M 
292.00
-2.60%
Close of 9 Nov 2026, in INR
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At a glance
Figures in INR, from our data supplier.
Revenue
₹5.33bn
FY2017FY2026
Net income
₹93.0m
FY2017FY2026
Free cash flow
₹55.6m
FY2017FY2026
Shareholders' equity
₹1.03bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5.33bn | ₹3.61bn | ₹2.75bn | ₹3.04bn | ₹1.85bn | ₹1.62bn | ₹1.63bn | ₹1.42bn | ₹1.03bn | ₹976.9m |
| Gross profit | ₹480.9m | ₹485.9m | ₹313.4m | ₹274.7m | ₹234.3m | ₹193.8m | ₹166.0m | ₹167.1m | ₹86.2m | ₹115.6m |
| Research and development | — | ₹14.9m | ₹5.8m | — | — | — | — | — | — | — |
| Operating income | ₹262.3m | ₹169.3m | ₹151.1m | ₹197.0m | ₹97.9m | ₹75.7m | ₹79.1m | ₹66.0m | ₹40.9m | ₹35.4m |
| Net income | ₹93.0m | ₹37.9m | ₹63.2m | ₹100.8m | ₹54.5m | ₹41.0m | ₹33.8m | ₹24.3m | ₹13.0m | ₹10.6m |
| Diluted earnings per share | 8.23 | 3.36 | 5.67 | 10.09 | 5.46 | 4.14 | 3.41 | 2.45 | 0.90 | 0.94 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ₹2.68bn | ₹2.36bn | ₹1.56bn | ₹1.11bn | ₹747.9m | ₹899.6m | ₹466.3m | ₹504.0m | ₹434.7m | ₹316.0m |
| Cash and short-term investments | ₹90.9m | ₹38.0m | ₹18.4m | ₹39.7m | ₹12.6m | ₹1.0m | ₹9.3m | ₹1.7m | ₹3.1m | ₹1.1m |
| Total liabilities | ₹1.65bn | ₹1.42bn | ₹634.0m | ₹645.6m | ₹389.2m | ₹598.8m | ₹245.3m | ₹317.0m | ₹348.1m | ₹242.7m |
| Debt | ₹1.31bn | ₹1.32bn | ₹568.5m | ₹578.2m | ₹343.2m | ₹501.5m | ₹216.9m | ₹294.1m | ₹309.4m | ₹223.2m |
| Shareholders' equity | ₹1.03bn | ₹936.7m | ₹921.3m | ₹460.9m | ₹358.7m | ₹300.8m | ₹220.8m | ₹187.1m | ₹86.5m | ₹73.4m |
| Shares outstanding | 11m | 11m | 11m | 10m | 10m | 10m | 10m | 10m | 14m | 11m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ₹135.1m | −₹99.0m | ₹164.1m | ₹115.4m | ₹274.1m | −₹220.2m | ₹147.1m | −₹5.5m | −₹56.2m | ₹26.8m |
| Capital spending | −₹79.5m | −₹502.3m | −₹517.9m | −₹282.0m | −₹92.0m | −₹47.9m | −₹37.5m | −₹42.4m | −₹18.7m | −₹12.2m |
| Free cash flow | ₹55.6m | −₹601.4m | −₹353.9m | −₹166.6m | ₹182.0m | −₹268.1m | ₹109.6m | −₹47.9m | −₹74.9m | ₹14.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.33bn | ₹1.46bn | ₹1.41bn | ₹1.38bn | ₹1.07bn | ₹1.21bn | ₹927.0m | ₹900.0m |
| Gross profit | ₹105.1m | ₹131.1m | ₹122.6m | ₹184.2m | ₹146.7m | ₹193.1m | ₹123.4m | ₹70.1m |
| Operating income | ₹51.7m | ₹75.5m | ₹71.6m | ₹69.2m | ₹46.0m | ₹75.6m | ₹43.9m | ₹36.4m |
| Net income | ₹22.3m | ₹22.4m | ₹30.6m | ₹23.8m | ₹16.2m | ₹13.1m | ₹4.5m | ₹16.0m |
| Diluted earnings per share | 1.98 | 1.98 | 2.71 | 2.11 | 1.43 | 1.16 | 0.40 | 1.43 |
| Cash from operations | — | — | — | −₹214.0m | — | — | — | — |
| Capital spending | — | — | — | −₹53.0m | — | — | — | — |
| Free cash flow | — | — | — | −₹267.0m | — | — | — | — |
| Total assets | — | ₹2.68bn | — | ₹3.56bn | — | ₹2.36bn | — | ₹3.06bn |
| Cash and short-term investments | ₹90.9m | ₹90.9m | ₹96.0m | ₹102.7m | ₹38.0m | ₹38.0m | ₹12.6m | ₹12.6m |
| Debt | — | ₹1.31bn | — | ₹1.74bn | — | ₹1.32bn | — | ₹1.79bn |
| Shareholders' equity | ₹1.03bn | ₹1.03bn | ₹979.1m | ₹979.1m | ₹936.7m | ₹936.7m | ₹918.0m | ₹918.0m |
Financial ratios
Data as of 27 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 9.0% | 13.5% | 11.4% | 9.0% | 12.7% | 11.9% |
| Operating margin | 5.0% | 4.7% | 4.5% | 6.5% | 5.5% | 4.9% |
| Net margin | 1.7% | 1.0% | 2.3% | 3.3% | 3.0% | 2.5% |
| Return on equity | 9.0% | 4.0% | 6.9% | 21.9% | 15.2% | 13.6% |
| Return on assets | 3.5% | 1.6% | 4.1% | 9.1% | 7.3% | 4.6% |
| Free cash flow yield | 7.5% | 14.1% | 24.1% | 15.7% | 14.5% | -6.9% |
| Revenue growth | 47.4% | 31.4% | -9.6% | 64.6% | 13.8% | -0.5% |
| Earnings growth | 145.1% | -40.0% | -37.3% | 84.9% | 33.1% | 21.2% |
| Current ratio | 1.15x | 1.14x | 2.22x | 1.50x | 1.31x | 1.28x |
| Debt to equity | 1.28x | 1.41x | 0.62x | 1.25x | 0.96x | 1.67x |
| Equity ratio | 38.4% | 39.7% | 59.2% | 41.7% | 48.0% | 33.4% |
| Interest coverage | 1.86x | 1.45x | 2.76x | 3.25x | 3.49x | 3.20x |
| R&D as a share of sales | — | 0.4% | 0.2% | — | — | — |
| Buybacks as a share of market value | 0.0% | -1.2% | -11.6% | -0.0% | -0.9% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 20.5% | 26.8% | 21.2% |
| Operating income | 10.0% | 28.2% | 26.4% |
| Net income | -2.7% | 17.8% | 31.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.8% | 10.6% | 10.9% | 10.9% |
| Operating margin | 4.8% | 5.3% | 5.2% | 5.0% |
| Net margin | 1.5% | 2.0% | 2.1% | 2.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Price to earnings | 36.0 | 68.3 | 39.5 | 36.2 | 42.3 |
| Price to sales | 0.6 | 0.7 | 0.9 | 1.2 | 1.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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