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 30.7x earnings against its own median of 30.4x: 0.0 standard deviations above its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Over the last year profit declined 2.5% even as revenue grew 21.1% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.
Why this reading: Flagged because the pattern is clear, material, and not explained by the visible numbers — the kind of thing worth understanding before anything else.
Trailing revenue ₹28,591 cr (up 21.1%) but trailing profit ₹4,593 cr (down 2.5%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.
Operating cash is 41% 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 ₹2,117 cr vs trailing profit ₹5,124 cr. A one-year gap below 0.5 is often growth working capital; it becomes a real concern only if it recurs.
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 ₹-530 cr, negative in 3 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 1454% over two years while the company also carries ₹7,540 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 ₹12,496 cr from ₹804 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 (15% 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 ₹3,698 cr vs ₹2,423 cr two years earlier, against fixed assets ₹24,106 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 (133%) 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 ₹11,301 cr largely matched by an asset build of ₹15,082 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 6.9% of assets. Free cash flow negative in 3 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
₹29,118 cr ÷ ₹32,247 cr, over 12 years
0.90×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹5,124 − ₹2,117) cr ÷ average assets
6.9%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
18.9% × 0.54 × 1.87
18.9%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹7,060 cr ÷ ₹439 cr
16.08×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹12,496 cr ÷ ₹27,112 cr
0.46×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +119% vs revenue +57%, FY2023 to FY2026
61pp 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 (Healthcare). 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 75.00% to 75.01% across these quarters.
FII held steady from 6.95% to 7.05% across these quarters.
MF rose from 4.88% to 6.88% across these quarters.
Other trimmed from 13.17% to 11.06% 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 | 110 | 94 | 76 | 80 | 94 | 97 | 64 | 73 |
| Inventory days
How long stock sits before it sells | 208 | 207 | 227 | 245 | 197 | 202 | 227 | 282 |
| Payable days
How long the company takes to pay suppliers | 149 | 151 | 155 | 141 | 123 | 125 | 131 | 142 |
| Cash conversion cycle
Debtor + inventory − payable days | 169 | 150 | 148 | 184 | 168 | 175 | 160 | 212 |
| Working capital days | 10 | -19 | -6 | 19 | 70 | 88 | 3 | -40 |
| ROCE %
Return on capital employed | 15.0% | 11.0% | 14.0% | 13.0% | 15.0% | 22.0% | 24.0% | 21.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| US revenue ($ m) | 3,315 | 3,098 | 2,744 |
| India growth YoY | 18.3% | 3.8% | 18.3% |
| R&D, % of sales | 8.3% | — | — |
| Gross margin | 72.1% | 72.8% | 72.4% |
| ANDA approvals | 12 | — | — |
| ANDAs pending | 4 | — | — |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
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 | 15,102 | 15,265 | 17,237 | 19,547 | 23,242 | 27,148 |
| Other income | -171 | 2,581 | -422 | 293 | 50 | -7 |
| Depreciation | 725 | 713 | 723 | 764 | 916 | 1,408 |
| Finance cost | 164 | 127 | 130 | 81 | 166 | 439 |
| Profit before tax | 2,285 | 5,084 | 2,585 | 4,832 | 6,027 | 6,621 |
| Net profit (owners) | 2,185 | 4,618 | 2,092 | 3,973 | 4,673 | 5,124 |
| EPS (₹) | 20.84 | 43.83 | 19.37 | 38.36 | 44.97 | 50.09 |
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 | 4,369 | 4,505 | 5,534 | 6,208 | 5,237 | 5,269 | 6,528 | 6,574 | 6,123 | 6,864 | 7,587 | 8,017 |
| Other Income | 53 | 60 | 160 | 63 | 68 | 57 | -139 | 155 | 75 | 26 | -263 | 88 |
| Expenses | 3,223 | 3,403 | 3,903 | 4,124 | 3,776 | 3,882 | 4,402 | 4,485 | 4,107 | 5,048 | 5,033 | 6,088 |
| Depreciation | 184 | 195 | 205 | 215 | 234 | 229 | 238 | 238 | 302 | 360 | 508 | 555 |
| Finance cost | 9 | 20 | 35 | 32 | 25 | 32 | 77 | 85 | 101 | 130 | 123 | 156 |
| Profit before tax | 1,006 | 947 | 1,550 | 1,900 | 1,271 | 1,184 | 1,672 | 1,921 | 1,687 | 1,353 | 1,660 | 1,307 |
| Net Profit | 803 | 790 | 1,246 | 1,482 | 920 | 1,026 | 1,244 | 1,521 | 1,239 | 1,023 | 1,341 | 990 |
| EPS | 7.91 | 7.80 | 11.75 | 14.11 | 9.06 | 10.17 | 11.64 | 14.58 | 12.51 | 10.36 | 12.65 | 9.42 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 102 | 102 | 101 | 101 | 101 | 101 |
| Reserves | 12,890 | 16,897 | 17,415 | 19,729 | 23,852 | 27,011 |
| Borrowings | 4,584 | 4,221 | 1,195 | 804 | 3,213 | 12,496 |
| Net block | 12,133 | 12,253 | 11,521 | 12,368 | 13,134 | 24,106 |
| CWIP | 783 | 661 | 1,201 | 2,423 | 2,692 | 3,698 |
| Investments | 830 | 3,288 | 1,547 | 1,220 | 6,412 | 7,540 |
| Total Assets | 23,765 | 27,642 | 25,562 | 28,834 | 36,689 | 50,673 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 3,293 | 2,104 | 2,689 | 3,228 | 6,781 | 2,117 |
| Cash from investing | -835 | 1,137 | 1,178 | -1,492 | -8,363 | -7,895 |
| Cash from financing | -2,549 | -868 | -4,400 | -1,810 | 1,995 | 5,807 |
| Free cash flow | 2,446 | 1,050 | 1,697 | 2,345 | 5,139 | -530 |
| Net change in cash | -90 | 2,373 | -534 | -75 | 414 | 28 |
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.
Zydus Lifesciences Ltd. reported revenue of ₹7,910 cr for July to September 2026, +29.2% on the year and −1.3% on the quarter. That is faster than this quarter has grown in recent years (+18.4% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹30,378 cr, +24.0% on the four before.
Operating profit (EBITDA) was ₹1,896 cr, a margin of 24.0%, −910 bps on the year and −10 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 24.0% to 33.7%). Operating costs grew +46.7%, faster than revenue at +29.2%, so operating profit grew less than sales.
Net profit was ₹928 cr, −25.2% on the year and −8.2% on the quarter, with earnings per share of ₹9.28. Profit before other income, one-offs and tax fell 26.9%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹4,303 cr, −14.5% on the four before.
Of the 13 companies in Pharmaceuticals that have reported Q2 FY27 so far, Zydus Lifesciences Ltd. ranks 2nd on revenue growth; the sector median is +11.8%. Its margin moved −910 bps on the year against a sector median of +12 bps.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit.
On earnings per share of ₹41.85 over the last four quarters, the stock at ₹1,215.90 trades at 29.1 times trailing earnings.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹4,381 cr | ₹5,416 cr | ▼ 19.1% |
| Inventory | ₹6,882 cr | ₹5,628 cr | ▲ 22.3% |
| Cash | ₹669 cr | ₹855 cr | ▼ 21.7% |
| Bank balances | ₹883 cr | ₹561 cr | ▲ 57.2% |
| Long-term borrowings | ₹4,106 cr | ₹3,188 cr | ▲ 28.8% |
| Short-term borrowings | ₹9,143 cr | ₹8,582 cr | ▲ 6.5% |
| Trade payables | ₹2,958 cr | ₹2,845 cr | ▲ 4.0% |
| Net block | ₹9,276 cr | ₹9,231 cr | ▲ 0.5% |
| Capital work in progress | ₹1,636 cr | ₹1,166 cr | ▲ 40.3% |
| Equity | ₹30,323 cr | ₹29,640 cr | ▲ 2.3% |
| Total assets | ₹55,607 cr | ₹52,509 cr | ▲ 5.9% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹3,162 cr | ₹1,221 cr |
| Capital expenditure | −₹1,261 cr | −₹868 cr |
| Investing cash flow | −₹4,129 cr | −₹5,467 cr |
| Financing cash flow | −₹449 cr | ₹4,045 cr |
| Dividends paid | −₹99.7 cr | −₹1,106 cr |
Operating cash flow was 1.63× profit. Receivables at 50 days of sales (−23 days against the last year end). Inventory at 79 days of sales (+3 days).
Other matter: “”The consolidated unaudited financial results includes the interim financial information of 37 subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total assets of Rs 67,838 Million as at September 30, 2026, total revenue of… Read in full
The consolidated unaudited financial results includes the interim financial information of 37 subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total assets of Rs 67,838 Million as at September 30, 2026, total revenue of Rs 5,430 Million and Rs 9,264 Million for the quarter and half year ended September 30, 2026 respectively, total profit/(loss) after tax of Rs 219 Million and Rs (425) Million for the quarter and half year ended September 30, 2026 respectively and total comprehensive income of Rs 1,308 Million and Rs 690 Million for the quarter and half year ended September 30, 2026 respectively and net cash inflows of Rs 1,154 Million for the half year ended September 30, 2026, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of profit after tax of Rs 275 Million and Rs 653 Million for the quarter and half year ended September 30, 2026 and total comprehensive income of Rs 275 Million and Rs 653 Million for the quarter and half year ended September 30, 2026, as considered in the Statement, in respect of 4 joint ventures, based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.
Filing p. limited review report p.1-2
Zydus Pharmaceuticals USA, Inc. reached in-principle agreement to resolve four class action antitrust lawsuits brought by Indirect Reseller Plaintiffs. (p. consolidated note 7)
Torrential rains in July 2026 caused damage to certain inventory and PPE at Ahmedabad manufacturing facilities with insurance claim lodged for Rs. 396 million. (p. consolidated note 6)
Tax: Consolidated tax expense of ₹334.00 crore (current tax ₹498.70 crore, deferred tax credit ₹164.70 crore) on Profit before tax of ₹1,261.70 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| US revenue ($ m) | 3,315 | 3,098 | 2,744 |
| India growth YoY | 18.3% | 3.8% | 18.3% |
| R&D, % of sales | 8.3% | — | — |
| Gross margin | 72.1% | 72.8% | 72.4% |
| ANDA approvals | 12 | — | — |
| ANDAs pending | 4 | — | — |
Worked out from filed numbers. North America Formulations Revenue: North America formulations revenue of Rs. 33,145 million converted to ₹ crore (+20.8% YoY) · Gross Margin: Gross margin based on COGS and revenues reported in presentation
USFDA inspections at SEZ II, Ahmedabad and Moraiya formulations facilities concluded with 1 and 5 observations respectively, working closely with regulator to address them.
Observations received during inspections requiring remediation response.
North America formulations registered 20.8% YoY growth driven by volume expansion in base business and specialty scale-up, offsetting generic price erosion.
Volume growth and specialty expansion effectively counter generic price erosion.
Portfolio is well-diversified across North America Formulations (43%), India Formulations (24%), Consumer Wellness (16%), International Markets (13%), APIs and MedTech.
Broad revenue distribution across multiple therapeutic areas and geographic segments.
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Pharmaceuticals | ₹6,558 cr | ▲ 23.2% | ₹1,319 cr | ▼ 25.7% |
| Consumer products | ₹1,126 cr | ▲ 73.5% | ₹7.1 cr | — |
| Medical technologies | ₹226 cr | ▲ 47.3% | −₹92.8 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 | ₹4,505 cr | ₹5,534 cr | ₹6,208 cr | ₹5,237 cr | ₹5,269 cr | ₹6,528 cr | ₹6,574 cr | ₹6,123 cr | ₹6,864 cr | ₹7,587 cr | ₹8,017 cr | ₹7,910 cr |
| YoY | — | — | +21% | +20% | +17% | +18% | +6% | +17% | +30% | +16% | +22% | +29% |
| EBITDA margin | 24.5% | 29.5% | 33.6% | 27.9% | 26.3% | 32.6% | 31.8% | 33.1% | 26.5% | 33.7% | 24.1% | 24.0% |
| Other income, % of PBT | 6% | 10% | 3% | 5% | 5% | −8% | 8% | 6% | 2% | −16% | 8% | 10% |
| Exceptional items | — | — | — | — | — | — | — | ₹34.2 cr | — | — | ₹18.2 cr | −₹1.3 cr |
| Tax rate | 23% | 21% | 23% | 29% | 15% | 25% | 23% | 27% | 29% | 19% | 26% | 26% |
| Net profit | ₹790 cr | ₹1,246 cr | ₹1,482 cr | ₹920 cr | ₹1,026 cr | ₹1,244 cr | ₹1,521 cr | ₹1,241 cr | ₹1,023 cr | ₹1,341 cr | ₹1,011 cr | ₹928 cr |
| YoY | — | — | +31% | +15% | +30% | −0% | +3% | +35% | −0% | +8% | −34% | −25% |
| Core profit YoY | — | — | +41% | +26% | +27% | +30% | −4% | +29% | +18% | +6% | −30% | −27% |
| EPS | ₹7.80 | ₹11.75 | ₹14.11 | ₹9.06 | ₹10.17 | ₹11.64 | ₹14.58 | ₹12.53 | ₹10.36 | ₹12.65 | ₹9.56 | ₹9.28 |
| 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.