Max Financial Services financials: balance sheet, profit and loss, cash flow
NSE: MFSLBSE: 500271InsuranceMid Cap
Max Financial Services Limited · Formerly Max India · Face value ₹2 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Nov 1989 on BSE, May 2000 on NSE
Last close ₹1,224.60down ₹6.70 (0.54%)BSE ₹1,222.60
Share price at the NSE close on 28 Oct 2026. Previous close ₹1,231.30.
28 Oct: open ₹1,247.00, high ₹1,284.00, low ₹1,193.40
52-week range of traded prices to 28 Oct 2026
₹1,193.40Low, 28 Oct 2026₹1,892.50High, 23 Feb 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹42,263 Cr180th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- Earlier quarters restated in the year
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 7.39
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 4.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.29
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 11,74,48738.9% delivered
Max Financial Services' financial statements for the 10 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the half year to Sep 2026 after them. It had no borrowings at 30 Sep 2026.
10 years at a glance
₹ crore, years to March.Max Financial Services annual reports
Revenue, net profit and borrowings, ₹ crore
- Revenue
- Net profit
- Borrowings
- Loss
Back to profit in the year to Mar 2026, ₹5.90 CrA loss in 2 of the 10 years shown
Operating and net margin, per cent
- Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs. Operating margin in the glossary
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
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 2026, the company's revenue for that year, ₹26 Cr, differs from its quarters added, ₹31 Cr.
Results for the year to Mar 2026
Standalone: the listed company alone, without its subsidiaries. ₹ crore.
From revenue to net profit
- Revenue26
- Employee costs−6.1
- Other expenses−16
- Operating profit3.7
- Depreciation−0.8
- Other income+4.9
- One-off items0.0
- Finance costs0.0
- Profit before tax7.8
- Tax−1.9
- Net profit5.9
What the company owns
- Plant, investments and other assets₹6,755 Cr
- Receivables₹9 Cr
- Cash and bank₹0 Cr
What pays for it: net worth and liabilities
- Net worth₹6,749 Cr
- Other liabilities₹15 Cr
Profit and loss
Standalone, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Max Financial Services quarterly results
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026Twelve monthsFiled 27 Oct |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 255 | 229 | 317 | 495 | 306 | 200 | 58 | 21 | 15 | 26 | 31 |
| Operating expenses. What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax. Operating expenses in the glossary | – | – | 239 | 89 | 174 | 51 | 36 | 32 | 24 | 22 | 20 |
| Materials and goods boughtCost of materials and goods. Raw materials used and goods bought for resale in the period, adjusted for the change in stock held. Cost of materials and goods in the glossary | – | – | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Employee costsEmployee costs. Salaries, wages, bonuses and other benefits paid to staff in the period. Employee costs in the glossary | – | – | – | 23 | 21 | 22 | 9 | 6 | 6 | 6 | 7 |
| Other expensesOther expenses. Every operating cost besides materials and staff: power, rent, freight, repairs, marketing and the like. Other expenses in the glossary | – | – | – | 66 | 153 | 30 | 27 | 25 | 18 | 16 | 14 |
| Operating profit before depreciationOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax. Operating profit before depreciation (EBITDA) in the glossary | – | – | 77 | 406 | 132 | 148 | 22 | −10 | −8 | 4 | 11 |
| Operating margin | – | – | 24.4% | 82.1% | 43.1% | 74.3% | 38.1% | −47.4% | −53.3% | 14.2% | 34.1% |
| Materials, % of revenueMaterials, % of revenue. Raw materials used and goods bought for resale, adjusted for the change in stock, divided by revenue, times 100. Materials, % of revenue in the glossary | – | – | – | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Employee costs, % of revenueEmployee costs, % of revenue. Salaries, wages and other staff costs divided by revenue, times 100. Employee costs, % of revenue in the glossary | – | – | – | 4.6% | 6.9% | 10.8% | 15.9% | 28.8% | 38.3% | 23.7% | 21.2% |
| Other expenses, % of revenueOther expenses, % of revenue. Operating costs besides materials and staff divided by revenue, times 100; with the two above and the operating margin it makes 100. Other expenses, % of revenue in the glossary | – | – | – | 13.3% | 50.0% | 14.9% | 45.9% | 118.5% | 114.9% | 62.2% | 44.7% |
| Depreciation and amortisationDepreciation and amortisation. The part of the cost of plant, buildings and other long-lived assets charged against each year they are used. Depreciation and amortisation in the glossary | 2 | 2 | 2 | 10 | 4 | 3 | 3 | 2 | 1 | 1 | 0 |
| Operating profit after depreciationOperating profit after depreciation (EBIT). Operating profit before depreciation, less depreciation and amortisation. Operating profit after depreciation (EBIT) in the glossary | – | – | 75 | 396 | 128 | 145 | 19 | −12 | −9 | 3 | 10 |
| Other incomeOther income. Income from outside the main business, such as interest on deposits, dividends received and gains on investments. Other income in the glossary | 1 | 1 | 1 | 0 | 1 | 2 | 0 | 0 | 1 | 5 | 3 |
| Finance costsFinance costs. Interest and the other costs of borrowing in the period. Finance costs in the glossary | – | – | 27 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| One-off itemsExceptional items. Gains or losses the company reports separately because they are not expected to recur, such as selling a business or writing down an asset. Exceptional items in the glossary | – | – | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 154 | 123 | 49 | 396 | 129 | 147 | 19 | −12 | −9 | 8 | 13 |
| – | – | 0 | 124 | 30 | 44 | 5 | 0 | 0 | 2 | 2 | |
| Net profit | 154 | 123 | 49 | 273 | 99 | 103 | 14 | −11 | −9 | 6 | 11 |
| Other comprehensive incomeOther comprehensive income. Gains and losses booked straight to net worth rather than through profit, such as changes in the value of some investments, pension plans and currency translation. Other comprehensive income in the glossary | – | – | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total comprehensive incomeTotal comprehensive income. Net profit plus other comprehensive income. Total comprehensive income in the glossary | – | – | 49 | 272 | 99 | 103 | 14 | −11 | −9 | 6 | 11 |
| Net margin | 60.4% | 53.8% | 15.6% | 55.1% | 32.4% | 51.4% | 24.0% | −52.4% | −59.6% | 22.9% | 35.3% |
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2019 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 2017 and Mar 2018: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.
Earlier years, Mar 2008 to Mar 2016
| ₹ crore | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 284 | 417 | 359 | 463 | 747 | 1,515 | 996 | 582 | 201 |
| 284 | – | – | 439 | 714 | 837 | 783 | 111 | – | |
| Materials and goods bought | 186 | 234 | 215 | 277 | 482 | 516 | 524 | – | – |
| Employee costs | 28 | – | – | 60 | 62 | – | 79 | – | – |
| Other expenses | 70 | – | – | 102 | 171 | – | 180 | – | – |
| Operating profit before depreciation | 0 | – | – | 24 | 33 | 678 | 213 | 471 | – |
| Operating margin | 0.1% | – | – | 5.2% | 4.4% | 44.8% | 21.4% | 81.0% | – |
| Materials, % of revenue | 65.5% | – | – | 59.7% | 64.5% | – | 52.6% | – | – |
| Employee costs, % of revenue | 9.8% | – | – | 13.0% | 8.3% | – | 8.0% | – | – |
| Other expenses, % of revenue | 24.7% | – | – | 22.1% | 22.8% | – | 18.1% | – | – |
| Depreciation and amortisation | 11 | – | – | 15 | 23 | 24 | 24 | 4 | 2 |
| Operating profit after depreciation | −11 | – | – | 9 | 10 | 654 | 189 | 467 | – |
| Other income | 91 | 3 | 4 | 23 | 8 | 13 | 13 | 3 | 1 |
| Finance costs | 15 | 16 | 15 | 67 | 31 | 17 | 22 | 0 | – |
| Profit before one-off items and taxProfit before one-off items and tax. Profit before tax as it would be without the one-off items below it, as the company states it. Profit before one-off items and tax in the glossary | – | 33 | 3 | −35 | −13 | 650 | 180 | 469 | 115 |
| One-off items | – | −23 | – | – | – | – | – | – | – |
| Profit before tax | 65 | 10 | 3 | −35 | −13 | 650 | 180 | 469 | 115 |
| 3 | −11 | 3 | 7 | 2 | 88 | −5 | 78 | – | |
| Net profit | 62 | 22 | −1 | −42 | −15 | 561 | 185 | 391 | 115 |
| Net margin | 21.8% | 5.2% | −0.2% | −9.1% | −2.1% | 37.1% | 18.6% | 67.2% | 57.4% |
Standalone, ₹ crore, years to March.
Balance sheet
Standalone, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.
| ₹ crore | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026Half yearFiled 27 Oct |
|---|---|---|---|---|---|---|---|---|---|
| Net worth. What the company owns less everything it owes: the money shareholders have in the business, paid in and kept from profits. Net worth in the glossary | 2,000 | 2,280 | 6,645 | 6,750 | 6,763 | 6,752 | 6,743 | 6,749 | 6,748 |
| Share capitalShare capital. The face value of all the shares the company has issued. Share capital in the glossary | 54 | 54 | 69 | 69 | 69 | 69 | 69 | 69 | 69 |
| ReservesReserves. The rest of the shareholders' net worth: profits kept in the business over the years, and money paid for shares above their face value. Reserves in the glossary | 1,946 | 2,226 | 6,576 | 6,681 | 6,694 | 6,683 | 6,674 | 6,680 | 6,679 |
| BorrowingsBorrowings. Loans, bonds and other money the company has borrowed and must repay with interest. Borrowings in the glossary | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total assetsTotal assets. Everything the company owns or controls: plant, investments, stock, money owed by customers and cash. Total assets in the glossary | 2,196 | 2,526 | 6,677 | 6,777 | 6,780 | 6,770 | 6,759 | 6,764 | 6,762 |
| Plant in use, after depreciationNet block. Plant, buildings and equipment in use, at what they cost less the depreciation charged on them so far. Net block in the glossary | 30 | 22 | 22 | 3 | 2 | 1 | 2 | 1 | – |
| Trade receivablesTrade receivables. Money customers owe the company for goods and services already delivered. Trade receivables in the glossary | 22 | 19 | 19 | 15 | 17 | 12 | 11 | 9 | 4 |
| Cash and cash equivalentsCash and cash equivalents. Cash in hand and at the bank, and deposits that can be turned into cash within three months. Cash and cash equivalents in the glossary | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other bank balancesOther bank balances. Bank deposits that cannot be drawn within three months, such as fixed deposits and money held as security. Other bank balances in the glossary | 3 | 2 | 1 | 31 | 57 | 48 | 53 | 0 | 0 |
| Net debtNet debt. Borrowings less cash, other bank balances and current investments: what the company would still owe if it used its cash to repay. Net debt in the glossary | −3 | −2 | −1 | −31 | −58 | −48 | −53 | 0 | 0 |
Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. 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
Standalone, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026Half year |
|---|---|---|---|---|---|---|---|
| Cash from operationsCash from operations. Cash the business brought in from its operations in the period, after paying suppliers, staff and tax. Cash from operations in the glossary | −0.7 | 85.9 | −34.1 | −7.7 | −2.8 | −12.7 | −1.3 |
| Capital spendingCapital spending. Cash spent in the period on plant, equipment, buildings and other long-lived assets. Capital spending in the glossary | 1.5 | 0.1 | 0.2 | 0.1 | 0.8 | 0.1 | 0.0 |
| Free cash flowFree cash flow. Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep. Free cash flow in the glossary | −2.3 | 85.9 | −34.3 | −7.7 | −3.7 | −12.8 | −1.4 |
| Cash from investingCash from investing. Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received. Cash from investing in the glossary | 2.4 | −84.7 | 35.9 | 8.6 | 4.0 | 13.4 | 1.5 |
| Cash from financingCash from financing. Cash raised from, or paid to, lenders and shareholders: borrowings taken and repaid, interest, lease payments, dividends and shares issued or bought back. Cash from financing in the glossary | −1.7 | −1.1 | −1.8 | −1.2 | −1.1 | −0.7 | −0.2 |
| Dividends paidDividends paid. Cash paid to shareholders as dividends during the period. Dividends paid in the glossary | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Shares bought backShares bought back. Cash spent buying the company's own shares back from shareholders. Shares bought back in the glossary | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Shares issuedShares issued. Cash raised by selling new shares. Shares issued in the glossary | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net change in cashNet change in cash. Cash from operations, investing and financing added together: how much cash and cash equivalents rose or fell over the year, before currency effects. Net change in cash in the glossary | −0.1 | 0.2 | 0.0 | −0.2 | 0.1 | 0.0 | −0.1 |
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.
Ratios
Standalone, years to March.Max Financial Services PE ratio and valuation
| Ratio | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growthRevenue growth. This year's revenue less last year's, divided by last year's, times 100; blank where last year's is not above nought. Revenue growth in the glossary | 27.0% | −10.3% | 38.4% | 56.3% | −38.1% | −34.8% | −71.1% | −62.9% | −27.8% | – |
| Operating profit growthOperating profit growth. This year's operating profit before depreciation less last year's, divided by last year's, times 100; blank where last year's is not above nought. Operating profit growth in the glossary | – | – | – | 426.1% | −67.5% | 12.3% | −85.1% | – | – | – |
| Net profit growthNet profit growth. This year's net profit less last year's, divided by last year's, times 100; blank where last year's is not above nought. Net profit growth in the glossary | 33.7% | −20.1% | −59.9% | 451.8% | −63.6% | 3.4% | −86.5% | – | – | – |
| Earnings per share growthEarnings per share growth. This year's earnings per share less last year's, on the same share count, divided by last year's, times 100; blank where last year's is not above nought. Earnings per share growth in the glossary | 33.3% | −20.3% | −60.1% | 453.0% | −66.6% | −12.1% | −86.5% | – | – | – |
| Return on equity. Profit belonging to shareholders as a percentage of their average net worth over the year. | – | – | 2.5%what Return on equity, Mar 2019, includes. This year's return on equity, asset turnover and assets per rupee of net worth are on its year-end balance sheet: none a year before is on record to average with. | 12.7% | 2.2% | 1.5% | 0.2% | −0.2% | −0.1% | 0.1% |
| Change in return on equity. This year's return on equity less last year's, in percentage points, split below into what came from the margin, turnover and borrowing, which add up to it. Change in return on equity in the glossary | – | – | – | 10.3 pts | −10.5 pts | −0.7 pts | −1.3 pts | −0.4 pts | 0.0 pts | 0.2 pts |
| From the net marginChange from the net margin. The part of the change in return on equity that came from profit per rupee of sales. Change from the net margin in the glossary | – | – | – | 6.2 pts | −5.2 pts | 1.3 pts | −0.8 pts | −0.7 pts | 0.0 pts | 0.2 pts |
| From asset turnoverChange from asset turnover. The part of the change in return on equity that came from sales per rupee of assets. Change from asset turnover in the glossary | – | – | – | 4.0 pts | −5.1 pts | −2.0 pts | −0.5 pts | 0.3 pts | 0.1 pts | 0.0 pts |
| From borrowingChange from borrowing. The part of the change in return on equity that came from assets per rupee of net worth. Change from borrowing in the glossary | – | – | – | 0.1 pts | −0.2 pts | 0.0 pts | 0.0 pts | 0.0 pts | 0.0 pts | 0.0 pts |
| Return on capital employedReturn on capital employed. Operating profit after depreciation divided by net worth plus borrowings at the year end, times 100: what the business earns on all the money in it. | – | – | 3.8% | 17.4% | 1.9% | 2.1% | 0.3% | −0.2% | −0.1% | 0.0% |
| Cash conversionCash conversion. Cash from operations as a percentage of net profit: how much of the reported profit came in as cash. Cash conversion in the glossary | – | – | – | – | −0.7% | 83.7% | −245.5% | – | – | −214.9% |
| Interest coverInterest cover. Operating profit after depreciation divided by finance costs: how many times over the profit pays the interest bill. Interest cover in the glossary | – | – | 2.8 | 1,982.2 | 583.0 | 1,034.7 | 172.2 | – | – | 96.7 |
| Debt to equityDebt to equity. Borrowings at the year end divided by net worth: rupees borrowed for each rupee shareholders have in the business. | – | – | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivable daysReceivable days. Trade receivables divided by revenue, times 365: the average days customers take to pay. Receivable days in the glossary | – | – | 25 | 14 | 23 | 28 | 109 | 209 | 267 | 123 |
| Asset turnoverAsset turnover. Revenue divided by average total assets: rupees of sales for each rupee of assets. Asset turnover in the glossary | – | – | 0.14 | 0.21 | 0.07 | 0.03 | 0.01 | 0.00 | 0.00 | 0.00 |
| Assets per rupee of net worthAssets per rupee of net worth. Average total assets divided by average net worth: how far borrowings and other liabilities stretch the shareholders' money. Assets per rupee of net worth in the glossary | – | – | 1.10 | 1.10 | 1.03 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Sales per rupee of plantSales per rupee of plant. Revenue divided by the net block: rupees of sales for each rupee of plant in use. Sales per rupee of plant in the glossary | – | – | 10.43 | 22.36 | 14.11 | 70.57 | 30.43 | 20.22 | 9.85 | 26.86 |
| Capital spending to depreciationCapital spending to depreciation. Capital spending for the period divided by its depreciation and amortisation. Capital spending to depreciation in the glossary | – | – | – | – | 0.40 | 0.02 | 0.06 | 0.03 | 0.66 | 0.19 |
| Plant being built, % of plant in useCapital work in progress, % of net block. Plant still being built as a percentage of the plant in use. Capital work in progress, % of net block in the glossary | – | – | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Interest cover is left blank for the years to Mar 2024 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth is left blank for the year to Mar 2026: 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
Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.
- Return on assets, latest yearReturn on assets, latest year. Profit to the company's own shareholders in the latest year ÷ the average of that year's opening and closing total assets × 100; empty for a bank, a lender or an insurer, whose own return on assets is shown with its accounts.
- 0.1%
- Cash from operations against operating profitCash from operations against operating profit. Cash from operating activities in the latest year ÷ operating profit before depreciation × 100: how much of the operating profit arrived as cash; empty where that profit is nought or a loss.
- −347.4%
| Measure | 10 years | 5 years | 3 years |
|---|---|---|---|
| Profit growth, yearly rateProfit growth, yearly rate. 3 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year three years before, to the power of one third, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 5 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year five years before, to the power of one fifth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 10 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year ten years before, to the power of one tenth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. | −25.7% | −43.1% | −24.8% |
| Return on equity, averageReturn on equity, average. 3 years: The plain average of the yearly return on equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 0.3% | −0.1% |
| Return on capital employed, averageReturn on capital employed, average. 3 years: The plain average of the yearly return on capital employed over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on capital employed over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on capital employed over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 0.4% | −0.1% |
| Operating margin, averageOperating margin, average. 3 years: The plain average of the yearly operating profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly operating profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly operating profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 5.2% | −28.8% |
| Net margin, averageNet margin, average. 3 years: The plain average of the yearly net profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly net profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly net profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 20.3% | −2.8% | −29.7% |
| Asset turnover, averageAsset turnover, average. 3 years: The plain average of the yearly asset turnover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly asset turnover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly asset turnover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 0.01 | 0.00 |
| Debt to equity, averageDebt to equity, average. 3 years: The plain average of the yearly debt to equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly debt to equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly debt to equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 0.00 | 0.00 |
Where the cash came from and went
Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.
| ₹ crore | 5 years | 3 years | Latest year |
|---|---|---|---|
| Cash from operationsCash from operations. Latest year: Cash from operating activities in the latest year. 3 years: Cash from operating activities added over the last three years, needing every one of them. 5 years: Cash from operating activities added over the last five years, needing every one of them. | 28.7 | −23.2 | −12.7 |
| Cash from investingCash from investing. Latest year: Cash from investing activities in the latest year. 3 years: Cash from investing activities added over the last three years, needing every one of them. 5 years: Cash from investing activities added over the last five years, needing every one of them. | −22.9 | 26.0 | 13.4 |
| Cash from financingCash from financing. Latest year: Cash from financing activities in the latest year. 3 years: Cash from financing activities added over the last three years, needing every one of them. 5 years: Cash from financing activities added over the last five years, needing every one of them. | −5.7 | −2.9 | −0.7 |
| Capital spendingCapital spending. Latest year: Spending on property, plant and equipment in the latest year. 3 years: Spending on property, plant and equipment added over the last three years, needing every one of them. 5 years: Spending on property, plant and equipment added over the last five years, needing every one of them. | 1.2 | 1.0 | 0.1 |
| Dividends paidDividends paid. Latest year: Dividends paid in the latest year. 3 years: Dividends paid added over the last three years, needing every one of them. 5 years: Dividends paid added over the last five years, needing every one of them. | 0.0 | 0.0 | 0.0 |
| Shares bought backShares bought back. Latest year: Shares bought back in the latest year. 3 years: Shares bought back added over the last three years, needing every one of them. 5 years: Shares bought back added over the last five years, needing every one of them. | 0.0 | 0.0 | 0.0 |
| Shares issued for cashShares issued for cash. Latest year: Shares issued for cash in the latest year. 3 years: Shares issued for cash added over the last three years, needing every one of them. 5 years: Shares issued for cash added over the last five years, needing every one of them. | 0.0 | 0.0 | 0.0 |
Accounting checks
Standalone, 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 |
|---|---|---|---|---|---|---|---|---|
| Assets under construction, years of additionsAssets under construction, years of additions. Capital work in progress divided by the year's additions to plant: how many years of building stand unfinished. Assets under construction, years of additions in the glossaryOur threshold 2 years of additions | – | 0.00 | – | – | – | – | – | – |
| Effective tax rateEffective tax rate. Tax charged as a percentage of profit before tax. Effective tax rate in the glossaryPublished threshold 17.16 per cent | 0.00 | – | – | – | – | – | – | – |
A threshold marked as ours has no published figure; it is the line we read the check against.