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 23.5x earnings against its own median of 35.9x: 1.0 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.
Operating cash is 36% of trailing profit. On its own this can be working-capital timing in a growth year — worth watching whether it persists.
Why this reading: Kept at caution, not flagged: it is a single-year gap and the multi-year cash record does not (yet) show a repeated shortfall. One soft year is not a verdict.
Operating cash ₹474 cr vs trailing profit ₹1,321 cr. A one-year gap below 0.5 is often growth working capital; it becomes a real concern only if it recurs.
Net margin has narrowed from 22.6% to 17.9% year-on-year — profitability per rupee of sales is shrinking.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Quarter net margin 17.9% vs 22.6% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
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 ₹-632 cr, negative in 1 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 79% over two years while the company also carries ₹1,360 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 ₹342 cr from ₹191 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 ₹1,030 cr vs ₹278 cr two years earlier, against fixed assets ₹4,620 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Debt rose over 3 years, and most of it (984%) 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 ₹296 cr largely matched by an asset build of ₹2,912 cr. Debt that funds capacity is a different thing from debt that funds nothing.
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 6.6% 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 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
₹8,976 cr ÷ ₹9,727 cr, over 12 years
0.92×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹1,321 − ₹474) cr ÷ average assets
6.6%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
19.7% × 0.50 × 1.19
11.8%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹1,739 cr ÷ ₹43 cr
40.44×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹342 cr ÷ ₹11,230 cr
0.03×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +106% vs revenue +3%, FY2023 to FY2026
103pp 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.
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 (Chemicals). 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 46.09% to 46.09% across these quarters.
FII trimmed from 16.42% to 14.83% across these quarters.
MF rose from 20.47% to 22.31% across these quarters.
Other trimmed from 17.02% to 16.77% 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 | 85 | 70 | 56 | 60 | 43 | 44 | 64 | 88 |
| Inventory days
How long stock sits before it sells | 126 | 158 | 149 | 178 | 144 | 124 | 95 | 157 |
| Payable days
How long the company takes to pay suppliers | 121 | 117 | 113 | 115 | 86 | 119 | 117 | 125 |
| Cash conversion cycle
Debtor + inventory − payable days | 90 | 111 | 93 | 122 | 101 | 49 | 42 | 119 |
| Working capital days | 87 | 70 | 72 | 93 | 70 | 48 | 67 | 120 |
| ROCE %
Return on capital employed | 25.0% | 23.0% | 22.0% | 17.0% | 22.0% | 24.0% | 23.0% | 15.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Agro Chemicals Segment Revenue (₹ crore) | 1,628 | 1,649 | 1,809 |
| Pharma Segment Revenue (₹ crore) | 75.9 | 54.2 | 63.4 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Speciality chemicals and CRAMS framework (named in the filing read). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in growth · Customer and molecule concentration · Inventory days against sales.
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 | 4,577 | 5,300 | 6,492 | 7,666 | 7,978 | 6,714 |
| Other income | 129 | 105 | 166 | 216 | 345 | 414 |
| Depreciation | 175 | 202 | 226 | 308 | 352 | 407 |
| Finance cost | 34 | 16 | 39 | 44 | 56 | 43 |
| Profit before tax | 938 | 1,033 | 1,444 | 1,895 | 2,142 | 1,696 |
| Net profit (owners) | 738 | 844 | 1,230 | 1,682 | 1,660 | 1,321 |
| EPS (₹) | 48.66 | 55.62 | 81.04 | 110.83 | 109.43 | 87.06 |
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 | 2,117 | 1,898 | 1,741 | 2,069 | 2,221 | 1,901 | 1,787 | 1,900 | 1,872 | 1,376 | 1,565 | 1,702 |
| Other Income | 49 | 58 | 60 | 75 | 123 | 76 | 75 | 89 | 85 | 172 | 74 | 66 |
| Expenses | 1,566 | 1,344 | 1,299 | 1,486 | 1,593 | 1,389 | 1,332 | 1,381 | 1,331 | 1,073 | 1,228 | 1,335 |
| Depreciation | 80 | 78 | 80 | 83 | 80 | 99 | 90 | 96 | 98 | 105 | 107 | 104 |
| Finance cost | 8 | 7 | 11 | 8 | 8 | 8 | 8 | 4 | 3 | 6 | 4 | 8 |
| Profit before tax | 512 | 526 | 411 | 566 | 663 | 481 | 432 | 507 | 525 | 363 | 300 | 322 |
| Net Profit | 480 | 449 | 370 | 449 | 508 | 373 | 330 | 400 | 409 | 311 | 200 | 244 |
| EPS | 31.67 | 29.57 | 24.35 | 29.58 | 33.50 | 24.57 | 21.78 | 26.36 | 26.98 | 20.52 | 13.20 | 16.10 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 |
| Reserves | 5,327 | 6,105 | 7,183 | 8,716 | 10,142 | 11,215 |
| Borrowings | 373 | 316 | 46 | 191 | 184 | 342 |
| Net block | 2,138 | 2,452 | 2,606 | 3,528 | 4,209 | 4,620 |
| CWIP | 288 | 114 | 132 | 278 | 550 | 1,030 |
| Investments | 872 | 900 | 1,016 | 1,336 | 1,531 | 1,360 |
| Total Assets | 7,002 | 7,791 | 8,480 | 10,744 | 12,249 | 13,405 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 725 | 529 | 1,501 | 2,036 | 1,413 | 474 |
| Cash from investing | -2,430 | -110 | -496 | -1,800 | -1,421 | -612 |
| Cash from financing | 1,690 | -177 | -483 | -222 | -286 | -171 |
| Free cash flow | 287 | 192 | 1,179 | 1,417 | 575 | -632 |
| Net change in cash | -15 | 241 | 522 | 14 | -294 | -309 |
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.
PI Industries Ltd. reported revenue of ₹1,702 cr for July to September 2026, −9.1% on the year and −0.0% on the quarter. That is slower than this quarter has grown in recent years (−5.4% on average). Over the last four quarters revenue comes to ₹6,345 cr, −14.9% on the four before.
Operating profit (EBITDA) was ₹233 cr, a margin of 13.7%, −1,524 bps on the year and −791 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 13.7% to 28.9%). Operating costs grew +10.4%, faster than revenue at −9.1%, so operating profit grew less than sales.
Net profit was ₹122 cr, −70.1% on the year and −50.0% on the quarter, with earnings per share of ₹8.05. Profit before other income, one-offs and tax fell 72.2%, so the profit growth came from the business itself. The tax rate was 34% against an average of 23% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹877 cr, −42.0% on the four before.
Of the 14 companies in Speciality chemicals and CRAMS that have reported Q2 FY27 so far, PI Industries Ltd. ranks 14th on revenue growth; the sector median is +14.3%. Its margin moved −1,524 bps on the year against a sector median of −268 bps.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand.
On earnings per share of ₹57.87 over the last four quarters, the stock at ₹2,190.00 trades at 37.8 times trailing earnings.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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, 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 | ₹1,438 cr | ₹1,611 cr | ▼ 10.7% |
| Inventory | ₹1,224 cr | ₹1,217 cr | ▲ 0.6% |
| Cash | ₹329 cr | ₹283 cr | ▲ 16.3% |
| Bank balances | ₹1,392 cr | ₹1,899 cr | ▼ 26.7% |
| Long-term borrowings | ₹138 cr | ₹149 cr | ▼ 7.4% |
| Short-term borrowings | ₹69.6 cr | ₹89.3 cr | ▼ 22.1% |
| Trade payables | ₹1,135 cr | ₹974 cr | ▲ 16.6% |
| Net block | ₹3,757 cr | ₹3,678 cr | ▲ 2.1% |
| Capital work in progress | ₹999 cr | ₹755 cr | ▲ 32.3% |
| Equity | ₹11,457 cr | ₹11,231 cr | ▲ 2.0% |
| Total assets | ₹13,866 cr | ₹13,444 cr | ▲ 3.1% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹890 cr | ₹248 cr |
| Capital expenditure | −₹655 cr | −₹448 cr |
| Investing cash flow | −₹609 cr | −₹229 cr |
| Financing cash flow | −₹231 cr | −₹129 cr |
| Dividends paid | −₹152 cr | −₹152 cr |
Operating cash flow was 2.43× profit. Receivables at 77 days of sales (−10 days against the last year end). Inventory at 66 days of sales (−1 days).
Other matter 1: “”The interim consolidated financial results of two subsidiaries (including four step down subsidiaries, one associate, one joint venture (including its subsidiary)) and one step down subsidiary (including further five step down subsidiaries) reflect total assets of Rs. 18,505 Mn and… Read in full
The interim consolidated financial results of two subsidiaries (including four step down subsidiaries, one associate, one joint venture (including its subsidiary)) and one step down subsidiary (including further five step down subsidiaries) reflect total assets of Rs. 18,505 Mn and net assets of Rs. 13,637 Mn as at September 30, 2026 and total revenues of Rs. 1,376 Mn and Rs. 2,248 Mn, total net loss after tax of Rs. 854 Mn and Rs. 4,083 Mn and total comprehensive loss of Rs. 819 Mn and Rs. 4,080 Mn, for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. 246 Mn for the period from April 1, 2026 to September 30, 2026, as considered in the Consolidated Unaudited Financial Results (before considering the impact of consolidation adjustments). These interim financial results have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the Management or other auditors 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 on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Other matter 2: “”The interim financial results of two subsidiaries and one controlled trust reflect total assets of Rs. 3,933 Mn and net assets of Rs. 2,718 Mn as at September 30, 2026 and total revenues of Rs. 770 Mn and Rs. 1,192… Read in full
The interim financial results of two subsidiaries and one controlled trust reflect total assets of Rs. 3,933 Mn and net assets of Rs. 2,718 Mn as at September 30, 2026 and total revenues of Rs. 770 Mn and Rs. 1,192 Mn, total net profit/(loss) after tax of Rs. 10 Mn and Rs. (32) Mn and total comprehensive income/(loss) of Rs. 10 Mn and Rs. (32) Mn, for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. (138) Mn for the period from April 1, 2026 to September 30, 2026, as considered in the Consolidated Unaudited Financial Results. These interim financial results have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the Management or other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and controlled trust, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Other matter 3: “”The Consolidated Unaudited Financial Results include the interim financial results of four subsidiaries which have not been reviewed by their auditors, whose interim financial results before considering the impact of consolidation adjustments, reflect total assets of Rs. 7,221 Mn and… Read in full
The Consolidated Unaudited Financial Results include the interim financial results of four subsidiaries which have not been reviewed by their auditors, whose interim financial results before considering the impact of consolidation adjustments, reflect total assets of Rs. 7,221 Mn and net assets of Rs. 7,154 Mn as at September 30, 2026 and total revenue of Rs. 99 Mn and Rs. 154 Mn, total net profit after tax of Rs. 9 Mn and Rs. 5 Mn and total comprehensive income of Rs. 31 Mn and Rs. 12 Mn for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. (20) Mn for the period from April 1, 2026 to September 30, 2026, as considered in the Consolidated Unaudited Financial Results. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.
Filing p. consolidated limited review report p.1-3
Incorporated step-down joint venture entity PI Kumiai Private Limited (including its subsidiary Kumiai Chemical Industry (India) Private Limited) w.e.f. July 03, 2026. (p. consolidated note 3)
Tax: Consolidated tax expense of ₹61.80 crore (current tax ₹45.40 crore, deferred tax ₹16.40 crore) on Profit before tax of ₹184.00 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Agro Chemicals Segment Revenue (₹ crore) | 1,628 | 1,649 | 1,809 |
| Pharma Segment Revenue (₹ crore) | 75.9 | 54.2 | 63.4 |
Consolidated revenue from operations for Q2 FY27 stood at ₹1,701.80 crore compared to ₹1,872.30 crore in Q2 FY26 (-9.1% YoY), with Agro Chemicals segment revenue at ₹1,628.00 crore and Pharma segment revenue at ₹75.90 crore.
Revenue softened YoY due to global agchem inventory destocking and pricing pressure.
Business operates across Agro Chemicals (including CSM exports, Domestic Agri Brands, and Biologicals) and Pharma (Contract Research & Development, Contract Development and Manufacturing of Active, key starting materials and intermediates).
Diversified model across CSM agchem exports, domestic brand distribution, biologicals, and pharma CDMO.
Consolidated inventories stood at ₹1,223.50 crore as on September 30, 2026 compared to ₹1,216.70 crore as on March 31, 2026, translating to 65.59 inventory days on annualised H1 FY27 revenue.
Inventory level remained stable and tightly managed despite seasonal demand cycles.
Read using the Speciality chemicals and CRAMS framework (named in the filing read). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in growth · Customer and molecule concentration · Inventory days against sales.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Agro chemicals | ₹1,628 cr | ▼ 10.0% | ₹247 cr | ▼ 58.1% |
| Pharma | ₹75.9 cr | ▲ 19.7% | −₹60.1 cr | — |
| 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 | ₹1,898 cr | ₹1,741 cr | ₹2,069 cr | ₹2,221 cr | ₹1,901 cr | ₹1,787 cr | ₹1,900 cr | ₹1,872 cr | ₹1,376 cr | ₹1,565 cr | ₹1,702 cr | ₹1,702 cr |
| YoY | — | — | +8% | +5% | +0% | +3% | −8% | −16% | −28% | −12% | −10% | −9% |
| EBITDA margin | 29.2% | 25.4% | 28.2% | 28.3% | 26.9% | 25.5% | 27.3% | 28.9% | 21.9% | 21.5% | 21.6% | 13.7% |
| Other income, % of PBT | 11% | 15% | 13% | 19% | 16% | 17% | 18% | 16% | 47% | 25% | 20% | 33% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 15% | 10% | 21% | 23% | 22% | 24% | 21% | 22% | 14% | 33% | 24% | 34% |
| Net profit | ₹449 cr | ₹370 cr | ₹449 cr | ₹508 cr | ₹373 cr | ₹330 cr | ₹400 cr | ₹409 cr | ₹311 cr | ₹200 cr | ₹244 cr | ₹122 cr |
| YoY | — | — | +17% | +6% | −17% | −11% | −11% | −19% | −17% | −39% | −39% | −70% |
| Core profit YoY | — | — | +25% | +17% | −13% | +2% | −15% | −18% | −53% | −37% | −38% | −72% |
| EPS | ₹29.57 | ₹24.35 | ₹29.58 | ₹33.50 | ₹24.57 | ₹21.78 | ₹26.36 | ₹26.98 | ₹20.52 | ₹13.20 | ₹16.10 | ₹8.05 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | 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.