Raymond financials: balance sheet, profit and loss, cash flow

NSE: RAYMONDBSE: 500330Industrial ManufacturingSmall Cap

Raymond Limited · Face value ₹10 · Listed Dec 1959 on BSE, Oct 1995 on NSE

₹1,060.10₹21.10 (1.95%)BSE ₹1,062.70

Share price at the NSE close on 28 Oct 2026. Previous close ₹1,081.20.

28 Oct: open ₹1,109.00, high ₹1,160.50, low ₹1,042.00

52-week range of traded prices to 28 Oct 2026

₹320.00Low, 30 Mar 2026₹1,339.00High, 6 Oct 2026

Under NSE's long-term additional surveillance, stage I, on the list for 28 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.

Market cap: ₹7,057 Cr982nd largest listed
P/E: 146.91
P/E without one-offs: 86.00
P/B: 2.24
Dividend yield: Nonein the last 12 months
ROE: 1.5%
ROE without one-offs: 2.6%
ROCE: 3.0%
Debt to equity: 0.30
Volume, NSE: 20,06,03719.4% delivered

Raymond'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.

10 years at a glance

₹ crore, years to March.Raymond 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.

The years either side of a change of basis do not compare. From the year to Mar 2025, the company's revenue for that year, ₹1,947 Cr, differs from its quarters added, ₹3,494 Cr; the company reports the part of the business demerged on 11 Jul 2024 as discontinued, and figures before the change include it.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue2,212
Materials and goods−751
Employee costs−418
Other expenses−809
Operating profit235
Depreciation−152
Other income+100
One-off items−201
Finance costs−84
Profit before tax−102
Tax+159
Joint ventures−3.6
Discontinued businesses+5,308
Net profit5,361

What the company owns

Plant, investments and other assets₹3,043 Cr
Receivables₹521 Cr
Current investments₹505 Cr
Inventory₹487 Cr
Cash and bank₹182 Cr

What pays for it: net worth and liabilities

Net worth₹3,118 Cr
Borrowings₹999 Cr
Owed to suppliers₹345 Cr
Other liabilities₹277 Cr

Raymond 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 14 May 2025 fell inside the year to Mar 2026. That year's accounts report a discontinued business, which these segments may include.Raymond segment results by quarter

Revenue by segment

₹2,212 CrTotal

Precision technology and auto component₹1,667 Cr75.3% of total
Aerospace and defence₹392 Cr17.7% of total
Others₹153 Cr6.9% of total

Profit by segment

Precision technology and auto component₹145 Cr74.9% of total
Aerospace and defence₹49 Cr25.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Precision technology and auto component
Revenue, ₹ crore
1,667
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
145
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Aerospace and defence
Revenue, ₹ crore
392
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
49
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
37
12
8
10
12
8
123
153
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−13
−11
−11
−8
−6
−10
−8
−4
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	6,924	6,772	3,526	6,507	8,545	9,467	5,458	2,212
Company revenue, as in its results	6,582	6,482	3,446	6,179	8,215	9,020	1,947	2,212
Revenue	–	–	–	–	–	–	–	1,667
Profit	–	–	–	–	–	–	–	145
Margin	–	–	–	–	–	–	–	8.7%
Return on capital	–	–	–	–	–	–	–	13.9%
Assets	–	–	–	–	–	–	–	1,470
Liabilities	–	–	–	–	–	–	–	424
Capital employed	–	–	–	–	–	–	–	1,045
Revenue	–	–	–	–	–	–	–	392
Profit	–	–	–	–	–	–	–	49
Margin	–	–	–	–	–	–	–	12.4%
Return on capital	–	–	–	–	–	–	–	6.5%
Assets	–	–	–	–	–	–	–	869
Liabilities	–	–	–	–	–	–	–	125
Capital employed	–	–	–	–	–	–	–	744
Revenue	37	12	8	10	12	8	123	153
Revenue growth	–	–	–	–	–	–	–	24.5%
Profit	−13	−11	−11	−8	−6	−10	−8	−4
Margin	−34.0%	−90.5%	−130.4%	−80.6%	−54.4%	−117.6%	−6.4%	−2.4%
Return on capital	−4.5%	−33.3%	−38.4%	−29.5%	−23.4%	−33.5%	−11.8%	−5.7%
Assets	299	39	34	41	37	33	98	111
Liabilities	22	7	6	12	10	5	32	47
Capital employed	277	32	29	29	27	29	66	64
Revenue	401	376	344	500	489	429	426	–
Revenue growth	–	−6.4%	−8.4%	45.2%	−2.1%	−12.2%	–	–
Profit	37	26	33	63	47	16	11	–
Profit growth	–	−28.5%	26.3%	87.0%	−24.6%	−65.9%	–	–
Margin	9.2%	7.0%	9.7%	12.5%	9.6%	3.7%	2.7%	–
Return on capital	34.3%	24.3%	50.2%	60.2%	49.1%	13.7%	13.3%	–
Assets	188	225	187	209	195	212	199	–
Liabilities	80	117	121	106	99	95	114	–
Capital employed	108	109	67	104	96	117	86	–
Revenue	259	208	197	312	375	431	426	–
Revenue growth	–	−19.5%	−5.2%	58.1%	20.1%	15.0%	–	–
Profit	51	25	27	52	55	85	68	–
Profit growth	–	−50.1%	7.9%	91.3%	6.2%	53.5%	–	–
Margin	19.6%	12.1%	13.8%	16.7%	14.8%	19.7%	16.0%	–
Return on capital	44.2%	23.4%	27.0%	48.3%	44.6%	68.9%	38.0%	–
Assets	182	160	173	185	213	228	272	–
Liabilities	67	52	71	77	88	105	94	–
Capital employed	115	108	101	108	124	123	179	–
Revenue	–	–	–	–	–	–	3,511	–
Profit	–	–	–	–	–	–	7,584	–
Margin	–	–	–	–	–	–	216.0%	–
Return on capital	–	–	–	–	–	–	598.4%	–
Assets	–	–	–	–	–	–	3,450	–
Liabilities	–	–	–	–	–	–	2,183	–
Capital employed	–	–	–	–	–	–	1,267	–
Revenue	–	–	–	–	–	–	971	–
Profit	–	–	–	–	–	–	44	–
Margin	–	–	–	–	–	–	4.5%	–
Return on capital	–	–	–	–	–	–	2.7%	–
Assets	–	–	–	–	–	–	1,857	–
Liabilities	–	–	–	–	–	–	240	–
Capital employed	–	–	–	–	–	–	1,618	–
Revenue	3,153	2,917	1,572	2,789	3,364	3,450	–	–
Revenue growth	–	−7.5%	−46.1%	77.5%	20.6%	2.6%	–	–
Profit	363	321	58	419	635	640	–	–
Profit growth	–	−11.6%	−82.1%	628.7%	51.5%	0.8%	–	–
Margin	11.5%	11.0%	3.7%	15.0%	18.9%	18.6%	–	–
Return on capital	30.0%	27.5%	6.5%	66.4%	80.3%	63.6%	–	–
Assets	2,162	2,295	1,836	1,813	1,859	2,155	–	–
Liabilities	954	1,129	949	1,182	1,068	1,149	–	–
Capital employed	1,208	1,166	886	631	791	1,006	–	–
Revenue	1,647	1,619	457	891	1,328	1,587	–	–
Revenue growth	–	−1.7%	−71.8%	95.1%	49.0%	19.5%	–	–
Profit	46	−108	−236	−4	71	62	–	–
Profit growth	–	–	–	–	–	−12.5%	–	–
Margin	2.8%	−6.7%	−51.6%	−0.4%	5.3%	3.9%	–	–
Return on capital	9.5%	−20.5%	−78.8%	−2.1%	24.7%	13.9%	–	–
Assets	1,173	1,583	1,057	817	1,015	1,498	–	–
Liabilities	684	1,056	758	625	728	1,052	–	–
Capital employed	490	526	299	192	287	446	–	–
Revenue	779	843	549	725	1,100	1,139	–	–
Revenue growth	–	8.3%	−34.9%	32.0%	51.8%	3.5%	–	–
Profit	22	8	−6	26	64	90	–	–
Profit growth	–	−61.3%	–	–	144.0%	40.7%	–	–
Margin	2.8%	1.0%	−1.1%	3.6%	5.8%	7.9%	–	–
Return on capital	5.7%	2.2%	−2.4%	11.0%	27.8%	28.1%	–	–
Assets	609	654	493	613	702	791	–	–
Liabilities	228	272	243	375	472	470	–	–
Capital employed	381	382	250	239	231	321	–	–
Revenue	648	622	258	572	762	830	–	–
Revenue growth	–	−4.1%	−58.5%	121.8%	33.3%	8.9%	–	–
Profit	48	45	−36	21	46	57	–	–
Profit growth	–	−5.7%	–	–	123.3%	22.8%	–	–
Margin	7.4%	7.2%	−13.9%	3.6%	6.1%	6.8%	–	–
Return on capital	8.8%	8.5%	−8.1%	5.0%	11.8%	13.1%	–	–
Assets	720	716	593	613	591	681	–	–
Liabilities	178	189	147	198	199	248	–	–
Capital employed	542	527	445	414	392	434	–	–
Revenue	–	176	141	707	1,115	1,593	–	–
Revenue growth	–	–	−19.9%	401.5%	57.6%	42.8%	–	–
Profit	–	10	19	143	276	359	–	–
Profit growth	–	–	95.6%	639.0%	93.5%	29.8%	–	–
Margin	–	5.6%	13.7%	20.2%	24.8%	22.5%	–	–
Return on capital	–	2.9%	5.5%	31.3%	57.5%	48.5%	–	–
Assets	–	432	618	847	1,024	2,072	–	–
Liabilities	–	91	266	391	544	1,332	–	–
Capital employed	–	341	352	456	480	740	–	–
	–	–	–	–	–	0	–	–
Profit	–	–	–	–	–	0	–	–
Return on capital	–	–	–	–	–	0.0%	–	–
Assets	–	–	–	–	–	1,784	–	–
Liabilities	–	–	–	–	–	215	–	–
Capital employed	–	–	–	–	–	1,570	–	–
	–	0	0	0	0	0	0	0
Profit	–	0	1	−4	−9	5	0	0
Assets	–	−207	−211	−219	−276	−359	−7	−3
Liabilities	–	−262	−286	−321	−289	−370	−7	−3
	0	–	–	–	–	–	–	–
Profit	4	–	–	–	–	–	–	–
Assets	−200	–	–	–	–	–	–	–
Liabilities	−263	–	–	–	–	–	–	–

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.Raymond quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 Apr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 12 May	Mar 2026Filed 5 May	Sep 2026Twelve monthsFiled 27 Oct
Revenue from operations	5,391	5,906	6,582	6,482	3,446	6,179	8,215	9,020	1,947	2,212	2,421
	–	5,479	6,006	5,967	3,513	5,467	7,015	7,710	1,770	1,977	2,133
Materials and goods bought	–	2,506	2,806	2,800	1,643	2,241	2,998	2,575	696	751	808
Employee costs	–	–	935	996	674	880	1,024	1,161	382	418	450
Other expenses	–	–	2,264	2,170	1,196	2,347	2,993	3,975	693	809	874
Operating profit before depreciation	–	428	577	516	−66	711	1,199	1,309	176	235	288
Operating margin	–	7.2%	8.8%	8.0%	−1.9%	11.5%	14.6%	14.5%	9.1%	10.6%	11.9%
Materials, % of revenue	–	–	42.6%	43.2%	47.7%	36.3%	36.5%	28.5%	35.7%	33.9%	33.4%
Employee costs, % of revenue	–	–	14.2%	15.4%	19.5%	14.2%	12.5%	12.9%	19.6%	18.9%	18.6%
Other expenses, % of revenue	–	–	34.4%	33.5%	34.7%	38.0%	36.4%	44.1%	35.6%	36.6%	36.1%
Depreciation and amortisation	–	170	197	340	314	240	235	284	146	152	153
Operating profit after depreciation	–	258	380	176	−380	471	964	1,025	30	83	136
Other income	118	119	125	96	201	169	122	266	158	100	83
Finance costs	–	184	233	303	276	228	257	376	65	84	85
Profit before one-off items and tax	88	192	273	−31	−455	413	829	916	123	99	133
One-off items	−10	21	−5	38	0	−164	−107	−43	0	−201	−34
Profit before tax	78	213	268	7	−455	250	722	873	123	−102	99
	22	67	86	−43	−161	−22	200	−223	26	−159	16
Current tax	–	57	74	35	10	41	36	−202	48	18	12
Deferred tax	–	10	12	−78	−170	−63	165	−21	−22	−178	5
Share of profit of joint ventures and associates	−26	−5	−8	152	−9	−6	15	993	−45	−4	−1
Profit from discontinued businesses	–	–	–	–	–	–	–	–	7,584	5,308	–
	30	142	175	202	−304	265	537	2,088	7,636	5,361	82
Belonging to the company's shareholders	–	135	168	196	−297	260	529	–	7,631	5,341	48
Belonging to outside owners of subsidiaries	–	–	7	6	−7	5	8	–	4	20	34
Other comprehensive income	–	–	−2	−36	18	1	31	40	37	238	−226
Total comprehensive income	–	–	172	166	−286	266	568	2,129	7,673	5,599	−144
Net margin	0.6%	2.4%	2.7%	3.1%	−8.8%	4.3%	6.5%	23.2%	–	–	3.4%
Net margin without joint ventures and associates	1.0%	2.5%	2.8%	0.8%	−8.5%	4.4%	6.3%	12.1%	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 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 or depreciation, which operating profit is worked out from, so operating profit is not given. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Belonging to the company's shareholders is left blank for the year to Mar 2024: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to. Net margin is left blank for the years to Mar 2025 and Mar 2026: 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. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 30 Apr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 12 May	Mar 2026Filed 5 May	Sep 2026Half yearFiled 27 Oct
	2,037	2,464	2,179	2,436	2,984	5,055	4,158	3,118	3,451
	1,954	2,376	2,097	2,359	2,899	4,617	3,716	2,844	3,158
Share capital	61	65	67	67	67	67	67	67	67
Reserves	1,892	2,311	2,031	2,293	2,832	4,551	3,650	2,777	3,091
Belonging to outside owners of subsidiaries	83	88	82	77	85	438	441	274	293
	2,143	2,173	1,894	2,066	2,127	3,426	740	999	1,023
Repayable after a year	411	387	1,176	1,161	991	2,368	345	460	443
Repayable within a year	1,732	1,786	719	905	1,137	1,058	395	538	580
	4,134	4,275	2,969	3,416	3,760	4,442	833	1,108	1,176
Trade payables	1,352	1,406	1,164	1,717	1,692	2,064	254	345	367
Other financial liabilities	828	768	674	492	500	594	73	97	92
Other liabilities	153	234	340	206	343	551	44	43	48
Provisions	69	71	72	93	87	130	61	74	78
Tax owed	1	2	1	4	0	45	7	11	12
	494	1,008	1,592	1,524	1,450	3,676	543	512	521
Other financial liabilities	3	547	364	321	418	742	0	48	60
Other liabilities	56	0	42	34	34	368	0	0	0
Deferred tax	24	25	10	8	8	199	197	4	18
Liabilities going with businesses held for sale	–	–	–	–	–	–	2,183	–	–
	6,664	7,747	6,740	7,377	8,194	13,173	7,716	4,738	5,149
Held for sale or for a demerger	1	1	1	–	0	–	3,450	–	–
	2,576	3,266	2,963	2,919	3,101	5,784	2,499	2,824	3,087
Plant in use, after depreciation	1,921	2,421	2,036	1,874	1,931	2,549	890	841	–
Plant being built	113	35	16	20	30	70	5	38	–
Intangible assets	3	9	7	3	2	661	617	585	562
Goodwill	12	12	1	1	1	265	265	98	98
Intangible assets being developed	1	5	5	5	6	29	5	1	2
Property held to earn rent	–	0	0	0	0	1,431	0	–	19
Investments	135	32	48	65	315	323	385	535	677
Stakes in joint ventures and associates	128	353	345	401	439	0	263	655	753
Loans given	0	8	15	10	8	1	0	0	0
Other financial assets	84	133	77	61	88	142	41	25	24
Deferred tax	68	180	331	393	196	191	0	11	0
Other assets	111	79	82	87	86	122	28	35	47
	4,088	4,480	3,776	4,457	5,093	7,389	1,767	1,914	2,062
Inventories	1,902	2,201	1,634	2,011	2,497	3,514	419	487	547
Trade receivables	1,260	1,159	958	873	744	1,407	406	521	560
Cash and cash equivalents	21	133	234	163	172	182	34	135	79
Other bank balances	105	194	319	173	154	343	264	48	426
Current investments	276	213	108	634	885	1,072	472	505	211
Loans given	85	11	10	26	18	25	28	27	26
Other financial assets	41	28	50	66	27	62	20	33	41
Tax paid in advance	71	75	41	38	98	0	14	7	10
Other assets	328	466	423	473	498	783	110	151	161
Net debt	1,741	1,632	1,234	1,097	916	1,827	−30	311	307

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 2025Filed 12 May	Mar 2026Filed 5 May	Sep 2026Half year
	702	677	804	533	233	42	50
	679	643	877	610	289	167	63
	685	−40	−386	−729	−281	−135	−107
Receivables	228	−206	37	−777	−705	−171	−68
Inventories	555	−259	−525	−767	−221	−56	−60
Payables	−114	470	101	0	647	100	21
Other working capital	16	−44	0	815	0	−8	0
Tax paid	23	34	−72	−77	−117	−74	−13
Capital spending	21	60	116	208	158	114	76
Free cash flow	681	617	688	326	75	−72	−26
	64	−425	−476	−1,042	−232	−180	−161
Plant and property sold	19	29	14	12	16	1	1
Companies bought	0	0	0	−701	0	0	0
Interest received	47	47	47	102	75	49	22
Dividends received	0	0	0	0	0	0	1
	−668	−323	−319	502	−104	230	61
Borrowings raised	937	289	472	1,910	173	780	63
Borrowings repaid	−1,274	−298	−438	−953	−154	−454	−40
Interest paid	−244	−205	−227	−286	−111	−83	−37
Lease payments	−49	−74	−77	−97	−4	−13	−7
Dividends paid	0	10	20	20	66	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	98	−71	10	−6	−102	91	−50

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.Raymond dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 Apr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 12 May	Mar 2026Filed 5 May
Earnings per share	₹4.16	₹21.93	₹27.37	₹31.44	−₹44.63	₹39.11	₹79.45	₹246.07	₹1,147.00	₹802.31
Diluted earnings per share	₹4.16	₹21.93	₹27.37	₹31.16	−₹44.63	₹39.11	₹79.45	₹246.07	₹1,144.00	₹802.31
Dividend per share	₹1.25	₹3.00	₹3.00	–	–	₹3.00	₹3.00	₹10.00	–	–
Book value per share	–	–	₹318.31	₹367.11	₹315.06	₹354.38	₹435.48	₹693.57	₹558.40	₹427.34
Dividend payout	–	13.7%	11.0%	–	–	7.7%	3.8%	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.2%	0.2%	0.2%	0.7%	0.0%
Market cap at the year end (₹ crore)	3,889	5,510	4,981	1,442	2,407	5,690	8,136	12,039	9,340	2,143

Ratios

Consolidated, years to March.Raymond PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 Apr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 12 May	Mar 2026Filed 5 May
Revenue growth	−4.1%	9.6%	11.4%	−1.5%	−46.8%	79.3%	33.0%	9.8%	–	13.6%
Operating profit growth	–	–	34.8%	−10.6%	–	–	68.7%	9.1%	–	33.2%
Net profit growth	−67.4%	371.5%	23.5%	15.4%	–	–	102.5%	288.9%	–	−29.8%
Earnings per share growth	–	427.2%	24.8%	14.9%	–	–	103.1%	209.7%	–	−30.1%
	–	–	8.6%	9.1%	−13.3%	11.7%	20.1%	–	–	–
	–	–	–	0.5 pts	−22.3 pts	25.0 pts	8.4 pts	–	–	–
From the net margin	–	–	–	1.6 pts	−34.9 pts	19.8 pts	6.2 pts	–	–	–
From asset turnover	–	–	–	−0.9 pts	12.2 pts	5.5 pts	3.7 pts	–	–	–
From borrowing	–	–	–	−0.2 pts	0.4 pts	−0.3 pts	−1.4 pts	–	–	–
Return on capital employed	–	–	9.1%	3.8%	−9.3%	10.5%	18.9%	12.1%	–	2.0%
Cash conversion	–	–	–	–	–	255.5%	149.8%	25.5%	3.1%	0.8%
Interest cover	–	1.4	1.6	0.6	–	2.1	3.7	2.7	0.5	1.0
Debt to equity	–	–	1.05	0.88	0.87	0.85	0.71	0.68	–	0.32
Receivable days	–	–	70	65	101	52	33	57	–	86
Inventory days	–	–	247	287	363	328	304	498	–	237
Payable days	–	–	176	183	258	280	206	293	–	168
Cash conversion cycle, days	–	–	141	169	206	100	131	263	–	155
Working capital days	–	–	71	82	92	58	56	97	–	108
Asset turnover	–	–	0.99	0.90	0.48	0.88	1.06	0.84	–	–
Assets per rupee of net worth	–	–	3.41	3.33	3.24	3.17	2.96	2.84	–	–
Sales per rupee of plant	–	–	3.43	2.68	1.69	3.30	4.25	3.54	2.19	2.63
Capital spending to depreciation	–	–	–	–	0.07	0.25	0.49	0.73	1.08	0.75
Plant being built, % of plant in use	–	–	5.9%	1.5%	0.8%	1.1%	1.5%	2.7%	0.6%	4.5%

Interest cover is left blank for the year to Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2025: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth and operating profit growth are left blank for the year to Mar 2025: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Net profit growth and earnings per share growth are left blank for the year to Mar 2025: 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: 85.8%
Cash from operations against operating profit: 17.8%

Measure	10 years	5 years	3 years
Return on capital employed, average	–	10.9%	7.1%
Operating margin, average	9.1%	12.1%	11.4%
Cash conversion cycle, days, average	–	162	209
Interest cover, average	–	2.0	1.4
Debt to equity, average	–	0.64	0.50

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	2,290	808	42
Cash from investing	−2,354	−1,454	−180
Cash from financing	−14	628	230
Capital spending	656	479	114
Dividends paid	116	86	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	3,623	2,863	780
Borrowings repaid	2,297	1,561	454

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	–	–	–	–	3	9	8	6	6	6
Altman Z-scorePublished threshold 1.81	–	–	2.27	1.58	1.31	2.35	3.01	2.64	2.71	2.27
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.92	−2.55	−2.74	−1.10	−2.00	−2.83
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−14.77	0.18	2.68	24.31	73.09	88.32
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	4.38	0.70	0.15	0.05
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−6.42	29.46	−88.13	−47.71	79.25	7.24	14.76
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	15.97	15.54	−13.23	−9.70	54.88	−15.08	8.29
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.99	−1.56	1.02	0.56	2.45	−35.99	2.15
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.04	–	0.26	0.10	0.08	–	0.37
Effective tax ratePublished threshold 17.16 per cent	28.08	31.25	31.90	−586.05	–	−8.78	27.75	−25.52	21.33	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−22.55	17.72	−34.35	−73.59	–

A threshold marked as ours has no published figure; it is the line we read the check against.