I 
669.90
+0.01%
Close of 9 Nov 2026, in INR
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At a glance
Figures in INR, from our data supplier.
Revenue
₹2.26bn
FY2019FY2026
Net income
−₹170.3m
FY2019FY2026
Free cash flow
−₹1.50bn
FY2019FY2026
Shareholders' equity
₹5.99bn
FY2019FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2.26bn | ₹1.61bn | ₹3.14bn | ₹1.86bn | ₹1.59bn | ₹347.2m | ₹140.0m | ₹182.0m |
| Research and development | — | ₹160.8m | ₹132.1m | ₹74.2m | ₹54.3m | ₹22.9m | ₹13.3m | ₹22.4m |
| Operating income | −₹382.5m | −₹801.8m | ₹864.8m | ₹464.9m | ₹672.7m | −₹139.9m | −₹132.6m | −₹122.1m |
| Net income | −₹170.3m | −₹622.8m | ₹452.7m | ₹319.9m | ₹440.1m | −₹146.3m | −₹134.5m | −₹102.8m |
| Diluted earnings per share | -3.92 | -14.40 | 10.48 | 7.37 | 10.56 | -3.88 | -3.10 | -2.37 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ₹7.99bn | ₹6.72bn | ₹7.43bn | ₹4.88bn | ₹2.22bn | ₹1.24bn | ₹797.9m | ₹901.4m |
| Cash and short-term investments | ₹1.08bn | ₹1.90bn | ₹3.59bn | ₹1.58bn | ₹457.3m | ₹121.4m | ₹130.1m | ₹434.1m |
| Total liabilities | ₹2.00bn | ₹631.4m | ₹819.1m | ₹1.63bn | ₹590.3m | ₹639.9m | ₹116.7m | ₹88.3m |
| Debt | ₹837.1m | ₹164.7m | ₹144.9m | ₹1.01bn | ₹163.7m | ₹510.4m | ₹66.1m | ₹29.1m |
| Shareholders' equity | ₹5.99bn | ₹6.09bn | ₹6.61bn | ₹3.25bn | ₹1.63bn | ₹597.5m | ₹681.2m | ₹813.1m |
| Shares outstanding | 43m | 43m | 43m | 43m | 42m | 38m | 43m | 43m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −₹621.0m | −₹767.9m | ₹760.4m | −₹532.3m | ₹665.2m | −₹308.1m | −₹164.7m | −₹134.6m |
| Capital spending | −₹883.5m | −₹877.2m | −₹670.3m | −₹331.0m | −₹134.8m | −₹89.8m | −₹91.9m | −₹92.0m |
| Free cash flow | −₹1.50bn | −₹1.65bn | ₹90.0m | −₹863.3m | ₹530.4m | −₹397.9m | −₹256.6m | −₹226.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹685.9m | ₹1.41bn | ₹315.4m | ₹407.6m | ₹127.8m | ₹203.1m | ₹176.1m | ₹371.0m |
| Operating income | −₹118.8m | ₹499.3m | −₹374.9m | −₹218.3m | −₹288.6m | −₹62.3m | −₹249.4m | −₹230.5m |
| Net income | −₹25.9m | ₹599.9m | −₹338.5m | −₹196.2m | −₹235.6m | −₹257.1m | −₹240.2m | −₹137.3m |
| Diluted earnings per share | -0.60 | 13.82 | -7.83 | -4.54 | -5.45 | -5.94 | -5.56 | -3.18 |
| Cash from operations | — | — | — | −₹302.0m | — | — | — | — |
| Capital spending | — | — | — | −₹403.0m | — | — | — | — |
| Free cash flow | — | — | — | −₹705.0m | — | — | — | — |
| Total assets | — | ₹7.99bn | — | ₹6.89bn | — | ₹6.72bn | — | ₹7.05bn |
| Cash and short-term investments | — | ₹1.08bn | ₹1.47bn | ₹1.47bn | ₹1.82bn | ₹1.90bn | ₹2.85bn | ₹2.85bn |
| Debt | — | ₹785.6m | — | ₹364.9m | — | ₹64.1m | — | ₹56.0m |
| Shareholders' equity | — | ₹5.99bn | ₹5.69bn | ₹5.69bn | ₹6.09bn | ₹6.09bn | ₹6.53bn | ₹6.53bn |
Financial ratios
Data as of 28 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -16.9% | -49.7% | 27.5% | 25.0% | 42.2% | -36.4% | — |
| Net margin | -7.5% | -38.6% | 14.4% | 17.2% | 27.6% | -42.1% | — |
| Return on equity | -2.8% | -10.2% | 6.9% | 9.9% | 26.9% | -24.5% | — |
| Return on assets | -2.1% | -9.3% | 6.1% | 6.6% | 19.8% | -11.8% | — |
| Free cash flow yield | 0.8% | 0.4% | 4.6% | -0.6% | 2.7% | -0.8% | — |
| Revenue growth | 40.3% | -48.7% | 68.8% | 16.7% | 359.2% | 148.0% | — |
| Earnings growth | -72.7% | -237.6% | 41.5% | -27.3% | -400.9% | 8.8% | — |
| Current ratio | 2.62x | 8.63x | 8.80x | 2.57x | 3.04x | 3.35x | — |
| Debt to equity | 0.13x | 0.01x | 0.01x | 0.27x | 0.04x | 0.22x | — |
| Equity ratio | 75.0% | 90.6% | 89.0% | 66.6% | 73.5% | 48.3% | — |
| Interest coverage | -9.61x | -52.41x | 18.95x | 8.17x | 3.54x | -6.83x | — |
| R&D as a share of sales | — | 10.0% | 4.2% | 4.0% | 3.4% | 6.6% | 9.5% |
| Buybacks as a share of market value | -0.3% | -0.1% | 0.5% | -4.1% | -10.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.7% | 45.5% | — |
| Operating income | — | 22.3% | — |
| Net income | — | 3.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -30.6% | 1.6% | 6.3% | — |
| Net margin | -20.5% | -0.2% | 2.5% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Price to earnings | -180.3 | -32.6 | 56.3 | 112.6 |
| Price to sales | 13.6 | 12.6 | 8.1 | 19.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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