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 12.8x earnings against its own median of 15.2x: 0.4 standard deviations below 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.
The business reported a profit, yet its operations drained cash rather than generating it. Profit that comes with negative operating cash is the single most important thing to understand here.
Why this reading: Flagged on a single year deliberately: negative operating cash alongside a reported profit is plain, material, and hard to explain benignly — exactly the kind of obvious signal that should never be smoothed over.
Operating cash flow ₹-459 cr against trailing net profit ₹724 cr. When operations consume cash while the P&L shows profit, ask whether receivables are ballooning, revenue is booked ahead of collection, or costs are being capitalised.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
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.
Latest free cash flow ₹-1,401 cr, negative in 1 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 253% over two years while the company also carries ₹153 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 ₹3,457 cr from ₹980 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 (17% 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 ₹351 cr vs ₹41 cr two years earlier, against fixed assets ₹2,056 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
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 5.0% of assets. Free cash flow negative in 1 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
₹8,766 cr ÷ ₹4,914 cr, over 12 years
1.78×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹724 − ₹-459) cr ÷ average assets
5.0%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
3.5% × 0.80 × 3.30
9.2%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹1,697 cr ÷ ₹745 cr
2.28×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹3,457 cr ÷ ₹7,869 cr
0.44×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +58% vs revenue +34%, FY2023 to FY2026
24pp 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.
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 (Construction). 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 rose from 22.25% to 23.19% across these quarters.
FII trimmed from 11.49% to 10.44% across these quarters.
MF rose from 13.24% to 14.38% across these quarters.
Other trimmed from 53.02% to 51.99% 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 | 97 | 112 | 126 | 83 | 75 | 55 | 55 | 66 |
| Inventory days
How long stock sits before it sells | 103 | 166 | 180 | 117 | 102 | 87 | 85 | 129 |
| Payable days
How long the company takes to pay suppliers | 328 | 491 | 565 | 447 | 393 | 325 | 384 | 478 |
| Cash conversion cycle
Debtor + inventory − payable days | -127 | -213 | -258 | -246 | -217 | -184 | -244 | -283 |
| Working capital days | 121 | 90 | 107 | 81 | 62 | 45 | 48 | 81 |
| ROCE %
Return on capital employed | 21.0% | 13.0% | 11.0% | 12.0% | 19.0% | 22.0% | 22.0% | 17.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Order inflow (₹ cr) | 4,838 | 3,889 | 4,585 |
| Order book (₹ cr) | 80,167 | — | — |
| Book to bill (×) | 3.39 | — | — |
| Execution rate | 6,015% | 5,812% | 4,543% |
| Unbilled revenue (₹ cr) | 7,175 | — | — |
| Customer advances (₹ cr) | 2,925 | — | — |
| Working capital days (days) | 96 | 95 | 95 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
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 | 7,949 | 11,138 | 15,553 | 20,845 | 22,199 | 20,823 |
| Other income | 105 | 272 | 144 | 99 | 165 | 96 |
| Depreciation | 181 | 187 | 203 | 212 | 216 | 235 |
| Finance cost | 480 | 478 | 515 | 595 | 680 | 745 |
| Profit before tax | 363 | 635 | 885 | 1,061 | 1,187 | 952 |
| Net profit (owners) | 283 | 494 | 646 | 740 | 868 | 724 |
| EPS (₹) | 4.40 | 7.91 | 9.70 | 11.32 | 13.06 | 10.76 |
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 | 4,720 | 5,260 | 6,485 | 5,528 | 5,196 | 5,345 | 6,131 | 5,179 | 4,543 | 4,868 | 6,233 | 5,812 |
| Other Income | 28 | 29 | 13 | 31 | 29 | 48 | 58 | 31 | 44 | 0 | 21 | 34 |
| Expenses | 4,416 | 4,755 | 5,934 | 5,050 | 4,753 | 4,904 | 5,576 | 4,723 | 4,150 | 4,432 | 5,682 | 5,267 |
| Depreciation | 53 | 53 | 52 | 54 | 55 | 54 | 54 | 55 | 57 | 59 | 65 | 69 |
| Finance cost | 153 | 156 | 153 | 155 | 167 | 166 | 193 | 164 | 172 | 196 | 213 | 198 |
| Profit before tax | 125 | 325 | 358 | 300 | 250 | 270 | 367 | 268 | 209 | 182 | 294 | 312 |
| Net Profit | 86 | 231 | 239 | 223 | 175 | 206 | 265 | 205 | 167 | 135 | 217 | 229 |
| EPS | 1.23 | 3.51 | 3.81 | 3.34 | 2.60 | 3.08 | 4.04 | 3.06 | 2.46 | 1.95 | 3.28 | 3.45 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 122 | 122 | 126 | 126 | 126 | 126 |
| Reserves | 5,049 | 5,481 | 6,041 | 6,514 | 7,198 | 7,743 |
| Borrowings | 2,062 | 1,302 | 974 | 980 | 1,594 | 3,457 |
| Net block | 1,417 | 1,443 | 1,503 | 1,565 | 1,650 | 2,056 |
| CWIP | 22 | 7 | 22 | 41 | 37 | 351 |
| Investments | 440 | 346 | 352 | 155 | 148 | 153 |
| Total Assets | 13,540 | 14,458 | 16,550 | 18,095 | 21,000 | 25,965 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 842 | 1,416 | 1,100 | 1,359 | 742 | -459 |
| Cash from investing | -207 | -66 | -192 | -319 | -59 | -766 |
| Cash from financing | -558 | -1,275 | -893 | -771 | -247 | 878 |
| Free cash flow | 702 | 1,248 | 877 | 1,109 | 477 | -1,401 |
| Net change in cash | 77 | 75 | 16 | 270 | 436 | -346 |
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.
NCC Ltd. reported revenue of ₹6,015 cr for July to September 2026, +32.4% on the year and +3.5% on the quarter. That is faster than this quarter has grown in recent years (−1.2% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹22,928 cr, +8.2% on the four before.
Operating profit (EBITDA) was ₹528 cr, a margin of 8.8%, +13 bps on the year and −59 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.3% to 9.4%, averaging 8.8%. Operating costs grew +32.2%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹199 cr, +18.8% on the year and −13.1% on the quarter, with earnings per share of ₹2.93. Profit before other income, one-offs and tax grew faster, at +45.8%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹780 cr, −7.5% on the four before.
Of the 29 companies in Capital goods and EPC that have reported Q2 FY27 so far, NCC Ltd. ranks 6th on revenue growth; the sector median is +19.3%. Its margin moved +13 bps on the year against a sector median of +12 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does.
On earnings per share of ₹11.61 over the last four quarters, the stock at ₹125.70 trades at 10.8 times trailing earnings.
Profit with no operating cash behind it. Where did the cash go?
Source: Cash flow statement
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, 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 | ₹3,673 cr | ₹3,976 cr | ▼ 7.6% |
| Inventory | ₹2,590 cr | ₹2,445 cr | ▲ 5.9% |
| Cash | ₹223 cr | ₹642 cr | ▼ 65.3% |
| Bank balances | ₹759 cr | ₹647 cr | ▲ 17.3% |
| Long-term borrowings | ₹1,853 cr | ₹1,493 cr | ▲ 24.1% |
| Short-term borrowings | ₹2,257 cr | ₹1,964 cr | ▲ 14.9% |
| Trade payables | ₹8,302 cr | ₹7,908 cr | ▲ 5.0% |
| Net block | ₹2,141 cr | ₹1,758 cr | ▲ 21.8% |
| Capital work in progress | ₹92.3 cr | ₹351 cr | ▼ 73.7% |
| Equity | ₹8,132 cr | ₹7,869 cr | ▲ 3.3% |
| Total assets | ₹26,970 cr | ₹26,006 cr | ▲ 3.7% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹99.9 cr | −₹1,343 cr |
| Capital expenditure | −₹315 cr | −₹196 cr |
| Investing cash flow | −₹390 cr | −₹247 cr |
| Financing cash flow | ₹70.6 cr | ₹813 cr |
| Dividends paid | −₹138 cr | −₹138 cr |
Operating cash flow was -0.23× profit. Receivables at 57 days of sales (−13 days against the last year end). Inventory at 40 days of sales (−3 days).
Other matter 1: “”The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: 32 subsidiaries and 1 branch, whose unaudited interim financial results and other financial information reflect total assets of Rs. 3,562.08 crores as at September… Read in full
The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: 32 subsidiaries and 1 branch, whose unaudited interim financial results and other financial information reflect total assets of Rs. 3,562.08 crores as at September 30, 2026, total revenues of Rs 1,139.54 crores and Rs 2,040.31 crores, total net profit after tax of Rs. 31.40 crores and Rs. 58.11 crores, total comprehensive income of Rs. 17.56 crores and Rs. 34.41 crores, for the quarter and six-month period ended September 30, 2026, respectively, and net cash outflow of Rs. 18.54 crores for the six-month period ended September 30, 2026, as considered in the Statement which have been reviewed by their respective independent auditors.
Other matter 2: “”2 associates, whose unaudited interim financial results and other financial information includes Group's share of net profit of Rs. 0.86 crores and Rs. 4.06 crores and Group's share of total comprehensive income of Rs. 0.86 crores and Rs. 4.06 crores… Read in full
2 associates, whose unaudited interim financial results and other financial information includes Group's share of net profit of Rs. 0.86 crores and Rs. 4.06 crores and Group's share of total comprehensive income of Rs. 0.86 crores and Rs. 4.06 crores for the quarter and six-month period ended September 30, 2026, respectively, as considered in the Statement whose interim financial results and other financial information have been reviewed by their respective independent auditors.
Filing p. consolidated limited review report p.1-3
₹0.0 cr still unused. “No active monitoring statement for public issue, rights issue, or QIP reported during the quarter.”
Approved reappointment of Sri A A V Ranga Raju as Managing Director of the Company for a further period of 5 years from 1st April 2027 to 31st March 2032. (p. outcome letter p.1, Annexure-C)
Approved reappointment of Sri A G K Raju as Executive Director and Sri J V Ranga Raju as Whole-time Director for a further period of 5 years from 1st April 2027 to 31st March 2032. (p. outcome letter p.2, Annexure-C)
Approved proposal for alteration of Objects Clause of Memorandum of Association to include new business activities relating to Technology Services, digital infrastructure and allied sectors. (p. outcome letter p.1, Annexure-B)
Tax: Consolidated tax expense of ₹71.01 crore (current tax ₹61.20 crore, deferred tax ₹9.81 crore) on Profit before tax of ₹269.85 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Order inflow (₹ cr) | 4,838 | 3,889 | 4,585 |
| Order book (₹ cr) | 80,167 | — | — |
| Book to bill (×) | 3.39 | — | — |
| Execution rate | 6,015% | 5,812% | 4,543% |
| Unbilled revenue (₹ cr) | 7,175 | — | — |
| Customer advances (₹ cr) | 2,925 | — | — |
| Working capital days (days) | 96 | 95 | 95 |
Worked out from filed numbers. Book-to-Bill Ratio: Consolidated Order Book (₹80,167.00 crore) / Annualised H1 FY27 Consolidated Revenue (₹11,826.50 crore * 2 = ₹23,653.00 crore) = 3.39x
Standalone unbilled revenue stood at ₹7,175 crore as of September 30, 2026 (down from ₹7,414 crore as of June 30, 2026), while trade receivables reduced to ₹2,697 crore (down from ₹3,055 crore), reflecting accelerated bill certification and collections in Q2 FY27.
Unbilled revenue declined QoQ as certified billing increased, improving liquidity and working capital quality.
Consolidated order inflow in Q2 FY27 stood at ₹4,838 crore (H1 FY27 ₹8,727 crore) against Q2 FY27 revenue execution of ₹6,014.67 crore (H1 FY27 ₹11,826.50 crore), keeping the order book robust at ₹80,167 crore.
Strong order backlog of ₹80,167 crore provides high revenue visibility of ~3.4x annualised H1 revenue.
not disclosed
Bank guarantee limit details and outstanding non-fund based guarantees are omitted from quarterly earnings disclosures.
No liquidated damages, project cost overruns, or contract penalties were reported in the financial notes for Q2 FY27.
No provisions or write-offs regarding liquidated damages or execution penalties were disclosed.
Order book 80167 crore at quarter end, after inflows of 4838 crore in the quarter (3.39× trailing revenue).
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| FY27 Full Year Order Inflow Guidance Target Range | 22000–25000 ₹ crore | FY2026-27 | unchanged or first given |
| FY27 Full Year Revenue Growth Guidance Target Range | 8–10 % | FY2026-27 | unchanged or first given |
| FY27 Full Year EBITDA Margin Guidance Target Range | 8.5–9 % | FY2026-27 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Construction | ₹5,971 cr | ▲ 35.8% | ₹300 cr | ▲ 36.4% |
| Real estate | ₹44.1 cr | ▼ 69.7% | ₹4.4 cr | ▼ 78.7% |
| Others | ₹0.0 cr | — | −₹0.3 cr | ▼ 154.5% |
| 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 | ₹5,260 cr | ₹6,485 cr | ₹5,528 cr | ₹5,196 cr | ₹5,345 cr | ₹6,131 cr | ₹5,179 cr | ₹4,543 cr | ₹4,868 cr | ₹6,233 cr | ₹5,812 cr | ₹6,015 cr |
| YoY | — | — | +26% | +10% | +2% | −5% | −6% | −13% | −9% | +2% | +12% | +32% |
| EBITDA margin | 9.6% | 8.5% | 8.6% | 8.5% | 8.3% | 9.1% | 8.8% | 8.7% | 9.0% | 8.8% | 9.4% | 8.8% |
| Other income, % of PBT | 9% | 4% | 10% | 12% | 18% | 16% | 12% | 20% | 0% | 7% | 10% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 33% | 26% | 30% | 24% | 28% | 24% | 20% | 26% | 26% | 27% | 26% |
| Net profit | ₹231 cr | ₹239 cr | ₹223 cr | ₹175 cr | ₹206 cr | ₹265 cr | ₹205 cr | ₹167 cr | ₹135 cr | ₹217 cr | ₹229 cr | ₹199 cr |
| YoY | — | — | +21% | +103% | −11% | +11% | −8% | −4% | −34% | −18% | +12% | +19% |
| Core profit YoY | — | — | +20% | +128% | −25% | −10% | −12% | −25% | −18% | −12% | +19% | +46% |
| EPS | ₹3.51 | ₹3.81 | ₹3.34 | ₹2.60 | ₹3.08 | ₹4.04 | ₹3.06 | ₹2.46 | ₹1.95 | ₹3.28 | ₹3.45 | ₹2.93 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
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.