United Spirits financials: balance sheet, profit and loss, cash flow
NSE: UNITDSPRBSE: 532432BeveragesMid Cap
United Spirits Limited · Formerly Mcdowell & Company · Face value ₹2 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Sep 2001
Last close ₹1,346.20up ₹12.50 (0.94%)BSE ₹1,345.00
Share price at the NSE close on 2 Nov 2026. Previous close ₹1,333.70.
2 Nov: open ₹1,330.00, high ₹1,348.20, low ₹1,328.70
52-week range of traded prices to 2 Nov 2026
₹1,210.80Low, 7 Apr 2026₹1,563.40High, 21 Aug 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹97,916 Cr113th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 53.00
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 10.81
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.26%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 21.2%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 21.6%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 8,21,13160.2% delivered
United Spirits' 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.United Spirits annual reports
Revenue, net profit and borrowings, ₹ crore
- Revenue
- Net profit
- Borrowings
Operating and net margin, per cent
- Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs. Operating margin in the glossary
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
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 7.7% of operating profit in the first full year.Lease payments as a share of operating profit. Lease payments of ₹81 Cr divided by operating profit before depreciation of ₹1,053 Cr, both for the year to Mar 2021, the first full year with leases on the balance sheet.
The years either side of a change of basis do not compare. From the year to Mar 2026, the company's revenue for that year, ₹27,816 Cr, differs from its quarters added, ₹28,291 Cr.
Results for the year to Mar 2026
Consolidated: the company and its subsidiaries together. ₹ crore.
From revenue to net profit
- Revenue27,816
- Materials and goods−6,674
- Employee costs−635
- Other expenses−18,221
- Operating profit2,286
- Depreciation−289
- Other income+478
- One-off items−91
- Finance costs−158
- Profit before tax2,226
- Tax−510
- Joint ventures−7.0
- Discontinued businesses+129
- Net profit1,838
What the company owns
- Plant, investments and other assets₹5,058 Cr
- Receivables₹3,609 Cr
- Inventory₹2,668 Cr
- Cash and bank₹1,977 Cr
- Current investments₹1,157 Cr
What pays for it: net worth and liabilities
- Net worth₹8,957 Cr
- Other liabilities₹3,123 Cr
- Owed to suppliers₹2,383 Cr
- Borrowings₹6 Cr
United Spirits 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.United Spirits segment results by quarter
Revenue by segment
₹13,012 CrTotal
- Beverage Alcohol₹12,467 Cr95.8% of total
- Sports₹545 Cr4.2% of total
Profit by segment
- Beverage Alcohol₹2,286 Cr93.5% of total
- Sports₹159 Cr6.5% of total
Segment results by year
Consolidated, ₹ crore, years to March.
Beverage Alcohol
Revenue, ₹ croreProfit, ₹ croreSports
Revenue, ₹ croreProfit, ₹ crore
| ₹ crore | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue of all businesses | – | – | – | – | – | 11,327 | 12,077 | 13,012 |
| Company revenue, as in its resultsCompany revenue. The company's revenue from operations for the period in its results, on the same accounts as its segments. It is below the businesses' sum where they sell to one another, or where the segments include a business the results report as discontinued. | 28,873 | 28,824 | 27,419 | 31,062 | 27,815 | 26,018 | 27,276 | 27,816 |
| Revenue | – | – | – | – | – | 10,692 | 11,573 | 12,467 |
| Revenue growthSegment revenue growth, year on year. The change in the segment's revenue from the same period a year before, as a percentage of that earlier revenue: a year against the year before, a quarter against the same quarter. Segment revenue growth, year on year in the glossary | – | – | – | – | – | – | 8.2% | – |
| ProfitSegment profit. What the business earned before tax and finance costs, as the company measures each of its businesses. Segment profit in the glossary | – | – | – | – | – | 1,707 | 2,057 | 2,286 |
| Profit growthSegment profit growth, year on year. The change in the segment's profit from the same period a year before, as a percentage of that earlier profit, left empty where either is a loss, since growth from or into a loss is not a percentage. Segment profit growth, year on year in the glossary | – | – | – | – | – | – | 20.5% | – |
| MarginSegment margin. Segment profit as a percentage of the segment's revenue. Segment margin in the glossary | – | – | – | – | – | 16.0% | 17.8% | 18.3% |
| Return on capitalReturn on capital employed in the segment. The year's segment profit as a percentage of the capital employed in the segment at the year end. Return on capital employed in the segment in the glossary | – | – | – | – | – | 25.0% | 26.4% | 26.6% |
| AssetsSegment assets. What the company holds for this business at the period end: plant, stock, receivables and the like. Segment assets in the glossary | – | – | – | – | – | 10,598 | 12,615 | 13,793 |
| LiabilitiesSegment liabilities. What this business owes at the period end, such as payments due to suppliers. Segment liabilities in the glossary | – | – | – | – | – | 3,777 | 4,832 | 5,185 |
| Capital employedCapital employed in the segment. Segment assets less segment liabilities at the period end: the money tied up in this business. Capital employed in the segment in the glossary | – | – | – | – | – | 6,821 | 7,783 | 8,608 |
| Revenue | – | – | – | – | – | 635 | 504 | 545 |
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.United Spirits quarterly results
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025Filed 20 May | Mar 2026 | Sep 2026Twelve months |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 25,757 | 26,556 | 28,873what Revenue from operations, Mar 2019, includes. This period's revenue includes excise duty of ₹19,532 crore, a tax on the goods the company makes that it collects and pays to the government. | 28,824what Revenue from operations, Mar 2020, includes. This period's revenue includes excise duty of ₹19,498 crore, a tax on the goods the company makes that it collects and pays to the government. | 27,419what Revenue from operations, Mar 2021, includes. This period's revenue includes excise duty of ₹19,287 crore, a tax on the goods the company makes that it collects and pays to the government. | 31,062what Revenue from operations, Mar 2022, includes. This period's revenue includes excise duty of ₹21,349 crore, a tax on the goods the company makes that it collects and pays to the government. | 27,815what Revenue from operations, Mar 2023, includes. This period's revenue includes excise duty of ₹17,204 crore, a tax on the goods the company makes that it collects and pays to the government. | 26,018what Revenue from operations, Mar 2024, includes. This period's revenue includes excise duty of ₹14,697 crore, a tax on the goods the company makes that it collects and pays to the government. | 27,276what Revenue from operations, Mar 2025, includes. This period's revenue includes excise duty of ₹15,207 crore, a tax on the goods the company makes that it collects and pays to the government. | 27,816what Revenue from operations, Mar 2026, includes. This period's revenue includes excise duty of ₹15,349 crore, a tax on the goods the company makes that it collects and pays to the government. | 27,933 |
| Operating expenses. What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax. Operating expenses in the glossary | 24,753 | – | 27,479 | 27,251 | 26,366 | 29,454 | 26,399 | 24,017 | 25,033 | 25,530 | 25,669 |
| Materials and goods boughtCost of materials and goods. Raw materials used and goods bought for resale in the period, adjusted for the change in stock held. Cost of materials and goods in the glossary | 4,930 | 4,341 | 4,603 | 5,029 | 4,456 | 5,292 | 6,064 | 6,048 | 6,397 | 6,674 | 6,725 |
| Employee costsEmployee costs. Salaries, wages, bonuses and other benefits paid to staff in the period. Employee costs in the glossary | – | – | 690 | 530 | 556 | 653 | 610 | 547 | 609 | 635 | 605 |
| Other expensesOther expenses. Every operating cost besides materials and staff: power, rent, freight, repairs, marketing and the like. Other expenses in the glossary | – | – | 22,186 | 21,693 | 21,354 | 23,509 | 19,724 | 17,422 | 18,027 | 18,221 | 18,339 |
| Operating profit before depreciationOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax. Operating profit before depreciation (EBITDA) in the glossary | 1,004 | – | 1,394 | 1,572 | 1,053 | 1,608 | 1,417 | 2,001 | 2,243 | 2,286 | 2,264 |
| Operating margin | 3.9% | – | 4.8% | 5.5% | 3.8% | 5.2% | 5.1% | 7.7% | 8.2% | 8.2% | 8.1% |
| Materials, % of revenueMaterials, % of revenue. Raw materials used and goods bought for resale, adjusted for the change in stock, divided by revenue, times 100. Materials, % of revenue in the glossary | – | – | 15.9% | 17.4% | 16.3% | 17.0% | 21.8% | 23.2% | 23.5% | 24.0% | 24.1% |
| Employee costs, % of revenueEmployee costs, % of revenue. Salaries, wages and other staff costs divided by revenue, times 100. Employee costs, % of revenue in the glossary | – | – | 2.4% | 1.8% | 2.0% | 2.1% | 2.2% | 2.1% | 2.2% | 2.3% | 2.2% |
| Other expenses, % of revenueOther expenses, % of revenue. Operating costs besides materials and staff divided by revenue, times 100; with the two above and the operating margin it makes 100. Other expenses, % of revenue in the glossary | – | – | 76.8% | 75.3% | 77.9% | 75.7% | 70.9% | 67.0% | 66.1% | 65.5% | 65.7% |
| Depreciation and amortisationDepreciation and amortisation. The part of the cost of plant, buildings and other long-lived assets charged against each year they are used. Depreciation and amortisation in the glossary | 189 | – | 215 | 285 | 299 | 304 | 283 | 275 | 283 | 289 | 304 |
| Operating profit after depreciationOperating profit after depreciation (EBIT). Operating profit before depreciation, less depreciation and amortisation. Operating profit after depreciation (EBIT) in the glossary | 815 | – | 1,179 | 1,287 | 754 | 1,304 | 1,134 | 1,726 | 1,960 | 1,997 | 1,960 |
| Other incomeOther income. Income from outside the main business, such as interest on deposits, dividends received and gains on investments. Other income in the glossary | 91 | 219 | 69 | 22 | 40 | 36 | 73 | 225 | 336 | 478 | 484 |
| Finance costsFinance costs. Interest and the other costs of borrowing in the period. Finance costs in the glossary | 375 | 271 | 237 | 212 | 188 | 88 | 104 | 76 | 89 | 158 | 142 |
| Profit before one-off items and taxProfit before one-off items and tax. Profit before tax as it would be without the one-off items below it, as the company states it. Profit before one-off items and tax in the glossary | 531 | 956 | 1,011 | 1,097 | 606 | 1,252 | 1,104 | 1,875 | 2,207 | 2,317 | 2,302 |
| One-off itemsExceptional items. Gains or losses the company reports separately because they are not expected to recur, such as selling a business or writing down an asset. Exceptional items in the glossary | −368 | −45 | 3 | 67 | −64 | −165 | 176 | −17 | −65 | −91 | −120 |
| Profit before tax | 163 | 912 | 1,014 | 1,164 | 541 | 1,087 | 1,280 | 1,858 | 2,142 | 2,226 | 2,182 |
| 70 | 260 | 328 | 540 | 178 | 276 | 153 | 449 | 553 | 510 | 498 | |
| Share of profit of joint ventures and associatesShare of profit of joint ventures and associates. The group's share of the profit of companies it part-owns and does not consolidate, as stated. It is part of net profit but not of revenue or operating profit: their sales and costs are not in the group's lines. Share of profit of joint ventures and associates in the glossary | – | – | −2 | −3 | −1 | – | −1 | −1 | −7 | −7 | −2 |
| Profit from discontinued businessesProfit from discontinued businesses. The profit after tax of businesses the company has sold, demerged or closed, or is about to. It is part of net profit; revenue and the lines above leave those businesses out. Profit from discontinued businesses in the glossary | – | – | – | – | – | – | – | – | – | 129 | 165 |
| 100 | 652 | 684 | 621 | 362 | 811 | 1,126 | 1,408 | 1,582 | 1,838 | 1,847 | |
| Other comprehensive incomeOther comprehensive income. Gains and losses booked straight to net worth rather than through profit, such as changes in the value of some investments, pension plans and currency translation. Other comprehensive income in the glossary | – | – | 3 | −22 | 6 | 12 | −2 | −3 | 0 | 9 | 4 |
| Total comprehensive incomeTotal comprehensive income. Net profit plus other comprehensive income. Total comprehensive income in the glossary | – | – | 686 | 599 | 368 | 823 | 1,124 | 1,405 | 1,582 | 1,847 | 1,852 |
| Net margin | 0.4% | 2.5% | 2.4% | 2.2% | 1.3% | 2.6% | 4.0% | 5.4% | 5.8% | 6.6% | – |
| Net margin without joint ventures and associatesNet margin without joint ventures and associates. Net profit less the share of profit of joint ventures and associates, as a percentage of revenue: the margin on the businesses whose revenue the statement carries. Shown where the company states such a share. Net margin without joint ventures and associates in the glossary | – | – | 2.4% | 2.2% | 1.3% | – | 4.1% | 5.4% | 5.8% | 6.6% | – |
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. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2018: 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 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025Filed 20 May | Mar 2026 | Sep 2026Half year |
|---|---|---|---|---|---|---|---|---|---|
| Net worth. What the company owns less everything it owes: the money shareholders have in the business, paid in and kept from profits. Net worth in the glossary | 3,087 | 3,687 | 4,059 | 4,875 | 6,000 | 7,121 | 8,104 | 8,957 | 9,066 |
| Net worth belonging to the company's shareholders. Net worth less the part that belongs to outside owners of subsidiaries. Net worth belonging to the company's shareholders in the glossary | 3,090 | 3,728 | 4,120 | 4,954 | 6,000 | 7,121 | 8,104 | 8,953 | 9,062 |
| Share capitalShare capital. The face value of all the shares the company has issued. Share capital in the glossary | 145 | 145 | 145 | 145 | 146 | 145 | 145 | 145 | 145 |
| ReservesReserves. The rest of the shareholders' net worth: profits kept in the business over the years, and money paid for shares above their face value. Reserves in the glossary | 2,945 | 3,583 | 3,975 | 4,808 | 5,854 | 6,976 | 7,959 | 8,808 | 8,917 |
| Belonging to outside owners of subsidiariesNet worth belonging to outside owners of subsidiaries. The part of net worth that belongs to the other shareholders of subsidiaries the company does not fully own. Net worth belonging to outside owners of subsidiaries in the glossary | −3 | −41 | −61 | −79 | 0 | 0 | 0 | 4 | 4 |
| Borrowings. Loans, bonds and other money the company has borrowed and must repay with interest. Borrowings in the glossary | 2,870 | 1,621 | 877 | 342 | 1 | 25 | 0 | 6 | 4 |
| Liabilities due within a year. Everything the company must pay within twelve months: borrowings falling due, suppliers, and other dues and provisions. Liabilities due within a year in the glossary | 5,188 | 4,994 | 4,338 | 3,838 | 3,624 | 3,903 | 4,722 | 4,818 | 5,009 |
| Liabilities due after a year. Everything the company owes that falls due more than twelve months on, borrowings among it. Liabilities due after a year in the glossary | 834 | 171 | 140 | 198 | 138 | 225 | 422 | 367 | 345 |
| Liabilities going with businesses held for saleLiabilities going with businesses held for sale. What the company owes that leaves with the businesses it is selling or demerging, borrowings among it, kept out of its other liability lines until they go. Liabilities going with businesses held for sale in the glossary | – | – | – | – | – | – | – | 327 | 205 |
| Total assets. Everything the company owns or controls: plant, investments, stock, money owed by customers and cash. Total assets in the glossary | 9,109 | 8,851 | 8,537 | 8,911 | 9,762 | 11,249 | 13,248 | 14,469 | 14,625 |
| Assets held for longer than a year. Everything the company owns that it does not expect to turn into cash within twelve months: plant, intangibles, long-term investments, loans given and the like. Assets held for longer than a year in the glossary | 2,866 | 3,981 | 3,734 | 3,748 | 3,527 | 3,872 | 4,046 | 3,906 | 3,401 |
| Assets turning to cash within a year. Everything the company expects to turn into cash or use up within twelve months: stock, money owed by customers, cash and short-term investments. Assets turning to cash within a year in the glossary | 6,243 | 4,863 | 4,803 | 5,163 | 6,235 | 7,377 | 9,202 | 9,862 | 10,578 |
| Net debtNet debt. Borrowings less cash, other bank balances and current investments: what the company would still owe if it used its cash to repay. Net debt in the glossary | 2,587 | 1,547 | 793 | 59 | −1,138 | −1,843 | −2,903 | −3,128 | −3,744 |
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 20 May | Mar 2026 | Sep 2026Half year |
|---|---|---|---|---|---|---|---|
| Cash from operations. Cash the business brought in from its operations in the period, after paying suppliers, staff and tax. Cash from operations in the glossary | 1,818 | 977 | 615 | 1,118 | 1,947 | 1,459 | 1,330 |
| Cash generated before tax. Cash from operations before income tax paid: profit before tax, with non-cash items added back and the change in working capital. Cash generated before tax in the glossary | 1,888 | 1,282 | 919 | 1,514 | 2,241 | 1,888 | 727 |
| Change in working capital. Cash taken up, below nought, or released by the change in stock, money owed by customers, money owed to suppliers and other short-term items over the year. Change in working capital in the glossary | 852 | −216 | −560 | −604 | −218 | −546 | −363 |
| ReceivablesChange in receivables. Cash taken up, below nought, or released by the change in what customers owe. Change in receivables in the glossary | 65 | −205 | −276 | −1,004 | −330 | −323 | −156 |
| InventoriesChange in inventories. Cash taken up, below nought, or released by the change in stock held. Change in inventories in the glossary | −124 | −105 | −262 | 163 | −242 | −359 | −20 |
| PayablesChange in payables. Cash kept, above nought, or paid out by the change in what the company owes suppliers. Change in payables in the glossary | 209 | 123 | 203 | 132 | 250 | 223 | −54 |
| Other working capitalOther working capital. The working-capital change from every other short-term item: advances, provisions, other assets and liabilities. Other working capital in the glossary | 702 | −29 | −225 | 105 | 104 | −87 | −133 |
| Tax paidTax paid. Income tax paid in cash during the year, net of refunds. Tax paid in the glossary | −107 | −457 | −268 | −337 | −163 | −334 | 381 |
| Capital spendingCapital spending. Cash spent in the period on plant, equipment, buildings and other long-lived assets. Capital spending in the glossary | 159 | 134 | 137 | 98 | 162 | 181 | 114 |
| Free cash flowFree cash flow. Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep. Free cash flow in the glossary | 1,659 | 843 | 478 | 1,020 | 1,785 | 1,278 | 1,216 |
| Cash from investing. Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received. Cash from investing in the glossary | −99 | −313 | −53 | 226 | −1,114 | −428 | −25 |
| Cash from financing. Cash raised from, or paid to, lenders and shareholders: borrowings taken and repaid, interest, lease payments, dividends and shares issued or bought back. Cash from financing in the glossary | −1,707 | −688 | −501 | −407 | −557 | −1,450 | −869 |
| Dividends paidDividends paid. Cash paid to shareholders as dividends during the period. Dividends paid in the glossary | 0 | 0 | 0 | 284 | 355 | 1,263 | 773 |
| Shares bought backShares bought back. Cash spent buying the company's own shares back from shareholders. Shares bought back in the glossary | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Shares issuedShares issued. Cash raised by selling new shares. Shares issued in the glossary | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net change in cashNet change in cash. Cash from operations, investing and financing added together: how much cash and cash equivalents rose or fell over the year, before currency effects. Net change in cash in the glossary | 12 | −23 | 61 | 937 | 276 | −419 | 436 |
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.
Ratios
Consolidated, years to March.United Spirits PE ratio and valuation
| Ratio | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025Filed 20 May | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growthRevenue growth. This year's revenue less last year's, divided by last year's, times 100; blank where last year's is not above nought. Revenue growth in the glossary | 174.6% | 3.1% | 8.7% | −0.2% | −4.9% | 13.3% | −10.5% | −6.5% | 4.8% | – |
| Operating profit growthOperating profit growth. This year's operating profit before depreciation less last year's, divided by last year's, times 100; blank where last year's is not above nought. Operating profit growth in the glossary | 3.2% | – | – | 12.8% | −33.0% | 52.8% | −11.9% | 41.2% | 12.1% | – |
| Net profit growthNet profit growth. This year's net profit less last year's, divided by last year's, times 100; blank where last year's is not above nought. Net profit growth in the glossary | −89.7% | 551.2% | 4.9% | −9.2% | −41.7% | 123.9% | 38.9% | 25.1% | 12.4% | 16.2% |
| Earnings per share growthEarnings per share growth. This year's earnings per share less last year's, on the same share count, divided by last year's, times 100; blank where last year's is not above nought. Earnings per share growth in the glossary | – | 532.9% | 10.5% | −5.9% | −41.8% | 115.9% | 37.1% | 23.9% | 12.4% | 16.2% |
| Return on equity. Profit belonging to shareholders as a percentage of their average net worth over the year. | – | – | 22.7%what Return on equity, Mar 2019, includes. This year's return on equity, asset turnover and assets per rupee of net worth are on its year-end balance sheet: none a year before is on record to average with. | 19.3% | 9.8% | 18.3% | 20.7% | 21.5% | 20.8% | 21.6% |
| Change in return on equity. This year's return on equity less last year's, in percentage points, split below into what came from the margin, turnover and borrowing, which add up to it. Change in return on equity in the glossary | – | – | – | −3.3 pts | −9.6 pts | 8.5 pts | 2.5 pts | 0.7 pts | −0.7 pts | 0.8 pts |
| From the net marginChange from the net margin. The part of the change in return on equity that came from profit per rupee of sales. Change from the net margin in the glossary | – | – | – | −1.3 pts | −7.5 pts | 8.9 pts | 9.7 pts | 6.7 pts | 1.5 pts | 2.9 pts |
| From asset turnoverChange from asset turnover. The part of the change in return on equity that came from sales per rupee of assets. Change from asset turnover in the glossary | – | – | – | 0.3 pts | −0.2 pts | 2.4 pts | −4.6 pts | −4.6 pts | −2.3 pts | −2.3 pts |
| From borrowingChange from borrowing. The part of the change in return on equity that came from assets per rupee of net worth. Change from borrowing in the glossary | – | – | – | −2.3 pts | −1.8 pts | −2.8 pts | −2.7 pts | −1.4 pts | 0.1 pts | 0.2 pts |
| Return on capital employedReturn on capital employed. Operating profit after depreciation divided by net worth plus borrowings at the year end, times 100: what the business earns on all the money in it. | – | – | 19.8% | 24.2% | 15.3% | 25.0% | 18.9% | 24.2% | 24.2% | 22.3% |
| Cash conversionCash conversion. Cash from operations as a percentage of net profit: how much of the reported profit came in as cash. Cash conversion in the glossary | – | – | – | – | 502.0% | 120.6% | 54.6% | 79.4% | 123.1% | 79.4% |
| Interest coverInterest cover. Operating profit after depreciation divided by finance costs: how many times over the profit pays the interest bill. Interest cover in the glossary | 2.2 | – | 5.0 | 6.1 | 4.0 | 14.8 | 10.9 | 22.7 | 22.0 | 12.6 |
| Debt to equityDebt to equity. Borrowings at the year end divided by net worth: rupees borrowed for each rupee shareholders have in the business. | – | – | 0.93 | 0.44 | 0.22 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivable daysReceivable days. Trade receivables divided by revenue, times 365: the average days customers take to pay. Receivable days in the glossary | – | – | 32 | 29 | 29 | 28 | 32 | 43 | 46 | 47 |
| Inventory daysInventory days. Inventories divided by the cost of materials and goods, times 365: the days of stock the company holds. Inventory days in the glossary | – | – | 153 | 140 | 168 | 149 | 134 | 125 | 132 | 146 |
| Payable daysPayable days. Trade payables divided by the cost of materials and goods, times 365: the average days the company takes to pay suppliers. Payable days in the glossary | – | – | 112 | 87 | 116 | 109 | 107 | 118 | 128 | 130 |
| Cash conversion cycle, daysCash conversion cycle. Receivable days plus inventory days less payable days: how long money is tied up between paying suppliers and being paid by customers. Cash conversion cycle in the glossary | – | – | 74 | 82 | 81 | 68 | 59 | 49 | 49 | 63 |
| Working capital daysWorking capital days. Assets turning to cash within a year, less cash, bank deposits and current investments, minus liabilities due within a year, less borrowings, divided by the year's revenue, times 365. Working capital days in the glossary | – | – | 36what Working capital days, Mar 2019, includes. This year's balance sheet lists long-term loans due within the year among other liabilities, not borrowings, so its working capital days count them, unlike the years from April 2021. | 18what Working capital days, Mar 2020, includes. This year's balance sheet lists long-term loans due within the year among other liabilities, not borrowings, so its working capital days count them, unlike the years from April 2021. | 17what Working capital days, Mar 2021, includes. This year's balance sheet lists long-term loans due within the year among other liabilities, not borrowings, so its working capital days count them, unlike the years from April 2021. | 16 | 19 | 23 | 21 | 25 |
| Asset turnoverAsset turnover. Revenue divided by average total assets: rupees of sales for each rupee of assets. Asset turnover in the glossary | – | – | 3.17 | 3.21 | 3.15 | 3.56 | 2.98 | 2.48 | 2.23 | 2.01 |
| Assets per rupee of net worthAssets per rupee of net worth. Average total assets divided by average net worth: how far borrowings and other liabilities stretch the shareholders' money. Assets per rupee of net worth in the glossary | – | – | 2.95 | 2.63 | 2.22 | 1.92 | 1.70 | 1.60 | 1.61 | 1.63 |
| Sales per rupee of plantSales per rupee of plant. Revenue divided by the net block: rupees of sales for each rupee of plant in use. Sales per rupee of plant in the glossary | – | – | 20.36 | 21.29 | 20.70 | 25.56 | 24.17 | 24.29 | 20.87 | 22.89 |
| Capital spending to depreciationCapital spending to depreciation. Capital spending for the period divided by its depreciation and amortisation. Capital spending to depreciation in the glossary | – | – | – | – | 0.53 | 0.44 | 0.48 | 0.36 | 0.57 | 0.63 |
| Plant being built, % of plant in useCapital work in progress, % of net block. Plant still being built as a percentage of the plant in use. Capital work in progress, % of net block in the glossary | – | – | 7.2% | 7.7% | 6.7% | 7.2% | 5.8% | 3.5% | 5.5% | 6.3% |
Revenue growth and operating profit growth are left blank for the year to Mar 2026: 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 yearReturn on assets, latest year. Profit to the company's own shareholders in the latest year ÷ the average of that year's opening and closing total assets × 100; empty for a bank, a lender or an insurer, whose own return on assets is shown with its accounts.
- 13.3%
- Cash from operations against operating profitCash from operations against operating profit. Cash from operating activities in the latest year ÷ operating profit before depreciation × 100: how much of the operating profit arrived as cash; empty where that profit is nought or a loss.
- 63.8%
| Measure | 10 years | 5 years | 3 years |
|---|---|---|---|
| Profit growth, yearly rateProfit growth, yearly rate. 3 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year three years before, to the power of one third, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 5 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year five years before, to the power of one fifth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 10 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year ten years before, to the power of one tenth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. | 6.6% | 36.8% | 17.4% |
| Return on equity, averageReturn on equity, average. 3 years: The plain average of the yearly return on equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 20.6% | 21.3% |
| Return on capital employed, averageReturn on capital employed, average. 3 years: The plain average of the yearly return on capital employed over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on capital employed over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on capital employed over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 22.9% | 23.5% |
| Operating margin, averageOperating margin, average. 3 years: The plain average of the yearly operating profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly operating profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly operating profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 5.8% | 6.9% | 8.0% |
| Net margin, averageNet margin, average. 3 years: The plain average of the yearly net profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly net profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly net profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 3.3% | 4.9% | 5.9% |
| Asset turnover, averageAsset turnover, average. 3 years: The plain average of the yearly asset turnover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly asset turnover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly asset turnover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 2.65 | 2.24 |
| Cash conversion cycle, days, averageCash conversion cycle, days, average. 3 years: The plain average of the yearly cash conversion cycle in days over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly cash conversion cycle in days over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly cash conversion cycle in days over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 58 | 54 |
| Interest cover, averageInterest cover, average. 3 years: The plain average of the yearly interest cover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly interest cover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly interest cover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 11.1 | 16.6 | 19.1 |
| Debt to equity, averageDebt to equity, average. 3 years: The plain average of the yearly debt to equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly debt to equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly debt to equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 0.01 | 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 operationsCash from operations. Latest year: Cash from operating activities in the latest year. 3 years: Cash from operating activities added over the last three years, needing every one of them. 5 years: Cash from operating activities added over the last five years, needing every one of them. | 6,116 | 4,524 | 1,459 |
| Cash from investingCash from investing. Latest year: Cash from investing activities in the latest year. 3 years: Cash from investing activities added over the last three years, needing every one of them. 5 years: Cash from investing activities added over the last five years, needing every one of them. | −1,682 | −1,316 | −428 |
| Cash from financingCash from financing. Latest year: Cash from financing activities in the latest year. 3 years: Cash from financing activities added over the last three years, needing every one of them. 5 years: Cash from financing activities added over the last five years, needing every one of them. | −3,603 | −2,414 | −1,450 |
| Capital spendingCapital spending. Latest year: Spending on property, plant and equipment in the latest year. 3 years: Spending on property, plant and equipment added over the last three years, needing every one of them. 5 years: Spending on property, plant and equipment added over the last five years, needing every one of them. | 712 | 441 | 181 |
| Dividends paidDividends paid. Latest year: Dividends paid in the latest year. 3 years: Dividends paid added over the last three years, needing every one of them. 5 years: Dividends paid added over the last five years, needing every one of them. | 1,902 | 1,902 | 1,263 |
| Shares bought backShares bought back. Latest year: Shares bought back in the latest year. 3 years: Shares bought back added over the last three years, needing every one of them. 5 years: Shares bought back added over the last five years, needing every one of them. | 0 | 0 | 0 |
| Shares issued for cashShares issued for cash. Latest year: Shares issued for cash in the latest year. 3 years: Shares issued for cash added over the last three years, needing every one of them. 5 years: Shares issued for cash added over the last five years, needing every one of them. | 0 | 0 | 0 |
| Borrowings raisedBorrowings raised. Latest year: Money raised by borrowing, as a positive amount, in the latest year; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. 3 years: Money raised by borrowing, as a positive amount, added over the last three years, needing every one of them; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. 5 years: Money raised by borrowing, as a positive amount, added over the last five years, needing every one of them; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. | 59 | 59 | 6 |
| Borrowings repaidBorrowings repaid. Latest year: Money paid back on borrowings, as a positive amount, in the latest year. 3 years: Money paid back on borrowings, as a positive amount, added over the last three years, needing every one of them. 5 years: Money paid back on borrowings, as a positive amount, added over the last five years, needing every one of them. | 942 | 66 | 12 |
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 9Piotroski F-score. Nine yes-or-no tests of profit, cash, borrowing and efficiency against the year before, one point for each passed. Piotroski F-score in the glossaryPublished threshold 3 points out of 9 | – | – | – | – | 7 | 8 | 5 | 6 | 5 | 4 |
| Altman Z-scoreAltman Z-score. Working capital, reserves, operating profit, market value and sales, each over total assets, weighted and added: a published measure of financial strain. Altman Z-score in the glossaryPublished threshold 1.81 | – | – | 8.22 | 8.41 | 9.63 | 14.45 | 13.25 | 16.07 | 15.71 | 13.36 |
| Beneish M-scoreBeneish M-score. Eight ratios of this year against last, from customer credit to borrowing, weighted and added: a published test of whether profit may have been overstated. Beneish M-score in the glossaryPublished threshold −1.78 | – | – | – | – | −3.30 | −2.41 | −2.14 | −2.06 | −2.56 | −2.27 |
| Profit not backed by cash, % of assetsProfit not backed by cash (Sloan accruals). Net profit less cash from operations, as a percentage of average total assets. Profit not backed by cash (Sloan accruals) in the glossaryPublished threshold 10 per cent of average total assets | – | – | – | – | −15.60 | 1.67 | 6.04 | 0.61 | 6.12 | 5.82 |
| Cash from operations to profit, 3 yearsCash from operations to profit, three years. Three years of cash from operations added up, divided by three years of net profit added up. Cash from operations to profit, three years in the glossaryPublished threshold 0.7 times | – | – | – | – | – | – | 1.48 | 0.81 | 0.89 | 0.94 |
| Receivables growth less revenue growthReceivables growth less revenue growth. The growth in money owed by customers less the growth in revenue, in percentage points. Receivables growth less revenue growth in the glossaryOur threshold 0 percentage points | – | – | – | −10.02 | 0.66 | −4.77 | 13.00 | 32.02 | 6.75 | 3.86 |
| Inventory growth less cost-of-goods growthInventory growth less cost-of-goods growth. The growth in stock held less the growth in the cost of goods sold, in percentage points. Inventory growth less cost-of-goods growth in the glossaryOur threshold 0 percentage points | – | – | – | −9.59 | 17.85 | −13.65 | −11.20 | −7.22 | 5.96 | 11.42 |
| Other current assets growth less revenue growthOther current assets growth less revenue growth. The growth in other current assets less the growth in revenue, in percentage points. Other current assets growth less revenue growth in the glossaryOur threshold 5 per cent of revenue | – | – | – | −3.13 | −0.36 | −0.40 | 0.27 | −0.14 | 0.67 | −0.40 |
| Assets under construction, years of additionsAssets under construction, years of additions. Capital work in progress divided by the year's additions to plant: how many years of building stand unfinished. Assets under construction, years of additions in the glossaryOur threshold 2 years of additions | – | – | – | 0.47 | 0.33 | 0.45 | 0.31 | 0.19 | 0.14 | 0.39 |
| Effective tax rateEffective tax rate. Tax charged as a percentage of profit before tax. Effective tax rate in the glossaryPublished threshold 17.16 per cent | 42.84 | 28.50 | 32.37 | 46.38 | 32.87 | 25.40 | 11.94 | 24.17 | 25.82 | 22.91 |
| Tax charged less tax paid, % of profitTax charged less tax paid. Tax charged against profit less tax actually paid in cash, as a percentage of profit before tax. Tax charged less tax paid in the glossaryOur threshold 10 percentage points | – | – | – | – | – | −16.66 | −8.96 | 6.03 | 18.21 | 7.91 |
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 |
|---|---|---|---|---|---|
| 6 Aug 2026 | CRISIL Ratings Limited | Bank Facilities | WithdrawnReview, Other | 50 | |
| 6 Aug 2026 | CRISIL Ratings Limited | Bank Facilities | Crisil AAAReview, Re-affirm | Stable | 1,240 |
| 6 Aug 2026 | CRISIL Ratings Limited | Bank Facilities | Crisil A1+Review, Re-affirm | 40 |
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.