Motilal Oswal Financial Services financials: balance sheet, profit and loss, cash flow

NSE: MOTILALOFSBSE: 532892Capital MarketsMid Cap

Motilal Oswal Financial Services Limited · Face value ₹1 · Listed Sep 2007

₹941.95₹44.15 (4.48%)BSE ₹937.00

Share price at the NSE close on 30 Oct 2026. Previous close ₹986.10.

30 Oct: open ₹1,001.00, high ₹1,005.35, low ₹935.05

52-week range of traded prices to 30 Oct 2026

₹614.90Low, 23 Mar 2026₹1,090.25High, 7 Oct 2026

Market cap: ₹56,797 Cr199th largest listed
P/E: 21.05
P/B: 3.65
Dividend yield: 0.64%
ROE: 19.0%
ROCE: 11.8%
Debt to equity: 1.72
Volume, NSE: 21,57,08724.9% delivered

Motilal Oswal Financial Services' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Motilal Oswal Financial Services 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 2019, the company's revenue for that year, ₹2,463 Cr, differs from its quarters added, ₹2,633 Cr. From the year to Mar 2020, the company's revenue for that year, ₹2,358 Cr, differs from its quarters added, ₹2,480 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue9,374
Operating expenses−5,504
Operating profit3,870
Depreciation−111
Other income+42
One-off items0.0
Finance costs−1,336
Profit before tax2,465
Tax−600
Joint ventures+7.0
Net profit1,872

What the company owns

Plant, investments and other assets₹25,926 Cr
Cash and bank₹13,483 Cr
Receivables₹4,058 Cr

What pays for it: net worth and liabilities

Borrowings₹21,255 Cr
Net worth₹12,952 Cr
Other liabilities₹9,260 Cr

Motilal Oswal Financial Services 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.Motilal Oswal Financial Services segment results by quarter

Revenue by segment

₹10,471 CrTotal

Wealth Management₹4,083 Cr39.0% of total
Asset and Private Wealth Management₹3,365 Cr32.1% of total
Treasury Investments₹1,430 Cr13.7% of total
Home Finance₹801 Cr7.6% of total
Capital markets₹791 Cr7.6% of total

Profit by segment

Wealth Management₹966 Cr30.6% of total
Asset and Private Wealth Management₹1,534 Cr48.7% of total
Home Finance₹209 Cr6.6% of total
Capital markets₹444 Cr14.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Wealth Management
Revenue, ₹ crore
4,206
4,083
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,046
966
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Asset and Private Wealth Management
Revenue, ₹ crore
2,637
3,365
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,084
1,534
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Treasury Investments
Revenue, ₹ crore
1,451
1,116
1,430
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,004
553
−656
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Home Finance
Revenue, ₹ crore
648
576
546
528
532
589
652
801
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−209
61
91
119
178
174
166
209
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Capital markets
Revenue, ₹ crore
2,537
2,832
3,706
627
791
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
746
679
1,091
342
444
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	2,686	2,637	3,935	4,710	4,469	7,831	9,238	10,471
Company revenue, as in its results	2,463	2,358	3,626	4,297	4,177	7,068	8,417	9,374
Revenue	–	–	–	–	–	–	4,206	4,083
Revenue growth	–	–	–	–	–	–	–	−2.9%
Profit	–	–	–	–	–	–	1,046	966
Profit growth	–	–	–	–	–	–	–	−7.6%
Margin	–	–	–	–	–	–	24.9%	23.7%
Return on capital	–	–	–	–	–	–	31.4%	24.8%
Assets	–	–	–	–	–	–	21,521	28,996
Liabilities	–	–	–	–	–	–	18,189	25,102
Capital employed	–	–	–	–	–	–	3,331	3,894
Revenue	–	–	–	–	–	–	2,637	3,365
Revenue growth	–	–	–	–	–	–	–	27.6%
Profit	–	–	–	–	–	–	1,084	1,534
Profit growth	–	–	–	–	–	–	–	41.6%
Margin	–	–	–	–	–	–	41.1%	45.6%
Return on capital	–	–	–	–	–	–	123.6%	357.9%
Assets	–	–	–	–	–	–	1,677	1,094
Liabilities	–	–	–	–	–	–	801	665
Capital employed	–	–	–	–	–	–	877	429
Revenue	–	–	–	–	–	1,451	1,116	1,430
Revenue growth	–	–	–	–	–	–	−23.1%	28.1%
Profit	–	–	–	–	–	1,004	553	−656
Profit growth	–	–	–	–	–	–	−44.9%	–
Margin	–	–	–	–	–	69.2%	49.6%	−45.9%
Return on capital	–	–	–	–	–	16.8%	6.9%	−6.6%
Assets	–	–	–	–	–	6,398	8,500	10,958
Liabilities	–	–	–	–	–	412	451	953
Capital employed	–	–	–	–	–	5,986	8,048	10,005
Revenue	648	576	546	528	532	589	652	801
Revenue growth	–	–	−5.4%	−3.1%	0.7%	10.7%	10.6%	22.9%
Profit	−209	61	91	119	178	174	166	209
Profit growth	–	–	48.2%	30.7%	49.6%	−2.3%	−4.1%	25.3%
Margin	−32.3%	10.6%	16.7%	22.5%	33.4%	29.5%	25.5%	26.0%
Return on capital	−29.7%	8.0%	10.7%	12.2%	15.8%	13.6%	11.6%	13.0%
Assets	4,620	3,781	3,839	3,728	4,123	4,536	5,530	6,319
Liabilities	3,915	3,016	2,987	2,754	2,997	3,261	4,101	4,711
Capital employed	705	764	852	974	1,125	1,274	1,429	1,608
Revenue	–	–	–	2,537	2,832	3,706	627	791
Revenue growth	–	–	–	–	11.7%	30.8%	−83.1%	26.2%
Profit	–	–	–	746	679	1,091	342	444
Profit growth	–	–	–	–	−9.0%	60.6%	−68.7%	30.1%
Margin	–	–	–	29.4%	24.0%	29.4%	54.5%	56.2%
Return on capital	–	–	–	118.1%	92.4%	28.9%	222.7%	356.5%
Assets	–	–	–	8,634	13,991	20,366	192	195
Liabilities	–	–	–	8,002	13,256	16,594	39	71
Capital employed	–	–	–	632	736	3,771	153	125
Revenue	–	–	–	0	–	2,085	–	–
Profit	–	–	–	443	–	792	–	–
Margin	–	–	–	–	–	38.0%	–	–
Return on capital	–	–	–	119.6%	–	123.5%	–	–
Assets	–	–	–	601	–	3,154	–	–
Liabilities	–	–	–	231	–	2,512	–	–
Capital employed	–	–	–	370	–	641	–	–
Revenue	807	789	770	1,133	962	–	–	–
Revenue growth	–	–	−2.3%	47.0%	−15.0%	–	–	–
Profit	301	264	279	0	363	–	–	–
Profit growth	–	–	5.9%	−100.0%	–	–	–	–
Margin	37.3%	33.5%	36.3%	0.0%	37.7%	–	–	–
Return on capital	173.8%	151.2%	149.4%	–	136.2%	–	–	–
Assets	311	284	332	0	428	–	–	–
Liabilities	138	110	145	0	161	–	–	–
Capital employed	173	175	187	0	266	–	–	–
Revenue	59	36	907	513	143	–	–	–
Revenue growth	–	–	2,449.1%	−43.5%	−72.2%	–	–	–
Profit	55	−291	873	482	64	–	–	–
Profit growth	–	–	–	−44.8%	−86.7%	–	–	–
Margin	93.6%	−816.6%	96.2%	94.0%	44.9%	–	–	–
Return on capital	3.0%	−15.9%	26.9%	12.1%	1.4%	–	–	–
Assets	2,016	2,047	3,440	4,211	4,663	–	–	–
Liabilities	163	221	200	211	172	–	–	–
Capital employed	1,853	1,825	3,240	4,000	4,491	–	–	–
	–	–	–	0	–	–	–	–
Profit	–	–	–	−89	–	–	–	–
Assets	–	–	–	0	–	–	–	–
Liabilities	–	–	–	0	–	–	–	–
Capital employed	–	–	–	0	–	–	–	–
Revenue	1,133	1,225	1,709	–	–	–	–	–
Revenue growth	–	–	39.5%	–	–	–	–	–
Profit	255	261	417	–	–	–	–	–
Profit growth	–	–	59.5%	–	–	–	–	–
Margin	22.5%	21.3%	24.4%	–	–	–	–	–
Return on capital	76.0%	86.1%	111.1%	–	–	–	–	–
Assets	3,660	3,973	6,592	–	–	–	–	–
Liabilities	3,324	3,670	6,217	–	–	–	–	–
Capital employed	336	303	375	–	–	–	–	–
Revenue	38	12	3	–	–	–	–	–
Profit	12	−10	−15	–	–	–	–	–
Margin	31.7%	−84.1%	−491.7%	–	–	–	–	–
Assets	17	2	2	–	–	–	–	–
Liabilities	20	7	17	–	–	–	–	–
Capital employed	−3	−6	−15	–	–	–	–	–
Revenue	–	–	–	–	−272	−702	−820	–
Profit	–	–	–	–	0	−5	35	–
Assets	–	–	–	–	−301	−2,723	−3,433	–
Liabilities	–	–	–	–	−126	−175	−725	–
Revenue	1	0	0	1	0	1	–	–
Profit	−18	−30	−31	−85	−42	−23	–	–
Assets	211	168	118	126	106	100	–	–
Liabilities	144	47	177	247	267	456	–	–
	0	0	0	0	–	–	–	–
Profit	0	0	0	0	–	–	–	–
Assets	−168	−144	−207	−376	–	–	–	–
Liabilities	0	0	0	0	–	–	–	–
	0	0	0	0	–	–	–	–
Profit	0	0	0	0	–	–	–	–
Assets	0	0	0	0	–	–	–	–
Liabilities	−131	−83	−114	−222	–	–	–	–
	–	–	0	–	–	–	–	–
Profit	–	–	−88	–	–	–	–	–
Assets	–	–	0	–	–	–	–	–
Liabilities	–	–	0	–	–	–	–	–

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 Sep 2026, the latest four quarters added.Motilal Oswal 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 29 Oct
Revenue from operations	1,726	2,748	2,463	2,358	3,626	4,297	4,177	7,068	8,417	9,374	11,255
	–	1,470	1,543	1,546	1,609	2,178	2,301	3,002	3,794	5,504	6,139
Materials and goods bought	–	–	0	0	0	0	0	0	0	0	342
Employee costs	–	–	502	540	644	868	–	–	–	–	–
Other expenses	–	–	1,041	1,006	965	1,310	–	–	–	–	–
Operating profit before depreciation	–	1,278	920	812	2,017	2,119	1,876	4,066	4,623	3,870	5,116
Operating margin	–	46.5%	37.3%	34.4%	55.6%	49.3%	44.9%	57.5%	54.9%	41.3%	45.5%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	–	–	–	–	–
Employee costs, % of revenue	–	–	20.4%	22.9%	17.8%	20.2%	–	–	–	–	–
Other expenses, % of revenue	–	–	42.3%	42.7%	26.6%	30.5%	–	–	–	–	–
Depreciation and amortisation	33	37	24	40	47	48	58	83	99	111	114
Operating profit after depreciation	–	1,240	896	772	1,970	2,071	1,818	3,983	4,525	3,759	5,002
Other income	83	22	6	8	5	23	20	63	0	42	33
Finance costs	–	496	517	494	430	478	596	1,014	1,298	1,336	1,614
Share of profit of joint ventures and associates	–	9	–	–	–	–	–	–	–	–	–
Profit before one-off items and tax	444	767	384	285	1,545	1,616	1,242	3,032	3,226	2,465	3,420
One-off items	61	0	0	0	−88	0	0	0	0	0	0
Profit before tax	506	767	384	285	1,457	1,616	1,242	3,032	3,226	2,465	3,420
	141	204	94	70	259	305	309	586	718	600	718
Current tax	–	–	184	134	161	236	291	434	582	645	653
Deferred tax	–	–	−90	−64	98	69	18	152	136	−45	65
Share of profit of joint ventures and associates	6	–	8	−26	62	2	2	0	–	7	–
	360	562	298	190	1,259	1,312	935	2,446	2,508	1,872	2,702
Belonging to the company's shareholders	360	562	294	183	1,245	1,310	932	2,441	2,502	1,869	2,699
Belonging to outside owners of subsidiaries	–	–	4	6	14	3	3	5	7	3	4
Other comprehensive income	–	–	−3	−60	292	41	−46	185	−8	174	213
Total comprehensive income	–	–	295	130	1,551	1,354	888	2,631	2,500	2,047	2,915
Net margin	20.9%	20.4%	12.1%	8.0%	34.7%	30.5%	22.4%	34.6%	29.8%	20.0%	24.0%
Net margin without joint ventures and associates	20.5%	20.1%	11.8%	9.1%	33.0%	30.5%	22.3%	34.6%	–	19.9%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2018, Mar 2023, Mar 2024, 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 year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ 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 29 Oct
	3,094	3,123	4,488	5,701	6,283	8,769	11,131	12,952	15,608
	3,094	3,086	4,432	5,674	6,252	8,732	11,079	12,888	15,541
Share capital	15	15	15	15	15	15	60	60	60
Reserves	3,080	3,071	4,418	5,659	6,237	8,717	11,019	12,828	15,481
Belonging to outside owners of subsidiaries	–	37	56	26	31	37	51	64	67
	5,115	4,627	5,693	6,152	10,276	13,746	14,732	21,255	26,842
Repayable after a year	0	0	5,693	6,152	–	–	–	–	–
Repayable within a year	5,115	4,627	0	0	–	–	–	–	–
	7,103	6,934	62	100	–	–	–	–	–
Trade payables	1,391	1,798	0	0	–	–	–	–	–
Other financial liabilities	598	375	43	67	–	–	–	–	–
Other liabilities	–	–	–	1	–	–	–	–	–
Provisions	0	125	0	0	–	–	–	–	–
Tax owed	–	10	19	32	–	–	–	–	–
	284	53	9,567	11,123	–	–	–	–	–
Other financial liabilities	31	0	543	–	–	–	–	–	–
Other liabilities	13	26	–	838	–	–	–	–	–
Provisions	119	0	177	244	–	–	–	–	–
Deferred tax	121	27	129	188	–	–	–	–	–
Trade payables	0	0	3,026	3,701	–	–	–	–	–
Total assets	10,482	10,111	14,117	16,923	23,010	31,829	33,987	43,468	53,063
	618	628	5,381	10,366	–	–	–	–	–
Plant in use, after depreciation	249	273	316	324	427	569	731	730	–
Plant being built	–	–	0	–	0	–	101	115	–
Intangible assets	18	25	34	33	–	–	–	–	–
Intangible assets being developed	0	–	–	–	–	–	–	–	–
Property held to earn rent	35	35	0	–	–	–	–	–	–
Investments	0	0	3,922	4,685	–	–	–	–	–
Loans given	0	0	0	4,905	–	–	–	–	–
Other financial assets	155	170	116	356	–	–	–	–	–
Deferred tax	143	124	75	64	–	–	–	–	–
Trade receivables	0	–	917	0	–	–	–	–	–
Other assets	18	–	–	–	–	–	–	–	–
	9,864	9,483	8,736	6,558	–	–	–	–	–
Trade receivables	1,573	747	0	1,003	1,029	1,918	2,404	4,058	5,968
Cash and cash equivalents	374	844	1,292	2,138	2,576	5,286	6,600	5,161	6,447
Other bank balances	315	534	2,205	3,178	6,261	6,786	3,898	8,322	5,828
Current investments	2,686	3,089	0	0	–	–	–	–	–
Loans given	4,879	4,079	4,520	0	–	–	–	–	–
Other financial assets	37	149	681	205	–	–	–	–	–
Tax paid in advance	0	40	37	34	–	–	–	–	–
Net debt	1,740	160	2,196	836	1,439	1,674	4,234	7,772	14,567

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

Consolidated, ₹ 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
	929	1,011	−3,058	−349	1,215	−6,071	−4,079
	1,074	1,231	–	–	–	–	–
	249	39	–	–	–	–	–
Receivables	−186	−112	–	–	–	–	–
Payables	1,228	675	–	–	–	–	–
Other working capital	−792	−524	–	–	–	–	–
Tax paid	−145	−220	–	–	–	–	–
Capital spending	65	55	168	0	101	72	4,048
Free cash flow	865	956	−3,225	−349	1,114	−6,142	−8,128
	−276	−447	−287	−247	−1,077	−958	−234
Plant and property sold	0	0	–	–	–	–	–
Interest received	1	1	–	–	–	–	–
Dividends received	2	102	–	–	–	–	–
	−204	282	3,784	3,305	745	6,154	5,592
Borrowings raised	0	2,178	–	–	–	–	–
Borrowings repaid	0	−1,719	–	–	–	–	–
Lease payments	−5	−4	–	–	–	–	–
Dividends paid	71	87	148	252	300	361	0
Shares bought back	149	0	198	0	0	0	0
Shares issued	15	34	11	77	72	38	30
Net change in cash	449	845	439	2,709	882	−875	1,278

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.Motilal Oswal Financial Services dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	₹6.29	₹9.70	₹5.00	₹3.12	₹21.16	₹22.29	₹15.72	₹41.16	₹41.82	₹31.12
As stated that year	₹25.14	₹38.80	₹20.01	₹12.47	₹84.65	₹89.14	₹62.89	₹164.63	₹41.82	₹31.12
	₹6.20	₹9.55	₹4.87	₹3.05	₹20.68	₹22.10	₹15.67	₹40.73	₹41.00	₹30.46
As stated that year	₹24.79	₹38.19	₹19.47	₹12.20	₹82.71	₹88.38	₹62.66	₹162.91	₹41.00	₹30.46
	₹1.38	₹2.13	₹2.13	₹1.00	₹2.50	₹2.50	₹2.50	₹3.50	₹5.00	₹6.00
As declared that year	₹5.50	₹8.50	₹8.50	₹4.00	₹10.00	₹10.00	₹10.00	₹14.00	₹5.00	₹6.00
	–	–	₹53.09	₹52.10	₹75.58	₹95.14	₹105.65	₹146.51	₹184.87	₹214.14
On that year's share count	–	–	₹212.37	₹208.39	₹302.33	₹380.57	₹422.60	₹586.02	₹184.87	₹214.14
Dividend payout	22.1%	22.0%	42.1%	32.3%	11.8%	11.4%	15.9%	8.5%	12.0%	19.3%
Shareholder yield	–	–	–	–	2.2%	0.4%	3.7%	0.7%	0.6%	0.8%
Market cap at the year end (₹ crore)	10,426	14,506	8,766	7,356	9,156	12,804	9,025	24,756	36,877	38,037

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.Motilal Oswal 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 growth	63.6%	59.2%	–	–	53.8%	18.5%	−2.8%	69.2%	19.1%	11.4%
Operating profit growth	–	–	–	–	148.5%	5.1%	−11.5%	116.7%	13.7%	−16.3%
Net profit growth	112.9%	56.0%	−46.9%	−36.4%	564.3%	4.2%	−28.8%	161.6%	2.6%	−25.3%
Earnings per share growth	110.6%	54.3%	−48.4%	−37.7%	578.8%	5.3%	−29.4%	161.8%	1.6%	−25.6%
	–	–	9.5%	5.9%	33.1%	25.9%	15.6%	32.6%	25.3%	15.6%
	–	–	–	−3.6 pts	27.2 pts	−7.2 pts	−10.3 pts	17.0 pts	−7.3 pts	−9.7 pts
From the net margin	–	–	–	−3.3 pts	20.3 pts	−3.7 pts	−7.0 pts	8.6 pts	−4.5 pts	−8.3 pts
From asset turnover	–	–	–	−0.2 pts	8.0 pts	−2.2 pts	−4.6 pts	5.6 pts	−0.2 pts	−0.9 pts
From borrowing	–	–	–	−0.1 pts	−1.1 pts	−1.3 pts	1.3 pts	2.8 pts	−2.6 pts	−0.4 pts
Return on capital employed	–	–	10.9%	10.0%	19.3%	17.5%	11.0%	17.7%	17.5%	11.0%
Cash conversion	–	–	–	–	73.8%	77.0%	−327.1%	−14.3%	48.4%	−324.2%
Interest cover	–	2.5	1.7	1.6	4.6	4.3	3.1	3.9	3.5	2.8
Debt to equity	–	–	1.65	1.48	1.27	1.08	1.64	1.57	1.32	1.64
Receivable days	–	–	233	116	0	85	90	99	104	158
Working capital days	–	–	667	419	521	97	–	–	–	–
Asset turnover	–	–	0.23	0.23	0.30	0.28	0.21	0.26	0.26	0.24
Assets per rupee of net worth	–	–	3.39	3.33	3.22	3.07	3.35	3.66	3.32	3.23
Sales per rupee of plant	–	–	9.89	8.63	11.48	13.28	9.79	12.41	11.52	12.84
Capital spending to depreciation	–	–	–	–	1.37	1.13	2.87	0.00	1.02	0.65
Plant being built, % of plant in use	–	–	–	–	0.0%	–	0.0%	–	13.8%	15.8%

Revenue growth and operating profit growth are left blank for the years to Mar 2019 and Mar 2020: 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: 4.8%
Cash from operations against operating profit: −156.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	20.9%	30.9%
Profit growth, yearly rate	27.2%	8.5%	26.1%
Return on equity, average	–	23.0%	24.5%
Return on capital employed, average	–	14.9%	15.4%
Operating margin, average	46.9%	49.6%	51.2%
Net margin, average	23.3%	27.5%	28.1%
Asset turnover, average	–	0.25	0.25
Interest cover, average	3.1	3.5	3.4
Debt to equity, average	–	1.45	1.51

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	−7,252	−5,205	−6,071
Cash from investing	−3,017	−2,283	−958
Cash from financing	14,271	10,204	6,154
Capital spending	394	172	72
Dividends paid	1,148	913	361
Shares bought back	198	0	0
Shares issued for cash	231	187	38

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	–	–	–	–	5.01	4.83	21.44	11.09	7.20	22.99
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−0.32	−0.51	−0.37	−0.76
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−48.24	−153.79	–	–	–	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	6.46	14.58	−11.15	–	–	–	–
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.00	–	0.00	–	0.39	1.05
Effective tax ratePublished threshold 17.16 per cent	27.90	26.65	24.47	24.47	17.78	18.88	24.91	19.34	22.26	24.32
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	5.24	2.83	5.23	5.06	−2.58

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
15 Sep 2026	India Ratings and Research Private Limited	Commercial paper	IND A1+Review, Re-affirm		11,750
15 Sep 2026	India Ratings and Research Private Limited	Bank loan facilities	IND AA+Review, Upgrade	Stable	400
15 Sep 2026	India Ratings and Research Private Limited	Non-convertible debentures	IND AA+Review, Upgrade	Stable	82
9 Sep 2026	ICRA Limited	Commercial Paper	[ICRA]A1+Review, Re-affirm		100
9 Sep 2026	ICRA Limited	Fund-based/Non-fund based-Others	[ICRA]AA+Review, Re-affirm	Stable	2,800
9 Sep 2026	ICRA Limited	Non Convertible Debentures	[ICRA]AA+Review, Re-affirm	Stable	170
22 Jul 2026	CRISIL Ratings Limited	Non Convertible Debentures	WithdrawnReview, Other		47.98
22 Jul 2026	CRISIL Ratings Limited	Non Convertible Debentures	Crisil AA+Review, Upgrade	Stable	29.99
22 Jul 2026	CRISIL Ratings Limited	Commercial Paper	Crisil A1+Review, Re-affirm		1,750

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