Jubilant Pharmova financials: balance sheet, profit and loss, cash flow

NSE: JUBLPHARMABSE: 530019Pharmaceuticals & BiotechnologySmall Cap

Jubilant Pharmova Limited · Formerly Jubilant Life Sciences · Face value ₹1 · Listed Jun 1981 on BSE, Jun 2003 on NSE

₹943.90₹15.90 (1.66%)BSE ₹945.35

Share price at the NSE close on 28 Oct 2026. Previous close ₹959.80.

28 Oct: open ₹953.30, high ₹959.80, low ₹936.40

52-week range of traded prices to 28 Oct 2026

₹786.05Low, 9 Mar 2026₹1,183.00High, 4 Nov 2025

Market cap: ₹15,035 Cr422nd largest listed
P/E: 42.70
P/E without one-offs: 36.55
P/B: 2.12
Dividend yield: 0.53%
ROE: 5.3%
ROE without one-offs: 6.2%
ROCE: 7.3%
Debt to equity: 0.45
Volume, NSE: 57,06841.5% delivered

Jubilant Pharmova'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.Jubilant Pharmova 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. Lease payments were 4.0% 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 2021, the company's revenue for that year, ₹6,099 Cr, differs from its quarters added, ₹7,619 Cr; the company reports the part of the business demerged on 4 Feb 2021 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

Revenue8,280
Materials and goods−2,644
Employee costs−2,701
Other expenses−1,675
Operating profit1,260
Depreciation−440
Other income+66
One-off items−59
Finance costs−212
Profit before tax614
Tax−217
Joint ventures−0.3
Net profit398

What the company owns

Plant, investments and other assets₹11,954 Cr
Cash and bank₹1,268 Cr
Inventory₹1,232 Cr
Receivables₹1,070 Cr

What pays for it: net worth and liabilities

Net worth₹7,096 Cr
Other liabilities₹3,974 Cr
Borrowings₹3,220 Cr
Owed to suppliers₹1,234 Cr

Jubilant Pharmova 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.Jubilant Pharmova segment results by quarter

Revenue by segment

₹8,337 CrTotal

Radiopharma₹3,690 Cr44.3% of total
Contract Development and Manufacturing Organisation - Sterile Injectables₹1,813 Cr21.7% of total
Contract Research, Development and Manufacturing Organisation₹1,265 Cr15.2% of total
Allergy Immunotherapy₹796 Cr9.5% of total
Generics₹774 Cr9.3% of total

Profit by segment

Radiopharma₹360 Cr36.4% of total
Contract Development and Manufacturing Organisation - Sterile Injectables₹206 Cr20.9% of total
Contract Research, Development and Manufacturing Organisation₹124 Cr12.5% of total
Allergy Immunotherapy₹272 Cr27.5% of total
Generics₹28 Cr2.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Radiopharma
Revenue, ₹ crore
2,552
3,001
3,388
3,690
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
243
459
396
360
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Contract Development and Manufacturing Organisation - Sterile Injectables
Revenue, ₹ crore
1,271
1,204
1,353
1,813
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
267
114
218
206
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Contract Research, Development and Manufacturing Organisation
Revenue, ₹ crore
1,293
1,140
1,173
1,265
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
134
89
128
124
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Allergy Immunotherapy
Revenue, ₹ crore
603
698
714
796
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
195
266
240
272
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Generics
Revenue, ₹ crore
765
775
685
774
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−476
−224
−23
28
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Proprietary Novel drugs
Revenue, ₹ crore
4
2
4
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−14
−35
−35
−30
−18
−19
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	9,121	9,159	8,934	6,147	6,488	6,818	7,313	8,337
Company revenue, as in its results	9,111	9,154	6,099	6,059	6,282	6,703	7,235	8,280
Revenue	–	–	–	–	2,552	3,001	3,388	3,690
Revenue growth	–	–	–	–	–	17.6%	12.9%	8.9%
Profit	–	–	–	–	243	459	396	360
Profit growth	–	–	–	–	–	89.2%	−13.9%	−9.0%
Margin	–	–	–	–	9.5%	15.3%	11.7%	9.8%
Return on capital	–	–	–	–	11.9%	21.1%	20.2%	14.8%
Assets	–	–	–	–	2,718	2,968	2,880	3,679
Liabilities	–	–	–	–	686	794	918	1,239
Capital employed	–	–	–	–	2,032	2,173	1,963	2,440
Revenue	–	–	–	–	1,271	1,204	1,353	1,813
Revenue growth	–	–	–	–	–	−5.2%	12.3%	34.0%
Profit	–	–	–	–	267	114	218	206
Profit growth	–	–	–	–	–	−57.5%	91.6%	−5.3%
Margin	–	–	–	–	21.0%	9.4%	16.1%	11.4%
Return on capital	–	–	–	–	12.1%	4.9%	9.9%	6.3%
Assets	–	–	–	–	2,844	3,350	4,348	6,058
Liabilities	–	–	–	–	628	1,028	2,152	2,785
Capital employed	–	–	–	–	2,217	2,323	2,196	3,273
Revenue	–	–	–	–	1,293	1,140	1,173	1,265
Revenue growth	–	–	–	–	–	−11.8%	2.9%	7.9%
Profit	–	–	–	–	134	89	128	124
Profit growth	–	–	–	–	–	−33.6%	43.9%	−3.0%
Margin	–	–	–	–	10.3%	7.8%	10.9%	9.8%
Return on capital	–	–	–	–	10.6%	6.6%	9.5%	9.3%
Assets	–	–	–	–	1,525	1,597	1,746	1,773
Liabilities	–	–	–	–	268	248	396	442
Capital employed	–	–	–	–	1,257	1,349	1,350	1,331
Revenue	–	–	–	–	603	698	714	796
Revenue growth	–	–	–	–	–	15.8%	2.4%	11.4%
Profit	–	–	–	–	195	266	240	272
Profit growth	–	–	–	–	–	36.5%	−9.8%	13.1%
Margin	–	–	–	–	32.4%	38.2%	33.6%	34.1%
Return on capital	–	–	–	–	43.8%	52.9%	34.2%	54.3%
Assets	–	–	–	–	507	566	798	631
Liabilities	–	–	–	–	62	63	96	131
Capital employed	–	–	–	–	445	504	702	500
Revenue	–	–	–	–	765	775	685	774
Revenue growth	–	–	–	–	–	1.2%	−11.5%	12.9%
Profit	–	–	–	–	−476	−224	−23	28
Margin	–	–	–	–	−62.2%	−29.0%	−3.4%	3.6%
Return on capital	–	–	–	–	−29.3%	−18.8%	−2.5%	2.8%
Assets	–	–	–	–	1,905	1,438	1,162	1,242
Liabilities	–	–	–	–	282	243	240	259
Capital employed	–	–	–	–	1,623	1,196	922	983
Revenue	–	–	4	2	4	0	0	0
Profit	–	–	−14	−35	−35	−30	−18	−19
Margin	–	–	−376.2%	−1,901.1%	−926.4%	–	–	–
Return on capital	–	–	−16.6%	−19.4%	−18.7%	−13.5%	−7.0%	−6.0%
Assets	–	–	93	192	199	236	270	331
Liabilities	–	–	10	11	9	11	9	10
Capital employed	–	–	83	181	189	224	261	321
Revenue	5,324	5,714	5,790	5,651	–	–	–	–
Revenue growth	–	7.3%	–	−2.4%	–	–	–	–
Profit	1,117	1,230	1,066	728	–	–	–	–
Profit growth	–	10.1%	–	−31.8%	–	–	–	–
Margin	21.0%	21.5%	18.4%	12.9%	–	–	–	–
Return on capital	16.5%	16.6%	14.8%	9.2%	–	–	–	–
Assets	7,461	8,305	8,112	8,948	–	–	–	–
Liabilities	697	875	916	1,015	–	–	–	–
Capital employed	6,764	7,430	7,195	7,933	–	–	–	–
Revenue	3,553	3,181	2,812	0	–	–	–	–
Revenue growth	–	−10.5%	–	−100.0%	–	–	–	–
Profit	356	313	413	0	–	–	–	–
Profit growth	–	−11.9%	–	−100.0%	–	–	–	–
Margin	10.0%	9.9%	14.7%	–	–	–	–	–
Return on capital	14.8%	12.0%	–	–	–	–	–	–
Assets	3,145	3,358	0	0	–	–	–	–
Liabilities	748	740	0	0	–	–	–	–
Capital employed	2,396	2,618	0	0	–	–	–	–
Revenue	243	264	329	495	–	–	–	–
Revenue growth	–	8.5%	–	50.3%	–	–	–	–
Profit	−4	59	92	143	–	–	–	–
Profit growth	–	–	–	55.7%	–	–	–	–
Margin	−1.6%	22.5%	28.0%	29.0%	–	–	–	–
Return on capital	−2.0%	24.9%	33.3%	33.0%	–	–	–	–
Assets	236	283	348	503	–	–	–	–
Liabilities	43	45	71	68	–	–	–	–
Capital employed	193	238	276	435	–	–	–	–
Revenue	–	–	–	–	22	38	37	59
Profit	–	–	–	–	0	0	0	0
Assets	–	–	–	–	0	1,394	1,552	1,809
Liabilities	–	–	–	–	0	3,741	2,707	3,561

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.Jubilant Pharmova quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 16 May	Mar 2026	Jun 2026Twelve monthsFiled 10 Aug
Revenue from operations	6,006	7,558	9,111	9,154	6,099	6,059	6,282	6,703	7,235	8,280	8,608
	4,661	6,039	7,372	7,207	4,702	4,974	5,505	5,802	6,061	7,020	7,390
Materials and goods bought	2,000	2,869	3,522	3,141	1,536	1,488	1,878	2,141	2,317	2,644	2,775
Employee costs	–	–	1,926	2,128	1,923	2,043	2,166	2,216	2,268	2,701	2,863
Other expenses	–	–	1,924	1,939	1,243	1,442	1,462	1,445	1,476	1,675	1,752
Operating profit before depreciation	1,345	1,518	1,739	1,947	1,396	1,085	776	901	1,174	1,260	1,218
Operating margin	22.4%	20.1%	19.1%	21.3%	22.9%	17.9%	12.4%	13.4%	16.2%	15.2%	14.2%
Materials, % of revenue	–	–	38.7%	34.3%	25.2%	24.6%	29.9%	31.9%	32.0%	31.9%	32.2%
Employee costs, % of revenue	–	–	21.1%	23.2%	31.5%	33.7%	34.5%	33.1%	31.3%	32.6%	33.3%
Other expenses, % of revenue	–	–	21.1%	21.2%	20.4%	23.8%	23.3%	21.6%	20.4%	20.2%	20.4%
Depreciation and amortisation	291	415	371	462	349	382	554	382	369	440	470
Operating profit after depreciation	1,054	1,103	1,368	1,485	1,048	704	222	519	805	819	749
Other income	25	40	36	47	18	82	38	69	57	66	74
Finance costs	341	284	220	287	184	145	188	272	240	212	217
Profit before one-off items and tax	738	859	1,184	1,245	881	640	72	315	622	674	606
One-off items	0	0	−280	−35	−21	0	−57	−169	360	−59	−59
Profit before tax	738	859	904	1,211	860	640	16	146	981	614	546
	163	225	327	312	297	217	93	98	144	217	195
Current tax	–	–	282	323	270	173	181	203	213	161	153
Deferred tax	–	–	45	−11	27	45	−88	−105	−69	56	42
Share of profit of joint ventures and associates	–	–	–	–	11	−10	12	24	−1	0	0
Profit from discontinued businesses	–	–	–	–	262	–	–	–	–	–	–
	576	634	577	898	836	413	−65	73	836	398	351
Belonging to the company's shareholders	576	634	574	898	836	414	−61	77	839	399	352
Belonging to outside owners of subsidiaries	–	–	3	–	0	−1	−4	−4	−3	−1	−1
Other comprehensive income	–	–	−14	33	174	244	220	54	85	546	486
Total comprehensive income	–	–	563	931	1,010	657	156	127	921	943	837
Net margin	9.6%	8.4%	6.3%	9.8%	–	6.8%	−1.0%	1.1%	11.6%	4.8%	4.1%
Net margin without joint ventures and associates	–	–	–	–	–	7.0%	−1.2%	0.7%	11.6%	4.8%	–

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 2021: 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 2025Filed 16 May	Mar 2026
	4,809	5,604	4,742	5,316	5,392	5,421	6,239	7,096
	4,809	5,604	4,741	5,319	5,399	5,434	6,255	7,093
Share capital	16	16	16	16	16	16	16	16
Reserves	4,793	5,588	4,726	5,303	5,383	5,418	6,239	7,077
Belonging to outside owners of subsidiaries	0	–	0	−2	−7	−13	−16	3
	4,743	4,390	2,584	2,928	3,410	3,414	2,437	3,220
Repayable after a year	4,243	3,740	2,564	2,464	3,110	3,167	2,150	2,972
Repayable within a year	500	650	20	463	300	247	287	248
	2,090	2,619	1,049	1,592	1,772	1,889	2,165	2,539
Trade payables	1,020	1,090	520	568	821	856	1,005	1,234
Other financial liabilities	395	575	271	287	389	519	574	602
Other liabilities	78	99	101	152	122	163	202	340
Provisions	69	99	90	87	78	66	78	94
Tax owed	28	106	47	35	62	37	18	20
	4,570	4,299	3,128	3,083	3,992	4,238	4,353	5,888
Other financial liabilities	0	137	195	213	215	217	774	1,134
Other liabilities	10	8	27	7	269	544	1,138	1,372
Provisions	114	151	94	96	92	100	119	160
Deferred tax	202	263	247	303	306	211	172	251
	11,469	12,522	8,918	9,991	11,157	11,549	12,756	15,523
Held for sale or for a demerger	–	–	–	–	–	244	68	–
	6,884	7,483	5,966	6,482	7,394	7,672	9,179	11,413
Plant in use, after depreciation	3,396	3,751	2,008	2,201	2,298	2,158	2,132	3,510
Plant being built	492	264	278	292	773	1,252	2,715	2,962
Intangible assets	293	227	471	129	457	193	181	198
Goodwill	1,959	2,089	2,130	2,243	2,429	2,464	2,541	2,826
Intangible assets being developed	410	505	619	798	788	851	915	1,079
Property held to earn rent	0	–	–	195	–	0	0	0
Investments	115	69	241	43	33	34	36	61
Stakes in joint ventures and associates	0	–	–	–	224	8	8	1
Loans given	16	18	14	1	0	0	0	0
Other financial assets	1	8	1	18	18	20	27	30
Deferred tax	150	240	163	161	227	233	257	257
Other assets	53	313	41	401	147	460	367	490
	4,585	5,038	2,953	3,509	3,762	3,632	3,510	4,109
Inventories	1,417	1,845	1,129	1,255	1,381	1,290	1,129	1,232
Trade receivables	1,272	1,293	820	928	961	916	892	1,070
Cash and cash equivalents	1,005	1,231	502	984	1,014	956	1,088	1,267
Other bank balances	365	169	169	0	0	0	1	1
Loans given	4	3	1	1	1	1	1	2
Other financial assets	107	94	93	88	129	247	161	219
Tax paid in advance	1	0	24	0	12	17	18	71
Other assets	414	402	213	253	265	205	221	249
Net debt	3,372	2,990	1,913	1,943	2,396	2,457	1,348	1,952

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 16 May	Mar 2026
	1,482	838	661	971	1,072	1,227
	1,876	1,032	865	1,179	1,311	1,436
	250	−178	54	253	112	139
Receivables	0	−40	39	49	24	−100
Inventories	134	−96	−65	91	79	−45
Payables	0	−43	211	23	55	110
Other working capital	116	0	−130	90	−46	174
Tax paid	−394	−194	−204	−208	−238	−209
Capital spending	527	600	814	898	1,116	1,449
Free cash flow	955	238	−154	74	−44	−222
	721	−380	−544	−608	488	−1,260
Plant and property sold	0	4	19	10	5	102
Interest received	4	4	10	26	38	24
	3,453	−33	−157	−433	−1,453	95
Borrowings raised	1,230	247	3,005	117	27	2,571
Borrowings repaid	2,580	−5	−2,773	−138	−1,100	−2,070
Interest paid	−292	−135	−234	−244	−236	−238
Lease payments	−56	−60	−70	−61	−60	−71
Dividends paid	1	80	80	80	80	80
Shares bought back	0	0	0	0	6	0
Shares issued	0	0	0	0	0	0
Net change in cash	5,656	425	−40	−69	107	62

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.Jubilant Pharmova dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 16 May	Mar 2026
Earnings per share	₹36.93	–	₹36.86	₹56.39	₹52.48	₹26.00	−₹3.83	₹4.87	₹52.99	₹25.15
Diluted earnings per share	₹36.93	–	₹36.86	₹56.39	₹52.48	₹26.00	−₹3.83	₹4.86	₹52.85	₹25.08
Dividend per share	₹3.00	₹3.00	₹4.50	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00
Book value per share	–	–	₹301.88	₹351.78	₹297.83	₹334.08	₹339.36	₹343.92	₹395.88	₹448.91
Dividend payout	8.3%	7.5%	12.5%	8.9%	9.5%	19.2%	–	102.5%	9.4%	19.8%
Shareholder yield	–	–	–	–	0.0%	1.3%	1.8%	0.9%	0.6%	0.6%
Market cap at the year end (₹ crore)	12,739	13,371	10,589	3,969	10,849	6,182	4,442	9,077	14,270	13,005

Ratios

Consolidated, years to March.Jubilant Pharmova PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 16 May	Mar 2026
Revenue growth	3.5%	25.8%	20.5%	0.5%	–	−0.6%	3.7%	6.7%	7.9%	14.4%
Operating profit growth	5.3%	12.9%	14.5%	12.0%	–	−22.3%	−28.5%	16.0%	30.3%	7.3%
Net profit growth	33.4%	10.2%	−9.0%	55.7%	–	−50.6%	–	–	1,050.3%	−52.5%
Earnings per share growth	–	–	–	53.0%	–	−50.5%	–	–	988.1%	−52.5%
	–	–	11.9%	17.3%	16.2%	8.2%	−1.1%	1.4%	14.4%	6.0%
	–	–	–	5.3 pts	−1.1 pts	−7.9 pts	−9.4 pts	2.6 pts	12.9 pts	−8.4 pts
From the net margin	–	–	–	6.6 pts	–	–	−9.4 pts	2.5 pts	12.9 pts	−8.4 pts
From asset turnover	–	–	–	−0.7 pts	–	–	0.1 pts	0.0 pts	0.1 pts	−0.1 pts
From borrowing	–	–	–	−0.6 pts	–	–	−0.1 pts	0.1 pts	−0.1 pts	0.1 pts
Return on capital employed	–	–	14.3%	14.9%	14.3%	8.5%	2.5%	5.9%	9.3%	7.9%
Cash conversion	–	–	–	–	177.4%	202.8%	–	1,336.0%	128.2%	308.6%
Interest cover	3.1	3.9	6.2	5.2	5.7	4.8	1.2	1.9	3.4	3.9
Debt to equity	–	–	0.99	0.78	0.55	0.55	0.63	0.63	0.39	0.45
Receivable days	–	–	51	52	49	56	56	50	45	47
Inventory days	–	–	147	214	268	308	268	220	178	170
Payable days	–	–	106	127	124	139	160	146	158	170
Cash conversion cycle, days	–	–	92	139	194	224	165	124	65	47
Working capital days	–	–	65	67	75	84	74	56	27	24
Asset turnover	–	–	0.79	0.76	0.57	0.64	0.59	0.59	0.60	0.59
Assets per rupee of net worth	–	–	2.38	2.30	2.07	1.88	1.97	2.10	2.08	2.12
Sales per rupee of plant	–	–	2.68	2.44	3.04	2.75	2.73	3.11	3.39	2.36
Capital spending to depreciation	–	–	–	–	1.51	1.57	1.47	2.35	3.03	3.29
Plant being built, % of plant in use	–	–	14.5%	7.0%	13.8%	13.3%	33.7%	58.0%	127.3%	84.4%

From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2021 and Mar 2022: 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 2021: 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 2021: 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: 2.8%
Cash from operations against operating profit: 97.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	6.3%	9.6%
Profit growth, yearly rate	–	−13.8%	–
Return on equity, average	–	5.8%	7.3%
Return on capital employed, average	–	6.8%	7.7%
Operating margin, average	18.1%	15.0%	15.0%
Net margin, average	6.4%	4.6%	5.8%
Asset turnover, average	–	0.60	0.59
Cash conversion cycle, days, average	–	125	78
Interest cover, average	3.9	3.0	3.0
Debt to equity, average	–	0.53	0.49

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	4,768	3,270	1,227
Cash from investing	−2,305	−1,380	−1,260
Cash from financing	−1,980	−1,790	95
Capital spending	4,877	3,462	1,449
Dividends paid	399	239	80
Shares bought back	6	6	0
Shares issued for cash	0	0	0
Borrowings raised	5,968	2,716	2,571
Borrowings repaid	6,086	3,308	2,070

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	–	–	–	–	7	7	3	6	7	6
Altman Z-scorePublished threshold 1.81	–	–	2.92	2.33	3.63	2.63	1.97	2.42	3.00	2.39
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.17	−2.60	−2.73	−2.79	−2.46	−2.57
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−12.76	−0.47	−1.71	−2.56	−5.95	3.05
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.52	5.87	3.20	2.50
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	1.23	−3.22	13.83	−0.09	−11.42	−10.59	5.53
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	41.02	12.29	14.24	−16.19	−20.58	−20.67	−5.07
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.28	−2.72	0.17	1.03	0.95	−0.97	1.69
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.32	–	0.51	1.19	5.17	7.91	1.63
Effective tax ratePublished threshold 17.16 per cent	22.10	26.15	36.16	25.80	34.57	33.95	596.65	66.80	14.71	35.25
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	3.64	−718.87	−75.07	−9.59	1.17

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
21 Oct 2026	India Ratings and Research Private Limited	Non-convertible debenturesLong-term scale	IND AA+New, NewProposed	Stable	1,400
14 Oct 2026	ICRA Limited	Non Convertible DebenturesLong-term scale	[ICRA]AA+New, New	Stable	1,400

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