244	1,635	1,766
Revenue	1,747	1,926	664	1,348	2,689	3,103	–	–
Revenue growth	–	10.3%	−65.5%	103.0%	99.5%	15.4%	–	–
Profit	186	154	−564	−185	557	765	–	–
Profit growth	–	−17.1%	–	–	–	37.3%	–	–
Margin	10.6%	8.0%	−84.9%	−13.7%	20.7%	24.6%	–	–
Return on capital	–	2.3%	−8.3%	−2.8%	8.0%	10.1%	–	–
Assets	–	7,563	7,544	7,471	7,896	8,765	–	–
Liabilities	–	830	731	807	920	1,159	–	–
Capital employed	–	6,733	6,813	6,663	6,976	7,606	–	–

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.ITC quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 21 May	Jun 2026Twelve months
Revenue from operations	58,732	47,689	49,862	51,393	53,155	65,205	76,518	76,840	81,613	89,913	96,307
	43,296	31,206	31,456	32,133	36,152	44,547	50,853	50,586	55,635	62,595	70,625
Materials and goods bought	16,049	15,855	17,420	17,345	20,131	26,385	29,006	27,247	31,979	32,548	31,208
Employee costs	–	–	4,178	4,296	4,463	4,891	5,736	6,134	6,170	6,782	6,983
Other expenses	–	–	9,858	10,492	11,558	13,271	16,111	17,205	17,486	23,266	32,434
Operating profit before depreciation	15,436	16,483	18,406	19,260	17,003	20,658	25,665	26,254	25,978	27,318	25,682
Operating margin	26.3%	34.6%	36.9%	37.5%	32.0%	31.7%	33.5%	34.2%	31.8%	30.4%	26.7%
Materials, % of revenue	–	–	34.9%	33.8%	37.9%	40.5%	37.9%	35.5%	39.2%	36.2%	32.4%
Employee costs, % of revenue	–	–	8.4%	8.4%	8.4%	7.5%	7.5%	8.0%	7.6%	7.5%	7.3%
Other expenses, % of revenue	–	–	19.8%	20.4%	21.7%	20.4%	21.1%	22.4%	21.4%	25.9%	33.7%
Depreciation and amortisation	1,153	1,236	1,397	1,645	1,646	1,732	1,809	1,816	1,646	1,711	1,715
Operating profit after depreciation	14,283	15,247	17,010	17,615	15,357	18,926	23,856	24,438	24,332	25,607	23,967
Other income	1,762	1,832	2,174	2,598	2,633	1,836	1,980	2,728	2,530	2,426	2,399
Finance costs	24	90	45	55	45	39	43	46	45	85	108
Profit before one-off items and tax	16,020	16,989	19,138	20,158	17,945	20,723	25,793	27,120	26,817	27,948	26,258
One-off items	0	413	0	−132	0	0	73	−8	0	−292	114
Profit before tax	16,020	17,402	19,138	20,026	17,945	20,723	25,866	27,112	26,817	27,656	26,372
	5,549	5,916	6,314	4,442	4,555	5,237	6,438	6,389	6,890	7,015	6,583
Current tax	5,546	5,893	6,192	4,846	4,464	5,307	6,451	6,165	6,510	6,413	6,033
Deferred tax	3	23	122	−404	92	−69	−13	223	381	602	550
Share of profit of joint ventures and associates	6	8	12	8	−7	17	49	28	110	377	394
Profit from discontinued businesses	–	–	–	–	–	–	–	–	15,016	–	–
	10,477	11,493	12,836	15,593	13,383	15,503	19,477	20,751	35,052	21,018	20,184
Belonging to the company's shareholders	10,477	11,493	12,592	15,306	13,161	15,243	19,192	20,459	34,747	20,689	19,839
Belonging to outside owners of subsidiaries	–	–	244	287	222	260	285	293	306	329	344
Other comprehensive income	–	–	326	−1,470	207	81	91	2,956	−625	−643	−491
Total comprehensive income	–	–	13,162	14,123	13,590	15,584	19,568	23,707	34,428	20,375	19,692
Net margin	17.8%	24.1%	25.7%	30.3%	25.2%	23.8%	25.5%	27.0%	–	23.4%	21.0%
Net margin without joint ventures and associates	17.8%	24.1%	25.7%	30.3%	25.2%	23.7%	25.4%	27.0%	–	23.0%	–

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. Net margin is left blank for the year to Mar 2025: 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.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 21 May
	59,484	65,651	60,694	62,822	69,539	74,890	70,398	72,873
	59,141	65,273	60,347	62,456	69,155	74,507	70,030	72,507
Share capital	1,226	1,229	1,231	1,232	1,243	1,248	1,251	1,253
Reserves	57,915	64,044	59,116	61,223	67,912	73,259	68,779	71,254
Belonging to outside owners of subsidiaries	343	377	347	366	384	383	368	366
	10	7	9	6	39	11	91	2,186
Repayable after a year	8	6	6	5	3	2	0	60
Repayable within a year	2	1	4	1	35	10	91	2,126
	10,012	9,560	10,690	12,164	13,739	13,690	14,334	16,687
Trade payables	3,510	3,630	4,319	4,417	4,659	4,798	4,807	5,640
Other financial liabilities	1,187	1,459	1,546	1,863	2,462	2,241	1,978	2,171
Other liabilities	4,838	4,073	4,294	5,116	5,571	5,595	6,148	5,038
Provisions	51	148	194	80	101	107	80	424
Tax owed	424	249	333	687	912	941	1,230	1,289
	2,302	2,157	2,435	2,274	2,605	3,246	3,359	4,232
Other financial liabilities	73	332	490	338	630	665	439	651
Other liabilities	7	16	16	36	83	150	35	42
Provisions	162	175	188	221	259	288	303	389
Deferred tax	2,052	1,627	1,736	1,673	1,629	2,141	2,582	3,090
Total assets	71,798	77,367	73,819	77,260	85,883	91,826	88,091	93,792
	40,051	37,862	38,827	43,027	46,212	50,761	44,197	43,084
Plant in use, after depreciation	18,626	19,633	19,154	20,207	21,117	23,082	17,429	17,471
Plant being built	4,126	3,252	4,004	3,198	2,985	2,851	1,088	1,499
Intangible assets	546	525	2,011	2,013	2,727	2,678	2,725	3,174
Goodwill	203	203	780	780	780	780	897	993
Intangible assets being developed	10	5	7	27	19	10	3	102
Property held to earn rent	0	385	377	364	352	341	322	303
Investments	11,696	10,715	9,762	12,307	11,845	17,620	13,721	12,090
Stakes in joint ventures and associates	0	0	263	269	338	550	4,712	5,288
Loans given	8	5	4	7	5	4	8	5
Other financial assets	2,385	616	102	1,590	3,740	409	1,558	343
Deferred tax	59	56	59	64	52	72	88	155
Other assets	2,392	2,467	2,306	2,201	2,253	2,364	1,648	1,660
	31,747	39,505	34,992	34,232	39,671	41,066	43,893	50,708
Inventories	7,860	8,879	10,397	10,864	11,771	14,153	15,638	18,623
Trade receivables	4,035	2,562	2,502	2,462	2,956	4,026	4,720	3,923
Cash and cash equivalents	318	650	290	271	463	626	620	643
Other bank balances	3,834	6,627	4,369	4,383	4,417	6,592	3,392	2,365
Current investments	13,348	17,948	14,846	12,264	17,233	12,944	16,288	20,751
Loans given	7	6	3	7	7	10	10	9
Other financial assets	1,500	1,819	1,379	2,565	1,119	1,182	1,656	2,361
Other assets	846	1,013	1,205	1,416	1,705	1,533	1,570	2,033
Net debt	−17,490	−25,218	−19,496	−16,913	−22,074	−20,151	−20,209	−21,573

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 21 May
	12,527	15,776	18,878	17,179	17,627	18,464
	16,914	20,757	25,128	23,298	23,977	24,838
	−413	−100	−767	−3,337	−2,742	−2,762
Receivables	−66	−732	−884	−934	−1,023	468
Inventories	−1,460	−466	−941	−2,545	−2,975	−3,306
Payables	1,113	1,099	1,058	141	1,256	76
Tax paid	−4,387	−4,982	−6,250	−6,120	−6,350	−6,374
Capital spending	1,837	2,142	2,743	3,563	2,279	2,183
Free cash flow	10,690	13,634	16,135	13,616	15,348	16,281
	5,683	−2,238	−5,732	1,563	−396	−2,321
Plant and property sold	3	133	49	107	175	50
Companies bought	−2,189	0	0	0	0	−183
Interest received	1,275	1,035	1,324	1,138	1,072	917
Dividends received	7	16	19	36	38	45
	−18,634	−13,581	−13,006	−18,551	−17,037	−16,147
Borrowings raised	0	0	0	8	90	2,121
Borrowings repaid	−2	0	−1	−2	−54	−105
Interest paid	−41	−40	−41	−46	−50	−82
Lease payments	−55	−59	−59	−67	−66	−68
Dividends paid	18,867	13,788	15,418	19,899	17,763	18,272
Shares bought back	0	0	0	0	0	0
Shares issued	291	292	2,477	1,443	797	405
Net change in cash	−424	−43	139	191	194	−4

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.ITC dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 21 May
Earnings per share	₹8.50	₹9.26	₹10.30	₹12.47	₹10.70	₹12.37	₹15.50	₹16.42	₹27.79	₹16.52
Diluted earnings per share	₹8.45	₹9.20	₹10.24	₹12.45	₹10.70	₹12.37	₹15.46	₹16.38	₹27.75	₹16.51
Dividend per share	₹4.75	₹5.15	₹5.75	₹10.15	₹10.75	₹11.50	₹15.50	₹13.75	₹14.35	₹14.50
Book value per share	–	–	₹48.24	₹53.10	₹49.03	₹50.68	₹55.64	₹59.68	₹55.96	₹57.87
Dividend payout	55.1%	54.7%	56.0%	81.5%	100.5%	93.0%	100.4%	83.9%	51.7%	87.8%
Shareholder yield	–	–	–	–	6.9%	4.4%	2.7%	3.5%	3.3%	5.0%
Market cap at the year end (₹ crore)	3,39,762	3,11,466	3,64,040	2,11,039	2,68,867	3,08,867	4,76,012	5,34,393	5,12,667	3,60,458

Ratios

Consolidated, years to March.ITC 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 21 May
Revenue growth	49.0%	−18.8%	4.6%	3.1%	3.4%	22.7%	17.4%	0.4%	–	10.2%
Operating profit growth	2.5%	6.8%	11.7%	4.6%	−11.7%	21.5%	24.2%	2.3%	–	5.2%
Net profit growth	5.7%	9.7%	11.7%	21.5%	−14.2%	15.8%	25.6%	6.5%	–	−40.0%
Earnings per share growth	3.2%	8.9%	11.2%	21.1%	−14.2%	15.6%	25.3%	5.9%	–	−40.6%
	–	–	21.3%	24.6%	21.0%	24.8%	29.2%	28.5%	48.1%	29.0%
	–	–	–	3.3 pts	−3.7 pts	3.9 pts	4.3 pts	−0.7 pts	19.6 pts	−19.0 pts
From the net margin	–	–	–	3.8 pts	−4.1 pts	−1.2 pts	1.8 pts	1.8 pts	–	–
From asset turnover	–	–	–	−0.2 pts	0.4 pts	4.5 pts	2.3 pts	−2.4 pts	–	–
From borrowing	–	–	–	−0.3 pts	0.1 pts	0.5 pts	0.2 pts	−0.1 pts	–	–
Return on capital employed	–	–	28.6%	26.8%	25.3%	30.1%	34.3%	32.6%	34.5%	34.1%
Cash conversion	–	–	–	–	93.6%	101.8%	96.9%	82.8%	50.3%	87.8%
Interest cover	587.8	169.6	374.5	322.2	344.5	480.8	552.2	531.7	540.0	300.7
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03
Receivable days	–	–	30	18	17	14	14	19	21	16
Inventory days	–	–	165	187	189	150	148	190	178	209
Payable days	–	–	74	76	78	61	59	64	55	63
Cash conversion cycle, days	–	–	121	129	127	103	104	144	145	162
Working capital days	–	–	31	34	33	29	18	34	42	50
Asset turnover	–	–	0.69	0.69	0.70	0.86	0.94	0.86	0.91	0.99
Assets per rupee of net worth	–	–	1.21	1.20	1.20	1.23	1.24	1.24	1.24	1.28
Sales per rupee of plant	–	–	2.68	2.62	2.78	3.23	3.62	3.33	4.68	5.15
Capital spending to depreciation	–	–	–	–	1.12	1.24	1.52	1.96	1.38	1.28
Plant being built, % of plant in use	–	–	22.2%	16.6%	20.9%	15.8%	14.1%	12.4%	6.2%	8.6%

From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: 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. 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 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 and earnings per share growth are left blank for the year to Mar 2025: 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. 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: 22.8%
Cash from operations against operating profit: 67.6%

Measure	10 years	5 years	3 years
Return on equity, average	–	31.9%	35.2%
Return on capital employed, average	–	33.1%	33.8%
Operating margin, average	32.9%	32.3%	32.1%
Net margin, average	24.8%	24.9%	25.2%
Asset turnover, average	–	0.91	0.92
Cash conversion cycle, days, average	–	131	150
Interest cover, average	420.4	481.1	457.5
Debt to equity, average	–	0.01	0.01

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	87,923	53,270	18,464
Cash from investing	−9,125	−1,154	−2,321
Cash from financing	−78,322	−51,735	−16,147
Capital spending	12,909	8,024	2,183
Dividends paid	85,140	55,934	18,272
Shares bought back	0	0	0
Shares issued for cash	5,414	2,645	405
Borrowings raised	2,218	2,218	2,121
Borrowings repaid	162	161	105

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	–	–	–	–	3	6	7	5	5	4
Altman Z-scorePublished threshold 1.81	–	–	20.82	13.95	15.34	16.02	20.85	22.23	20.82	13.77
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.32	−2.46	−2.25	−2.08	−2.07	−2.65
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−6.39	2.60	7.76	2.26	19.81	5.36
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.98	0.93	0.71	0.69
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−39.57	−5.80	−24.26	2.73	35.76	11.02	−27.05
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	13.40	1.03	−26.57	−1.58	26.30	−6.87	17.31
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.94	−0.47	2.14	−1.51	−0.14	0.63	1.30
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.23	3.43	1.15	1.10	0.75	–	0.86
Effective tax ratePublished threshold 17.16 per cent	34.64	34.00	32.99	22.18	25.38	25.27	24.89	23.56	25.69	25.37
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.23	0.73	0.99	2.01	2.32

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
24 Apr 2026	CRISIL Ratings Limited	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	10
24 Apr 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A1+Review, Re-affirm		150
27 Nov 2025	ICRA Limited	Commercial Paper	[ICRA]A1+Review, Re-affirm		500

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