Valuation
P/E2.3
P/B4.1
P/S1.9
EV/EBIT16.3
Business Strength
ROE18.0%
ROCE13.9%
OPM19.2%
NPM8.8%
Growth (3Y CAGR)
EPS+14.7%
Sales+21.0%
Profit+27.0%
3Y Return+39.0%
Balance Sheet
Debt/Equity1.5
Debt1,22,655 Cr
Pledge0.0%
CWIP/Fixed Asset6.1%
Cash Position
CFO/NP22.6%
FCF-6,633 Cr
FCF 3Y Avg-35,177 Cr
Cash/MCap4.0%
Others
Div Yield0.8%
Div Payout22.0%
Cash Conv. Cycle-21 days
Tradeable Free Float10.0%
Growth Trends
| Metric | 10Y | 5Y | 3Y | 1Y | TTM | Trend |
|---|---|---|---|---|---|---|
| Sales | +8.0% | +16.0% | +21.0% | -- | +23.0% | Accelerating |
| Profit | +16.0% | +113.0% | +27.0% | -- | +29.0% | Stable |
| Return | +18.0% | +31.0% | +39.0% | +22.0% | -- | Stable |
| ROE | +14.0% | +16.0% | +18.0% | -- | -- | Accelerating |
Quarterly Results
Mar 2026
5 MayRev
▲55.0K Cr
+29% YoY+6% QoQ
OPM18.0%
NPM9.6%
PAT
+49% YoY▲5.3K Cr
EPS
+42% YoY▼37.5
Dec 2025
11 FebRev
▲52.1K Cr
+26% YoY+13% QoQ
OPM20.0%
NPM9.6%
PAT
+55% YoY▲5.0K Cr
EPS
+47% YoY▲37.6
Sep 2025
Rev
▲46.1K Cr
+22% YoY+1% QoQ
OPM19.0%
NPM8.6%
PAT
+16% YoY▼4.0K Cr
EPS
+16% YoY▼29.5
Jun 2025
Rev
▲45.5K Cr
+22% YoY+7% QoQ
OPM18.0%
NPM9.6%
PAT
+24% YoY▲4.4K Cr
EPS
+24% YoY▲32.8
Mar 2025
Rev
▲42.6K Cr
+20% YoY+3% QoQ
OPM19.0%
NPM8.3%
PAT
+20% YoY▼3.5K Cr
EPS
+20% YoY▲26.5
Dec 2024
Rev
▲41.5K Cr
+17% YoY+9% QoQ
OPM20.0%
NPM8.7%
PAT
+20% YoY▲3.6K Cr
EPS
+20% YoY▲25.6
Sep 2024
Rev
▲37.9K Cr
+10% YoY+2% QoQ
OPM19.0%
NPM8.9%
PAT
+35% YoY▼3.4K Cr
EPS
+35% YoY▼25.5
Jun 2024
Rev
▲37.2K Cr
+10% YoY+5% QoQ
OPM19.0%
NPM9.5%
PAT
-6% YoY▲3.5K Cr
EPS
-6% YoY▲26.4
Mar 2024
Rev
▲35.5K Cr
+9% YoY+0% QoQ
OPM19.0%
NPM8.8%
PAT
+5% YoY▲3.1K Cr
EPS
+4% YoY▲22.1
Dec 2023
Rev
▲35.3K Cr
+15% YoY+3% QoQ
OPM18.0%
NPM8.4%
PAT
+14% YoY▲3.0K Cr
EPS
-1% YoY▲21.4
Sep 2023
Rev
▲34.4K Cr
--+2% QoQ
OPM17.0%
NPM7.2%
PAT
+3% YoY▼2.5K Cr
EPS
--▼18.9
Jun 2023
Rev
▲33.9K Cr
--+4% QoQ
OPM18.0%
NPM10.9%
PAT
+61% YoY▲3.7K Cr
EPS
--▲28.2
Mar 2023
Rev
▲32.5K Cr
--+6% QoQ
OPM17.0%
NPM9.2%
PAT
+28% YoY▲3.0K Cr
EPS
--▼21.2
Dec 2022
Rev
30.6K Cr
----
OPM17.0%
NPM9.8%
PAT
+25% YoY3.0K Cr
EPS
--21.5
Revenue & Margin Trends
Annual
Quarterly
Balance Sheet Health
Leverage
Debt / Equity1.53
Interest Coverage0.6x
Promoter Pledge0.0%
Borrowings126.7K Cr
Efficiency
Receivable Days19 days
Inventory Days78 days
Payable Days118 days
Cash Conversion cycle-21 days
Cash Position
Operating Cash Flow3.2K Cr
Investing Cash Flow-18.6K Cr
Financing Cash Flow15.8K Cr
Free Cash Flow-6.6K Cr
Detailed Financials
Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 54,982 | 52,100 | 46,106 | 45,529 | 42,599 | 41,470 | 37,924 | 37,218 | 35,452 | 35,299 | 34,436 | 33,892 | 32,456 | 30,621 |
| Expenses | 44,855 | 41,939 | 37,166 | 37,301 | 34,688 | 33,239 | 30,790 | 29,975 | 28,848 | 29,075 | 28,706 | 27,642 | 26,798 | 25,368 |
| Operating Profit | 10,127 | 10,160 | 8,940 | 8,228 | 7,911 | 8,231 | 7,133 | 7,243 | 6,604 | 6,224 | 5,730 | 6,249 | 5,658 | 5,254 |
| OPM % | 18.0% | 20.0% | 19.0% | 18.0% | 19.0% | 20.0% | 19.0% | 19.0% | 19.0% | 18.0% | 17.0% | 18.0% | 17.0% | 17.0% |
| Other Income | 1,137 | 976 | 1,134 | 1,395 | 1,141 | 719 | 1,126 | 733 | 750 | 756 | 812 | 1,065 | 662 | 1,184 |
| Interest | 2,407 | 2,405 | 2,347 | 2,431 | 2,397 | 2,362 | 2,217 | 2,108 | 1,989 | 1,945 | 1,835 | 1,719 | 1,634 | 1,596 |
| Depreciation | 1,943 | 2,163 | 1,669 | 1,548 | 2,029 | 1,495 | 1,302 | 1,248 | 1,335 | 1,123 | 1,139 | 1,128 | 1,194 | 1,110 |
| Profit Before Tax | 6,914 | 6,569 | 6,058 | 5,644 | 4,627 | 5,092 | 4,740 | 4,621 | 4,030 | 3,912 | 3,568 | 4,468 | 3,492 | 3,732 |
| Tax % | 24.0% | 24.0% | 35.0% | 22.0% | 23.0% | 29.0% | 29.0% | 23.0% | 22.0% | 24.0% | 30.0% | 18.0% | 14.0% | 20.0% |
| Net Profit | 5,260 | 5,021 | 3,964 | 4,377 | 3,542 | 3,624 | 3,361 | 3,546 | 3,125 | 2,977 | 2,484 | 3,684 | 2,998 | 2,994 |
| Exceptional Items | -410 | -347 | -11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 32 | 494 |
| EPS (Rs) | 37.5 | 37.6 | 29.5 | 32.8 | 26.5 | 25.6 | 25.5 | 26.4 | 22.1 | 21.4 | 18.9 | 28.2 | 21.2 | 21.5 |
| Sales Growth (YoY) | 29.1% | 25.6% | 21.6% | 22.3% | 20.2% | 17.5% | 10.1% | 9.8% | 9.2% | 15.3% | -- | -- | -- | -- |
| Sales Growth (QoQ) | 5.5% | 13.0% | 1.3% | 6.9% | 2.7% | 9.3% | 1.9% | 5.0% | 0.4% | 2.5% | 1.6% | 4.4% | 6.0% | -- |
| OP Growth (YoY) | 28.0% | 23.4% | 25.3% | 13.6% | 19.8% | 32.2% | 24.5% | 15.9% | 16.7% | 18.5% | -- | -- | -- | -- |
| OP Growth (QoQ) | -0.3% | 13.6% | 8.7% | 4.0% | -3.9% | 15.4% | -1.5% | 9.7% | 6.1% | 8.6% | -8.3% | 10.4% | 7.7% | -- |
| Profit Growth (YoY) | 49.0% | 55.0% | 16.0% | 24.0% | 20.0% | 20.0% | 35.0% | -6.0% | 5.0% | 14.0% | 3.0% | 61.0% | 28.0% | 25.0% |
| EPS Growth (YoY) | 41.6% | 47.0% | 15.8% | 24.4% | 19.6% | 19.6% | 35.1% | -6.4% | 4.5% | -0.7% | -- | -- | -- | -- |
| EPS Growth (QoQ) | -0.2% | 27.3% | -10.1% | 23.9% | 3.6% | 0.3% | -3.4% | 19.2% | 3.6% | 13.2% | -33.1% | 33.1% | -1.5% | -- |
| OP Margin | 18.4% | 19.5% | 19.4% | 18.1% | 18.6% | 19.9% | 18.8% | 19.5% | 18.6% | 17.6% | 16.6% | 18.4% | 17.4% | 17.2% |
| Net Margin | 9.6% | 9.6% | 8.6% | 9.6% | 8.3% | 8.7% | 8.9% | 9.5% | 8.8% | 8.4% | 7.2% | 10.9% | 9.2% | 9.8% |
| Material Cost % | 62.0% | 62.0% | 61.0% | 62.0% | 60.0% | 61.0% | 60.0% | 60.0% | 58.0% | 61.0% | 61.0% | 60.0% | 61.0% | 60.0% |
| Employee Cost % | 6.0% | 6.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% |
| P/S | 1.93 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| P/E | 2.31 | 2.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| P/B | 4.12 | 4.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
Annual Reports
14Credit Ratings
6Concalls
105Feb 2026
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