Mahindra & Mahindra financials: balance sheet, profit and loss, cash flow

NSE: M&MBSE: 500520AutomobilesLarge Cap

Mahindra & Mahindra Limited · Face value ₹5 · Listed Feb 1956 on BSE, Jan 1996 on NSE

₹2,869.90₹11.50 (0.40%)BSE ₹2,870.00

Share price at the NSE close on 28 Oct 2026. Previous close ₹2,858.40.

28 Oct: open ₹2,850.00, high ₹2,893.40, low ₹2,826.00

52-week range of traded prices to 28 Oct 2026

₹2,744.30Low, 8 Oct 2026₹3,839.90High, 5 Jan 2026

Next results date: the board meets on 5 Nov 2026 to consider: financial results and other business matters. The notice · Results calendar

Market cap: ₹3,56,880 Cr14th largest listed
P/E: 19.32
P/B: 3.83
Dividend yield: 1.15%
ROE: 21.7%
ROCE: 13.3%
Debt to equity: 1.18
Volume, NSE: 13,87,30550.3% delivered

Mahindra & Mahindra'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.Mahindra & Mahindra 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, ₹74,278 Cr, differs from its quarters added, ₹82,970 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue1,98,639
Materials and goods−1,22,922
Employee costs−12,731
Other expenses−26,006
Operating profit36,980
Depreciation−7,322
Other income+3,446
One-off items−293
Finance costs−9,591
Profit before tax23,220
Tax−6,563
Joint ventures+1,965
Net profit18,622

What the company owns

Plant, investments and other assets₹2,33,743 Cr
Cash and bank₹31,979 Cr
Inventory₹22,044 Cr
Current investments₹20,805 Cr
Receivables₹9,064 Cr

What pays for it: net worth and liabilities

Borrowings₹1,29,615 Cr
Net worth₹1,09,491 Cr
Other liabilities₹40,640 Cr
Owed to suppliers₹37,889 Cr

Mahindra & Mahindra 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.Mahindra & Mahindra segment results by quarter

Revenue by segment

₹2,04,101 CrTotal

Automotive₹1,17,834 Cr57.7% of total
Farm Equipment₹42,568 Cr20.9% of total
Industrial Businesses and Consumer Services₹22,749 Cr11.1% of total
Financial Services₹20,949 Cr10.3% of total

Profit by segment

Automotive₹10,383 Cr44.4% of total
Farm Equipment₹5,517 Cr23.6% of total
Industrial Businesses and Consumer Services₹3,705 Cr15.8% of total
Financial Services₹3,779 Cr16.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Automotive
Revenue, ₹ crore
59,173
48,642
25,990
37,013
59,815
76,156
90,825
1,17,834
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,141
−1,718
−318
1,114
2,667
6,057
7,797
10,383
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Farm Equipment
Revenue, ₹ crore
22,403
21,113
24,792
27,060
32,028
33,474
35,375
42,568
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,382
1,935
3,916
3,822
4,134
4,327
4,947
5,517
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Industrial Businesses and Consumer Services
Revenue, ₹ crore
17,719
18,971
22,749
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,259
2,718
3,705
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financial Services
Revenue, ₹ crore
10,345
11,828
11,990
11,209
12,554
15,652
18,296
20,949
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,703
1,450
538
1,404
2,733
2,557
3,002
3,779
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	1,07,527	97,416	76,229	92,846	1,24,812	1,43,001	1,63,467	2,04,101
Company revenue, as in its results	1,04,721	95,179	74,278	90,171	1,21,269	1,39,078	1,59,211	1,98,639
Revenue	59,173	48,642	25,990	37,013	59,815	76,156	90,825	1,17,834
Revenue growth	–	−17.8%	–	42.4%	61.6%	27.3%	19.3%	29.7%
Profit	2,141	−1,718	−318	1,114	2,667	6,057	7,797	10,383
Profit growth	–	–	–	–	139.4%	127.1%	28.7%	33.2%
Margin	3.6%	−3.5%	−1.2%	3.0%	4.5%	8.0%	8.6%	8.8%
Return on capital	–	−9.5%	−2.5%	9.4%	22.7%	36.5%	43.5%	59.9%
Assets	–	32,890	23,574	26,159	31,116	39,487	47,136	54,612
Liabilities	–	14,786	10,917	14,274	19,376	22,886	29,223	37,271
Capital employed	–	18,104	12,657	11,884	11,740	16,601	17,913	17,342
Revenue	22,403	21,113	24,792	27,060	32,028	33,474	35,375	42,568
Revenue growth	–	−5.8%	–	9.1%	18.4%	4.5%	5.7%	20.3%
Profit	2,382	1,935	3,916	3,822	4,134	4,327	4,947	5,517
Profit growth	–	−18.8%	–	−2.4%	8.1%	4.7%	14.3%	11.5%
Margin	10.6%	9.2%	15.8%	14.1%	12.9%	12.9%	14.0%	13.0%
Return on capital	–	33.2%	101.5%	72.8%	49.0%	45.9%	55.0%	71.7%
Assets	–	11,974	10,956	12,176	16,907	18,078	18,310	18,756
Liabilities	–	6,139	7,098	6,926	8,473	8,642	9,308	11,058
Capital employed	–	5,835	3,859	5,251	8,434	9,436	9,002	7,698
Revenue	–	–	–	–	–	17,719	18,971	22,749
Revenue growth	–	–	–	–	–	–	7.1%	19.9%
Profit	–	–	–	–	–	2,259	2,718	3,705
Profit growth	–	–	–	–	–	–	20.3%	36.3%
Margin	–	–	–	–	–	12.7%	14.3%	16.3%
Return on capital	–	–	–	–	–	11.4%	12.7%	15.5%
Assets	–	–	–	–	–	33,910	37,376	41,763
Liabilities	–	–	–	–	–	14,074	15,977	17,932
Capital employed	–	–	–	–	–	19,836	21,399	23,831
Revenue	10,345	11,828	11,990	11,209	12,554	15,652	18,296	20,949
Revenue growth	–	14.3%	–	−6.5%	12.0%	24.7%	16.9%	14.5%
Profit	2,703	1,450	538	1,404	2,733	2,557	3,002	3,779
Profit growth	–	−46.4%	–	160.7%	94.7%	−6.4%	17.4%	25.9%
Margin	26.1%	12.3%	4.5%	12.5%	21.8%	16.3%	16.4%	18.0%
Return on capital	–	17.8%	7.5%	15.6%	29.1%	15.2%	17.8%	15.6%
Assets	–	76,815	75,918	75,202	95,191	1,20,163	1,39,101	1,55,757
Liabilities	–	68,660	68,740	66,185	85,805	1,03,346	1,22,260	1,31,591
Capital employed	–	8,154	7,178	9,017	9,386	16,817	16,842	24,165
Revenue	12,745	12,821	11,526	15,108	17,273	–	–	–
Revenue growth	–	0.6%	–	31.1%	14.3%	–	–	–
Profit	−25	−698	127	665	703	–	–	–
Profit growth	–	–	–	424.7%	5.8%	–	–	–
Margin	−0.2%	−5.4%	1.1%	4.4%	4.1%	–	–	–
Return on capital	–	−8.5%	1.3%	6.2%	7.7%	–	–	–
Assets	–	11,923	13,541	16,285	13,822	–	–	–
Liabilities	–	3,724	4,141	5,575	4,706	–	–	–
Capital employed	–	8,198	9,400	10,710	9,116	–	–	–
Revenue	2,241	2,374	1,747	2,059	2,525	–	–	–
Revenue growth	–	5.9%	–	17.9%	22.6%	–	–	–
Profit	97	128	−26	99	201	–	–	–
Profit growth	–	32.2%	–	–	101.8%	–	–	–
Margin	4.3%	5.4%	−1.5%	4.8%	7.9%	–	–	–
Assets	–	6,667	6,308	6,567	6,780	–	–	–
Liabilities	–	7,703	7,300	7,453	7,958	–	–	–
Capital employed	–	−1,036	−992	−886	−1,178	–	–	–
Revenue	620	639	184	397	616	–	–	–
Profit	37	−50	−99	−81	−101	–	–	–
Margin	5.9%	−7.8%	−53.9%	−20.3%	−16.4%	–	–	–
Return on capital	–	−3.8%	−7.5%	−6.1%	−9.6%	–	–	–
Assets	–	1,799	1,913	2,178	2,229	–	–	–
Liabilities	–	486	597	851	1,176	–	–	–
Capital employed	–	1,313	1,316	1,328	1,053	–	–	–

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.Mahindra & Mahindra quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 12 Jun	Mar 2021Filed 28 May	Mar 2022	Mar 2023Filed 26 May	Mar 2024	Mar 2025	Mar 2026	Jun 2026Twelve months
Revenue from operations	88,983	93,265	1,04,721	95,179	74,278	90,171	1,21,269	1,39,078	1,59,211	1,98,639	2,11,375
	78,252	80,039	89,514	82,615	60,601	75,488	1,00,983	1,14,186	1,28,693	1,61,659	1,72,058
Materials and goods bought	50,067	53,541	60,352	52,564	38,407	51,803	73,988	83,615	95,743	1,22,922	1,30,919
Employee costs	–	–	11,564	11,212	7,813	8,387	9,678	10,624	11,126	12,731	13,074
Other expenses	–	–	17,599	18,839	14,381	15,298	17,318	19,947	21,824	26,006	28,064
Operating profit before depreciation	10,731	13,226	15,207	12,564	13,677	14,683	20,285	24,892	30,518	36,980	39,317
Operating margin	12.1%	14.2%	14.5%	13.2%	18.4%	16.3%	16.7%	17.9%	19.2%	18.6%	18.6%
Materials, % of revenue	–	–	57.6%	55.2%	51.7%	57.5%	61.0%	60.1%	60.1%	61.9%	61.9%
Employee costs, % of revenue	–	–	11.0%	11.8%	10.5%	9.3%	8.0%	7.6%	7.0%	6.4%	6.2%
Other expenses, % of revenue	–	–	16.8%	19.8%	19.4%	17.0%	14.3%	14.3%	13.7%	13.1%	13.3%
Depreciation and amortisation	2,809	3,280	3,991	4,976	3,378	3,508	4,357	4,724	6,074	7,322	7,535
Operating profit after depreciation	7,922	9,946	11,216	7,588	10,298	11,175	15,928	20,168	24,445	29,658	31,782
Other income	730	631	1,086	1,063	1,033	935	1,206	2,176	2,181	3,446	3,545
Finance costs	3,648	3,987	5,021	6,065	6,102	5,018	5,830	7,488	9,083	9,591	9,720
Profit before one-off items and tax	5,004	6,590	7,280	2,586	5,229	7,092	11,305	14,856	17,542	23,513	25,607
One-off items	447	2,628	224	−1,974	−1,158	414	1,250	0	0	−293	−293
Profit before tax	5,451	9,218	7,504	612	4,071	7,506	12,555	14,856	17,542	23,220	25,314
	2,300	2,368	2,854	1,976	1,646	2,109	2,686	3,708	5,006	6,563	6,926
Current tax	2,059	2,564	2,350	2,314	2,015	1,868	2,742	3,597	4,852	6,769	7,095
Deferred tax	240	−196	504	−339	−369	241	−56	111	155	−206	−169
Share of profit of joint ventures and associates	899	1,107	1,367	1,043	1,277	1,856	1,505	1,121	1,537	1,965	1,854
Profit from discontinued businesses	–	–	–	–	−2,190	–	–	–	–	–	–
	4,051	7,958	6,017	−321	1,512	7,253	11,374	12,270	14,073	18,622	20,243
Belonging to the company's shareholders	4,051	–	5,315	127	1,812	6,577	10,282	11,269	12,929	17,099	18,470
Belonging to outside owners of subsidiaries	–	–	701	−448	−300	676	1,093	1,001	1,144	1,523	1,773
Other comprehensive income	–	–	−310	−273	65	−111	−187	184	180	803	612
Total comprehensive income	–	–	5,707	−594	1,577	7,142	11,187	12,454	14,253	19,425	20,854
Net margin	4.6%	8.5%	5.7%	−0.3%	–	8.0%	9.4%	8.8%	8.8%	9.4%	9.6%
Net margin without joint ventures and associates	3.5%	7.3%	4.4%	−1.4%	–	6.0%	8.1%	8.0%	7.9%	8.4%	–

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. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. 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 2020Filed 12 Jun	Mar 2021Filed 28 May	Mar 2022	Mar 2023Filed 26 May	Mar 2024	Mar 2025	Mar 2026
	48,344	47,661	50,652	56,825	67,082	77,509	89,098	1,09,491
	39,983	39,969	41,582	47,123	56,366	66,191	77,039	93,096
Share capital	544	554	555	556	557	557	558	559
Reserves	39,439	39,415	41,027	46,567	55,809	65,633	76,481	92,538
Belonging to outside owners of subsidiaries	8,361	7,692	9,070	9,703	10,716	11,319	12,059	16,395
	54,067	62,516	59,553	77,605	92,247	1,03,203	1,21,173	1,29,615
Repayable after a year	43,526	52,298	54,907	51,058	57,910	67,720	79,707	73,470
Repayable within a year	10,541	10,218	4,647	26,548	34,337	35,484	41,466	56,145
	58,743	54,010	51,446	56,288	70,579	75,546	90,322	1,16,099
Trade payables	20,992	14,985	15,506	19,037	23,836	25,666	30,855	37,889
Other financial liabilities	21,179	23,852	25,913	4,422	4,425	5,089	6,149	6,987
Other liabilities	4,141	2,902	3,867	4,922	6,176	7,642	9,819	12,287
Provisions	1,616	1,752	1,074	968	1,189	1,123	1,314	1,810
Tax owed	274	301	439	392	616	543	720	982
	56,304	65,336	64,364	60,999	68,230	83,246	98,166	92,045
Other financial liabilities	1,455	1,781	1,595	1,406	1,370	6,044	8,373	7,659
Other liabilities	5,043	5,350	4,766	5,250	5,525	5,946	6,192	6,559
Provisions	4,101	4,384	1,601	1,498	1,816	1,763	1,982	2,583
Deferred tax	2,171	1,512	1,494	1,786	1,609	1,772	1,912	1,774
Trade payables	8	10	1	2	0	–	–	0
	1,63,392	1,67,007	1,66,462	1,74,113	2,05,892	2,36,301	2,77,586	3,17,635
Held for sale or for a demerger	–	97	–	–	57	25	–	163
	93,986	1,02,961	94,325	98,965	1,14,566	1,38,035	1,51,013	1,70,495
Plant in use, after depreciation	22,227	24,417	17,612	21,902	20,351	21,409	25,835	29,012
Plant being built	2,454	2,552	4,478	3,036	1,223	3,461	3,653	2,368
Intangible assets	4,682	3,760	2,463	2,776	4,240	4,272	6,428	6,912
Goodwill	2,074	1,512	1,305	1,340	2,549	2,448	2,374	2,535
Intangible assets being developed	2,306	4,305	3,395	3,667	2,746	4,578	4,645	5,372
Investments	1,370	1,685	6,490	6,061	6,626	7,773	5,184	4,407
Stakes in joint ventures and associates	10,791	11,229	12,256	13,150	14,381	13,801	14,177	15,112
Loans given	40,515	45,945	38,526	38,849	52,773	67,784	79,607	89,180
Other financial assets	829	1,188	1,497	2,207	3,354	4,298	2,283	8,544
Deferred tax	1,503	1,291	1,717	1,724	1,615	1,579	1,573	1,581
Trade receivables	615	556	366	309	283	271	257	208
Other assets	4,621	4,521	4,220	3,943	4,426	6,362	4,998	5,264
	69,406	63,949	72,138	75,148	91,269	98,240	1,26,573	1,46,976
Inventories	12,200	11,112	9,615	11,596	16,855	18,590	20,331	22,044
Trade receivables	9,291	6,928	6,008	6,374	7,028	7,459	8,280	9,064
Cash and cash equivalents	6,139	4,745	3,375	3,488	3,493	4,530	4,924	4,292
Other bank balances	2,596	3,166	9,477	7,630	7,780	7,483	15,691	27,686
Current investments	6,107	6,296	10,032	10,850	14,266	13,635	21,947	20,805
Loans given	28,622	27,964	29,120	29,242	34,685	39,060	44,645	51,137
Other financial assets	891	1,177	1,431	1,999	1,952	2,102	3,552	4,597
Other assets	3,560	2,561	3,080	3,970	5,210	5,380	7,203	7,350
Net debt	39,225	48,309	36,669	55,638	66,708	77,556	78,611	76,831

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 2021Filed 28 May	Mar 2022	Mar 2023Filed 26 May	Mar 2024	Mar 2025	Mar 2026
	17,909	9,248	−7,074	−5,630	3,176	11,657
	19,759	10,808	−4,299	−1,634	7,937	17,923
	12,171	293	−19,941	−19,175	−14,113	−11,016
Receivables	−891	−2,045	−2,904	−1,890	−3,782	−3,516
Inventories	226	−2,173	−5,252	−1,753	−1,646	−593
Payables	7,049	4,972	7,013	4,354	8,485	8,763
Other working capital	5,788	−462	−18,797	−19,887	−17,170	−15,670
Tax paid	−1,850	−1,560	−2,775	−3,996	−4,761	−6,265
Capital spending	5,989	6,040	6,305	9,946	10,392	9,605
Free cash flow	11,919	3,208	−13,379	−15,576	−7,216	2,052
	−19,700	−3,239	−8,900	−5,603	−18,626	−17,794
Plant and property sold	1,364	120	138	273	583	493
Companies bought	0	−42	−587	−53	0	−885
Interest received	431	420	464	703	884	1,559
Dividends received	577	1,247	1,397	1,213	1,374	1,287
	406	−5,883	15,946	12,281	15,834	5,391
Borrowings raised	38,100	53,880	56,022	62,908	84,640	79,921
Borrowings repaid	−37,505	−57,223	−37,056	−46,805	−64,689	−72,288
Interest paid	−809	−680	−734	−597	−436	−344
Lease payments	−553	−583	−751	−786	−887	−967
Dividends paid	271	1,037	1,522	2,247	2,806	3,376
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−1,384	126	−28	1,049	384	−746

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.Mahindra & Mahindra dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 12 Jun	Mar 2021Filed 28 May	Mar 2022	Mar 2023Filed 26 May	Mar 2024	Mar 2025	Mar 2026
	₹34.17	₹69.20	₹48.91	₹1.15	₹16.33	₹59.20	₹92.41	₹101.14	₹115.91	₹153.10
As stated that year	₹68.33	₹69.20	₹48.91	₹1.15	₹16.33	₹59.20	₹92.41	₹101.14	₹115.91	₹153.10
	₹33.98	₹68.86	₹48.70	₹1.04	₹16.15	₹58.83	₹91.96	₹100.70	₹115.06	₹152.18
As stated that year	₹67.95	₹68.86	₹48.70	₹1.04	₹16.15	₹58.83	₹91.96	₹100.70	₹115.06	₹152.18
	₹6.50	₹7.50	₹8.50	₹2.35	₹8.75	₹11.55	₹16.25	₹21.10	₹25.30	₹33.00
As declared that year	₹13.00	₹7.50	₹8.50	₹2.35	₹8.75	₹11.55	₹16.25	₹21.10	₹25.30	₹33.00
Book value per share	–	–	₹367.52	₹360.55	₹374.51	₹423.72	₹506.14	₹593.77	₹690.13	₹833.03
Dividend payout	19.9%	–	17.4%	205.1%	53.6%	19.5%	17.6%	20.9%	21.8%	21.6%
Shareholder yield	–	–	–	–	0.3%	1.0%	1.1%	0.9%	0.8%	0.9%
Market cap at the year end (₹ crore)	79,928	91,859	83,779	35,425	98,865	1,00,270	1,44,049	2,38,925	3,31,500	3,67,425

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Mahindra & Mahindra PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 12 Jun	Mar 2021Filed 28 May	Mar 2022	Mar 2023Filed 26 May	Mar 2024	Mar 2025	Mar 2026
Revenue growth	14.1%	4.8%	12.3%	−9.1%	–	21.4%	34.5%	14.7%	14.5%	24.8%
Operating profit growth	11.2%	23.2%	15.0%	−17.4%	–	7.4%	38.2%	22.7%	22.6%	21.2%
Net profit growth	26.1%	96.5%	−24.4%	–	–	379.6%	56.8%	7.9%	14.7%	32.3%
Earnings per share growth	26.0%	102.5%	−29.3%	−97.6%	–	262.5%	56.1%	9.4%	14.6%	32.1%
	–	–	13.3%	0.3%	4.4%	14.8%	19.9%	18.4%	18.1%	20.1%
	–	–	–	−13.0 pts	4.1 pts	10.4 pts	5.0 pts	−1.5 pts	−0.3 pts	2.0 pts
From the net margin	–	–	–	−12.9 pts	–	–	2.4 pts	−0.9 pts	0.0 pts	1.1 pts
From asset turnover	–	–	–	0.0 pts	–	–	3.5 pts	−0.3 pts	−0.3 pts	1.5 pts
From borrowing	–	–	–	0.0 pts	–	–	−0.9 pts	−0.3 pts	−0.1 pts	−0.5 pts
Return on capital employed	–	–	11.0%	6.9%	9.3%	8.3%	10.0%	11.2%	11.6%	12.4%
Cash conversion	–	–	–	–	1,184.1%	127.5%	−62.2%	−45.9%	22.6%	62.6%
Interest cover	2.2	2.5	2.2	1.3	1.7	2.2	2.7	2.7	2.7	3.1
Debt to equity	–	–	1.12	1.31	1.18	1.37	1.38	1.33	1.36	1.18
Receivable days	–	–	32	27	30	26	21	20	19	17
Inventory days	–	–	74	77	91	82	83	81	78	65
Payable days	–	–	127	104	147	134	118	112	118	113
Cash conversion cycle, days	–	–	−21	0	−26	−27	−13	−11	−21	−30
Working capital days	–	–	22	23	12	95	89	85	81	63
Asset turnover	–	–	0.64	0.58	0.45	0.53	0.64	0.63	0.62	0.67
Assets per rupee of net worth	–	–	4.09	4.13	4.09	3.84	3.67	3.61	3.59	3.50
Sales per rupee of plant	–	–	4.71	3.90	4.22	4.12	5.96	6.50	6.16	6.85
Capital spending to depreciation	–	–	–	–	1.77	1.72	1.45	2.11	1.71	1.31
Plant being built, % of plant in use	–	–	11.0%	10.5%	25.4%	13.9%	6.0%	16.2%	14.1%	8.2%

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. Earnings per share growth is 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: 5.7%
Cash from operations against operating profit: 31.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	21.7%	17.9%
Profit growth, yearly rate	–	56.7%	18.5%
Return on equity, average	–	18.2%	18.8%
Return on capital employed, average	–	10.7%	11.7%
Operating margin, average	16.1%	17.7%	18.6%
Net margin, average	7.0%	8.9%	9.0%
Asset turnover, average	–	0.62	0.64
Cash conversion cycle, days, average	–	−21	−21
Interest cover, average	2.3	2.7	2.8
Debt to equity, average	–	1.32	1.29

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	11,377	9,203	11,657
Cash from investing	−54,163	−42,023	−17,794
Cash from financing	43,570	33,507	5,391
Capital spending	42,288	29,943	9,605
Dividends paid	10,989	8,430	3,376
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	3,37,371	2,27,469	79,921
Borrowings repaid	2,78,061	1,83,783	72,288

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	–	–	–	–	6	6	4	3	3	5
Altman Z-scorePublished threshold 1.81	–	–	1.75	1.28	1.65	1.77	2.01	2.21	2.38	2.44
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.05	−2.46	−1.90	−2.05	−2.24	−2.28
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.98	0.73	14.39	10.63	11.49	8.32
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.00	−0.11	−0.25	0.20
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−16.31	8.67	−15.30	−24.23	−8.55	−3.48	−15.29
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	3.98	13.47	−14.28	2.53	−2.72	−5.14	−19.96
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.75	1.04	1.62	0.98	0.23	2.06	0.60
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.36	–	0.39	0.44	0.60	0.35	0.23
Effective tax ratePublished threshold 17.16 per cent	42.19	25.69	38.03	322.80	40.43	28.09	21.39	24.96	28.54	28.26
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	7.31	−0.71	−1.94	1.40	1.28

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 Sep 2026	ICRA Limited	Non Convertible Debentures	[ICRA]AAAReview, Re-affirm	Stable	500
28 Sep 2026	ICRA Limited	Non-fund based-Others	[ICRA]AAAReview, Re-affirm	Stable	6.25
28 Sep 2026	ICRA Limited	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		643.75
18 Sep 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A1+Review, Re-affirm		900
18 Sep 2026	CRISIL Ratings Limited	Commercial Paper	Crisil A1+Review, Re-affirm		500
18 Sep 2026	CRISIL Ratings Limited	Non Convertible Debentures	Crisil AAAReview, Re-affirm	Stable	475
7 Sep 2026	India Ratings and Research Private Limited	Non-convertible debentures	IND AAAReview, Re-affirm	Stable	475
7 Sep 2026	India Ratings and Research Private Limited	Issuer Rating	IND AAAReview, Re-affirm	Stable
7 Sep 2026	India Ratings and Research Private Limited	Bank loan facilities	IND AAA; IND A1+Review, Re-affirm	Stable	1,302.50
3 Dec 2025	CARE Ratings Limited	Fund-based - LT/ ST-Cash Credit	CARE AAA / CARE A1+Review, Re-affirm	Stable	10
3 Dec 2025	CARE Ratings Limited	Fund-based - ST-Daylight Overdraft Credit Facility	CARE A1+Review, Re-affirm		1,460.25
3 Dec 2025	CARE Ratings Limited	Fund-based - ST-Working Capital Limits	CARE A1+Review, Re-affirm		306.36
3 Dec 2025	CARE Ratings Limited	Fund-based - LT-Cash Credit	CARE AAAReview, Re-affirm	Stable	24.11
3 Dec 2025	CARE Ratings Limited	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		372.45

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