JM Financial financials: balance sheet, profit and loss, cash flow

NSE: JMFINANCILBSE: 523405FinanceSmall Cap

JM Financial Limited · Face value ₹1 · Listed Jul 1991 on BSE, Oct 2006 on NSE

₹114.01₹0.78 (0.69%)BSE ₹114.05

Share price at the NSE close on 29 Oct 2026. Previous close ₹113.23.

29 Oct: open ₹113.10, high ₹114.28, low ₹112.23

52-week range of traded prices to 29 Oct 2026

₹103.00Low, 26 Oct 2026₹173.02High, 30 Oct 2025

Next results date: the board meets on 4 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹10,911 Cr494th largest listed
P/E: 10.49
P/B: 1.02
Dividend yield: 2.85%
ROE: 10.2%
ROCE: 9.9%
Debt to equity: 1.01
Volume, NSE: 7,35,20644.8% delivered

JM Financial'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.JM Financial 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.

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹3,235 Cr, differs from its quarters added, ₹3,181 Cr. From the year to Mar 2019, the company's revenue for that year, ₹3,542 Cr, differs from its quarters added, ₹3,631 Cr. From the year to Mar 2023, the company's revenue for that year, ₹3,265 Cr, differs from its quarters added, ₹3,422 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue4,091
Operating expenses−1,581
Operating profit2,510
Depreciation−78
Other income+169
One-off items−21
Finance costs−999
Profit before tax1,580
Tax−404
Joint ventures+24
Net profit1,201

What the company owns

Plant, investments and other assets₹20,111 Cr
Cash and bank₹4,868 Cr
Receivables₹1,431 Cr
Inventory₹128 Cr

What pays for it: net worth and liabilities

Borrowings₹11,522 Cr
Net worth₹11,358 Cr
Other liabilities₹3,657 Cr

JM Financial 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.JM Financial segment results by quarter

Revenue by segment

₹4,534 CrTotal

Wealth and Asset Management₹1,459 Cr32.2% of total
Private Markets₹1,298 Cr28.6% of total
Corproate Advisory and Capital Markets₹946 Cr20.9% of total
Affordable Home Loans₹455 Cr10.0% of total
Treasury and others₹376 Cr8.3% of total

Profit by segment

Wealth and Asset Management₹102 Cr6.5% of total
Private Markets₹740 Cr46.8% of total
Corproate Advisory and Capital Markets₹449 Cr28.4% of total
Affordable Home Loans₹98 Cr6.2% of total
Treasury and others₹191 Cr12.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Wealth and Asset Management
Revenue, ₹ crore
1,459
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
102
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Private Markets
Revenue, ₹ crore
1,298
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
740
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Corproate Advisory and Capital Markets
Revenue, ₹ crore
946
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
449
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Affordable Home Loans
Revenue, ₹ crore
455
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
98
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Treasury and others
Revenue, ₹ crore
376
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
191
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	3,640	3,519	3,326	3,891	3,496	5,017	4,671	4,534
Company revenue, as in its results	3,542	3,432	3,197	3,707	3,265	4,761	4,378	4,091
Revenue	–	–	–	–	–	–	–	1,459
Profit	–	–	–	–	–	–	–	102
Margin	–	–	–	–	–	–	–	7.0%
Return on capital	–	–	–	–	–	–	–	8.1%
Assets	–	–	–	–	–	–	–	6,741
Liabilities	–	–	–	–	–	–	–	5,474
Capital employed	–	–	–	–	–	–	–	1,267
Revenue	–	–	–	–	–	–	–	1,298
Profit	–	–	–	–	–	–	–	740
Margin	–	–	–	–	–	–	–	57.0%
Return on capital	–	–	–	–	–	–	–	10.6%
Assets	–	–	–	–	–	–	–	13,448
Liabilities	–	–	–	–	–	–	–	6,462
Capital employed	–	–	–	–	–	–	–	6,986
Revenue	–	–	–	–	–	–	–	946
Profit	–	–	–	–	–	–	–	449
Margin	–	–	–	–	–	–	–	47.5%
Return on capital	–	–	–	–	–	–	–	54.2%
Assets	–	–	–	–	–	–	–	1,367
Liabilities	–	–	–	–	–	–	–	537
Capital employed	–	–	–	–	–	–	–	830
Revenue	–	–	–	–	–	–	–	455
Profit	–	–	–	–	–	–	–	98
Margin	–	–	–	–	–	–	–	21.6%
Return on capital	–	–	–	–	–	–	–	11.8%
Assets	–	–	–	–	–	–	–	2,934
Liabilities	–	–	–	–	–	–	–	2,102
Capital employed	–	–	–	–	–	–	–	833
Revenue	–	–	–	–	–	–	–	376
Profit	–	–	–	–	–	–	–	191
Margin	–	–	–	–	–	–	–	50.8%
Return on capital	–	–	–	–	–	–	–	13.7%
Assets	–	–	–	–	–	–	–	1,994
Liabilities	–	–	–	–	–	–	–	604
Capital employed	–	–	–	–	–	–	–	1,391
Revenue	1,291	1,351	1,218	1,191	1,318	1,531	1,317	–
Revenue growth	–	4.7%	−9.9%	−2.2%	–	16.1%	−14.0%	–
Profit	620	533	478	376	468	88	133	–
Profit growth	–	−14.0%	−10.4%	−21.3%	–	−81.2%	51.3%	–
Margin	48.0%	39.5%	39.2%	31.5%	35.5%	5.8%	10.1%	–
Return on capital	20.5%	15.5%	12.6%	9.5%	10.8%	1.9%	3.4%	–
Assets	8,707	8,404	9,647	9,647	11,735	12,083	9,202	–
Liabilities	5,686	4,972	5,859	5,678	7,386	7,472	5,313	–
Capital employed	3,021	3,432	3,788	3,970	4,349	4,611	3,889	–
Revenue	60	80	125	243	180	204	155	–
Revenue growth	–	32.9%	57.0%	94.3%	–	13.2%	−24.1%	–
Profit	27	18	56	135	148	142	109	–
Profit growth	–	−33.4%	216.5%	139.2%	–	−3.5%	−23.5%	–
Margin	44.6%	22.4%	45.1%	55.5%	81.8%	69.8%	70.3%	–
Return on capital	13.7%	14.5%	6.1%	9.1%	9.0%	8.7%	16.5%	–
Assets	353	290	1,082	1,761	2,002	1,977	815	–
Liabilities	158	166	151	278	361	346	154	–
Capital employed	196	123	931	1,483	1,641	1,631	661	–
Revenue	–	–	–	1,273	1,232	1,978	1,759	–
Revenue growth	–	–	–	–	–	60.5%	−11.1%	–
Profit	–	–	–	473	503	911	677	–
Profit growth	–	–	–	–	–	81.1%	−25.7%	–
Margin	–	–	–	37.2%	40.8%	46.1%	38.5%	–
Return on capital	–	–	–	18.9%	18.7%	29.5%	20.7%	–
Assets	–	–	–	7,150	7,042	7,744	6,106	–
Liabilities	–	–	–	4,651	4,356	4,652	2,837	–
Capital employed	–	–	–	2,499	2,687	3,092	3,269	–
Revenue	–	–	–	662	628	979	1,214	–
Revenue growth	–	–	–	–	–	55.9%	24.1%	–
Profit	–	–	–	128	6	117	110	–
Profit growth	–	–	–	–	–	1,766.0%	−6.1%	–
Margin	–	–	–	19.4%	1.0%	12.0%	9.1%	–
Return on capital	–	–	–	16.7%	0.9%	12.3%	10.3%	–
Assets	–	–	–	3,376	3,721	4,630	5,797	–
Liabilities	–	–	–	2,609	2,993	3,681	4,726	–
Capital employed	–	–	–	767	728	949	1,071	–
Revenue	–	–	–	522	137	326	227	–
Revenue growth	–	–	–	–	–	137.9%	−30.5%	–
Profit	–	–	–	236	−172	−905	−32	–
Margin	–	–	–	45.2%	−125.4%	−277.6%	−14.2%	–
Return on capital	–	–	–	12.7%	−9.5%	−125.7%	−2.5%	–
Assets	–	–	–	3,828	4,817	3,277	2,532	–
Liabilities	–	–	–	1,973	3,005	2,557	1,243	–
Capital employed	–	–	–	1,855	1,812	720	1,288	–
Revenue	1,635	1,612	1,567	–	–	–	–	–
Revenue growth	–	−1.5%	−2.8%	–	–	–	–	–
Profit	378	435	446	–	–	–	–	–
Profit growth	–	15.1%	2.6%	–	–	–	–	–
Margin	23.1%	27.0%	28.5%	–	–	–	–	–
Return on capital	14.9%	16.1%	14.7%	–	–	–	–	–
Assets	8,816	7,627	8,505	–	–	–	–	–
Liabilities	6,283	4,932	5,463	–	–	–	–	–
Capital employed	2,533	2,694	3,042	–	–	–	–	–
Revenue	560	414	385	–	–	–	–	–
Revenue growth	–	−26.2%	−7.0%	–	–	–	–	–
Profit	201	86	91	–	–	–	–	–
Profit growth	–	−57.5%	5.9%	–	–	–	–	–
Margin	36.0%	20.7%	23.6%	–	–	–	–	–
Return on capital	11.5%	5.3%	5.6%	–	–	–	–	–
Assets	4,478	4,127	3,845	–	–	–	–	–
Liabilities	2,728	2,526	2,213	–	–	–	–	–
Capital employed	1,749	1,601	1,632	–	–	–	–	–
Revenue	94	63	31	–	–	–	–	–
Revenue growth	–	−32.8%	−50.2%	–	–	–	–	–
Profit	57	22	−4	–	–	–	–	–
Profit growth	–	−60.6%	–	–	–	–	–	–
Margin	60.9%	35.8%	−11.3%	–	–	–	–	–
Return on capital	26.6%	9.7%	−1.5%	–	–	–	–	–
Assets	229	246	244	–	–	–	–	–
Liabilities	14	14	12	–	–	–	–	–
Capital employed	215	231	231	–	–	–	–	–

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.JM Financial quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 19 Jul	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 12 May	Mar 2026Filed 29 May	Jun 2026Twelve monthsFiled 3 Aug
Revenue from operations	2,357	3,235	3,542	3,432	3,197	3,707	3,265	4,761	4,378	4,091	4,180
	582	756	–	–	–	–	–	–	2,087	1,581	1,821
Materials and goods bought	–	–	0	0	0	0	0	0	0	0	0
Employee costs	–	387	–	–	–	–	–	–	–	–	–
Other expenses	–	369	–	–	–	–	–	–	–	–	–
Operating profit before depreciation	1,775	2,479	–	–	–	–	–	–	2,290	2,510	2,360
Operating margin	75.3%	76.6%	–	–	–	–	–	–	52.3%	61.3%	56.4%
Employee costs, % of revenue	–	12.0%	–	–	–	–	–	–	–	–	–
Other expenses, % of revenue	–	11.4%	–	–	–	–	–	–	–	–	–
Depreciation and amortisation	23	26	27	41	40	38	42	53	64	78	84
Operating profit after depreciation	1,752	2,453	–	–	–	–	–	–	2,227	2,431	2,276
Other income	2	0	37	22	29	56	78	71	75	169	184
Finance costs	782	1,145	1,446	1,386	1,111	1,082	1,179	1,562	1,305	999	995
Profit before one-off items and tax	972	1,309	1,283	1,094	1,067	1,348	953	1,200	997	1,602	1,465
One-off items	0	0	0	0	0	0	0	−847	0	−21	−21
Profit before tax	972	1,309	1,283	1,094	1,067	1,348	953	353	997	1,580	1,443
	335	438	446	316	261	356	244	326	225	404	355
Current tax	–	–	489	332	314	416	243	339	299	286	322
Deferred tax	–	–	−42	−16	−53	−60	1	−13	−74	118	33
Share of profit of joint ventures and associates	12	1	1	0	2	0	0	3	2	24	23
	470	631	837	778	808	992	709	31	774	1,201	1,111
Belonging to the company's shareholders	470	631	572	545	590	773	597	410	821	1,202	1,040
Belonging to outside owners of subsidiaries	–	–	265	233	218	219	112	−379	−48	−1	71
Other comprehensive income	–	–	8	9	−1	4	11	0	3	27	26
Total comprehensive income	–	–	845	787	807	997	720	31	776	1,228	1,137
Net margin	19.9%	19.5%	23.6%	22.7%	25.3%	26.8%	21.7%	0.6%	17.7%	29.4%	26.6%
Net margin without joint ventures and associates	19.4%	19.5%	23.6%	22.7%	25.2%	26.8%	21.7%	0.6%	17.6%	28.8%	–

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 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 years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023 and Mar 2024: 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 2019Filed 19 Jul	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 12 May	Mar 2026Filed 29 May
	7,766	8,134	9,676	10,626	11,270	11,056	10,230	11,358
	5,132	5,639	7,000	7,686	8,136	8,491	9,728	10,657
Share capital	84	84	95	95	95	96	96	96
Reserves	5,048	5,555	6,905	7,591	8,041	8,395	9,632	10,562
Belonging to outside owners of subsidiaries	2,634	2,496	2,676	2,939	3,134	2,566	503	701
Borrowings	13,991	11,756	12,369	13,458	15,875	16,145	11,419	11,522
Total assets	22,635	20,746	23,375	25,815	29,370	29,764	24,504	26,537
Plant in use, after depreciation	359	387	362	353	440	495	503	540
Plant being built	1	1	1	3	7	4	10	160
Inventories	0	0	0	0	102	143	130	128
Trade receivables	–	–	–	–	–	–	646	1,431
Cash and cash equivalents	752	810	826	1,263	524	2,232	540	472
Other bank balances	530	520	1,249	1,297	1,868	3,212	3,969	4,396
Net debt	–	–	–	–	–	–	6,910	6,654

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 years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023 and Mar 2024: 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 12 May	Mar 2026Filed 29 May
Cash from operations	969	−3,203	−2,449	3,635	5,569	581
Capital spending	6	17	125	54	34	64
Free cash flow	963	−3,220	−2,573	3,581	5,535	517
Cash from investing	−2,249	2,616	−451	−2,090	−2,475	−532
Cash from financing	1,296	1,024	2,161	162	−4,786	−116
Dividends paid	18	96	196	87	196	402
Shares bought back	0	0	0	0	0	0
Shares issued	759	–	0	–	–	–
Net change in cash	16	437	−739	1,708	−1,692	−68

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. Shares issued is left blank for the years to Mar 2022, Mar 2024, Mar 2025 and Mar 2026: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.JM Financial dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 19 Jul	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 12 May	Mar 2026Filed 29 May
Earnings per share	₹5.93	₹7.86	₹6.82	₹6.48	₹6.34	₹8.11	₹6.26	₹4.29	₹8.59	₹12.57
Diluted earnings per share	₹5.89	₹7.81	₹6.79	₹6.45	₹6.32	₹8.09	₹6.25	₹4.29	₹8.58	₹12.55
Dividend per share	₹1.50	₹1.80	₹1.00	₹0.20	₹0.50	₹1.65	₹1.80	₹2.00	₹2.70	₹3.25
Book value per share	–	–	₹61.10	₹67.03	₹73.47	₹80.56	₹85.21	₹88.85	₹101.78	₹111.43
Dividend payout	25.3%	23.9%	14.7%	3.1%	8.1%	20.4%	28.8%	46.6%	31.4%	25.9%
Shareholder yield	–	–	–	–	−9.2%	–	3.4%	–	–	–
Market cap at the year end (₹ crore)	7,033	10,273	7,904	5,447	8,052	6,449	5,691	7,138	9,184	10,865

Shareholder yield is left blank for the years to Mar 2022, Mar 2024, Mar 2025 and Mar 2026: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.JM Financial PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 19 Jul	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 12 May	Mar 2026Filed 29 May
Revenue growth	40.9%	–	–	−3.1%	−6.8%	15.9%	–	45.8%	−8.0%	−6.5%
Operating profit growth	–	–	–	–	–	–	–	–	–	9.6%
Net profit growth	17.4%	34.2%	32.7%	−7.1%	3.9%	22.8%	−28.6%	−95.7%	2,415.7%	55.3%
Earnings per share growth	16.7%	32.5%	−13.2%	−5.0%	−2.2%	27.9%	−22.8%	−31.5%	100.2%	46.3%
	–	–	11.1%	10.1%	9.3%	10.5%	7.5%	4.9%	9.0%	11.8%
	–	–	–	−1.0 pts	−0.8 pts	1.2 pts	−3.0 pts	−2.6 pts	4.1 pts	2.8 pts
From the net margin	–	–	–	−0.2 pts	1.6 pts	1.2 pts	−1.3 pts	−4.0 pts	5.8 pts	5.1 pts
From asset turnover	–	–	–	0.1 pts	−1.0 pts	0.4 pts	−2.0 pts	1.3 pts	0.0 pts	−0.1 pts
From borrowing	–	–	–	−1.0 pts	−1.4 pts	−0.4 pts	0.3 pts	0.1 pts	−1.7 pts	−2.2 pts
Return on capital employed	–	–	–	–	–	–	–	–	10.3%	10.6%
Cash conversion	–	–	–	–	119.9%	−322.8%	−345.4%	11,821.3%	719.8%	48.4%
Interest cover	2.2	2.1	–	–	–	–	–	–	1.7	2.4
Debt to equity	–	–	–	–	–	–	–	–	1.12	1.01
Receivable days	–	–	–	–	–	–	–	–	54	128
Asset turnover	–	–	0.16	0.16	0.14	0.15	0.12	0.16	0.16	0.16
Assets per rupee of net worth	–	–	4.41	4.03	3.49	3.35	3.49	3.56	2.98	2.50
Sales per rupee of plant	–	–	–	–	–	–	–	–	8.70	7.58
Capital spending to depreciation	–	–	–	–	0.16	0.45	2.97	1.01	0.53	0.82
Plant being built, % of plant in use	–	–	0.4%	0.2%	0.2%	0.9%	1.6%	0.9%	2.0%	29.6%

Revenue growth and operating profit growth are left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. 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 years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023 and Mar 2024: 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 is left blank for the years to Mar 2019 and Mar 2023: 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: 4.7%
Cash from operations against operating profit: 23.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	–	7.8%
Profit growth, yearly rate	11.6%	15.3%	26.3%
Return on equity, average	–	8.8%	8.6%
Return on capital employed, average	–	–	10.5%
Operating margin, average	–	–	56.8%
Net margin, average	20.7%	19.2%	15.9%
Asset turnover, average	–	0.15	0.16
Interest cover, average	–	–	2.1
Debt to equity, average	–	–	1.07

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	4,133	9,784	581
Cash from investing	−2,932	−5,097	−532
Cash from financing	−1,555	−4,739	−116
Capital spending	293	152	64
Dividends paid	977	685	402
Shares bought back	0	0	0

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	–	–	–	–	9.46	6.42	13.08	−5.12	−8.55	4.52
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−1.87	−1.16	4.46	4.88
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.01	0.06	0.11	0.05	0.04	0.14	1.39
Effective tax ratePublished threshold 17.16 per cent	34.46	33.50	34.79	28.90	24.44	26.38	25.60	92.21	22.56	25.53
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−7.18	−3.19	−15.26	2.00	11.84

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
28 Aug 2026	CRISIL Ratings Limited	Bank Facilities	Crisil AAReview, Re-affirm	Stable	100
28 Aug 2026	CRISIL Ratings Limited	Non-convertible debentures	Crisil AAReview, Other	Stable	100
28 Aug 2026	CRISIL Ratings Limited	Commercial Paper	Crisil A1+Review, Re-affirm		100
31 Dec 2025	ICRA Limited	Fund-based/Non-fund based-Others	[ICRA]AAReview, Re-affirm	Stable	100
31 Dec 2025	ICRA Limited	Non Convertible Debentures	[ICRA]AAReview, Re-affirm	Stable	100
31 Dec 2025	ICRA Limited	Commercial Paper	[ICRA]A1+ / -Review, Re-affirm		100

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