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 139.4x earnings against its own median of 39.7x: 3.7 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 11.4% even as revenue grew 13.6% — 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 ₹21,089 cr (up 13.6%) but trailing profit ₹2,363 cr (down 11.4%). 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 78% of trailing profit — a modest gap worth keeping an eye on.
Why this reading: Noted with caution: a mild gap that is commonly benign (working-capital timing) but worth tracking across years.
Operating cash ₹2,175 cr vs trailing profit ₹2,773 cr. Gaps in the 0.5–0.9 range are usually timing, occasionally a early tell.
Borrowings rose 125% over 3 years, but only about -129% of the new debt shows up as productive assets — worth understanding what the rest funded.
Why this reading: Kept at caution rather than flagged: the disproportion is real but not extreme, and part of the borrowing may fund working capital or intangibles that this view doesn't capture.
New borrowing ₹66 cr against an asset build of ₹-85 cr. Some gap is normal (working capital, dividends); a persistent or widening gap is where it becomes a concern.
Borrowings rose 205% over two years while the company also carries ₹8,020 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
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.
Borrowings moved to ₹119 cr from ₹39 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Capital work-in-progress has stayed high (22% 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 ₹358 cr vs ₹224 cr two years earlier, against fixed assets ₹1,654 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Free cash flow is positive and consistent — the business funds itself after capex.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Latest free cash flow ₹1,864 cr. Negative in only 1 of 11 years. A self-funding business needs less external capital and dilutes less.
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 2.9% of assets. Free cash flow negative in 1 of 11 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
₹14,557 cr ÷ ₹17,298 cr, over 11 years
0.84×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹2,773 − ₹2,175) cr ÷ average assets
2.9%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
13.8% × 0.92 × 1.46
18.7%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹3,669 cr ÷ ₹27 cr
135.89×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹119 cr ÷ ₹14,846 cr
0.01×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +-4% vs revenue +34%, FY2023 to FY2026
-38pp 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.
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 held steady from 70.54% to 70.54% across these quarters.
FII held steady from 7.34% to 7.21% across these quarters.
MF rose from 6.47% to 7.26% across these quarters.
Other trimmed from 15.65% to 14.99% 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 | 47 | 52 | 52 | 47 | 47 | 48 | 48 | 51 |
| Inventory days
How long stock sits before it sells | 79 | 77 | 82 | 86 | 73 | 64 | 62 | 61 |
| Payable days
How long the company takes to pay suppliers | 86 | 110 | 140 | 112 | 105 | 86 | 94 | 98 |
| Cash conversion cycle
Debtor + inventory − payable days | 40 | 19 | -6 | 22 | 15 | 25 | 15 | 13 |
| Working capital days | 52 | 30 | 3 | 38 | 26 | 75 | 78 | 68 |
| ROCE %
Return on capital employed | 25.0% | 18.0% | 14.0% | 15.0% | 17.0% | 21.0% | 21.0% | 22.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| EBITDA margin | 13.55% | 13.53% | 14.1% |
| Working capital days (days) | 19.05 | — | — |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Electronics manufacturing services framework (named in the filing read). Primary valuation lens: P/E against margin trajectory.
Read more closely in this sector: PLI inside reported margin · Inventory build against orders.
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 | 9,716 | 11,782 | 14,929 | 16,727 | 18,087 | 20,035 |
| Other income | -241 | 396 | 470 | 1,566 | 815 | 1,410 |
| Depreciation | 341 | 324 | 386 | 430 | 376 | 392 |
| Finance cost | 14 | 29 | 12 | 51 | 17 | 27 |
| Profit before tax | 565 | 1,500 | 1,882 | 3,181 | 2,732 | 3,642 |
| Net profit (owners) | 482 | 1,218 | 1,426 | 2,491 | 2,015 | 2,773 |
| EPS (₹) | 163.43 | 413.07 | 483.33 | 844.69 | 683.27 | 940.27 |
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 | 4,130 | 4,205 | 4,233 | 4,317 | 4,394 | 4,466 | 4,911 | 4,789 | 4,795 | 4,886 | 5,566 | 5,842 |
| Other Income | 939 | 214 | 226 | 179 | 257 | 142 | 237 | 844 | 210 | 200 | 156 | 226 |
| Expenses | 3,639 | 3,627 | 3,676 | 3,797 | 3,834 | 3,883 | 4,264 | 4,149 | 4,178 | 4,273 | 4,784 | 5,021 |
| Depreciation | 101 | 117 | 119 | 86 | 90 | 101 | 99 | 85 | 92 | 99 | 116 | 99 |
| Finance cost | 12 | 4 | 4 | 3 | 2 | 6 | 6 | 4 | 4 | 4 | 14 | 6 |
| Profit before tax | 1,317 | 671 | 661 | 611 | 726 | 618 | 778 | 1,394 | 730 | 709 | 808 | 942 |
| Net Profit | 1,000 | 518 | 564 | 466 | 537 | 459 | 554 | 1,116 | 554 | 533 | 570 | 706 |
| EPS | 338.99 | 175.70 | 191.23 | 158.10 | 181.97 | 155.53 | 187.67 | 378.42 | 188.01 | 180.58 | 193.26 | 239.39 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 30 | 30 | 30 | 30 | 30 | 30 |
| Reserves | 9,783 | 10,650 | 10,976 | 12,027 | 13,784 | 14,816 |
| Borrowings | 54 | 73 | 53 | 39 | 118 | 119 |
| Net block | 1,241 | 1,212 | 1,731 | 1,770 | 1,622 | 1,654 |
| CWIP | 488 | 605 | 366 | 224 | 396 | 358 |
| Investments | 5,150 | 5,521 | 5,018 | 5,121 | 7,160 | 8,020 |
| Total Assets | 14,764 | 15,402 | 16,252 | 17,348 | 20,241 | 21,680 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 835 | 269 | 1,214 | 1,258 | 2,373 | 2,175 |
| Cash from investing | -463 | -32 | 262 | 277 | -1,955 | -582 |
| Cash from financing | -338 | -383 | -1,239 | -1,452 | -529 | -1,550 |
| Free cash flow | 640 | -143 | 574 | 932 | 2,061 | 1,864 |
| Net change in cash | 34 | -146 | 236 | 84 | -110 | 44 |
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.
Bosch Ltd. reported revenue of ₹7,655 cr for July to September 2026, +28.2% on the year and +6.8% on the quarter. That is faster than this quarter has grown in recent years (+21.1% 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 ₹25,274 cr, +25.5% on the four before.
Operating profit (EBITDA) was ₹1,037 cr, a margin of 13.5%, −55 bps on the year and −11 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.5% to 14.1%, averaging 13.4%. Operating costs grew +29.1%, faster than revenue at +28.2%, so operating profit grew less than sales.
Net profit was ₹839 cr, +18.6% on the year and +3.3% on the quarter, with earnings per share of ₹284.97. Profit before other income, one-offs and tax grew faster, at +25.4%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹2,755 cr, −2.9% on the four before.
Electronics manufacturing runs on thin margins and large volumes; a small margin move on a large revenue base is a big change in profit, and working capital carries the risk.
On earnings per share of ₹934.66 over the last four quarters, the stock at ₹45,600.00 trades at 48.8 times trailing earnings.
The auditor drew attention to a matter in the limited review report. Read it before the numbers.
Source: Auditor (p. 12, p.19-20)
An earlier period was restated. What was wrong with the first version?
Source: Filing
Could not run on this quarter: Borrowing while holding cash, IPO money used as stated, 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 | ₹4,211 cr | ₹3,581 cr | ▲ 17.6% |
| Inventory | ₹3,225 cr | ₹2,711 cr | ▲ 19.0% |
| Cash | ₹289 cr | ₹470 cr | ▼ 38.5% |
| Bank balances | ₹6.8 cr | ₹9.4 cr | ▼ 27.7% |
| Trade payables | ₹5,422 cr | ₹4,463 cr | ▲ 21.5% |
| Net block | ₹1,144 cr | ₹1,101 cr | ▲ 3.9% |
| Capital work in progress | ₹616 cr | ₹479 cr | ▲ 28.5% |
| Equity | ₹7,667 cr | ₹6,860 cr | ▲ 11.8% |
| Total assets | ₹17,440 cr | ₹24,130 cr | ▼ 27.7% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹1,168 cr | ₹1,090 cr |
| Capital expenditure | −₹377 cr | −₹109 cr |
| Investing cash flow | −₹481 cr | ₹659 cr |
| Financing cash flow | −₹869 cr | −₹2,027 cr |
| Dividends paid | −₹846 cr | −₹2,010 cr |
Operating cash flow was 0.71× profit. Receivables at 52 days of sales (−1 days against the last year end). Inventory at 40 days of sales (−0 days).
Emphasis of matter: “”We draw attention to Note 5.c. to the accompanying Statement, which describes the accounting for the business combination under common control in accordance with Appendix C to Ind AS 103, Business Combinations. Accordingly, the comparative consolidated financial information for the… Read in full
We draw attention to Note 5.c. to the accompanying Statement, which describes the accounting for the business combination under common control in accordance with Appendix C to Ind AS 103, Business Combinations. Accordingly, the comparative consolidated financial information for the quarter and six months ended September 30, 2025, as at and for the year ended March 31, 2026, and for the quarter ended June 30, 2026, together with the related information, has been restated to give effect to the aforesaid business combination, as further explained in the said note. Our conclusion is not modified in respect of this matter.
Other matter: “”The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: 2 subsidiaries, whose unaudited interim financial results include total assets of Rs. 2 million as at September 30, 2026, total income of Rs 0… Read in full
The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: 2 subsidiaries, whose unaudited interim financial results include total assets of Rs. 2 million as at September 30, 2026, total income of Rs 0 million and Rs 35 million, total net profit/(loss) after tax of Rs. 0 million and Rs. 31 million, total comprehensive income/(loss) of Rs. 0 million and Rs. 31 million, for the quarter ended September 30, 2026 and the period ended on that date respectively, and net cash (outflows)/inflows of Rs. (0) million for the period from April 01, 2026 to September 30, 2026. 2 associates and 1 joint ventures, whose unaudited interim financial results include Group's share of net profit/(loss) of Rs. 11 million and Rs. 23 million and Group's share of total comprehensive income of Rs. 11 and Rs. 23 million for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 respectively. The unaudited interim financial results and other unaudited financial information of the these subsidiaries, jointly controlled entity and associates have not been audited/reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, jointly controlled entity and associates, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group. Our conclusion on the Statement in respect of matters stated in para 7 is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results certified by the Management.
Filing p. 12, p.19-20
Approved sub-division of 1 equity share of face value of Rs. 10 each into 5 equity shares of face value of Rs. 2 each, subject to shareholder approval. (p. outcome letter p.1, note 7)
Approved issue of bonus equity shares in the ratio of 3:1 (3 bonus equity shares of Rs. 2 each for every 1 equity share of Rs. 2 each held) out of retained earnings. (p. outcome letter p.1, note 7)
Acquired 100% equity shares of Bosch Chassis Systems India Private Limited (RBIC) for Rs. 9,023.80 crore with effect from July 1, 2026. (p. outcome letter p.1, note 5.c)
Tax: Consolidated tax expense of ₹281.50 crore on Profit before tax of ₹1,122.00 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| EBITDA margin | 13.55% | 13.53% | 14.1% |
| Working capital days (days) | 19.05 | — | — |
Worked out from filed numbers. Consolidated EBITDA Margin: EBITDA ₹1,037.10 crore / Revenue ₹7,655.10 crore * 100 = 13.55% · Net Working Capital Days: Receivable days (40.16) + Inventory days (31.44) - Payable days (52.55) = 19.05 days
PLI scheme benefits are not split out in reported operational margins; consolidated EBITDA margin expanded to 13.55% in Q2 FY27.
PLI incentive disclosures are omitted from quarterly financial tables.
Consolidated inventory increased to ₹2,553.40 crore as of Sept 30, 2026 (vs ₹2,124.20 crore as of March 31, 2026), keeping lean inventory days of 31.44 days to meet pre-festive OEM demand.
Inventory expansion aligns with 28.2% top-line growth while maintaining tight working capital control.
Read using the Electronics manufacturing services framework (named in the filing read). Primary valuation lens: P/E against margin trajectory.
Read more closely in this sector: PLI inside reported margin · Inventory build against orders.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Corporate Share Sub-division and Bonus Issue Execution Timeline Target | 2 months | From November 06, 2026 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Automotive products | ₹7,001 cr | ▲ 28.6% | ₹969 cr | ▲ 14.8% |
| Consumer goods | ₹511 cr | ▲ 17.1% | ₹75.4 cr | ▲ 493.7% |
| Others | ₹152 cr | ▲ 55.7% | ₹25.4 cr | ▲ 16.0% |
| 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 | ₹4,205 cr | ₹4,233 cr | ₹4,317 cr | ₹4,394 cr | ₹4,466 cr | ₹4,911 cr | ₹4,789 cr | ₹5,969 cr | ₹4,886 cr | ₹5,566 cr | ₹7,167 cr | ₹7,655 cr |
| YoY | — | — | +4% | +6% | +6% | +16% | +11% | +36% | +9% | +13% | +50% | +28% |
| EBITDA margin | 13.7% | 13.2% | 12.0% | 12.7% | 13.1% | 13.2% | 13.3% | 14.1% | 12.5% | 14.0% | 13.7% | 13.5% |
| Other income, % of PBT | 32% | 34% | 29% | 35% | 23% | 30% | 61% | 24% | 28% | 19% | 22% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | ₹130 cr |
| Tax rate | 23% | 15% | 24% | 26% | 26% | 29% | 20% | 25% | 25% | 30% | 25% | 25% |
| Net profit | ₹518 cr | ₹564 cr | ₹466 cr | ₹537 cr | ₹459 cr | ₹554 cr | ₹1,116 cr | ₹708 cr | ₹533 cr | ₹570 cr | ₹812 cr | ₹839 cr |
| YoY | — | — | +14% | −46% | −11% | −2% | +139% | +32% | +16% | +3% | −27% | +19% |
| Core profit YoY | — | — | +25% | +24% | +4% | +24% | +27% | +52% | +7% | +21% | +55% | +25% |
| EPS | ₹175.70 | ₹191.23 | ₹158.10 | ₹181.97 | ₹155.53 | ₹187.67 | ₹378.42 | ₹240.17 | ₹180.58 | ₹193.26 | ₹275.85 | ₹284.97 |
| Flags | 1 | 1 | ✓ | 1 | 1 | 1 | 2 | ✓ | ✓ | ✓ | ✓ | 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.