Altman Z″
Needs current assets and current liabilities.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 87.2x earnings against its own median of 37.6x: 3.0 standard deviations above its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Over the last year profit declined 30.1% even as revenue grew 17.5% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.
Why this reading: Flagged because the pattern is clear, material, and not explained by the visible numbers — the kind of thing worth understanding before anything else.
Trailing revenue ₹17,543 cr (up 17.5%) but trailing profit ₹715 cr (down 30.1%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.
Net margin has narrowed from 6.3% to 4.1% year-on-year — profitability per rupee of sales is shrinking.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Quarter net margin 4.1% vs 6.3% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Capital work-in-progress has stayed high (16% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
CWIP ₹1,298 cr vs ₹991 cr two years earlier, against fixed assets ₹8,215 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Operating cash is 137% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹1,487 cr against trailing net profit ₹1,089 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Free cash flow swings between positive and negative across the cycle.
Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.
Latest ₹374 cr, negative in 2 of 12 years.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -1.9% of assets. Free cash flow negative in 2 of 12 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital and revenue are growing at broadly similar rates — the asset base is being used, not just added to.
cumulative operating cash flow ÷ cumulative net profit
₹14,610 cr ÷ ₹8,652 cr, over 12 years
1.69×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹1,089 − ₹1,487) cr ÷ average assets
-1.9%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
6.5% × 0.76 × 2.32
11.4%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹1,990 cr ÷ ₹323 cr
6.16×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹7,309 cr ÷ ₹9,580 cr
0.76×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +39% vs revenue +30%, FY2023 to FY2026
8pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Automobile and Auto Components). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter trimmed from 44.07% to 43.12% across these quarters.
FII rose from 12.40% to 15.18% across these quarters.
MF trimmed from 22.70% to 21.57% across these quarters.
Other trimmed from 20.83% to 20.13% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 77 | 68 | 81 | 75 | 87 | 74 | 70 | 85 |
| Inventory days
How long stock sits before it sells | 160 | 177 | 249 | 235 | 191 | 159 | 198 | 195 |
| Payable days
How long the company takes to pay suppliers | 118 | 105 | 167 | 141 | 132 | 112 | 130 | 144 |
| Cash conversion cycle
Debtor + inventory − payable days | 119 | 140 | 163 | 169 | 147 | 121 | 138 | 136 |
| Working capital days | 15 | -15 | -49 | -24 | -39 | -46 | -27 | -12 |
| ROCE %
Return on capital employed | 20.0% | 7.0% | 3.0% | 11.0% | 8.0% | 13.0% | 12.0% | 13.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Volumes (units) | 70,703 | 66,787 | 56,458 |
| Realisation per unit (₹) | 357,320 | 351,479 | 344,834 |
| Export share | 51.8% | 51.32% | 48.38% |
| Defence Order Book (₹ crore) | 10,960 | — | — |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 6,336 | 10,461 | 12,910 | 15,682 | 15,123 | 16,812 |
| Other income | -138 | 288 | 124 | 217 | 55 | 44 |
| Depreciation | 612 | 730 | 736 | 848 | 874 | 971 |
| Finance cost | 108 | 160 | 299 | 491 | 417 | 323 |
| Profit before tax | -25 | 1,381 | 827 | 1,439 | 1,456 | 1,667 |
| Net profit (owners) | -127 | 1,077 | 508 | 910 | 913 | 1,089 |
| EPS (₹) | -2.71 | 23.23 | 11.35 | 20.43 | 19.69 | 22.58 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,774 | 3,866 | 4,164 | 4,106 | 3,689 | 3,476 | 3,853 | 3,909 | 4,032 | 4,343 | 4,528 | 4,640 |
| Other Income | 51 | 58 | 45 | -99 | 62 | 38 | 57 | 50 | 54 | -13 | -46 | -301 |
| Expenses | 3,153 | 3,169 | 3,521 | 3,365 | 3,042 | 2,853 | 3,174 | 3,239 | 3,308 | 3,597 | 3,751 | 3,942 |
| Depreciation | 211 | 224 | 207 | 218 | 213 | 218 | 224 | 226 | 241 | 249 | 255 | 263 |
| Finance cost | 124 | 137 | 116 | 124 | 110 | 96 | 88 | 82 | 80 | 77 | 84 | 90 |
| Profit before tax | 337 | 395 | 366 | 300 | 385 | 347 | 424 | 411 | 457 | 407 | 392 | 44 |
| Net Profit | 215 | 254 | 227 | 175 | 243 | 213 | 283 | 284 | 299 | 273 | 233 | -90 |
| EPS | 4.88 | 5.68 | 5.07 | 4.36 | 5.23 | 4.45 | 5.90 | 5.93 | 6.26 | 5.53 | 4.86 | -1.88 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 93 | 93 | 93 | 93 | 96 | 96 |
| Reserves | 5,322 | 6,478 | 6,612 | 7,077 | 9,158 | 9,484 |
| Borrowings | 5,271 | 5,972 | 7,313 | 7,948 | 6,698 | 7,309 |
| Net block | 4,750 | 4,870 | 6,161 | 6,309 | 6,627 | 8,215 |
| CWIP | 900 | 1,125 | 701 | 991 | 1,732 | 1,298 |
| Investments | 2,607 | 2,604 | 2,569 | 1,849 | 2,063 | 1,738 |
| Total Assets | 13,088 | 15,492 | 18,235 | 19,184 | 19,968 | 22,238 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,020 | 506 | 1,294 | 1,664 | 1,796 | 1,487 |
| Cash from investing | -1,511 | -690 | -1,666 | -665 | -1,964 | -1,038 |
| Cash from financing | 578 | 310 | 280 | -203 | -570 | -442 |
| Free cash flow | 129 | -459 | 325 | 164 | 352 | 374 |
| Net change in cash | 87 | 126 | -91 | 796 | -738 | 6 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Bharat Forge Ltd. reported revenue of ₹4,870 cr for July to September 2026, +20.8% on the year and +5.0% on the quarter. That is faster than this quarter has grown in recent years (+3.5% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹18,381 cr, +20.4% on the four before.
Operating profit (EBITDA) was ₹768 cr, a margin of 15.8%, −223 bps on the year and +47 bps on the quarter. Over the last 8 quarters the margin has ranged from 15.3% to 18.0%, averaging 17.0%. Operating costs grew +24.1%, faster than revenue at +20.8%, so operating profit grew less than sales.
Net profit was ₹279 cr, −6.9% on the year and — on the quarter, with earnings per share of ₹5.77. Profit before other income, one-offs and tax grew faster, at −2.1%; other income, one-offs or tax held the headline back. The tax rate of 33% is in line with its recent average. Profit over the last four quarters totals ₹695 cr, −35.6% on the four before.
Of the 23 companies in Automobiles and components that have reported Q2 FY27 so far, Bharat Forge Ltd. ranks 19th on revenue growth; the sector median is +30.1%. Its margin moved −223 bps on the year against a sector median of −89 bps.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models.
On earnings per share of ₹14.28 over the last four quarters, the stock at ₹1,725.00 trades at 120.8 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Operating margin slipped on the year.
Source: Results filing
Could not run on this quarter: Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹4,078 cr | ₹3,927 cr | ▲ 3.9% |
| Inventory | ₹4,693 cr | ₹4,053 cr | ▲ 15.8% |
| Cash | ₹2,679 cr | ₹848 cr | ▲ 216.0% |
| Bank balances | ₹180 cr | ₹142 cr | ▲ 26.9% |
| Long-term borrowings | ₹1,704 cr | ₹1,812 cr | ▼ 6.0% |
| Short-term borrowings | ₹5,687 cr | ₹5,062 cr | ▲ 12.4% |
| Trade payables | ₹3,269 cr | ₹2,996 cr | ▲ 9.1% |
| Net block | ₹7,401 cr | ₹7,258 cr | ▲ 2.0% |
| Capital work in progress | ₹1,343 cr | ₹1,251 cr | ▲ 7.3% |
| Equity | ₹11,506 cr | ₹9,580 cr | ▲ 20.1% |
| Total assets | ₹25,259 cr | ₹22,260 cr | ▲ 13.5% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹366 cr | ₹999 cr |
| Capital expenditure | −₹982 cr | −₹565 cr |
| Investing cash flow | −₹504 cr | −₹71.7 cr |
| Financing cash flow | ₹1,978 cr | −₹862 cr |
| Dividends paid | −₹315 cr | −₹279 cr |
Operating cash flow was 1.94× profit. Receivables at 78 days of sales (−7 days against the last year end). Inventory at 90 days of sales (+2 days).
Other matter 1: “”We did not review the interim financial information of three Subsidiaries included in the Statement, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 37,138 million as at 30 September 2026 and total revenues (before consolidation adjustments)… Read in full
We did not review the interim financial information of three Subsidiaries included in the Statement, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 37,138 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 9,441 million and Rs. 19,336 million, total net profit / (loss) after tax (net) (before consolidation adjustments) of Rs. 66 million and Rs. (3,559) million and total comprehensive income I (loss) (net) (before consolidation adjustments) of Rs. 74 million and Rs. (3,515) million, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 558 million for the period from 1 April 2026 to 30 September 2026. as considered in the Statement. This interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Other matter 2: “”The Statement includes the interim financial information of 23 Subsidiaries which have not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 26,319 million as at 30 September 2026 and total revenues (before consolidation adjustments)… Read in full
The Statement includes the interim financial information of 23 Subsidiaries which have not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 26,319 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 1,953 million and Rs. 3,741 million, total net loss after tax (net) (before consolidation adjustments) of Rs. 247 million and Rs. 383 million and total comprehensive loss (net) (before consolidation adjustments) of Rs. 238 million and Rs. 378 million, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 731 million for the period from 1 April 2026 to 30 September 2026. as considered in the Statement. The Statement also includes the Group's share of net loss after tax (net) of Rs. 52 million and Rs. 169 million and total comprehensive loss (net) of Rs. 61 million and Rs. 173 million, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of five associates and three joint ventures, based on their interim financial information which have not been reviewed. According to the information and explanations given to us by the Parent's management, this interim financial information is not material to the Group.
Filing p. consolidated limited review report p.1-2
₹1,932 cr still unused. “Out of ₹2,000.00 crore raised via QIP by issuing 10,582,010 equity shares at ₹1,890 per share, ₹68.33 crore was utilised for purchase of equipment, machinery and QIP expenses, and unspent amount of ₹1,931.67 crore is placed with bank deposits.”
Board approved further investment of an amount not exceeding ₹290.51 crore (Rs 2,905.08 million) in wholly-owned subsidiary Kalyani Strategic Systems Limited (KSSL). (p. outcome letter p.1, Annexure 2)
Tax: Consolidated tax expense of ₹139.20 crore (current tax ₹161.67 crore, deferred tax credit ₹22.47 crore) on Profit before tax of ₹417.88 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Volumes (units) | 70,703 | 66,787 | 56,458 |
| Realisation per unit (₹) | 357,320 | 351,479 | 344,834 |
| Export share | 51.8% | 51.32% | 48.38% |
| Defence Order Book (₹ crore) | 10,960 | — | — |
Worked out from filed numbers. Standalone Export Revenue Share: Export Revenue (₹1,308.80 crore) / Total Standalone Revenue (₹2,526.36 crore) * 100 = 51.80% · Standalone Realisation per Tonne: Calculated as Standalone Operational Revenue (₹2,526.36 crore * 10^7) / Sale Tonnage (70,703 MT) = ₹3,57,319.66 per MT
Dealer inventory levels in days are not explicitly disclosed in the quarterly filing or presentation; consolidated inventories stood at ₹4,692.61 crore as of September 30, 2026 (90.06 inventory days on annualised H1 FY27 revenue).
Dealer-specific inventory days metrics are omitted from quarterly earnings disclosures.
Consolidated cost of raw materials and components consumed (including stock changes) stood at ₹2,234.58 crore in Q2 FY27 (45.88% of operational revenue ₹4,869.97 crore) compared to ₹1,767.44 crore in Q2 FY26 (43.84%). Standalone sale tonnage increased 25.2% YoY to 70,703 MT with realisation per MT at ₹3,57,319.66.
Raw material cost ratio increased 204 bps YoY due to higher input and energy prices, partly offset by higher tonnage realisation.
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Indian Manufacturing Business Revenue Growth Target | 20–25 % | FY2026-27 | unchanged or first given |
| Capex Programme across Verticals | 2000.00 | over 12-18 months | unchanged or first given |
| ATAGS Order Revenue Recognition Start | Q1 FY2028 | FY2027-28 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Forgings | ₹3,894 cr | ▲ 16.0% | ₹497 cr | ▼ 2.9% |
| Defence | ₹473 cr | ▲ 19.8% | ₹13.7 cr | ▲ 11.7% |
| Others | ₹752 cr | ▲ 28.0% | ₹54.2 cr | ▲ 45.8% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,866 cr | ₹4,164 cr | ₹4,106 cr | ₹3,689 cr | ₹3,476 cr | ₹3,853 cr | ₹3,909 cr | ₹4,032 cr | ₹4,343 cr | ₹4,528 cr | ₹4,640 cr | ₹4,870 cr |
| YoY | — | — | +6% | −2% | −10% | −7% | −5% | +9% | +25% | +18% | +19% | +21% |
| EBITDA margin | 18.1% | 15.4% | 18.0% | 17.5% | 17.9% | 17.6% | 17.1% | 18.0% | 17.2% | 17.2% | 15.3% | 15.8% |
| Other income, % of PBT | 15% | 12% | −33% | 16% | 11% | 13% | 12% | 12% | −3% | −12% | 129% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | −₹358 cr | −₹24.6 cr |
| Tax rate | 36% | 38% | 42% | 37% | 39% | 33% | 31% | 34% | 33% | 40% | — | 33% |
| Net profit | ₹254 cr | ₹227 cr | ₹175 cr | ₹243 cr | ₹213 cr | ₹283 cr | ₹284 cr | ₹299 cr | ₹273 cr | ₹233 cr | −₹89.9 cr | ₹279 cr |
| YoY | — | — | −18% | +13% | −16% | +25% | +62% | +23% | +28% | −18% | −132% | −7% |
| Core profit YoY | — | — | +46% | +13% | −8% | +14% | −10% | +25% | +36% | +19% | −4% | −2% |
| EPS | ₹5.68 | ₹5.07 | ₹4.36 | ₹5.23 | ₹4.45 | ₹5.90 | ₹5.93 | ₹6.26 | ₹5.53 | ₹4.86 | −₹1.88 | ₹5.77 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | 3 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.