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 19.6x earnings against its own median of 10.6x: 1.2 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.
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 ₹3,294 cr vs trailing profit ₹4,220 cr. Gaps in the 0.5–0.9 range are usually timing, occasionally a early tell.
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 ₹-8,274 cr, negative in 4 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Other income is 66% of pre-tax profit — a large share of the profit comes from outside the core operating business.
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.
Trailing other income ₹2,610 cr against pre-tax profit ₹3,929 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Borrowings rose 61% over two years while the company also carries ₹440 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 ₹52,327 cr from ₹32,561 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Debt rose over 3 years, and most of it (139%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹22,787 cr largely matched by an asset build of ₹31,744 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Both revenue and profit grew over the last year (12% and 24%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹12,210 cr, trailing profit ₹4,267 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 14.5% to 34.9% 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 34.9% vs 14.5% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
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 0.8% of assets. Free cash flow negative in 4 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 is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹59,811 cr ÷ ₹40,876 cr, over 12 years
1.46×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹4,220 − ₹3,294) cr ÷ average assets
0.8%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
36.3% × 0.10 × 2.90
10.2%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹5,317 cr ÷ ₹1,423 cr
3.74×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹52,327 cr ÷ ₹41,437 cr
1.26×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +59% vs revenue +10%, FY2023 to FY2026
50pp 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.
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 (Power). 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 67.40% to 61.39% across these quarters.
FII rose from 10.39% to 13.17% across these quarters.
MF rose from 3.69% to 7.01% across these quarters.
Other held steady from 18.52% to 18.43% 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 | 115 | 131 | 194 | 207 | 212 | 168 | 90 | 83 |
| Cash conversion cycle
Debtor + inventory − payable days | 115 | 131 | 194 | 207 | 212 | 168 | 90 | 83 |
| Working capital days | -18 | 57 | 36 | 11 | -1 | -51 | -58 | -97 |
| ROCE %
Return on capital employed | 10.0% | 8.0% | 9.0% | 6.0% | 8.0% | 8.0% | 7.0% | 6.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Capacity (MW) | 1,000 | 750 | 0 |
| Receivable days (days) | 94.34 | — | — |
| Operating Margin | 51.88% | 47.73% | 48.65% |
| Net Profit Margin | 36.98% | 30.93% | 36.23% |
| Debtors Turnover Ratio (6M) (x) | 4.68 | — | 2.27 |
| Inventory Turnover Ratio (6M) (x) | 55.2 | — | 49.25 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Power and utilities framework (named in the filing read). Primary valuation lens: P/B against allowed RoE.
Read more closely in this sector: Regulatory receivables and late payment surcharge · Capacity announced against commissioned.
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 | 9,648 | 9,144 | 10,607 | 9,631 | 10,380 | 11,615 |
| Other income | 1,087 | 981 | 743 | 2,030 | 1,626 | 3,196 |
| Depreciation | 1,292 | 1,190 | 1,215 | 1,184 | 1,193 | 1,976 |
| Finance cost | 577 | 586 | 475 | 767 | 1,189 | 1,423 |
| Profit before tax | 4,495 | 3,217 | 5,237 | 5,015 | 4,767 | 3,894 |
| Net profit (owners) | 3,600 | 3,774 | 4,261 | 4,000 | 3,412 | 4,220 |
| EPS (₹) | 3.26 | 3.51 | 3.89 | 3.58 | 2.99 | 3.75 |
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 | 2,931 | 2,056 | 1,887 | 2,694 | 3,052 | 2,287 | 2,347 | 3,214 | 3,365 | 2,221 | 2,816 | 3,808 |
| Other Income | 261 | 587 | 623 | 431 | 454 | 365 | 265 | 413 | 448 | 1,449 | 306 | 407 |
| Expenses | 1,163 | 1,303 | 735 | 1,085 | 1,247 | 1,272 | 1,142 | 1,412 | 1,338 | 2,009 | 2,179 | 1,456 |
| Depreciation | 295 | 296 | 299 | 296 | 285 | 297 | 315 | 436 | 441 | 457 | 642 | 600 |
| Finance cost | 116 | 133 | 365 | 244 | 308 | 649 | -12 | 261 | 278 | 310 | 574 | 606 |
| Profit before tax | 1,618 | 909 | 1,111 | 1,500 | 1,666 | 434 | 1,167 | 1,518 | 1,755 | 894 | -274 | 1,554 |
| Net Profit | 1,693 | 623 | 605 | 1,102 | 1,060 | 330 | 920 | 1,131 | 1,219 | 321 | 1,549 | 1,178 |
| EPS | 1.54 | 0.48 | 0.54 | 1.02 | 0.90 | 0.23 | 0.85 | 1.06 | 1.02 | 0.22 | 1.45 | 1.09 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 |
| Reserves | 23,008 | 24,876 | 26,916 | 28,624 | 29,623 | 31,392 |
| Borrowings | 23,365 | 26,096 | 29,540 | 32,561 | 39,557 | 52,327 |
| Net block | 21,993 | 21,825 | 22,137 | 21,474 | 22,168 | 50,290 |
| CWIP | 19,167 | 22,522 | 31,357 | 39,798 | 50,601 | 34,948 |
| Investments | 1,842 | 2,386 | 499 | 479 | 444 | 440 |
| Total Assets | 73,136 | 77,288 | 86,211 | 92,267 | 102,680 | 120,007 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 5,070 | 4,590 | 4,705 | 7,252 | 5,026 | 3,294 |
| Cash from investing | -1,607 | -3,084 | -4,191 | -5,940 | -7,550 | -11,139 |
| Cash from financing | -3,058 | -638 | -795 | -924 | 1,904 | 8,928 |
| Free cash flow | 3,012 | 888 | -269 | 285 | -3,823 | -8,274 |
| Net change in cash | 405 | 867 | -281 | 388 | -620 | 1,082 |
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.
NHPC Ltd. reported revenue of ₹4,483 cr for July to September 2026, +33.2% on the year and +17.7% on the quarter. That is faster than this quarter has grown in recent years (+7.2% 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 ₹13,328 cr, +18.9% on the four before.
Operating profit (EBITDA) was ₹2,876 cr, a margin of 64.2%, +393 bps on the year and +239 bps on the quarter. It is the widest margin of the last 8 quarters (range 9.5% to 64.2%). Operating costs grew +20.1% against revenue growth of +33.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,658 cr, +35.9% on the year and +40.7% on the quarter, with earnings per share of ₹1.54. Profit before other income, one-offs and tax grew 30.8%, so 5 points of the headline growth came from outside the core business. The tax rate of 28% is in line with its recent average. Profit over the last four quarters totals ₹4,706 cr, +30.7% on the four before.
Of the 11 companies in Power and utilities that have reported Q2 FY27 so far, NHPC Ltd. ranks 4th on revenue growth; the sector median is +14.9%. Its margin moved +393 bps on the year against a sector median of +34 bps.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less.
On earnings per share of ₹4.30 over the last four quarters, the stock at ₹71.44 trades at 16.6 times trailing earnings.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Results filing
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
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 | ₹4,283 cr | ₹2,630 cr | ▲ 62.9% |
| Inventory | ₹299 cr | ₹294 cr | ▲ 1.7% |
| Cash | ₹2,751 cr | ₹1,961 cr | ▲ 40.3% |
| Bank balances | ₹1,894 cr | ₹1,690 cr | ▲ 12.1% |
| Long-term borrowings | ₹50,520 cr | ₹46,174 cr | ▲ 9.4% |
| Short-term borrowings | ₹6,700 cr | ₹5,960 cr | ▲ 12.4% |
| Trade payables | ₹434 cr | ₹387 cr | ▲ 12.2% |
| Net block | ₹46,479 cr | ₹45,771 cr | ▲ 1.5% |
| Capital work in progress | ₹38,890 cr | ₹34,744 cr | ▲ 11.9% |
| Equity | ₹50,752 cr | ₹48,405 cr | ▲ 4.8% |
| Total assets | ₹1.29 lakh cr | ₹1.20 lakh cr | ▲ 7.1% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹3,179 cr | ₹1,583 cr |
| Capital expenditure | −₹5,685 cr | −₹5,094 cr |
| Investing cash flow | −₹5,229 cr | −₹5,046 cr |
| Financing cash flow | ₹2,839 cr | ₹3,804 cr |
| Dividends paid | −₹364 cr | −₹620 cr |
Operating cash flow was 1.12× profit. Receivables at 94 days of sales (+12 days against the last year end). Inventory at 7 days of sales (−3 days).
Other matter: “”We did not review the interim financial results of two subsidiaries included in the Statement, whose interim financial results reflect total assets of Rs. 25,332.12 crore as at 30 September 2026, total revenues of Rs 413.37 crore and Rs 742.43… Read in full
We did not review the interim financial results of two subsidiaries included in the Statement, whose interim financial results reflect total assets of Rs. 25,332.12 crore as at 30 September 2026, total revenues of Rs 413.37 crore and Rs 742.43 crore, total net profit after tax of Rs. 222.62 crore and Rs. 390.39 crore and total comprehensive income of Rs 222.38 crore and Rs. 389.75 crore for the quarter and half year ended 30 September 2026 respectively, and the cash outflows of Rs. 606.28 crore (net) for the half year ended 30 September 2026. These interim financial results have been reviewed by the other auditors whose report have been furnished to us by the Holding Company'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 report of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Filing p. consolidated limited review report p.1-3
₹0.0 cr still unused. “Nil funds raised through Non-Convertible Security during quarter ended September 30, 2026; statement of deviation or variation reports nil deviation.”
Hearing on Scheme of Amalgamation of Jalpower Corporation Limited (JPCL) with NHPC Limited held on September 28, 2026 before MCA; order in this regard is awaited. (p. consolidated note 9 p.14)
Commissioned 5th unit of 250 MW (out of total 8 units) of 2000 MW Subansiri Lower Project on October 23, 2026, taking total installed capacity of Subansiri Lower Project to 1250 MW. (p. consolidated note 10 p.14)
Tax: Consolidated tax expense of ₹535.99 crore (current tax ₹308.07 crore, deferred tax charge ₹227.92 crore) on Profit before tax of ₹1,897.55 crore for Q2 FY27. Parent Company exercised option under Section 200(5) of Income Tax Act, 2025 effective Tax Year 2026-27.
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Capacity (MW) | 1,000 | 750 | 0 |
| Receivable days (days) | 94.34 | — | — |
| Operating Margin | 51.88% | 47.73% | 48.65% |
| Net Profit Margin | 36.98% | 30.93% | 36.23% |
| Debtors Turnover Ratio (6M) (x) | 4.68 | — | 2.27 |
| Inventory Turnover Ratio (6M) (x) | 55.2 | — | 49.25 |
Worked out from filed numbers. Receivable Days: Trade Receivables (₹4,283.37 crore) / (H1 Revenue ₹8,290.86 crore * 2) * 365
Trade receivables stood at ₹4,283.37 crore as on September 30, 2026 compared to ₹2,629.40 crore as on March 31, 2026. Pending CERC tariff final approval, provisional sales of ₹1,252.48 crore for Subansiri Lower (units 1-4) and ₹917.89 crore for Parbati-II were recognized in H1 FY27. Regulatory deferral account debit balances stood at ₹8,817.92 crore. Interest income and guarantee fees (including late payment surcharge) earned was ₹187.57 crore in H1 FY27.
Receivable expansion reflects provisional billing on newly commissioned units pending final CERC tariff orders.
Commissioned 4th unit of 250 MW at 2000 MW Subansiri Lower HE Project in H1 FY27 (reaching 1000 MW by Sep 30, 2026), and 5th unit on Oct 23, 2026 (reaching 1250 MW). 800 MW Parbati-II HE Project commissioned in FY 2025-26. Total CWIP stands at ₹38,889.69 crore across ongoing hydroelectric and renewable capacity additions.
Sequential commissioning of mega hydro units at Subansiri Lower adds substantial generating capacity to the grid.
Read using the Power and utilities framework (named in the filing read). Primary valuation lens: P/B against allowed RoE.
Read more closely in this sector: Regulatory receivables and late payment surcharge · Capacity announced against commissioned.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Subansiri Lower HE Project Total Target Capacity | 2000 | Full Project | unchanged or first given |
| Subansiri Lower HE Project Commissioned Capacity Post Q2 | 1250 | As of October 23, 2026 | unchanged or first given |
Held for next quarter's said-then-did check.
| 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 | ₹2,056 cr | ₹1,887 cr | ₹2,694 cr | ₹3,052 cr | ₹2,287 cr | ₹2,347 cr | ₹3,214 cr | ₹3,365 cr | ₹2,221 cr | ₹2,816 cr | ₹3,808 cr | ₹4,483 cr |
| YoY | — | — | −2% | +4% | +11% | +24% | +19% | +10% | −3% | +20% | +18% | +33% |
| EBITDA margin | 36.6% | 61.0% | 59.7% | 59.1% | 44.4% | 51.3% | 56.1% | 60.2% | 9.5% | 22.6% | 61.8% | 64.2% |
| Other income, % of PBT | 65% | 56% | 29% | 27% | 84% | 23% | 27% | 17% | 162% | — | 12% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | 46% | 27% | 36% | 24% | 21% | 26% | 34% | 64% | — | 29% | 28% |
| Net profit | ₹623 cr | ₹605 cr | ₹1,102 cr | ₹1,060 cr | ₹330 cr | ₹920 cr | ₹1,131 cr | ₹1,219 cr | ₹321 cr | ₹1,549 cr | ₹1,178 cr | ₹1,658 cr |
| YoY | — | — | +1% | −37% | −47% | +52% | +3% | +15% | −3% | +68% | +4% | +36% |
| Core profit YoY | — | — | −3% | −11% | −79% | +85% | +3% | +8% | −904% | −164% | +4% | +31% |
| EPS | ₹0.48 | ₹0.54 | ₹1.02 | ₹0.90 | ₹0.23 | ₹0.85 | ₹1.06 | ₹1.02 | ₹0.22 | ₹1.45 | ₹1.09 | ₹1.54 |
| Flags | 1 | 1 | 1 | 1 | 3 | 2 | 1 | ✓ | 2 | 2 | 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.