Tata Communications financials: balance sheet, profit and loss, cash flow

NSE: TATACOMMBSE: 500483Telecom - ServicesMid Cap

Tata Communications Limited · Formerly Videsh Sanchar Nigam · Face value ₹10 · Listed Apr 1995

₹1,709.40₹28.40 (1.69%)BSE ₹1,713.15

Share price at the NSE close on 29 Oct 2026. Previous close ₹1,681.00.

29 Oct: open ₹1,683.30, high ₹1,717.80, low ₹1,645.00

52-week range of traded prices to 29 Oct 2026

₹1,322.50Low, 2 Apr 2026₹2,110.00High, 22 Jun 2026

Market cap: ₹48,733 Cr201st largest listed
P/E: 44.15
P/E without one-offs: 37.39
P/B: 14.33
Dividend yield: 1.02%
ROE: 35.3%
ROE without one-offs: 41.7%
ROCE: 14.2%
Debt to equity: 3.29
Volume, NSE: 1,94,75040.4% delivered

Tata Communications' 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.Tata Communications annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 3 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 8.7% 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 2020, part of the business was demerged on 17 Sep 2019, and figures before the change include the part that left.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue24,803
Employee costs−4,939
Other expenses−15,041
Operating profit4,822
Depreciation−2,827
Other income+302
One-off items−98
Finance costs−762
Profit before tax1,438
Tax−432
Joint ventures+33
Discontinued businesses−42
Net profit997

What the company owns

Plant, investments and other assets₹23,141 Cr
Receivables₹4,171 Cr
Cash and bank₹695 Cr
Current investments₹296 Cr
Inventory₹100 Cr

What pays for it: net worth and liabilities

Borrowings₹10,582 Cr
Other liabilities₹9,854 Cr
Owed to suppliers₹4,317 Cr
Net worth₹3,651 Cr

Tata Communications 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.Tata Communications segment results by quarter

Revenue by segment

₹25,013 CrTotal

Data Services₹21,441 Cr85.7% of total
Voice Solutions₹1,561 Cr6.2% of total
Transformation Services₹959 Cr3.8% of total
Campaign Registry₹844 Cr3.4% of total
Real Estate₹207 Cr0.8% of total

Profit by segment

Data Services₹1,181 Cr59.2% of total
Voice Solutions₹116 Cr5.8% of total
Transformation Services₹170 Cr8.5% of total
Campaign Registry₹423 Cr21.2% of total
Real Estate₹106 Cr5.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Data Services
Revenue, ₹ crore
12,842
14,157
17,240
19,588
21,441
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,889
1,667
1,304
1,176
1,181
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Voice Solutions
Revenue, ₹ crore
3,870
3,376
2,791
2,286
2,054
1,699
1,633
1,561
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
298
233
136
120
301
185
156
116
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Transformation Services
Revenue, ₹ crore
1,411
1,418
1,550
1,202
959
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−49
31
1
75
170
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Campaign Registry
Revenue, ₹ crore
265
655
844
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
159
446
423
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real Estate
Revenue, ₹ crore
152
179
180
193
201
237
227
207
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
69
109
111
123
102
147
124
106
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	16,551	17,091	17,117	16,897	18,015	21,157	23,305	25,013
Company revenue, as in its results	16,525	17,068	17,100	16,725	17,838	20,969	23,109	24,803
Revenue	–	–	–	12,842	14,157	17,240	19,588	21,441
Revenue growth	–	–	–	–	10.2%	21.8%	13.6%	9.5%
Profit	–	–	–	1,889	1,667	1,304	1,176	1,181
Profit growth	–	–	–	–	−11.7%	−21.8%	−9.8%	0.4%
Margin	–	–	–	14.7%	11.8%	7.6%	6.0%	5.5%
Return on capital	–	–	–	37.6%	35.4%	17.3%	14.3%	13.4%
Assets	–	–	–	13,544	13,779	17,194	18,731	20,306
Liabilities	–	–	–	8,517	9,072	9,675	10,486	11,509
Capital employed	–	–	–	5,026	4,707	7,519	8,245	8,797
Revenue	3,870	3,376	2,791	2,286	2,054	1,699	1,633	1,561
Revenue growth	–	–	−17.3%	−18.1%	−10.2%	−17.3%	−3.9%	−4.4%
Profit	298	233	136	120	301	185	156	116
Profit growth	–	–	−41.5%	−12.0%	151.0%	−38.7%	−15.3%	−25.7%
Margin	7.7%	6.9%	4.9%	5.3%	14.7%	10.9%	9.6%	7.4%
Assets	655	453	397	314	349	394	232	264
Liabilities	754	754	622	526	457	444	399	350
Capital employed	−98	−301	−225	−212	−108	−50	−167	−86
Revenue	–	–	–	1,411	1,418	1,550	1,202	959
Revenue growth	–	–	–	–	0.5%	9.4%	−22.5%	−20.2%
Profit	–	–	–	−49	31	1	75	170
Profit growth	–	–	–	–	–	−98.3%	14,592.2%	127.4%
Margin	–	–	–	−3.5%	2.2%	0.0%	6.2%	17.8%
Return on capital	–	–	–	−19.9%	28.6%	0.2%	50.4%	235.4%
Assets	–	–	–	634	461	559	428	294
Liabilities	–	–	–	387	353	347	280	222
Capital employed	–	–	–	247	108	212	149	72
Revenue	–	–	–	–	–	265	655	844
Revenue growth	–	–	–	–	–	–	147.7%	28.9%
Profit	–	–	–	–	–	159	446	423
Profit growth	–	–	–	–	–	–	180.0%	−5.1%
Margin	–	–	–	–	–	60.2%	68.0%	50.1%
Return on capital	–	–	–	–	–	19.4%	49.9%	52.9%
Assets	–	–	–	–	–	855	942	975
Liabilities	–	–	–	–	–	33	49	175
Capital employed	–	–	–	–	–	822	893	800
Revenue	152	179	180	193	201	237	227	207
Revenue growth	–	–	0.3%	7.4%	4.1%	18.0%	−4.3%	–
Profit	69	109	111	123	102	147	124	106
Profit growth	–	–	1.4%	10.7%	−17.2%	44.2%	−15.5%	–
Margin	45.5%	61.1%	61.7%	63.6%	50.6%	61.8%	54.5%	51.1%
Return on capital	27.7%	29.9%	34.1%	38.0%	30.6%	41.2%	79.4%	67.3%
Assets	381	466	405	420	438	439	232	225
Liabilities	131	100	80	97	106	84	76	68
Capital employed	250	366	325	323	332	355	156	157
Revenue	357	343	215	165	185	166	–	–
Revenue growth	–	–	−37.3%	−23.6%	–	−10.4%	–	–
Profit	−105	−63	−108	−60	−45	−35	–	–
Margin	−29.4%	−18.3%	−50.0%	−36.6%	−24.1%	−20.8%	–	–
Return on capital	−44.6%	−43.4%	−131.3%	−954.5%	–	–	–	–
Assets	370	394	300	257	203	123	–	–
Liabilities	134	249	218	251	276	266	–	–
Capital employed	236	145	82	6	−73	−143	–	–
Revenue	12,172	13,192	13,931	–	–	–	–	–
Revenue growth	–	–	5.6%	–	–	–	–	–
Profit	417	652	1,807	–	–	–	–	–
Profit growth	–	–	177.3%	–	–	–	–	–
Margin	3.4%	4.9%	13.0%	–	–	–	–	–
Return on capital	7.7%	11.7%	35.3%	–	–	–	–	–
Assets	14,044	15,881	14,334	–	–	–	–	–
Liabilities	8,624	10,332	9,220	–	–	–	–	–
Capital employed	5,421	5,549	5,114	–	–	–	–	–

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.Tata Communications quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 Apr	Mar 2026Filed 22 Apr	Sep 2026Twelve monthsFiled 15 Oct
Revenue from operations	17,620	16,651	16,525	17,068	17,100	16,725	17,838	20,969	23,109	24,803	26,014
	15,214	14,359	13,780	13,779	12,840	12,498	13,520	16,739	18,540	19,980	20,850
Materials and goods bought	–	–	0	0	0	0	0	0	0	0	0
Employee costs	–	–	2,960	3,039	3,049	3,040	3,597	4,453	4,557	4,939	4,870
Other expenses	–	–	10,820	10,740	9,790	9,458	9,923	12,286	13,982	15,041	15,980
Operating profit before depreciation	2,406	2,291	2,745	3,289	4,261	4,227	4,318	4,230	4,569	4,822	5,164
Operating margin	13.7%	13.8%	16.6%	19.3%	24.9%	25.3%	24.2%	20.2%	19.8%	19.4%	19.9%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	17.9%	17.8%	17.8%	18.2%	20.2%	21.2%	19.7%	19.9%	18.7%
Other expenses, % of revenue	–	–	65.5%	62.9%	57.3%	56.5%	55.6%	58.6%	60.5%	60.6%	61.4%
Depreciation and amortisation	1,866	1,906	2,068	2,358	2,314	2,205	2,262	2,470	2,592	2,827	2,963
Operating profit after depreciation	540	385	677	931	1,947	2,022	2,056	1,760	1,977	1,996	2,201
Other income	360	381	60	70	157	332	363	282	130	302	331
Finance costs	367	344	397	471	420	360	432	644	729	762	767
Profit before one-off items and tax	533	421	341	530	1,683	1,994	1,987	1,399	1,378	1,536	1,766
One-off items	−1,063	−376	2	−391	−75	6	76	−236	691	−98	−199
Profit before tax	−530	46	343	140	1,609	2,000	2,063	1,163	2,070	1,438	1,566
	236	355	273	227	355	522	297	214	486	432	494
Current tax	270	409	333	334	406	431	433	602	611	612	652
Deferred tax	−34	−54	−59	−108	−52	91	−136	−388	−124	−181	−158
Share of profit of joint ventures and associates	5	−16	−150	2	−2	7	34	20	43	33	17
Profit from discontinued businesses	–	–	–	–	–	–	–	–	211	−42	–
	1,235	−326	−80	−85	1,252	1,485	1,801	970	1,837	997	1,089
Belonging to the company's shareholders	1,235	−326	−82	−86	1,251	1,482	1,796	968	1,836	1,002	1,104
Belonging to outside owners of subsidiaries	–	–	2	1	1	3	5	1	0	−5	−15
Other comprehensive income	–	–	−445	−693	257	−271	−615	−36	−154	102	−61
Total comprehensive income	–	–	−526	−778	1,509	1,214	1,186	934	1,683	1,099	1,028
Net margin	7.0%	−2.0%	−0.5%	−0.5%	7.3%	8.9%	10.1%	4.6%	–	4.0%	4.2%
Net margin without joint ventures and associates	7.0%	−1.9%	0.4%	−0.5%	7.3%	8.8%	9.9%	4.5%	–	3.9%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2025: 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 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 Apr	Mar 2026Filed 22 Apr	Sep 2026Half yearFiled 15 Oct
	−176	−1,274	144	956	1,549	1,790	3,024	3,651	3,599
	−182	−1,278	115	928	1,518	1,786	3,021	3,447	3,401
Share capital	285	285	285	285	285	285	285	285	285
Reserves	−467	−1,563	−170	643	1,233	1,501	2,736	3,162	3,116
Belonging to outside owners of subsidiaries	6	5	28	28	30	4	3	204	198
	9,165	9,086	9,801	7,897	7,533	10,118	10,880	10,582	11,855
Repayable after a year	6,794	6,798	8,886	5,991	5,009	4,746	6,997	6,170	6,980
Repayable within a year	2,371	2,288	915	1,906	2,525	5,372	3,883	4,412	4,874
	9,453	11,342	7,762	8,426	9,786	13,671	12,492	14,018	13,947
Trade payables	3,689	3,845	3,239	3,006	3,277	3,656	3,569	4,317	4,264
Other financial liabilities	1,503	2,898	1,130	987	1,185	1,252	1,301	1,441	1,234
Other liabilities	1,592	1,895	1,847	2,406	2,025	2,070	2,825	2,476	2,222
Provisions	95	124	141	121	160	180	225	233	270
Tax owed	203	291	491	–	614	1,141	688	1,139	1,082
	10,736	12,065	13,423	10,281	9,218	9,100	11,056	10,735	11,465
Other financial liabilities	17	1,427	1,162	1,005	904	982	1,200	1,280	1,178
Other liabilities	3,357	3,207	2,800	2,610	2,584	2,427	2,006	2,424	2,379
Provisions	506	602	548	645	688	750	713	744	809
Deferred tax	62	30	28	30	33	196	141	117	119
Liabilities going with businesses held for sale	–	29	4	5	0	0	12	–	–
	20,013	22,161	21,333	19,668	20,553	24,561	26,585	28,404	29,011
Held for sale or for a demerger	2	124	130	152	256	111	55	7	7
	14,706	16,219	15,496	14,798	14,742	18,562	19,346	21,541	21,865
Plant in use, after depreciation	9,241	10,618	9,543	8,917	8,457	8,533	9,068	9,738	–
Plant being built	345	384	511	799	1,003	1,177	1,005	762	–
Intangible assets	1,689	1,681	1,473	1,514	1,531	2,765	2,723	3,113	3,163
Goodwill	86	92	110	108	115	1,784	1,933	2,443	2,494
Intangible assets being developed	63	63	98	74	145	151	95	89	117
Property held to earn rent	226	280	277	376	397	386	195	187	184
Investments	156	215	232	237	171	152	167	18	26
Stakes in joint ventures and associates	740	687	719	895	1,020	1,307	1,631	1,983	2,332
Other financial assets	116	120	127	126	147	144	154	145	163
Deferred tax	150	280	310	217	355	717	807	901	968
Other assets	1,894	1,801	2,096	1,534	1,401	1,448	1,568	2,162	1,932
	5,305	5,818	5,707	4,718	5,555	5,888	7,184	6,856	7,138
Inventories	77	73	34	38	160	84	158	100	134
Trade receivables	2,968	3,229	2,608	2,582	2,735	3,758	4,006	4,171	4,604
Cash and cash equivalents	789	850	818	697	1,004	732	534	642	438
Other bank balances	63	59	109	47	58	110	54	53	3
Current investments	596	662	1,282	433	760	149	916	296	217
Other financial assets	123	140	109	106	146	156	256	187	170
Other assets	689	806	746	815	691	899	1,261	1,405	1,573
Net debt	7,717	7,515	7,592	6,721	5,711	9,126	9,377	9,590	11,197

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 22 Apr	Mar 2026Filed 22 Apr	Sep 2026Half year
	3,180	4,204	4,384	3,182	2,911	4,479	1,563
	3,676	4,115	4,588	3,402	3,749	5,199	1,660
	−517	−472	−79	−1,106	−997	169	−907
Receivables	516	53	−68	−303	−465	134	−454
Inventories	32	−5	−121	75	−79	55	−31
Payables	−555	−297	133	−425	−213	511	−114
Other working capital	−509	−222	−23	−453	−241	−532	−308
Tax paid	−496	89	−204	−220	−838	−720	−98
Capital spending	1,364	1,656	1,493	2,082	2,206	2,433	1,501
Free cash flow	1,816	2,547	2,891	1,100	705	2,046	62
	−2,005	−895	−1,842	−2,644	−2,179	−1,460	−1,697
Plant and property sold	12	10	50	50	870	194	11
Companies bought	−2	0	0	−1,004	0	−137	0
Interest received	10	7	11	28	18	14	12
Dividends received	21	0	0	0	0	0	0
	−1,205	−3,431	−2,241	−813	−936	−2,937	−75
Borrowings raised	8,302	4,517	1,239	7,101	14,056	12,046	9,558
Borrowings repaid	−8,770	−6,935	−2,186	−6,433	−13,552	−13,200	−8,489
Interest paid	−252	−248	−349	−528	−563	−498	−354
Lease payments	−370	−364	−353	−352	−399	−572	−293
Dividends paid	115	402	593	601	477	713	499
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−30	−122	302	−275	−204	83	−210

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.Tata Communications dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 Apr	Mar 2026Filed 22 Apr
Earnings per share	₹43.26	−₹11.53	−₹2.89	−₹3.02	₹43.88	₹51.99	₹63.02	₹33.98	₹64.44	₹35.14
Diluted earnings per share	₹43.26	–	−₹2.89	−₹3.02	₹43.88	₹51.99	₹63.02	₹33.97	₹64.39	₹35.09
Dividend per share	₹6.00	₹4.50	₹4.50	₹4.00	₹14.00	₹20.70	₹21.00	₹16.70	₹25.00	₹17.50
Book value per share	–	–	−₹6.38	−₹44.85	₹4.05	₹32.55	₹53.27	₹62.68	₹106.01	₹120.95
Dividend payout	13.8%	–	–	–	31.9%	39.8%	33.3%	49.2%	38.8%	49.8%
Shareholder yield	–	–	–	–	0.4%	1.1%	1.7%	1.0%	1.1%	1.9%
Market cap at the year end (₹ crore)	20,578	17,674	17,463	6,645	30,290	35,015	35,497	57,296	44,979	38,415

Ratios

Consolidated, years to March.Tata Communications PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 Apr	Mar 2026Filed 22 Apr
Revenue growth	–	−5.5%	−0.8%	–	0.2%	−2.2%	6.7%	17.5%	10.2%	7.3%
Operating profit growth	–	−4.8%	19.8%	–	29.5%	−0.8%	2.2%	−2.0%	8.0%	5.5%
Net profit growth	–	–	–	–	–	18.6%	21.3%	−46.2%	89.4%	−45.7%
Earnings per share growth	–	–	–	–	–	18.5%	21.2%	−46.1%	89.6%	−45.5%
	–	–	45.3%	11.8%	−215.1%	284.1%	146.9%	58.6%	76.4%	31.0%
	–	–	–	−33.5 pts	−226.9 pts	499.2 pts	−137.3 pts	−88.3 pts	17.8 pts	−45.4 pts
From the net margin	–	–	–	0.5 pts	−182.8 pts	−45.5 pts	38.7 pts	−79.5 pts	–	–
From asset turnover	–	–	–	−0.9 pts	4.9 pts	−9.8 pts	28.2 pts	3.2 pts	–	–
From borrowing	–	–	–	−33.1 pts	−49.0 pts	554.5 pts	−204.2 pts	−12.0 pts	–	–
Return on capital employed	–	–	7.5%	11.9%	19.6%	22.8%	22.6%	14.8%	14.2%	14.0%
Cash conversion	–	–	–	–	254.1%	283.1%	243.5%	328.2%	158.5%	449.3%
Interest cover	1.5	1.1	1.7	2.0	4.6	5.6	4.8	2.7	2.7	2.6
Debt to equity	–	–	–	–	68.24	8.26	4.86	5.65	3.60	2.90
Receivable days	–	–	66	69	56	56	56	65	63	61
Working capital days	–	–	−71	−103	−72	−65	−72	−59	−46	−55
Asset turnover	–	–	0.83	0.81	0.79	0.82	0.89	0.93	0.90	0.90
Assets per rupee of net worth	–	–	−110.08	−28.88	−37.40	39.31	16.44	13.65	10.64	8.50
Sales per rupee of plant	–	–	1.79	1.61	1.79	1.88	2.11	2.46	2.55	2.55
Capital spending to depreciation	–	–	–	–	0.59	0.75	0.66	0.84	0.85	0.86
Plant being built, % of plant in use	–	–	3.7%	3.6%	5.4%	9.0%	11.9%	13.8%	11.1%	7.8%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Debt to equity is left blank for the years to Mar 2019 and Mar 2020: net worth is below zero, so there is no shareholders' money to set the borrowings against. Revenue growth and operating profit growth are left blank for the year to Mar 2020: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. 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: 3.6%
Cash from operations against operating profit: 92.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	7.7%	11.6%
Profit growth, yearly rate	–	−4.3%	−17.7%
Return on equity, average	–	119.4%	55.3%
Return on capital employed, average	–	17.7%	14.3%
Operating margin, average	19.7%	21.8%	19.8%
Net margin, average	4.3%	6.9%	4.3%
Asset turnover, average	–	0.89	0.91
Interest cover, average	2.9	3.7	2.7
Debt to equity, average	–	5.05	4.05

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	19,160	10,572	4,479
Cash from investing	−9,019	−6,283	−1,460
Cash from financing	−10,357	−4,685	−2,937
Capital spending	9,871	6,721	2,433
Dividends paid	2,786	1,791	713
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	38,959	33,203	12,046
Borrowings repaid	42,306	33,186	13,200

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	7	8	6	6	5
Altman Z-scorePublished threshold 1.1	–	−1.20	−1.74	−0.01	−0.27	−0.25	−1.30	−0.13	−0.62
Beneish M-scorePublished threshold −1.78	–	–	–	−3.00	−3.11	−3.02	−2.53	−2.65	−2.98
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	0.35	−8.90	−3.69	1.91	4.32	−7.36
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	2.59	2.77	2.27	2.78
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	5.49	−19.43	1.22	−0.74	19.87	−3.61	−3.21
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	0.78	−0.53	0.39	−0.47	1.04	2.00	0.31
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.10	0.41	0.51	0.56	0.46	0.32	0.22
Effective tax ratePublished threshold 17.16 per cent	778.16	79.64	162.30	22.06	26.11	14.37	18.36	23.51	30.02
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	21.67	4.50	−0.54	−16.98	−20.08

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
7 Sep 2026	CARE Ratings Limited	Issuer Rating	CARE AAAReview, Re-affirm	Stable
7 Sep 2026	CARE Ratings Limited	Fund-based/Non-fund-based-Short Term	CARE A1+Review, Re-affirm		1,508
7 Sep 2026	CARE Ratings Limited	Debentures-Non Convertible Debentures	WithdrawnReview, Other
7 Sep 2026	CARE Ratings Limited	Fund-based - ST-Working Capital Limits	CARE A1+Review, Re-affirm		476.60
7 Sep 2026	CARE Ratings Limited	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		390
23 Jun 2026	CRISIL Ratings Limited	Non Convertible Debentures	Crisil AAAReview, Re-affirm	Stable	1,000
23 Jun 2026	CRISIL Ratings Limited	Commercial Paper	Crisil A1+Review, Re-affirm		2,500

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