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 115.2x earnings against its own median of 85.6x: 1.0 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 36.4% even as revenue grew 9.8% — 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 ₹17,322 cr (up 9.8%) but trailing profit ₹417 cr (down 36.4%). 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.
Operating cash is 540% 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 ₹1,994 cr against trailing net profit ₹369 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Net margin improved from -1.2% to 2.4% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 2.4% vs -1.2% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
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 ₹82 cr, negative in 7 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 -2.7% of assets. Free cash flow negative in 7 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.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹17,520 cr ÷ ₹9,509 cr, over 12 years
1.84×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹369 − ₹1,994) cr ÷ average assets
-2.7%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
2.2% × 0.27 × 1.86
1.1%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹1,438 cr ÷ ₹990 cr
1.45×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹15,434 cr ÷ ₹34,031 cr
0.45×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +18% vs revenue +51%, FY2023 to FY2026
-33pp 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 (Healthcare). 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 44.91% to 44.68% across these quarters.
FII rose from 7.14% to 8.14% across these quarters.
MF trimmed from 17.03% to 15.47% across these quarters.
Other rose from 30.92% to 31.71% 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 | 86 | 71 | 77 | 92 | 117 | 154 | 131 | 129 |
| Inventory days
How long stock sits before it sells | 199 | 263 | 304 | 309 | 423 | 368 | 346 | 390 |
| Payable days
How long the company takes to pay suppliers | 231 | 243 | 246 | 216 | 383 | 467 | 460 | 434 |
| Cash conversion cycle
Debtor + inventory − payable days | 53 | 91 | 134 | 184 | 157 | 55 | 18 | 85 |
| Working capital days | -2 | -31 | 8 | 71 | 3 | -68 | -63 | -17 |
| ROCE %
Return on capital employed | 13.0% | 13.0% | 10.0% | 9.0% | 6.0% | 6.0% | 6.0% | 4.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| R&D, % of sales | 5.4% | — | 5.84% |
| Gross margin | 65.34% | 66.08% | 63.98% |
| Biopharma Segment Revenue (₹ crore) | 3,583 | 3,615 | 3,422 |
| Biosimilars Segment Revenue (₹ crore) | 2,809 | 2,856 | 2,721 |
| Generics Segment Revenue (₹ crore) | 774.4 | 759.7 | 701.3 |
| Services Segment Revenue (Syngene) (₹ crore) | 832.7 | 736 | 910.6 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
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 | 7,143 | 8,184 | 11,174 | 14,756 | 15,262 | 16,927 |
| Other income | 260 | 72 | 18 | 853 | 1,217 | -76 |
| Depreciation | 715 | 814 | 1,113 | 1,569 | 1,687 | 1,957 |
| Finance cost | 58 | 68 | 419 | 974 | 897 | 990 |
| Profit before tax | 1,068 | 983 | 897 | 1,525 | 1,887 | 448 |
| Net profit (owners) | 846 | 772 | 643 | 1,298 | 1,429 | 369 |
| EPS (₹) | 6.17 | 5.40 | 3.85 | 8.52 | 8.44 | 2.38 |
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 | 3,462 | 3,954 | 3,917 | 3,433 | 3,590 | 3,821 | 4,417 | 3,942 | 4,296 | 4,173 | 4,517 | 4,336 |
| Other Income | 134 | 587 | 40 | 1,166 | 58 | 53 | 57 | 62 | 81 | -176 | -28 | 41 |
| Expenses | 2,745 | 3,051 | 3,004 | 2,812 | 2,905 | 3,070 | 3,339 | 3,176 | 3,460 | 3,340 | 3,496 | 3,489 |
| Depreciation | 389 | 414 | 407 | 405 | 420 | 425 | 436 | 455 | 473 | 515 | 513 | 547 |
| Finance cost | 248 | 267 | 227 | 236 | 226 | 223 | 212 | 277 | 272 | 210 | 232 | 213 |
| Profit before tax | 214 | 808 | 319 | 1,146 | 98 | 156 | 487 | 97 | 171 | -68 | 248 | 128 |
| Net Profit | 173 | 753 | 223 | 862 | 27 | 81 | 459 | 89 | 133 | -52 | 199 | 137 |
| EPS | 1.05 | 5.50 | 1.13 | 5.49 | -0.13 | 0.21 | 2.87 | 0.23 | 0.63 | 1.08 | 0.78 | 0.87 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 600 | 600 | 600 | 600 | 600 | 810 |
| Reserves | 7,027 | 7,832 | 17,267 | 19,183 | 21,044 | 33,221 |
| Borrowings | 4,481 | 5,147 | 18,019 | 16,277 | 18,362 | 15,434 |
| Net block | 6,364 | 6,569 | 29,468 | 30,644 | 31,963 | 36,486 |
| CWIP | 2,800 | 4,110 | 7,317 | 7,993 | 8,508 | 6,987 |
| Investments | 1,952 | 1,588 | 2,069 | 1,000 | 1,127 | 1,779 |
| Total Assets | 18,490 | 20,342 | 51,742 | 55,753 | 58,540 | 63,409 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,160 | 1,177 | 1,852 | 2,954 | 4,061 | 1,994 |
| Cash from investing | -3,651 | -1,662 | -14,260 | -1,002 | -203 | -1,883 |
| Cash from financing | 2,564 | 242 | 13,049 | -2,333 | -1,854 | -924 |
| Free cash flow | -577 | -746 | 129 | 1,046 | 1,718 | 82 |
| Net change in cash | 72 | -243 | 641 | -380 | 2,004 | -812 |
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.
Biocon Ltd. reported revenue of ₹4,389 cr for July to September 2026, +2.2% on the year and +1.2% on the quarter. That is slower than this quarter has grown in recent years (+11.7% on average). Over the last four quarters revenue comes to ₹17,415 cr, +5.7% on the four before.
Operating profit (EBITDA) was ₹831 cr, a margin of 18.9%, −52 bps on the year and −61 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 18.9% to 24.4%). Operating costs grew +2.8%, faster than revenue at +2.2%, so operating profit grew less than sales.
Net profit was ₹56.7 cr, −57.3% on the year and −58.6% on the quarter, with earnings per share of ₹0.25. Profit before other income, one-offs and tax fell 70.1%, so 13 points of the headline growth came from outside the core business. The tax rate was −3% against an average of 21% over the previous 5 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹341 cr, −55.3% on the four before.
Of the 13 companies in Pharmaceuticals that have reported Q2 FY27 so far, Biocon Ltd. ranks 11th on revenue growth; the sector median is +12.9%. Its margin moved −52 bps on the year against a sector median of +4 bps.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit.
On earnings per share of ₹2.98 over the last four quarters, the stock at ₹349.20 trades at 117.2 times trailing earnings.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Results filing
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
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 | ₹6,059 cr | ₹5,987 cr | ▲ 1.2% |
| Inventory | ₹7,145 cr | ₹6,086 cr | ▲ 17.4% |
| Cash | ₹2,204 cr | ₹2,417 cr | ▼ 8.8% |
| Bank balances | ₹219 cr | ₹375 cr | ▼ 41.7% |
| Long-term borrowings | ₹11,027 cr | ₹10,746 cr | ▲ 2.6% |
| Short-term borrowings | ₹4,083 cr | ₹4,078 cr | ▲ 0.1% |
| Trade payables | ₹7,871 cr | ₹6,706 cr | ▲ 17.4% |
| Net block | ₹9,766 cr | ₹9,473 cr | ▲ 3.1% |
| Capital work in progress | ₹4,568 cr | ₹4,613 cr | ▼ 1.0% |
| Equity | ₹34,843 cr | ₹34,032 cr | ▲ 2.4% |
| Total assets | ₹65,280 cr | ₹63,636 cr | ▲ 2.6% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹769 cr | ₹803 cr |
| Capital expenditure | −₹839 cr | −₹920 cr |
| Investing cash flow | −₹286 cr | −₹1,276 cr |
| Financing cash flow | −₹755 cr | ₹1,403 cr |
| Dividends paid | −₹106 cr | −₹90.8 cr |
Operating cash flow was 3.97× profit. Receivables at 127 days of sales (−2 days against the last year end). Inventory at 149 days of sales (+18 days).
Other matter: “”The accompanying Statement includes the unaudited interim financial results/statements and other financial information, in respect of a subsidiary, whose unaudited interim financial results (before consolidation adjustments) include total assets of Rs. 57,569 million as at September 30, 2026, total revenues… Read in full
The accompanying Statement includes the unaudited interim financial results/statements and other financial information, in respect of a subsidiary, whose unaudited interim financial results (before consolidation adjustments) include total assets of Rs. 57,569 million as at September 30, 2026, total revenues of Rs. 5,609 million and Rs. 11,748 million, total net profit after tax of Rs. 855 million and Rs. 2,079 million, total comprehensive income of Rs. 855 million and Rs. 2,079 million, for the quarter ended September 30, 2026 and the half year ended on that date, respectively and net cash outflows of Rs. 90 million for the period from April 01, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by its independent auditor.
Filing p. limited review report
₹0.0 cr still unused. “Raised ₹4,150.00 crore via QIP in Q4 FY26 to acquire BBL equity shares from Mylan Inc., acquire CCDs from Edelweiss and general corporate purposes, fully utilised with nil deviation.”
Noted the resignation of Dr. Mandar Shrikant Ghatnekar as Chief Technology Officer w.e.f. December 31, 2026, and approved the appointment of Mr. Mukesh Rathi as Chief Technology Officer w.e.f. January 01, 2027. (p. release p.1, outcome letter p.1)
Board of Directors of Syngene International Limited approved the voluntary liquidation of its wholly owned subsidiary, Syngene Manufacturing Limited (SMSL). (p. note 15)
Tax: Consolidated tax credit of ₹1.90 crore (current tax charge ₹30.80 crore offset by deferred tax credit ₹32.70 crore) on Profit before tax of ₹54.80 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| R&D, % of sales | 5.4% | — | 5.84% |
| Gross margin | 65.34% | 66.08% | 63.98% |
| Biopharma Segment Revenue (₹ crore) | 3,583 | 3,615 | 3,422 |
| Biosimilars Segment Revenue (₹ crore) | 2,809 | 2,856 | 2,721 |
| Generics Segment Revenue (₹ crore) | 774.4 | 759.7 | 701.3 |
| Services Segment Revenue (Syngene) (₹ crore) | 832.7 | 736 | 910.6 |
Worked out from filed numbers. Biopharma Segment Revenue: Combined Biosimilars (₹2,808.60 crore) and Generics (₹774.40 crore) revenue · Biosimilars Segment Revenue: Consolidated Biosimilars revenue (Rs. 28,086 million converted to ₹ crore) · Generics Segment Revenue: Consolidated Generics revenue (Rs. 7,744 million converted to ₹ crore) · Services Segment Revenue (Syngene): Consolidated Services revenue (Rs. 8,327 million converted to ₹ crore)
Received MHRA (UK) approval in addition to EMA approval for second drug product fill-finish line for Insulin Glargine at Malaysia facility; commercial supplies underway.
Regulatory approvals expand operational fill-finish capacity to support global demand.
Interest cost declined 12% YoY to ₹240 crore while Biopharma revenue increased 5% YoY to ₹3,583 crore, helping offset competitive price erosion in select product markets.
Revenue growth across biosimilars and generics mitigates ongoing generic pricing pressure.
Portfolio is well-diversified across 12 commercialized biosimilars, 30+ generic formulations, and research services across multiple therapeutic areas.
No single-product concentration risk across Biopharma and Services segments.
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Pertuzumab PDP Partnership Value in Brazil | 400.00 | 10-year contract | unchanged or first given |
| Biosimilar Research and Development Pipeline | 20 | Pipeline target | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Biosimilars | ₹2,809 cr | ▲ 3.2% | ₹32.5 cr | ▼ 80.6% |
| Generics | ₹774 cr | ▲ 10.4% | −₹30.4 cr | — |
| Services | ₹833 cr | ▼ 8.6% | ₹53.7 cr | ▼ 37.0% |
| 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 | ₹3,954 cr | ₹3,917 cr | ₹3,433 cr | ₹3,590 cr | ₹3,821 cr | ₹4,417 cr | ₹3,942 cr | ₹4,296 cr | ₹4,173 cr | ₹4,517 cr | ₹4,336 cr | ₹4,389 cr |
| YoY | — | — | +0% | +4% | −3% | +13% | +15% | +20% | +9% | +2% | +10% | +2% |
| EBITDA margin | 22.8% | 23.3% | 18.1% | 19.1% | 19.7% | 24.4% | 19.4% | 19.4% | 20.0% | 22.6% | 19.5% | 18.9% |
| Other income, % of PBT | 73% | 13% | 102% | 59% | 34% | 12% | 64% | 54% | — | −11% | 43% | 63% |
| Exceptional items | — | — | — | — | — | — | — | −₹11.9 cr | — | — | −₹13.5 cr | −₹6.7 cr |
| Tax rate | 7% | 30% | 25% | 72% | 48% | 6% | 8% | 22% | — | 20% | −7% | −3% |
| Net profit | ₹753 cr | ₹223 cr | ₹862 cr | ₹27.0 cr | ₹81.0 cr | ₹459 cr | ₹89.0 cr | ₹133 cr | −₹52.0 cr | ₹199 cr | ₹137 cr | ₹56.7 cr |
| YoY | — | — | +479% | −84% | −89% | +106% | −90% | +392% | −164% | −57% | +54% | −57% |
| Core profit YoY | — | — | −122% | −50% | −53% | +54% | — | +126% | +5% | −36% | +147% | −70% |
| EPS | ₹5.50 | ₹1.13 | ₹5.49 | −₹0.13 | ₹0.21 | ₹2.87 | ₹0.23 | ₹0.66 | ₹1.08 | ₹0.78 | ₹0.87 | ₹0.25 |
| Flags | 2 | · | 2 | 1 | 1 | 2 | 2 | 3 | 1 | ✓ | 1 | 2 |
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.