Quess Corp financials: balance sheet, profit and loss, cash flow

NSE: QUESSBSE: 539978Commercial Services & SuppliesSmall Cap

Quess Corp Limited · Face value ₹10 · Listed Jul 2016 · Issue price ₹317

₹306.00₹18.55 (5.72%)BSE ₹306.05

Share price at the NSE close on 30 Oct 2026. Previous close ₹324.55.

30 Oct: open ₹324.00, high ₹329.00, low ₹304.75

52-week range of traded prices to 30 Oct 2026

₹166.30Low, 30 Mar 2026₹388.75High, 31 Aug 2026

Market cap: ₹4,571 Cr962nd largest listed
P/E: 16.58
P/B: 3.86
Dividend yield: 3.59%
ROE: 24.0%
ROCE: 25.0%
Debt to equity: 0.00
Volume, NSE: 1,27,33454.0% delivered

Quess Corp's 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. It had no borrowings at 30 Sep 2026.

10 years at a glance

₹ crore, years to March.Quess Corp 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 27.1% 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 2018, the company's revenue for that year, ₹6,167 Cr, differs from its quarters added, ₹5,937 Cr. From the year to Mar 2025, the company's revenue for that year, ₹14,967 Cr, differs from its quarters added, ₹19,358 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue15,305
Employee costs−14,500
Other expenses−493
Operating profit312
Depreciation−42
Other income+16
One-off items−8.1
Finance costs−49
Profit before tax230
Tax−7.6
Net profit222

What the company owns

Plant, investments and other assets₹1,973 Cr
Receivables₹808 Cr
Cash and bank₹207 Cr
Current investments₹51 Cr

What pays for it: net worth and liabilities

Other liabilities₹1,844 Cr
Net worth₹1,168 Cr
Owed to suppliers₹27 Cr

Quess Corp 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. The demerger of 15 Apr 2025 fell inside the year to Mar 2026.Quess Corp segment results by quarter

Revenue by segment

₹15,305 CrTotal

General Staffing₹13,176 Cr86.1% of total
Overseas business₹1,197 Cr7.8% of total
Professional staffing₹930 Cr6.1% of total
Digital Platforms₹2 Cr0.0% of total

Profit by segment

General Staffing₹189 Cr50.2% of total
Overseas business₹77 Cr20.4% of total
Professional staffing₹111 Cr29.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

General Staffing
Revenue, ₹ crore
12,995
13,176
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
194
189
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Overseas business
Revenue, ₹ crore
1,142
1,197
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
63
77
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Professional staffing
Revenue, ₹ crore
825
930
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
77
111
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Digital Platforms
Revenue, ₹ crore
5
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−5
−7
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	8,527	10,991	10,837	13,692	17,158	19,100	14,968	15,305
Company revenue, as in its results	8,527	10,991	10,837	13,692	17,158	19,100	14,967	15,305
Revenue	–	–	–	–	–	–	12,995	13,176
Revenue growth	–	–	–	–	–	–	–	1.4%
Profit	–	–	–	–	–	–	194	189
Profit growth	–	–	–	–	–	–	–	−2.6%
Margin	–	–	–	–	–	–	1.5%	1.4%
Return on capital	–	–	–	–	–	–	123.6%	–
Assets	–	–	–	–	–	–	1,411	1,297
Liabilities	–	–	–	–	–	–	1,254	1,433
Capital employed	–	–	–	–	–	–	157	−136
Revenue	–	–	–	–	–	–	1,142	1,197
Revenue growth	–	–	–	–	–	–	–	4.8%
Profit	–	–	–	–	–	–	63	77
Profit growth	–	–	–	–	–	–	–	20.9%
Margin	–	–	–	–	–	–	5.6%	6.4%
Return on capital	–	–	–	–	–	–	23.2%	25.9%
Assets	–	–	–	–	–	–	405	465
Liabilities	–	–	–	–	–	–	131	168
Capital employed	–	–	–	–	–	–	274	296
Revenue	–	–	–	–	–	–	825	930
Revenue growth	–	–	–	–	–	–	–	12.7%
Profit	–	–	–	–	–	–	77	111
Profit growth	–	–	–	–	–	–	–	43.2%
Margin	–	–	–	–	–	–	9.4%	11.9%
Return on capital	–	–	–	–	–	–	–	85.4%
Assets	–	–	–	–	–	–	249	256
Liabilities	–	–	–	–	–	–	302	127
Capital employed	–	–	–	–	–	–	−52	129
Revenue	–	–	–	–	–	–	5	2
Profit	–	–	–	–	–	–	−5	−7
Margin	–	–	–	–	–	–	−109.7%	−341.5%
Return on capital	–	–	–	–	–	–	−138.3%	–
Assets	–	–	–	–	–	–	7	6
Liabilities	–	–	–	–	–	–	3	6
Capital employed	–	–	–	–	–	–	4	0
Revenue	–	7,154	7,159	9,190	11,831	13,442	–	–
Revenue growth	–	–	0.1%	28.4%	28.7%	13.6%	–	–
Profit	–	387	228	275	345	351	–	–
Profit growth	–	–	−41.1%	20.2%	25.8%	1.7%	–	–
Margin	–	5.4%	3.2%	3.0%	2.9%	2.6%	–	–
Return on capital	–	43.7%	29.6%	36.7%	61.6%	74.2%	–	–
Assets	–	1,337	1,302	1,809	1,808	1,900	–	–
Liabilities	–	450	531	1,062	1,248	1,427	–	–
Capital employed	–	887	771	747	560	474	–	–
Revenue	–	1,734	1,688	2,110	2,622	2,801	–	–
Revenue growth	–	–	−2.6%	24.9%	24.3%	6.8%	–	–
Profit	–	122	32	120	120	141	–	–
Profit growth	–	–	−73.6%	270.9%	−0.3%	17.9%	–	–
Margin	–	7.1%	1.9%	5.7%	4.6%	5.0%	–	–
Return on capital	–	16.7%	4.6%	14.6%	13.3%	17.7%	–	–
Assets	–	1,060	1,054	1,207	1,393	1,395	–	–
Liabilities	–	327	350	384	494	598	–	–
Capital employed	–	733	704	822	898	797	–	–
Revenue	–	–	1,990	2,393	2,172	2,340	–	–
Revenue growth	–	–	–	20.3%	−9.2%	7.7%	–	–
Profit	–	–	270	322	354	425	–	–
Profit growth	–	–	–	19.2%	10.0%	20.1%	–	–
Margin	–	–	13.6%	13.5%	16.3%	18.2%	–	–
Return on capital	–	–	48.0%	50.6%	51.1%	55.2%	–	–
Assets	–	–	1,196	1,455	1,446	1,502	–	–
Liabilities	–	–	633	819	753	731	–	–
Capital employed	–	–	563	636	693	771	–	–
Revenue	–	–	–	–	534	517	–	–
Revenue growth	–	–	–	–	–	−3.1%	–	–
Profit	–	–	–	–	−96	−63	–	–
Margin	–	–	–	–	−18.1%	−12.2%	–	–
Return on capital	–	–	–	–	−5,088.5%	−286.2%	–	–
Assets	–	–	–	–	241	159	–	–
Liabilities	–	–	–	–	239	137	–	–
Capital employed	–	–	–	–	2	22	–	–
Revenue	–	2,103	–	–	–	–	–	–
Profit	–	233	–	–	–	–	–	–
Margin	–	11.1%	–	–	–	–	–	–
Return on capital	–	42.7%	–	–	–	–	–	–
Assets	–	1,319	–	–	–	–	–	–
Liabilities	–	774	–	–	–	–	–	–
Capital employed	–	545	–	–	–	–	–	–
Revenue	3,880	–	–	–	–	–	–	–
Profit	184	–	–	–	–	–	–	–
Margin	4.7%	–	–	–	–	–	–	–
Return on capital	94.6%	–	–	–	–	–	–	–
Assets	418	–	–	–	–	–	–	–
Liabilities	224	–	–	–	–	–	–	–
Capital employed	194	–	–	–	–	–	–	–
Revenue	2,796	–	–	–	–	–	–	–
Profit	164	–	–	–	–	–	–	–
Margin	5.9%	–	–	–	–	–	–	–
Return on capital	16.8%	–	–	–	–	–	–	–
Assets	1,603	–	–	–	–	–	–	–
Liabilities	626	–	–	–	–	–	–	–
Capital employed	978	–	–	–	–	–	–	–
Revenue	1,230	–	–	–	–	–	–	–
Profit	85	–	–	–	–	–	–	–
Margin	6.9%	–	–	–	–	–	–	–
Return on capital	9.2%	–	–	–	–	–	–	–
Assets	1,105	–	–	–	–	–	–	–
Liabilities	185	–	–	–	–	–	–	–
Capital employed	921	–	–	–	–	–	–	–
Revenue	472	–	–	–	–	–	–	–
Profit	16	–	–	–	–	–	–	–
Margin	3.5%	–	–	–	–	–	–	–
Return on capital	11.1%	–	–	–	–	–	–	–
Assets	244	–	–	–	–	–	–	–
Liabilities	96	–	–	–	–	–	–	–
Capital employed	148	–	–	–	–	–	–	–
Revenue	149	–	–	–	–	–	–	–
Profit	−31	–	–	–	–	–	–	–
Margin	−20.5%	–	–	–	–	–	–	–
Return on capital	−31.4%	–	–	–	–	–	–	–
Assets	215	–	–	–	–	–	–	–
Liabilities	117	–	–	–	–	–	–	–
Capital employed	97	–	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	1,426	–	–	–	–	–	–	–
Liabilities	1,035	–	–	–	–	–	–	–

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.Quess Corp quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 4 May	Sep 2026Twelve monthsFiled 30 Oct
Revenue from operations	4,157	6,167	8,527	10,991	10,837	13,692	17,158	19,100	14,967	15,305	16,400
	3,935	5,813	8,062	10,334	10,379	13,068	16,573	18,407	14,705	14,993	16,064
Materials and goods bought	–	142	262	267	201	279	479	477	0	0	0
Employee costs	–	5,079	6,713	9,063	9,297	11,687	14,660	16,557	14,051	14,500	15,545
Other expenses	–	591	1,087	1,003	881	1,103	1,434	1,373	653	493	519
Operating profit before depreciation	223	354	465	658	458	623	586	694	262	312	336
Operating margin	5.4%	5.7%	5.4%	6.0%	4.2%	4.6%	3.4%	3.6%	1.8%	2.0%	2.1%
Materials, % of revenue	–	2.3%	3.1%	2.4%	1.9%	2.0%	2.8%	2.5%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	82.4%	78.7%	82.5%	85.8%	85.4%	85.4%	86.7%	93.9%	94.7%	94.8%
Other expenses, % of revenue	–	9.6%	12.7%	9.1%	8.1%	8.1%	8.4%	7.2%	4.4%	3.2%	3.2%
Depreciation and amortisation	26	75	123	249	229	212	275	283	41	42	40
Operating profit after depreciation	196	280	341	409	230	411	311	410	221	271	296
Other income	15	57	71	51	45	20	26	29	24	16	35
Finance costs	47	75	114	167	111	79	107	117	39	49	55
Profit before one-off items and tax	165	261	298	293	163	352	231	322	206	238	277
One-off items	0	0	0	−664	33	7	54	−27	−164	−8	−6
Profit before tax	165	261	298	−371	196	359	284	295	42	230	271
	52	−48	33	47	111	107	61	15	−4	8	−6
Current tax	–	–	84	34	49	68	79	52	8	7	10
Deferred tax	–	–	−52	14	62	39	−17	−37	−12	0	−16
Share of profit of joint ventures and associates	–	–	−9	−14	−11	−2	0	0	–	–	–
	113	310	257	−432	74	251	223	280	46	222	276
Belonging to the company's shareholders	113	310	257	−445	58	241	224	278	46	222	276
Belonging to outside owners of subsidiaries	–	–	0	13	16	10	−2	3	0	1	1
Other comprehensive income	–	–	6	10	−2	2	55	−26	−8	20	−7
Total comprehensive income	–	–	263	−422	72	253	278	255	38	242	269
Net margin	2.7%	5.0%	3.0%	−3.9%	0.7%	1.8%	1.3%	1.5%	0.3%	1.5%	1.7%
Net margin without joint ventures and associates	–	–	3.1%	−3.8%	0.8%	1.8%	1.3%	1.5%	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank.

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 2026Filed 4 May	Sep 2026Half yearFiled 30 Oct
	2,729	2,353	2,437	2,569	2,731	2,965	1,086	1,168	1,185
	2,726	2,276	2,343	2,438	2,569	2,799	1,085	1,166	1,183
Share capital	146	148	148	148	148	149	149	149	149
Reserves	2,580	2,128	2,195	2,290	2,421	2,650	936	1,017	1,034
Belonging to outside owners of subsidiaries	3	77	94	131	162	166	1	2	2
	750	998	451	588	531	370	12	0	0
Repayable after a year	209	115	54	24	9	2	0	0	0
Repayable within a year	541	883	397	564	522	368	12	0	0
	1,753	2,284	1,643	2,306	2,766	2,624	1,411	1,448	1,742
Trade payables	173	163	121	115	125	118	59	27	28
Other financial liabilities	751	866	778	1,101	1,447	1,516	901	1,013	1,329
Other liabilities	269	356	324	496	569	569	417	382	364
Provisions	10	9	14	20	34	33	6	17	11
Tax owed	9	7	9	9	69	20	16	9	11
	530	681	640	497	622	664	315	423	723
Other financial liabilities	206	420	387	220	338	326	81	101	97
Provisions	115	146	198	253	274	336	234	322	626
Deferred tax	0	0	0	0	0	0	0	0	0
Liabilities going with businesses held for sale	–	–	–	–	–	3	–	–	–
	5,012	5,319	4,720	5,371	6,119	6,255	2,812	3,039	3,650
Held for sale or for a demerger	–	–	–	–	–	8	–	–	–
	2,607	2,427	2,131	2,251	2,118	2,162	587	1,039	849
Plant in use, after depreciation	235	513	416	207	646	618	101	124	–
Plant being built	0	1	15	0	0	3	0	0	–
Intangible assets	244	138	100	149	107	73	4	1	2
Goodwill	1,177	836	989	1,010	1,043	1,004	236	262	267
Intangible assets being developed	14	4	16	15	18	30	0	2	3
Property held to earn rent	0	0	–	292	0	0	0	0	0
Investments	2	2	2	2	2	37	0	0	0
Stakes in joint ventures and associates	88	71	2	9	1	0	0	0	0
Loans given	242	167	104	0	0	0	0	0	0
Other financial assets	80	61	63	150	160	188	67	76	72
Deferred tax	193	183	129	92	106	150	135	144	163
Other assets	330	451	295	327	36	59	44	430	218
	2,405	2,891	2,589	3,120	4,000	4,085	2,225	2,000	2,801
Inventories	22	28	29	27	28	7	0	0	0
Trade receivables	913	998	894	2,332	1,485	1,539	1,529	808	839
Cash and cash equivalents	505	709	486	410	438	520	249	178	417
Other bank balances	81	50	79	101	129	25	18	29	28
Current investments	38	33	50	92	47	56	0	51	20
Loans given	38	54	23	3	4	1	1	1	2
Other financial assets	705	888	911	25	1,225	24	18	850	76
Tax paid in advance	0	0	0	0	490	513	329	0	0
Other assets	102	130	118	128	155	1,400	81	83	1,421
Net debt	126	206	−163	−16	−82	−232	−255	−258	−464

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 2026Filed 4 May	Sep 2026Half year
	715	554	466	529	380	230	366
	551	554	666	673	380	230	366
	−46	0	0	0	0	0	−50
Receivables	42	0	0	0	0	0	−572
Inventories	0	0	0	0	0	0	0
Payables	−99	0	0	0	0	0	1
Other working capital	11	0	0	0	0	0	521
Tax paid	165	0	−199	−144	0	0	0
Capital spending	61	0	0	0	0	0	6
Free cash flow	654	554	466	529	380	230	360
	−106	−188	−2	49	2	−73	34
Interest received	4	0	0	0	0	0	1
	−834	−442	−443	−497	−318	−237	−162
Borrowings repaid	−631	0	0	0	0	0	0
Interest paid	−74	0	0	0	0	0	−9
Lease payments	−124	0	0	0	0	0	−19
Dividends paid	0	–	–	–	–	–	90
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−225	−76	21	82	65	−80	238

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. Dividends paid is left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Consolidated, ₹ per share, years to March.Quess Corp dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 4 May
Earnings per share	₹9.24	₹22.05	₹17.61	−₹30.28	₹3.92	₹16.32	₹15.16	₹18.72	₹3.08	₹14.87
Diluted earnings per share	₹9.10	₹21.82	₹17.51	−₹30.22	₹3.87	₹16.18	₹15.04	₹18.61	₹3.07	₹14.85
Dividend per share	–	–	–	–	₹7.00	₹4.00	₹12.00	₹10.00	₹10.00	₹11.00
Book value per share	–	–	₹186.58	₹154.29	₹158.66	₹164.72	₹173.30	₹188.47	₹72.85	₹78.11
Dividend payout	–	–	–	–	178.6%	24.5%	79.2%	53.4%	325.1%	74.1%
Shareholder yield	–	–	–	–	0.0%	–	–	–	–	–
Market cap at the year end (₹ crore)	8,754	14,956	10,909	3,144	10,317	9,746	5,478	7,727	9,683	2,532

Shareholder yield is left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Ratios

Consolidated, years to March.Quess Corp PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 4 May
Revenue growth	–	–	38.3%	28.9%	−1.4%	26.3%	25.3%	11.3%	–	2.3%
Operating profit growth	–	–	31.1%	41.6%	−30.4%	36.1%	−6.1%	18.4%	–	19.1%
Net profit growth	–	–	−17.2%	–	–	240.6%	−11.2%	25.8%	–	384.2%
Earnings per share growth	–	–	−20.1%	–	–	316.4%	−7.1%	23.5%	–	382.8%
	–	–	9.4%	−17.8%	2.5%	10.1%	9.0%	10.4%	2.4%	19.7%
	–	–	–	−27.2 pts	20.3 pts	7.6 pts	−1.1 pts	1.4 pts	−8.0 pts	17.3 pts
From the net margin	–	–	–	−22.1 pts	20.1 pts	5.8 pts	−2.6 pts	1.0 pts	−8.2 pts	8.8 pts
From asset turnover	–	–	–	−3.2 pts	0.0 pts	2.1 pts	0.8 pts	0.3 pts	0.2 pts	6.5 pts
From borrowing	–	–	–	−2.0 pts	0.1 pts	−0.3 pts	0.7 pts	0.0 pts	0.0 pts	2.0 pts
Return on capital employed	–	–	9.8%	12.2%	7.9%	13.0%	9.5%	12.3%	20.1%	23.2%
Cash conversion	–	–	–	–	970.8%	220.9%	209.2%	188.8%	829.1%	103.5%
Interest cover	4.2	3.7	3.0	2.5	2.1	5.2	2.9	3.5	5.7	5.5
Debt to equity	–	–	0.27	0.42	0.19	0.23	0.19	0.12	0.01	0.00
Receivable days	–	–	39	33	30	62	32	29	37	19
Inventory days	–	–	31	39	53	36	21	5	0	–
Payable days	–	–	241	223	220	151	95	90	79,852	–
Cash conversion cycle, days	–	–	−171	−151	−138	−53	−42	−55	−79,815	–
Working capital days	–	–	24	23	25	21	24	23	14	7
Asset turnover	–	–	1.70	2.13	2.16	2.71	2.99	3.09	3.30	5.23
Assets per rupee of net worth	–	–	1.84	2.07	2.17	2.11	2.30	2.31	2.33	2.60
Sales per rupee of plant	–	–	36.22	21.42	26.03	66.25	26.58	30.90	148.37	123.87
Capital spending to depreciation	–	–	–	–	0.27	0.00	0.00	0.00	0.00	0.00
Plant being built, % of plant in use	–	–	0.1%	0.2%	3.6%	0.0%	0.0%	0.4%	0.0%	0.0%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the years to Mar 2018 and Mar 2025: 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: 7.6%
Cash from operations against operating profit: 73.6%

Measure	10 years	5 years	3 years
Return on equity, average	–	10.3%	10.8%
Return on capital employed, average	–	15.6%	18.5%
Operating margin, average	4.2%	3.1%	2.5%
Net margin, average	1.4%	1.3%	1.1%
Asset turnover, average	–	3.46	3.87
Cash conversion cycle, days, average	–	−19,991	−39,935
Interest cover, average	3.8	4.6	4.9
Debt to equity, average	–	0.11	0.05

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	2,160	1,140	230
Cash from investing	−212	−21	−73
Cash from financing	−1,937	−1,052	−237
Capital spending	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	6	6	7	6	6
Altman Z-scorePublished threshold 1.1	–	–	4.34	2.63	4.39	3.90	3.89	4.30	3.84	3.56
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.12	−1.61	−2.96	−2.60	−3.13	−2.58
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−10.67	−2.28	−4.20	−4.82	−7.43	2.23
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.17	2.05	2.51	2.08
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−19.59	−8.98	134.40	−61.63	−7.71	21.03	−49.43
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	26.74	27.12	−44.18	−69.55	−74.22	−0.06	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.92	0.10	−6.39	10.01	0.35	−10.09	3.31
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.11	0.00	0.00	0.01	–	0.00
Effective tax ratePublished threshold 17.16 per cent	31.35	−18.48	11.03	–	56.59	29.67	21.62	5.02	−9.79	3.31
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	29.67	−48.54	−43.77	−9.79	3.31

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
30 Jul 2026	ICRA Limited	Commercial Paper	[ICRA]A1+ / -Review, Re-affirm		100
30 Jul 2026	ICRA Limited	Fund-based-Cash credit	[ICRA]AAReview, Re-affirm	Stable	930
30 Jul 2026	ICRA Limited	Non-fund based-Others	[ICRA]A1+ / -Review, Re-affirm		82
30 Jul 2026	ICRA Limited	Interchangeable limits-Others	[ICRA]A1+ / -Review, Re-affirm		222
30 Jul 2026	ICRA Limited	Unallocated limits-Unallocated limits	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	110

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