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

NSE: RITESBSE: 541556ConstructionSmall Cap

RITES Limited · Face value ₹10 · Listed Jul 2018 · Issue price ₹185

₹194.81₹1.76 (0.90%)BSE ₹194.90

Share price at the NSE close on 29 Oct 2026. Previous close ₹196.57.

29 Oct: open ₹195.85, high ₹198.00, low ₹192.50

52-week range of traded prices to 29 Oct 2026

₹175.00Low, 30 Mar 2026₹259.70High, 21 Nov 2025

Next results date: the board meets on 4 Nov 2026 to consider: financial results and dividend. The notice · Results calendar

Market cap: ₹9,363 Cr554th largest listed
P/E: 22.43
P/B: 3.49
Dividend yield: 4.13%
ROE: 15.7%
ROCE: 17.4%
Debt to equity: 0.00
Volume, NSE: 3,46,94131.8% delivered

RITES' financial statements for the 9 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them. It had no borrowings at 31 Mar 2026.

9 years at a glance

₹ crore, years to March.RITES annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,662 Cr, year to Mar 2022; lowest ₹1,503 Cr, year to Mar 2018

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 1.1% of operating profit in the first full year.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue2,415
Materials and goods−43
Employee costs−522
Other expenses−1,296
Operating profit554
Depreciation−66
Other income+109
One-off items0.0
Finance costs−3.8
Profit before tax594
Tax−153
Joint ventures+14
Net profit454

What the company owns

Cash and bank₹2,946 Cr
Plant, investments and other assets₹2,014 Cr
Receivables₹931 Cr
Inventory₹35 Cr

What pays for it: net worth and liabilities

Other liabilities₹2,812 Cr
Net worth₹2,794 Cr
Owed to suppliers₹320 Cr

RITES 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.RITES segment results by quarter

Revenue by segment

₹2,415 CrTotal

Consultancy-Domestic₹1,242 Cr51.4% of total
Turnkey Construction Projects₹602 Cr24.9% of total
Export Sale₹316 Cr13.1% of total
Leasing -Domestic₹172 Cr7.1% of total
Consultancy-Abroad₹68 Cr2.8% of total
Power Generation₹15 Cr0.6% of total

Profit by segment

Consultancy-Domestic₹499 Cr78.3% of total
Turnkey Construction Projects₹10 Cr1.5% of total
Export Sale₹50 Cr7.9% of total
Leasing -Domestic₹60 Cr9.4% of total
Consultancy-Abroad₹18 Cr2.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Consultancy-Domestic
Revenue, ₹ crore
949
1,074
1,056
934
978
1,113
1,194
1,163
1,242
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
401
491
504
427
434
549
576
483
499
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Turnkey Construction Projects
Revenue, ₹ crore
459
885
903
797
602
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
12
35
25
11
10
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Export Sale
Revenue, ₹ crore
232
207
541
93
966
308
103
15
316
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
52
62
123
18
216
70
21
9
50
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Leasing -Domestic
Revenue, ₹ crore
85
104
121
108
131
138
138
150
172
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
31
44
47
39
45
48
55
53
60
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Consultancy-Abroad
Revenue, ₹ crore
64
78
72
84
106
165
95
77
68
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
29
42
31
44
59
85
31
30
18
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power Generation
Revenue, ₹ crore
17
19
11
16
21
20
19
15
15
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
4
0
2
7
4
3
0
−2
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,503	2,047	2,474	1,860	2,662	2,628	2,453	2,218	2,415
Company revenue, as in its results	1,503	2,047	2,474	1,860	2,662	2,628	2,453	2,218	2,415
Revenue	949	1,074	1,056	934	978	1,113	1,194	1,163	1,242
Revenue growth	–	13.1%	−1.6%	−11.6%	4.7%	13.8%	7.2%	−2.5%	6.7%
Profit	401	491	504	427	434	549	576	483	499
Profit growth	–	22.2%	2.8%	−15.2%	1.5%	26.4%	5.1%	−16.3%	3.4%
Margin	42.3%	45.7%	47.7%	45.8%	44.4%	49.3%	48.3%	41.5%	40.2%
Revenue	–	–	–	–	459	885	903	797	602
Revenue growth	–	–	–	–	–	92.5%	2.1%	−11.8%	−24.4%
Profit	–	–	–	–	12	35	25	11	10
Profit growth	–	–	–	–	–	179.8%	−27.8%	−54.6%	−14.3%
Margin	–	–	–	–	2.7%	3.9%	2.8%	1.4%	1.6%
Revenue	232	207	541	93	966	308	103	15	316
Revenue growth	–	−10.7%	161.6%	−82.8%	935.5%	−68.1%	−66.4%	−85.0%	–
Profit	52	62	123	18	216	70	21	9	50
Profit growth	–	20.9%	96.6%	−85.5%	1,115.7%	−67.7%	−69.2%	−57.4%	–
Margin	22.3%	30.2%	22.7%	19.0%	22.3%	22.6%	20.8%	59.0%	15.9%
Revenue	85	104	121	108	131	138	138	150	172
Revenue growth	–	22.6%	16.5%	−10.3%	21.0%	5.2%	0.3%	8.9%	14.5%
Profit	31	44	47	39	45	48	55	53	60
Profit growth	–	40.5%	5.6%	−17.1%	17.6%	5.5%	14.0%	−3.3%	13.8%
Margin	37.1%	42.6%	38.6%	35.6%	34.6%	34.7%	39.5%	35.1%	34.9%
Revenue	64	78	72	84	106	165	95	77	68
Revenue growth	–	21.8%	−6.9%	15.5%	27.1%	55.3%	−42.5%	−18.5%	−12.4%
Profit	29	42	31	44	59	85	31	30	18
Profit growth	–	42.6%	−24.8%	40.7%	32.9%	43.7%	−63.8%	−2.9%	−37.9%
Margin	45.9%	53.8%	43.5%	52.9%	55.3%	51.2%	32.3%	38.4%	27.3%
Revenue	17	19	11	16	21	20	19	15	15
Revenue growth	–	8.9%	–	–	–	–	–	–	–
Profit	−2	4	0	2	7	4	3	0	−2
Margin	−10.4%	20.3%	−2.8%	10.7%	34.5%	21.8%	15.3%	−1.9%	−11.2%
	–	–	–	–	–	0	–	–	–
Profit	–	–	–	–	–	57	–	–	–
Revenue	147	567	673	624	–	–	–	–	–
Revenue growth	–	286.7%	18.7%	−7.3%	–	–	–	–	–
Profit	4	19	23	23	–	–	–	–	–
Profit growth	–	399.7%	23.2%	2.2%	–	–	–	–	–
Margin	2.5%	3.3%	3.4%	3.8%	–	–	–	–	–
Revenue	10	0	–	–	–	–	–	–	–
Profit	5	0	–	–	–	–	–	–	–
Margin	55.1%	–	–	–	–	–	–	–	–
	–	–	–	–	–	0	–	0	0
Profit	–	–	–	–	–	1	–	12	14
Assets	–	–	–	–	–	0	–	0	0
Liabilities	–	–	–	–	–	0	–	0	0
	–	–	–	–	–	–	0	–	–
Profit	–	–	–	–	–	–	5	–	–
Assets	–	–	–	–	–	–	0	–	–
Liabilities	–	–	–	–	–	–	0	–	–
	–	–	–	–	–	0	–	–	–
Profit	–	–	–	–	–	44	–	–	–
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 Jun 2026, the latest four quarters added.RITES quarterly results

₹ crore	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 19 May	Jun 2026Twelve monthsFiled 4 Aug
Revenue from operations	1,503	2,047	2,474	1,860	2,662	2,628	2,453	2,218	2,415	2,458
	1,093	1,472	1,814	1,356	1,938	1,803	1,803	1,703	1,861	1,903
Materials and goods bought	0	−96	95	−279	151	89	25	−71	43	38
Employee costs	460	487	521	483	517	509	492	503	522	531
Other expenses	633	1,081	1,198	1,152	1,270	1,206	1,286	1,270	1,296	1,334
Operating profit before depreciation	410	576	661	504	724	825	650	515	554	555
Operating margin	27.3%	28.1%	26.7%	27.1%	27.2%	31.4%	26.5%	23.2%	22.9%	22.6%
Materials, % of revenue	0.0%	−4.7%	3.8%	−15.0%	5.7%	3.4%	1.0%	−3.2%	1.8%	1.5%
Employee costs, % of revenue	30.6%	23.8%	21.1%	26.0%	19.4%	19.3%	20.1%	22.7%	21.6%	21.6%
Other expenses, % of revenue	42.1%	52.8%	48.4%	61.9%	47.7%	45.9%	52.4%	57.3%	53.7%	54.3%
Depreciation and amortisation	36	38	47	52	66	146	61	62	66	67
Operating profit after depreciation	374	537	614	452	658	679	589	453	488	488
Other income	164	192	260	145	83	102	86	106	109	116
Finance costs	7	7	7	6	7	7	5	6	4	3
Profit before one-off items and tax	531	722	867	591	734	774	670	553	594	600
One-off items	0	0	0	0	1	0	0	0	0	0
Profit before tax	531	722	867	591	735	774	670	553	594	600
	166	240	241	148	197	203	175	141	153	155
Current tax	179	259	199	150	201	202	171	135	155	154
Deferred tax	−13	−19	42	−2	−5	1	5	6	−1	1
Share of profit of joint ventures and associates	−2	8	8	1	–	–	–	12	14	16
	363	490	633	444	539	571	495	424	454	461
Belonging to the company's shareholders	348	490	633	432	516	542	455	385	410	417
Belonging to outside owners of subsidiaries	15	–	–	–	22	29	40	39	44	44
Other comprehensive income	−2	−2	−7	5	1	6	6	2	8	10
Total comprehensive income	361	488	626	449	539	577	501	426	463	471
Net margin	24.2%	23.9%	25.6%	23.9%	20.2%	21.7%	20.2%	19.1%	18.8%	18.8%
Net margin without joint ventures and associates	24.3%	23.5%	25.3%	23.8%	–	–	–	18.6%	18.2%	–

Share of profit of joint ventures and associates is left blank for the years to Mar 2022, Mar 2023 and Mar 2024: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 19 May
	2,263	2,494	2,715	2,480	2,595	2,719	2,721	2,749	2,794
	2,206	2,422	2,633	2,392	2,489	2,604	2,609	2,640	2,681
Share capital	200	200	250	240	240	240	240	481	481
Reserves	2,006	2,222	2,383	2,152	2,248	2,363	2,369	2,160	2,201
Belonging to outside owners of subsidiaries	57	72	81	88	106	115	112	109	113
	48	40	33	29	25	0	0	0	0
Repayable after a year	48	40	33	27	17	0	0	0	0
Repayable within a year	0	0	0	2	8	0	0	0	0
	2,628	2,710	2,893	3,095	3,013	2,954	2,737	3,189	2,665
Trade payables	77	196	136	237	181	302	220	364	320
Other financial liabilities	2,085	2,274	2,604	2,507	2,621	2,502	2,330	2,442	1,991
Other liabilities	359	172	69	312	117	71	119	341	297
Provisions	106	69	85	37	87	78	68	41	56
Tax owed	0	0	–	–	0	–	–	0	0
	274	227	294	258	215	299	204	181	467
Other financial liabilities	122	177	168	221	168	279	190	168	447
Other liabilities	92	3	71	–	0	0	4	3	10
Provisions	12	7	23	11	30	20	10	9	10
	5,165	5,431	5,903	5,833	5,822	5,972	5,661	6,119	5,926
Held for sale or for a demerger	–	–	–	–	–	–	–	–	0
	858	880	897	1,022	1,161	1,140	1,151	1,232	1,467
Plant in use, after depreciation	400	477	586	580	557	527	507	569	576
Plant being built	0	2	4	15	58	101	174	48	88
Intangible assets	1	1	4	4	3	26	28	27	7
Intangible assets being developed	2	2	–	0	0	–	0	0	1
Property held to earn rent	1	1	–	0	0	0	0	288	283
Investments	120	120	120	95	45	20	109	0	0
Stakes in joint ventures and associates	13	21	29	83	84	85	0	97	104
Loans given	15	16	17	15	9	9	12	13	12
Other financial assets	129	44	52	91	225	173	75	72	314
Deferred tax	42	72	29	27	32	31	27	21	22
Other assets	135	125	55	111	148	170	219	97	59
	4,307	4,551	5,006	4,811	4,662	4,832	4,511	4,887	4,459
Inventories	9	105	11	286	119	31	5	78	35
Trade receivables	468	610	844	584	740	907	900	740	931
Cash and cash equivalents	738	661	881	814	809	1,048	661	688	557
Other bank balances	2,858	2,851	2,750	2,550	2,491	2,400	2,480	2,687	2,389
Current investments	0	0	112	111	76	25	0	20	0
Loans given	4	13	18	21	3	5	5	5	5
Other financial assets	117	173	216	180	242	312	340	458	362
Tax paid in advance	37	51	95	21	26	21	48	88	17
Other assets	76	88	79	245	156	82	72	123	163
Net debt	−3,548	−3,472	−3,710	−3,445	−3,351	−3,474	−3,141	−3,395	−2,946

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 19 May
	516	310	735	106	651	166
	633	495	742	654	802	439
	93	−247	−32	−2	251	−136
Receivables	250	−161	−188	0	165	−198
Inventories	−279	151	90	41	−72	41
Payables	103	−116	121	−82	145	−49
Other working capital	19	−121	−55	39	14	69
Tax paid	−102	−185	−183	−223	−165	−111
Capital spending	80	142	136	137	133	62
Free cash flow	436	168	599	−32	519	104
	183	53	−15	11	−219	126
Plant and property sold	0	0	0	1	0	0
Interest received	90	64	53	73	56	75
Dividends received	0	0	0	0	5	7
	−708	−440	−483	−504	−405	−424
Borrowings repaid	−8	−8	−25	0	0	0
Interest paid	−5	−2	0	0	0	0
Lease payments	−5	−2	0	0	−2	−2
Dividends paid	366	421	452	500	397	418
Shares bought back	318	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−9	−78	237	−387	27	−131

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 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.RITES dividend history

₹ per share	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 19 May
	₹6.97	₹9.39	₹12.32	₹8.77	₹10.75	₹11.28	₹9.48	₹8.01	₹8.54
As stated that year	₹17.42	₹23.48	₹24.64	₹17.54	₹21.49	₹22.56	₹18.95	₹8.01	₹8.54
	–	₹9.39	₹12.32	₹8.77	₹10.75	₹11.28	₹9.48	₹8.01	₹8.54
As stated that year	–	₹23.48	₹24.64	₹17.54	₹21.49	₹22.56	₹18.95	₹8.01	₹8.54
	₹0.80	₹5.10	₹8.00	₹6.50	₹8.50	₹10.25	₹11.50	₹7.55	₹7.95
As declared that year	₹2.00	₹12.75	₹16.00	₹13.00	₹17.00	₹20.50	–	–	₹7.95
	₹44.12	₹48.44	₹52.67	₹49.77	₹51.78	₹54.18	₹54.29	₹54.93	₹55.79
On that year's share count	₹110.31	₹121.11	₹105.33	₹99.54	₹103.56	₹108.36	₹108.57	₹54.93	₹55.79
Dividend payout	11.5%	52.1%	63.2%	72.2%	79.1%	90.9%	121.4%	94.3%	93.1%
Shareholder yield	–	–	–	11.8%	6.7%	5.3%	3.1%	3.7%	4.9%
Market cap at the year end (₹ crore)	–	5,199	6,153	5,786	6,308	8,520	15,951	10,735	8,441

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. The dividend as declared is blank for the years to Mar 2024 and Mar 2025: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.RITES PE ratio and valuation

Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 14 May	Mar 2026Filed 19 May
Revenue growth	–	36.2%	20.9%	−24.8%	43.1%	−1.3%	−6.7%	−9.6%	8.9%
Operating profit growth	–	40.3%	14.8%	−23.7%	43.6%	14.0%	−21.2%	−20.7%	7.6%
Net profit growth	–	34.9%	29.3%	−29.9%	21.2%	6.0%	−13.3%	−14.4%	7.3%
Earnings per share growth	–	34.8%	31.2%	−28.8%	22.5%	5.0%	−16.0%	−15.5%	6.6%
	15.8%	21.2%	25.1%	17.2%	21.2%	21.3%	17.5%	14.7%	15.4%
	–	5.4 pts	3.9 pts	−7.8 pts	4.0 pts	0.1 pts	−3.8 pts	−2.8 pts	0.8 pts
From the net margin	–	0.5 pts	1.5 pts	−2.3 pts	−2.9 pts	1.3 pts	−2.1 pts	−1.1 pts	−0.3 pts
From asset turnover	–	5.3 pts	2.9 pts	−6.2 pts	6.3 pts	−0.5 pts	−1.0 pts	−1.7 pts	0.9 pts
From borrowing	–	−0.5 pts	−0.5 pts	0.7 pts	0.5 pts	−0.7 pts	−0.7 pts	0.1 pts	0.1 pts
Return on capital employed	16.2%	21.2%	22.3%	18.0%	25.1%	25.0%	21.6%	16.5%	17.5%
Cash conversion	–	–	–	116.1%	57.5%	128.7%	21.3%	153.7%	36.5%
Interest cover	52.1	71.9	88.7	75.2	90.8	96.5	125.0	78.1	128.5
Debt to equity	0.02	0.02	0.01	0.01	0.01	0.00	0.00	0.00	0.00
Receivable days	114	109	124	115	101	126	134	122	141
Inventory days	–	−400	41	−374	287	127	73	−403	293
Payable days	–	−746	523	−310	438	1,244	3,238	−1,882	2,709
Cash conversion cycle, days	–	455	−357	50	−49	−990	−3,032	1,600	−2,276
Working capital days	−465	−298	−240	−345	−236	−222	−203	−279	−174
Asset turnover	0.29	0.39	0.44	0.32	0.46	0.45	0.42	0.38	0.40
Assets per rupee of net worth	2.34	2.29	2.24	2.34	2.39	2.32	2.23	2.24	2.26
Sales per rupee of plant	3.76	4.30	4.22	3.20	4.78	4.99	4.84	3.90	4.19
Capital spending to depreciation	–	–	–	1.54	2.16	0.93	2.26	2.13	0.94
Plant being built, % of plant in use	0.1%	0.5%	0.8%	2.7%	10.4%	19.1%	34.3%	8.4%	15.2%

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: 6.8%
Cash from operations against operating profit: 30.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	5.4%	−2.8%
Profit growth, yearly rate	–	−1.0%	−8.9%
Return on equity, average	18.8%	18.0%	15.9%
Return on capital employed, average	20.4%	21.1%	18.5%
Operating margin, average	26.7%	26.2%	24.2%
Net margin, average	22.0%	20.0%	19.4%
Asset turnover, average	0.39	0.42	0.40
Cash conversion cycle, days, average	–	−949	−1,236
Interest cover, average	89.6	103.8	110.5
Debt to equity, average	0.01	0.00	0.00

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	1,968	923	166
Cash from investing	−44	−82	126
Cash from financing	−2,256	−1,332	−424
Capital spending	609	332	62
Dividends paid	2,188	1,315	418
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	32	0	0

Accounting checks

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

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	6	6	8	5	4	5
Altman Z-scorePublished threshold 1.81	–	2.86	3.06	2.56	2.93	3.37	5.04	3.40	3.24
Beneish M-scorePublished threshold −1.78	–	–	–	−2.66	−1.63	−2.43	−2.09	−2.83	−1.81
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−4.34	3.02	−2.53	6.51	−0.14	2.69
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	1.00	0.72	1.00	0.67
Receivables growth less revenue growthOur threshold 0 percentage points	–	−5.92	17.57	−5.89	−16.51	23.82	5.89	−8.19	16.95
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−288.70	2,976.34	−212.56	−32.76	−12.00	1,868.88	−216.79
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	4.00	3.18	2.94	−0.80	−0.34	1.82	9.40	−5.24
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.02	0.03	0.34	1.37	0.87	4.24	0.38	1.20
Effective tax ratePublished threshold 17.16 per cent	31.21	33.29	27.82	25.08	26.73	26.22	26.13	25.57	25.82
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	1.58	2.64	−7.10	−4.29	7.05

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
3 Jul 2026	CARE Ratings Limited	Non-fund-based - LT/ ST-BG/LC	CARE AAA / CARE A1+New, New	Stable	3,555
26 Jun 2026	Infomerics Valuation and Ratings Private Limited	Short Term Rating	IVR A1+Review, Re-affirm		75
26 Jun 2026	Infomerics Valuation and Ratings Private Limited	Long Term Rating	IVR AAAReview, Re-affirm	Stable	3,480

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