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 101.9x earnings against its own median of 33.0x: 1.6 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.
Net margin has narrowed from 18.3% to 7% 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 7% vs 18.3% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Other income is 76% 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 ₹608 cr against pre-tax profit ₹796 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Operating cash is 230% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹1,611 cr against trailing net profit ₹699 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Both revenue and profit grew over the last year (8.6% and 102.5%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹9,228 cr, trailing profit ₹646 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Borrowings have fallen 22% over two years — the balance sheet is getting lighter.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Borrowings down to ₹3,871 cr from ₹4,936 cr. Falling debt reduces finance cost and financial risk.
Free cash flow swings between positive and negative across the cycle.
Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.
Latest ₹1,216 cr, negative in 5 of 12 years.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -5.5% of assets. Free cash flow negative in 5 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
₹15,150 cr ÷ ₹6,444 cr, over 12 years
2.35×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹699 − ₹1,611) cr ÷ average assets
-5.5%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
7.7% × 0.54 × 2.05
8.6%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹1,292 cr ÷ ₹421 cr
3.07×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹3,871 cr ÷ ₹8,094 cr
0.48×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +14% vs revenue +11%, FY2023 to FY2026
3pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
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.
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 42.56% to 42.56% across these quarters.
FII trimmed from 7.98% to 7.18% across these quarters.
MF rose from 18.12% to 21.66% across these quarters.
Other trimmed from 31.34% to 28.60% 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 | 35 | 36 | 26 | 21 | 21 | 33 | 31 | 32 |
| Inventory days
How long stock sits before it sells | 242 | 270 | 253 | 342 | 240 | 209 | 215 | 196 |
| Payable days
How long the company takes to pay suppliers | 111 | 143 | 154 | 199 | 174 | 211 | 199 | 228 |
| Cash conversion cycle
Debtor + inventory − payable days | 165 | 163 | 125 | 165 | 87 | 31 | 48 | 0 |
| Working capital days | -55 | -58 | -76 | -76 | -61 | -72 | -98 | -90 |
| ROCE %
Return on capital employed | 13.0% | 12.0% | 15.0% | 9.0% | 6.0% | 8.0% | 5.0% | 6.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Sales volume (mt) | 4.74 | 4.48 | 4.4 |
| Capacity (mtpa) | 27.17 | — | — |
| Utilisation | 72% | 70% | 71% |
| Realisation per tonne (₹) | 4,910 | — | — |
| EBITDA per tonne (₹) | 669 | 681 | 866 |
| Power and fuel per tonne (₹) | 1,397 | 1,326 | 1,029 |
| Freight per tonne (₹) | 1,065 | 1,061 | 1,044 |
| Green power share | 50% | 37% | 48% |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Cement framework (named in the filing read). Primary valuation lens: EV per tonne of capacity.
Read more closely in this sector: Capacity announced against commissioned on time · Capitalised interest · Realisation against peers.
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 | 5,291 | 6,004 | 8,157 | 9,376 | 8,518 | 9,029 |
| Other income | 30 | 28 | 33 | 39 | 241 | 595 |
| Depreciation | 357 | 402 | 506 | 646 | 695 | 740 |
| Finance cost | 88 | 113 | 241 | 416 | 460 | 421 |
| Profit before tax | 1,144 | 803 | 472 | 542 | 319 | 871 |
| Net profit (owners) | 784 | 882 | 315 | 356 | 270 | 699 |
| EPS (₹) | 33.22 | 37.30 | 13.31 | 15.23 | 11.54 | 29.57 |
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 | 2,341 | 2,111 | 2,678 | 2,094 | 2,044 | 1,983 | 2,397 | 2,074 | 2,239 | 2,106 | 2,610 | 2,273 |
| Other Income | 12 | 7 | 14 | 8 | 10 | 199 | 23 | 6 | 7 | 496 | 86 | 19 |
| Expenses | 1,935 | 1,714 | 2,259 | 1,773 | 1,730 | 1,704 | 2,078 | 1,676 | 1,851 | 1,826 | 2,240 | 1,967 |
| Depreciation | 163 | 180 | 154 | 168 | 170 | 175 | 183 | 184 | 183 | 185 | 188 | 190 |
| Finance cost | 117 | 102 | 104 | 113 | 120 | 113 | 113 | 105 | 111 | 108 | 95 | 96 |
| Profit before tax | 138 | 121 | 175 | 48 | 34 | 191 | 46 | 115 | 100 | 483 | 173 | 40 |
| Net Profit | 72 | 82 | 129 | 37 | 26 | 182 | 26 | 85 | 78 | 386 | 151 | 31 |
| EPS | 3.05 | 3.58 | 5.46 | 1.57 | 1.09 | 7.72 | 1.16 | 3.60 | 3.27 | 16.32 | 6.38 | 1.32 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 |
| Reserves | 5,708 | 6,595 | 6,837 | 7,214 | 7,418 | 8,070 |
| Borrowings | 3,110 | 3,950 | 4,507 | 4,936 | 4,675 | 3,871 |
| Net block | 6,978 | 7,773 | 10,195 | 12,053 | 12,344 | 12,918 |
| CWIP | 2,355 | 3,034 | 1,987 | 1,378 | 1,386 | 990 |
| Investments | 307 | 297 | 273 | 319 | 90 | 60 |
| Total Assets | 11,455 | 13,157 | 14,592 | 16,270 | 16,329 | 16,629 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,892 | 1,135 | 1,412 | 1,898 | 1,399 | 1,611 |
| Cash from investing | -1,779 | -1,816 | -1,694 | -1,911 | -542 | -338 |
| Cash from financing | -64 | 715 | 274 | -28 | -782 | -1,257 |
| Free cash flow | 126 | -676 | -352 | -16 | 458 | 1,216 |
| Net change in cash | 50 | 35 | -8 | -41 | 75 | 16 |
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.
The Ramco Cements Ltd. reported revenue of ₹2,463 cr for July to September 2026, +10.0% on the year and +8.3% on the quarter. That is faster than this quarter has grown in recent years (−1.6% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹9,452 cr, +8.7% on the four before.
Operating profit (EBITDA) was ₹326 cr, a margin of 13.3%, −408 bps on the year and −23 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 13.3% to 19.2%). Operating costs grew +15.4%, faster than revenue at +10.0%, so operating profit grew less than sales.
Net profit was ₹40.5 cr, −48.0% on the year and +29.5% on the quarter, with earnings per share of ₹1.71. Profit before other income, one-offs and tax fell 53.7%, so 6 points of the headline growth came from outside the core business. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹609 cr, +64.1% on the four before.
Cement is read per tonne: realisation against power, fuel and freight. The statements give totals; the per-tonne view needs volumes from the filing.
On earnings per share of ₹25.73 over the last four quarters, the stock at ₹807.50 trades at 31.4 times trailing earnings.
The auditor drew attention to a matter in the limited review report. Read it before the numbers.
Source: Auditor (p. consolidated limited review report p.1-3)
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
Could not run on this quarter: Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹775 cr | ₹793 cr | ▼ 2.3% |
| Inventory | ₹1,132 cr | ₹1,030 cr | ▲ 9.9% |
| Cash | ₹44.5 cr | ₹188 cr | ▼ 76.4% |
| Bank balances | ₹38.9 cr | ₹39.0 cr | ▼ 0.3% |
| Long-term borrowings | ₹2,378 cr | ₹2,804 cr | ▼ 15.2% |
| Short-term borrowings | ₹1,585 cr | ₹1,048 cr | ▲ 51.2% |
| Trade payables | ₹1,286 cr | ₹1,201 cr | ▲ 7.1% |
| Net block | ₹12,178 cr | ₹12,383 cr | ▼ 1.7% |
| Capital work in progress | ₹1,113 cr | ₹922 cr | ▲ 20.7% |
| Equity | ₹8,105 cr | ₹8,094 cr | ▲ 0.1% |
| Total assets | ₹16,581 cr | ₹16,636 cr | ▼ 0.3% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹274 cr | ₹646 cr |
| Capital expenditure | −₹373 cr | −₹601 cr |
| Investing cash flow | −₹333 cr | −₹545 cr |
| Financing cash flow | −₹105 cr | −₹203 cr |
| Dividends paid | −₹59.1 cr | −₹47.3 cr |
Operating cash flow was 3.82× profit. Receivables at 30 days of sales (−2 days against the last year end). Inventory at 44 days of sales (+2 days).
Emphasis of matter: “”We draw attention to Note No. 7 to the statement which describes the following matter: The Competition Commission of India (CCI) vide its order dated 31-08-2016 had imposed a penalty of Rs. 258.63 Crores on the company towards alleged cartelisation.… Read in full
We draw attention to Note No. 7 to the statement which describes the following matter: The Competition Commission of India (CCI) vide its order dated 31-08-2016 had imposed a penalty of Rs. 258.63 Crores on the company towards alleged cartelisation. Our appeal alongwith the appeals of other cement companies had been dismissed by NCLAT vide its order dated 25-07-2018. Against the order, the company appealed to the Hon'able Supreme Court, which by its order dated 05-10-2018 admitted the appeal and directed to continue the interim order passed by NCLAT. Accordingly, the company re-deposited Rs. 25.86 Crores being 10% of the penalty. The Company backed by legal opinion, believes that it has a good case and hence no provision is made.
Other matter 1: “”We did not review the interim unaudited financial results of Two Subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total assets of Rs. 31.61 Crores as at 30th September 2026 and total revenues of Rs.… Read in full
We did not review the interim unaudited financial results of Two Subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total assets of Rs. 31.61 Crores as at 30th September 2026 and total revenues of Rs. 13.60 Crores and Rs. 23.30 Crores, total net profit/(loss) after tax of Rs. 2.14 Crores and Rs. 1.33 Crores, total comprehensive income/(loss) of Rs. 2.09 Crores and Rs. 1.26 Crores for the quarter ended 30th September 2026 and for the period from 01st April 2026 to 30th September 2026 respectively and net cash inflows of Rs. 2.21 Crores for the period from 01st April 2026 to 30th September 2026 as considered in the respective consolidated unaudited financial results. These interim financial results of the two subsidiaries have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of those two subsidiaries, is based solely on the reports of the management and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter.
Other matter 2: “”These consolidated interim unaudited financial results also include the group share of net profit after tax of Rs. 0.13 Crores and Rs. 0.35 Crores and total comprehensive income/(loss) of Rs. (0.38 Crores) and Rs. (0.30 Crores) for the quarter ended… Read in full
These consolidated interim unaudited financial results also include the group share of net profit after tax of Rs. 0.13 Crores and Rs. 0.35 Crores and total comprehensive income/(loss) of Rs. (0.38 Crores) and Rs. (0.30 Crores) for the quarter ended 30th September 2026 and for the period from 01st April 2026 to 30th September 2026 respectively, as considered in the consolidated unaudited financial results in respect of Three associates. Out of this, one associate has been reviewed by both of us, one associate has been reviewed by one of us and one associate has been reviewed by other auditor whose reports have been furnished to us by the management and our conclusion on the statement, in so far as it relates to the amounts and disclosures included in respect of these associates is based solely on the reports of the other auditor 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. “Company maintains security by pari-passu first charge on movable fixed assets for all series of NCDs issued. No deviation reported.”
Completed formal closure of foreign branch operations located in Sri Lanka during Q2 FY27 without any material loss or operational/legal disputes. (p. auditor report p.2)
Disputed Mineral Bearing Land Tax of ₹160/tonne imposed by Tamil Nadu Government; company remitted ₹8.61 crore under protest for period 22-08-2026 to 30-09-2026 without recognizing as expense. (p. consolidated note 11, release p.1)
Tax: Consolidated tax expense of ₹14.69 crore (current tax ₹0.53 crore, deferred tax ₹14.16 crore) on Profit before tax of ₹55.02 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Sales volume (mt) | 4.74 | 4.48 | 4.4 |
| Capacity (mtpa) | 27.17 | — | — |
| Utilisation | 72% | 70% | 71% |
| Realisation per tonne (₹) | 4,910 | — | — |
| EBITDA per tonne (₹) | 669 | 681 | 866 |
| Power and fuel per tonne (₹) | 1,397 | 1,326 | 1,029 |
| Freight per tonne (₹) | 1,065 | 1,061 | 1,044 |
| Green power share | 50% | 37% | 48% |
Worked out from filed numbers. Cement Realization per Ton: Standalone Cement Revenue (₹2,327.51 crore) / Cement Volume (4.74 million tons) * 10 = ₹4,910.36 per ton
Completed Jayanthipuram debottlenecking (+0.73 MTPA) in Q2 FY27; Kolimigundla 3.15 MTPA clinker line tracking ahead of schedule for Dec-26 commissioning, with Line-2 (~31 MTPA total capacity) targeted for Mar-27.
Expansion projects are executing on or ahead of schedule to reach ~31 MTPA capacity target by March 2027.
Finance cost expensed directly in P&L for Q2 FY27 stood at ₹92.93 crore (down 17% YoY from ₹111.38 crore), reflecting ongoing debt reduction and interest rate savings (cost of debt at 7.04%).
Interest cost is declining YoY with effective cost of debt reducing to 7.04%.
Average cement realization price improved +2% YoY and +1% QoQ in Q2 FY27, despite heavy monsoon disruptions in core South and East markets.
Pricing discipline maintained with positive YoY realization growth (+2%).
Read using the Cement framework (named in the filing read). Primary valuation lens: EV per tonne of capacity.
Read more closely in this sector: Capacity announced against commissioned on time · Capitalised interest · Realisation against peers.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Cement Capacity Target by March 2027 | 31.00 | FY2026-27 | unchanged or first given |
| FY27 Full Year Capex Guidance | 800.00 | FY2026-27 | unchanged or first given |
| Non-Core Asset Monetization Near-Term Target | 150.00 | Near term | unchanged or first given |
| Kolimigundla Clinker Line-2 Capacity | 3.15 | Dec-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 | ₹2,111 cr | ₹2,678 cr | ₹2,094 cr | ₹2,044 cr | ₹1,983 cr | ₹2,397 cr | ₹2,074 cr | ₹2,239 cr | ₹2,106 cr | ₹2,610 cr | ₹2,273 cr | ₹2,463 cr |
| YoY | — | — | −7% | −13% | −6% | −10% | −1% | +10% | +6% | +9% | +10% | +10% |
| EBITDA margin | 18.8% | 15.6% | 15.3% | 15.4% | 14.1% | 13.3% | 19.2% | 17.3% | 13.3% | 14.2% | 13.5% | 13.3% |
| Other income, % of PBT | 6% | 8% | 17% | 29% | 104% | 50% | 5% | 7% | 103% | 50% | 17% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | ₹12.6 cr | ₹4.8 cr |
| Tax rate | 31% | 26% | 27% | 27% | 4% | 46% | 27% | 24% | 20% | 15% | 23% | 27% |
| Net profit | ₹82.0 cr | ₹129 cr | ₹37.0 cr | ₹26.0 cr | ₹182 cr | ₹26.0 cr | ₹85.0 cr | ₹77.9 cr | ₹386 cr | ₹151 cr | ₹31.2 cr | ₹40.5 cr |
| YoY | — | — | −50% | −64% | +122% | −80% | +130% | +200% | +112% | +481% | −63% | −48% |
| Core profit YoY | — | — | −60% | −81% | −107% | −86% | +173% | +289% | — | +278% | −81% | −54% |
| EPS | ₹3.58 | ₹5.46 | ₹1.57 | ₹1.09 | ₹7.72 | ₹1.16 | ₹3.60 | ₹3.27 | ₹16.32 | ₹6.38 | ₹1.32 | ₹1.71 |
| Flags | · | · | ✓ | ✓ | 4 | 1 | ✓ | ✓ | 1 | 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.