Suzlon Energy financials: balance sheet, profit and loss, cash flow

NSE: SUZLONBSE: 532667Electrical EquipmentMid Cap

Suzlon Energy Limited · Face value ₹2 · Listed Oct 2005

₹36.79₹0.51 (1.37%)BSE ₹36.79

Share price at the NSE close on 29 Oct 2026. Previous close ₹37.30.

29 Oct: open ₹37.60, high ₹37.87, low ₹36.33

52-week range of traded prices to 29 Oct 2026

₹36.31Low, 8 Oct 2026₹61.50High, 6 Nov 2025

Market cap: ₹50,573 Cr158th largest listed
P/E: 22.39
P/B: 4.92
Dividend yield: Nonein the last 12 months
ROE: 24.9%
ROCE: 24.8%
Debt to equity: 0.03
Volume, NSE: 9,25,94,15934.3% delivered

Suzlon Energy'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.Suzlon Energy annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹16,732 Cr, year to Mar 2026; lowest ₹2,973 Cr, year to Mar 2020A loss in 4 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 2.3% 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

Revenue16,732
Materials and goods−10,803
Employee costs−1,100
Other expenses−1,806
Operating profit3,022
Depreciation−318
Other income+110
One-off items+70
Finance costs−462
Profit before tax2,422
Tax+742
Net profit3,163

What the company owns

Plant, investments and other assets₹6,625 Cr
Receivables₹6,269 Cr
Inventory₹4,512 Cr
Cash and bank₹1,246 Cr
Current investments₹217 Cr

What pays for it: net worth and liabilities

Net worth₹9,464 Cr
Owed to suppliers₹5,083 Cr
Other liabilities₹4,059 Cr
Borrowings₹264 Cr

Suzlon Energy 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.Suzlon Energy segment results by quarter

Revenue by segment

₹17,128 CrTotal

Wind Turbine Generator₹14,040 Cr82.0% of total
Operation & Maintenance Service₹2,484 Cr14.5% of total
Foundry & Forging₹596 Cr3.5% of total
Others₹8 Cr0.0% of total

Profit by segment

Wind Turbine Generator₹1,854 Cr68.6% of total
Operation & Maintenance Service₹759 Cr28.1% of total
Foundry & Forging₹86 Cr3.2% of total
Others₹5 Cr0.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Wind Turbine Generator
Revenue, ₹ crore
2,849
595
1,193
4,376
3,781
4,215
8,481
14,040
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−798
−1,955
−427
−163
−106
70
811
1,854
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Operation & Maintenance Service
Revenue, ₹ crore
1,907
1,995
1,885
1,825
1,889
2,061
2,222
2,484
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
429
660
690
756
679
738
745
759
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Foundry & Forging
Revenue, ₹ crore
357
432
334
477
472
483
489
596
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−11
4
13
33
−3
27
35
86
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
88
22
9
8
7
8
10
8
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
30
13
0
3
2
4
7
5
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	5,201	3,045	3,422	6,686	6,149	6,767	11,203	17,128
Company revenue, as in its results	5,025	2,973	3,346	6,582	5,971	6,529	10,890	16,732
Revenue	2,849	595	1,193	4,376	3,781	4,215	8,481	14,040
Revenue growth	–	−79.1%	100.7%	266.7%	−13.6%	11.5%	101.2%	65.5%
Profit	−798	−1,955	−427	−163	−106	70	811	1,854
Profit growth	–	–	–	–	–	–	1,058.2%	128.6%
Margin	−28.0%	−328.7%	−35.8%	−3.7%	−2.8%	1.7%	9.6%	13.2%
Return on capital	−35.1%	−84.5%	−22.4%	−11.1%	−9.7%	5.1%	41.1%	50.5%
Assets	6,443	4,385	4,142	4,059	2,901	3,971	7,450	11,921
Liabilities	4,168	2,070	2,233	2,595	1,807	2,592	5,479	8,251
Capital employed	2,275	2,315	1,909	1,464	1,093	1,379	1,971	3,670
Revenue	1,907	1,995	1,885	1,825	1,889	2,061	2,222	2,484
Revenue growth	–	4.6%	−5.6%	−3.2%	3.5%	9.1%	7.8%	11.8%
Profit	429	660	690	756	679	738	745	759
Profit growth	–	53.9%	4.6%	9.6%	−10.1%	8.7%	0.9%	1.8%
Margin	22.5%	33.1%	36.6%	41.4%	36.0%	35.8%	33.6%	30.6%
Return on capital	125.6%	147.2%	146.4%	146.8%	88.4%	80.2%	69.3%	55.4%
Assets	1,008	1,152	1,156	1,135	1,317	1,348	2,047	2,127
Liabilities	667	704	685	620	549	427	971	757
Capital employed	341	448	471	515	769	921	1,075	1,370
Revenue	357	432	334	477	472	483	489	596
Revenue growth	–	21.2%	−22.7%	42.6%	−1.0%	2.3%	1.4%	21.9%
Profit	−11	4	13	33	−3	27	35	86
Profit growth	–	–	243.4%	149.8%	–	–	29.6%	149.4%
Margin	−3.2%	0.9%	4.0%	7.0%	−0.7%	5.5%	7.1%	14.5%
Return on capital	−1.9%	0.8%	2.9%	9.1%	−1.0%	7.6%	9.8%	19.4%
Assets	730	632	599	517	452	479	465	578
Liabilities	132	157	144	152	134	127	112	133
Capital employed	598	475	455	365	318	352	353	445
Revenue	88	22	9	8	7	8	10	8
Revenue growth	–	−74.6%	–	–	–	–	–	–
Profit	30	13	0	3	2	4	7	5
Profit growth	–	−57.3%	–	–	–	–	–	–
Margin	34.3%	57.7%	−1.9%	42.4%	32.1%	52.6%	67.9%	58.7%
Return on capital	72.6%	29.0%	−0.4%	10.6%	9.5%	29.8%	57.1%	29.8%
Assets	73	45	43	31	25	14	12	16
Liabilities	31	0	0	0	0	0	0	0
Capital employed	42	45	43	31	25	14	12	16

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.Suzlon Energy quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 30 May	Mar 2024	Mar 2025Filed 29 May	Mar 2026Filed 25 May	Sep 2026Twelve monthsFiled 29 Oct
Revenue from operations	12,714	8,334	5,025	2,973	3,346	6,582	5,971	6,529	10,890	16,732	18,434
	–	7,331	5,033	3,833	2,811	5,692	5,139	5,500	9,033	13,709	15,417
Materials and goods bought	–	1,084	2,998	1,874	1,577	4,332	3,783	3,982	6,887	10,803	12,297
Employee costs	–	–	874	796	553	545	609	703	942	1,100	1,113
Other expenses	–	–	1,161	1,163	681	815	747	815	1,204	1,806	2,006
Operating profit before depreciation	–	1,003	−9	−860	534	889	832	1,029	1,857	3,022	3,018
Operating margin	–	12.0%	−0.2%	−28.9%	16.0%	13.5%	13.9%	15.8%	17.1%	18.1%	16.4%
Materials, % of revenue	–	–	59.7%	63.0%	47.1%	65.8%	63.4%	61.0%	63.2%	64.6%	66.7%
Employee costs, % of revenue	–	–	17.4%	26.8%	16.5%	8.3%	10.2%	10.8%	8.6%	6.6%	6.0%
Other expenses, % of revenue	–	–	23.1%	39.1%	20.4%	12.4%	12.5%	12.5%	11.1%	10.8%	10.9%
Depreciation and amortisation	–	342	342	419	258	260	260	190	259	318	390
Operating profit after depreciation	–	661	−351	−1,278	276	630	572	839	1,598	2,704	2,628
Other income	89	79	50	28	20	22	20	38	103	110	116
Finance costs	1,288	1,581	1,270	1,367	996	735	421	164	255	462	506
Profit before one-off items and tax	912	−840	−1,571	−2,618	−700	−83	171	713	1,447	2,352	2,238
One-off items	0	450	28	−66	805	83	2,721	−54	0	70	70
Profit before tax	912	−391	−1,543	−2,684	105	0	2,892	659	1,447	2,422	2,308
	12	−2	−12	7	5	167	4	−1	−625	−742	49
Current tax	–	–	3	7	5	184	5	3	14	8	12
Deferred tax	–	–	−15	0	0	−17	0	−4	−639	−749	37
Share of profit of joint ventures and associates	–	5	−6	0	3	−10	–	–	–	–	–
	852	−384	−1,537	−2,692	104	−177	2,887	660	2,072	3,163	2,259
Belonging to the company's shareholders	852	−384	−1,527	−2,642	104	−200	2,849	660	2,072	3,163	2,259
Belonging to outside owners of subsidiaries	–	–	−10	−50	−1	23	38	0	0	0	0
Other comprehensive income	–	–	−40	141	31	−82	−35	66	−23	8	2
Total comprehensive income	–	–	−1,577	−2,551	135	−258	2,852	727	2,048	3,171	2,261
Net margin	6.7%	−4.6%	−30.6%	−90.5%	3.1%	−2.7%	48.4%	10.1%	19.0%	18.9%	12.3%
Net margin without joint ventures and associates	–	−4.7%	−30.5%	−90.5%	3.0%	−2.5%	–	–	–	–	–

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 depreciation, 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 2019Filed 30 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 30 May	Mar 2024	Mar 2025Filed 29 May	Mar 2026Filed 25 May	Sep 2026Half yearFiled 29 Oct
	−8,503	−11,042	−3,401	−3,562	1,099	3,920	6,106	9,464	10,277
	−8,498	−10,983	−3,343	−3,526	1,099	3,920	6,106	9,464	10,277
Share capital	1,064	1,064	1,702	1,843	2,454	2,722	2,732	2,745	2,751
Reserves	−9,562	−12,047	−5,045	−5,369	−1,355	1,199	3,374	6,719	7,526
Belonging to outside owners of subsidiaries	−5	−59	−58	−36	0	0	0	0	0
	9,624	9,686	6,203	6,391	1,905	110	283	264	327
Repayable after a year	6,244	842	6,027	5,592	1,517	50	129	103	96
Repayable within a year	3,380	8,844	175	798	388	60	154	161	231
	10,949	16,545	3,814	4,234	2,701	3,009	5,915	8,187	8,451
Trade payables	2,175	1,298	1,582	1,840	895	1,796	2,935	5,083	5,205
Other financial liabilities	3,061	5,311	1,024	380	217	189	414	183	200
Other liabilities	1,594	387	493	558	631	411	1,839	2,058	2,081
Provisions	740	706	539	484	569	552	564	702	733
Tax owed	0	0	0	174	2	2	8	1	0
	6,425	1,027	6,188	5,802	1,723	250	939	1,218	1,278
Other financial liabilities	50	91	78	79	38	34	655	901	944
Other liabilities	12	1	1	0	0	0	0	0	0
Provisions	118	93	83	130	168	165	155	215	238
	8,871	6,530	6,601	6,475	5,523	7,179	12,960	18,869	20,006
Held for sale or for a demerger	89	51	50	66	35	–	–	–	–
	2,357	1,836	1,754	1,390	1,346	1,891	3,708	5,368	5,267
Plant in use, after depreciation	1,147	1,048	935	907	778	810	822	1,360	–
Plant being built	218	110	104	15	3	16	89	176	–
Intangible assets	327	268	190	121	58	50	452	432	424
Goodwill	8	8	8	0	0	0	480	480	480
Intangible assets being developed	10	12	4	4	3	4	16	14	10
Property held to earn rent	37	35	33	31	29	27	26	24	24
Investments	0	0	0	0	0	0	0	0	0
Stakes in joint ventures and associates	20	20	23	0	0	0	0	0	0
Loans given	0	0	0	0	0	0	0	5	5
Other financial assets	484	284	403	264	433	903	1,104	1,228	1,269
Deferred tax	0	0	0	17	0	4	645	1,394	1,192
Trade receivables	0	0	0	–	0	0	0	217	217
Other assets	104	51	54	29	40	78	75	38	41
	6,425	4,644	4,798	5,019	4,142	5,288	9,252	13,501	14,738
Inventories	2,914	2,056	2,173	2,208	1,827	2,292	3,234	4,512	5,461
Trade receivables	1,881	1,365	1,190	1,377	1,170	1,830	3,866	6,269	6,786
Cash and cash equivalents	75	58	263	437	367	250	901	631	423
Other bank balances	0	25	0	63	0	177	212	615	409
Current investments	0	0	0	0	0	8	43	217	314
Loans given	12	22	21	1	1	0	0	3	0
Other financial assets	316	109	176	121	149	135	188	225	248
Tax paid in advance	16	20	6	1	1	1	50	115	60
Other assets	1,212	989	970	811	627	594	757	915	1,038
Net debt	9,549	9,603	5,940	5,890	1,538	−325	−872	−1,198	−818

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 2023Filed 30 May	Mar 2024	Mar 2025Filed 29 May	Mar 2026Filed 25 May	Sep 2026Half year
	531	1,302	467	33	1,092	1,202	−200
	517	1,292	482	54	1,094	1,277	−240
	−101	157	−543	−1,107	−890	−2,054	−1,590
Receivables	68	−230	193	−677	−2,007	−2,661	−537
Inventories	−117	−49	381	−465	−819	−1,278	−949
Payables	284	324	−946	901	1,115	2,136	116
Other working capital	−335	112	−171	−866	820	−251	−220
Tax paid	13	9	−15	−20	−2	−75	40
Capital spending	52	77	101	227	371	577	189
Free cash flow	479	1,225	366	−194	721	625	−389
	−24	−18	85	−152	−752	−914	−230
Plant and property sold	3	1	86	1	2	1	1
Interest received	9	16	12	25	77	81	34
	−327	−1,045	−684	178	343	−155	16
Borrowings raised	50	0	3,045	0	105	21	98
Borrowings repaid	−310	−723	−4,384	−1,803	−67	−41	−35
Interest paid	−409	−322	−425	−107	−70	−137	−71
Lease payments	0	0	0	23	−28	−37	−44
Dividends paid	0	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	342	0	1,080	2,065	0	0	95
Net change in cash	180	239	−133	60	683	133	−414

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.Suzlon Energy dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 30 May	Mar 2024	Mar 2025Filed 29 May	Mar 2026Filed 25 May
Earnings per share	₹1.71	−₹0.72	−₹2.87	−₹4.97	₹0.14	−₹0.22	₹2.64	₹0.50	₹1.52	₹2.31
Diluted earnings per share	₹1.60	−₹0.72	−₹2.87	−₹4.97	₹0.12	−₹0.22	₹2.64	₹0.50	₹1.51	₹2.31
Book value per share	–	–	−₹15.97	−₹20.65	−₹3.93	−₹3.83	₹0.88	₹2.88	₹4.47	₹6.90
Shareholder yield	–	–	–	–	−8.2%	0.0%	−11.0%	−3.8%	0.0%	0.0%
Market cap at the year end (₹ crore)	9,597	5,692	3,272	1,037	4,182	8,332	9,854	54,995	77,329	54,246

Ratios

Consolidated, years to March.Suzlon Energy PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 30 May	Mar 2024	Mar 2025Filed 29 May	Mar 2026Filed 25 May
Revenue growth	33.0%	−34.5%	−39.7%	−40.8%	12.5%	96.7%	−9.3%	9.4%	66.8%	53.6%
Operating profit growth	–	–	–	–	–	66.5%	−6.5%	23.7%	80.5%	62.7%
Net profit growth	76.5%	–	–	–	–	–	–	−77.1%	213.7%	52.7%
Earnings per share growth	69.3%	–	–	–	–	–	–	−81.1%	204.0%	52.0%
	–	–	18.0%	27.1%	−1.5%	5.8%	−234.8%	26.3%	41.3%	40.6%
	–	–	–	9.2 pts	−28.6 pts	7.3 pts	−240.6 pts	261.1 pts	15.0 pts	−0.7 pts
From the net margin	–	–	–	34.6 pts	−28.1 pts	2.9 pts	−97.3 pts	185.0 pts	23.2 pts	−0.3 pts
From asset turnover	–	–	–	−16.7 pts	−0.3 pts	1.4 pts	1.0 pts	−1.6 pts	2.6 pts	−1.1 pts
From borrowing	–	–	–	−8.7 pts	−0.2 pts	3.0 pts	−144.4 pts	77.7 pts	−10.7 pts	0.7 pts
Return on capital employed	–	–	−31.3%	–	9.8%	22.3%	19.0%	20.8%	25.0%	27.8%
Cash conversion	–	–	–	–	512.1%	–	16.2%	5.0%	52.7%	38.0%
Interest cover	–	0.4	–	–	0.3	0.9	1.4	5.1	6.3	5.9
Debt to equity	–	–	–	–	–	–	1.73	0.03	0.05	0.03
Receivable days	–	–	137	168	130	76	72	102	130	137
Inventory days	–	–	355	400	503	186	176	210	171	152
Payable days	–	–	265	253	366	155	86	165	156	172
Cash conversion cycle, days	–	–	227	315	267	107	162	148	145	117
Working capital days	–	–	−89	−386	98	60	89	106	78	88
Asset turnover	–	–	0.57	0.39	0.51	1.01	1.00	1.03	1.08	1.05
Assets per rupee of net worth	–	–	−1.04	−0.79	−0.92	−1.90	−4.94	2.53	2.01	2.04
Sales per rupee of plant	–	–	4.38	2.84	3.58	7.25	7.67	8.07	13.25	12.30
Capital spending to depreciation	–	–	–	–	0.20	0.30	0.39	1.20	1.43	1.81
Plant being built, % of plant in use	–	–	19.0%	10.5%	11.1%	1.7%	0.3%	2.0%	10.8%	13.0%

Interest cover is left blank for the years to Mar 2019 and Mar 2020: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2019, Mar 2020, Mar 2021 and Mar 2022: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the year to Mar 2020: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. 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: 19.9%
Cash from operations against operating profit: 39.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	5.8%	38.0%	41.0%
Profit growth, yearly rate	20.7%	97.9%	3.6%
Return on equity, average	–	−24.1%	36.1%
Return on capital employed, average	–	23.0%	24.5%
Operating margin, average	8.6%	15.7%	17.0%
Net margin, average	−2.2%	18.7%	16.0%
Asset turnover, average	–	1.03	1.05
Cash conversion cycle, days, average	–	136	137
Interest cover, average	–	3.9	5.7
Debt to equity, average	–	0.46	0.03

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	4,096	2,327	1,202
Cash from investing	−1,751	−1,818	−914
Cash from financing	−1,363	366	−155
Capital spending	1,352	1,175	577
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	3,145	2,065	0
Borrowings raised	3,171	126	21
Borrowings repaid	7,018	1,912	41

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	4	6	6	4	4
Altman Z-scorePublished threshold 1.81	–	–	−1.54	−4.94	0.42	0.88	4.37	12.03	8.72	5.69
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.71	−2.87	−0.36	−1.28	−1.09	−1.39
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−6.14	−22.33	38.93	12.26	17.19	18.07
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.82	0.53	0.28	0.39
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	13.39	−25.35	−80.99	−5.71	46.96	44.54	8.50
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	8.06	21.51	−173.01	−4.57	20.19	−31.88	−17.33
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−14.32	0.99	−3.32	−2.62	−0.71	2.44	1.55
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.34	0.72	0.07	0.02	0.07	0.33	0.21
Effective tax ratePublished threshold 17.16 per cent	1.28	–	–	–	4.41	41,647.50	0.15	−0.13	−43.20	−30.63
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	39,290.00	−0.36	−3.21	−43.31	−33.74

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
27 Oct 2026	CRISIL Ratings Limited	Bank FacilitiesLong-term scale	Crisil AA-Rating Upgraded	Stable	2,500
27 Oct 2026	CRISIL Ratings Limited	Bank FacilitiesShort-term scale	Crisil A1+Rating Upgraded		1,445
19 May 2026	ICRA Limited	Unallocated limits-Unallocated limits	[ICRA]A+ /[ICRA]A1Review, Other	Stable	378
19 May 2026	ICRA Limited	Fund-based/Non-fund based-Others	[ICRA]A+ /[ICRA]A1Review, Other	Stable	2,257
6 Oct 2025	ICRA Limited	Unallocated-Unallocated	[ICRA]A+ /[ICRA]A1Review, Other	Stable	1,535

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