N 
120.55
+2.85%
Close of 9 Nov 2026, in INR
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At a glance
Figures in INR, from our data supplier.
Revenue
₹15.84bn
FY2017FY2026
Net income
₹45.7m
FY2017FY2026
Free cash flow
−₹1.79bn
FY2017FY2026
Shareholders' equity
₹6.83bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹15.84bn | ₹12.35bn | ₹17.79bn | ₹21.16bn | ₹16.40bn | ₹11.91bn | ₹10.03bn | ₹8.58bn | ₹8.42bn | ₹7.35bn |
| Gross profit | ₹3.15bn | ₹1.45bn | ₹1.35bn | ₹5.18bn | ₹3.93bn | ₹3.10bn | ₹2.63bn | ₹2.16bn | ₹2.57bn | ₹2.59bn |
| Research and development | ₹3.9m | ₹23.8m | ₹26.6m | ₹11.0m | ₹6.9m | ₹11.7m | ₹8.2m | ₹9.7m | ₹12.0m | ₹3.9m |
| Operating income | ₹708.6m | −₹919.2m | −₹156.6m | ₹1.69bn | ₹1.43bn | ₹925.7m | ₹498.1m | −₹700,000 | ₹298.6m | ₹405.6m |
| Net income | ₹45.7m | −₹921.3m | −₹588.9m | ₹948.7m | ₹734.2m | ₹509.9m | ₹167.4m | −₹69.5m | ₹106.3m | ₹371.4m |
| Diluted earnings per share | 0.20 | -4.26 | -2.96 | 4.77 | 3.69 | 2.58 | 0.87 | -0.42 | 0.69 | 1.59 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ₹13.64bn | ₹12.63bn | ₹18.18bn | ₹19.15bn | ₹15.10bn | ₹9.76bn | ₹9.55bn | ₹7.42bn | ₹7.13bn | ₹6.62bn |
| Cash and short-term investments | ₹346.1m | ₹573.1m | ₹323.2m | ₹414.8m | ₹1.03bn | ₹730.5m | ₹837.1m | ₹69.9m | ₹68.6m | ₹80.2m |
| Total liabilities | ₹6.81bn | ₹8.36bn | ₹13.07bn | ₹13.41bn | ₹10.22bn | ₹5.57bn | ₹5.98bn | ₹4.58bn | ₹4.74bn | ₹4.38bn |
| Debt | ₹3.12bn | ₹3.99bn | ₹7.89bn | ₹7.24bn | ₹5.30bn | ₹2.02bn | ₹2.68bn | ₹2.10bn | ₹2.37bn | ₹1.98bn |
| Shareholders' equity | ₹6.83bn | ₹4.27bn | ₹5.11bn | ₹5.74bn | ₹4.88bn | ₹4.19bn | ₹3.57bn | ₹2.84bn | ₹2.39bn | ₹2.23bn |
| Shares outstanding | 234m | 216m | 199m | 199m | 199m | 197m | 192m | 164m | 155m | 234m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −₹1.49bn | ₹4.06bn | ₹504.0m | −₹203.6m | −₹1.24bn | ₹833.6m | ₹1.03bn | ₹364.1m | ₹244.8m | ₹574.0m |
| Capital spending | −₹302.9m | −₹333.5m | −₹390.1m | −₹1.46bn | −₹1.38bn | −₹159.6m | −₹699.3m | −₹225.1m | −₹134.1m | −₹116.3m |
| Free cash flow | −₹1.79bn | ₹3.72bn | ₹113.9m | −₹1.66bn | −₹2.62bn | ₹674.0m | ₹331.1m | ₹139.0m | ₹110.7m | ₹457.7m |
| Dividends paid | — | — | −₹49.7m | −₹119.1m | −₹108.8m | −₹48.7m | −₹23.2m | −₹23.6m | −₹23.4m | −₹18.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3.83bn | ₹3.61bn | ₹3.18bn | ₹4.57bn | ₹4.48bn | ₹2.01bn | ₹2.68bn | ₹4.40bn |
| Gross profit | ₹1.45bn | ₹640.6m | ₹494.8m | ₹1.11bn | ₹1.39bn | −₹118.5m | ₹647.8m | ₹976.7m |
| Operating income | ₹325.1m | ₹44.1m | −₹11.9m | ₹370.2m | ₹306.9m | −₹819.0m | −₹314.3m | ₹339.7m |
| Net income | ₹208.4m | −₹8.6m | −₹101.6m | ₹25.5m | ₹130.4m | −₹500.0m | −₹362.3m | ₹149.0m |
| Diluted earnings per share | 0.89 | -0.04 | -0.47 | 0.12 | 0.60 | -2.31 | -1.82 | 0.75 |
| Cash from operations | — | — | — | −₹894.0m | — | ₹4.69bn | — | ₹3.07bn |
| Capital spending | — | — | — | −₹130.0m | — | −₹333.0m | — | −₹158.0m |
| Free cash flow | — | — | — | −₹1.02bn | — | ₹4.36bn | — | ₹2.91bn |
| Total assets | — | ₹13.64bn | — | ₹14.87bn | — | ₹12.63bn | — | ₹16.45bn |
| Cash and short-term investments | ₹26.9m | ₹346.1m | ₹302.2m | ₹302.2m | ₹593.5m | ₹593.5m | ₹553.6m | ₹553.6m |
| Debt | — | ₹3.02bn | — | ₹5.02bn | — | ₹4.00bn | — | ₹5.22bn |
| Shareholders' equity | ₹6.83bn | ₹6.83bn | ₹4.44bn | ₹4.44bn | ₹4.27bn | ₹4.27bn | ₹5.06bn | ₹5.06bn |
Financial ratios
Data as of 21 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 19.9% | 11.8% | 7.6% | 24.5% | 24.0% | 26.0% |
| Operating margin | 4.5% | -7.4% | -0.9% | 8.0% | 8.7% | 7.8% |
| Net margin | 0.3% | -7.5% | -3.3% | 4.5% | 4.5% | 4.3% |
| Return on equity | 0.7% | -21.6% | -11.5% | 16.5% | 15.0% | 12.2% |
| Return on assets | 0.3% | -7.3% | -3.2% | 5.0% | 4.9% | 5.2% |
| Free cash flow yield | -3.5% | 14.1% | 3.1% | 4.4% | 0.5% | 3.5% |
| Revenue growth | 28.3% | -30.6% | -15.9% | 29.0% | 37.7% | 18.7% |
| Earnings growth | -105.0% | 56.4% | -162.1% | 29.2% | 44.0% | 204.6% |
| Current ratio | 1.27x | 0.97x | 1.13x | 1.27x | 1.35x | 1.53x |
| Debt to equity | 0.44x | 0.93x | 1.54x | 1.26x | 1.08x | 0.48x |
| Equity ratio | 50.1% | 33.8% | 28.1% | 30.0% | 32.3% | 42.9% |
| Interest coverage | 1.52x | -1.42x | -0.21x | 3.56x | 5.36x | 3.32x |
| R&D as a share of sales | 0.0% | 0.2% | 0.1% | 0.1% | 0.0% | 0.1% |
| Buybacks as a share of market value | -8.4% | -8.6% | -0.2% | 0.2% | -0.9% | -3.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.2% | 5.9% | 8.6% |
| Operating income | -25.1% | -5.2% | — |
| Net income | -63.6% | -38.3% | -7.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 16.3% | 16.6% | 19.0% | 22.3% |
| Operating margin | -0.7% | 2.0% | 3.8% | 3.5% |
| Net margin | -3.1% | -0.8% | 0.8% | 1.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | -38.4 | -22.6 | 15.4 | 28.4 | 36.2 | 52.3 | -61.9 | 39.7 | 35.2 |
| Price to sales | 2.0 | 2.9 | 0.8 | 0.7 | 1.3 | 1.6 | 0.9 | 0.5 | 0.5 | 1.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 8 Sept 2023.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.25 | 0.60 | 0.55 | 0.25 | 0.10 | 0.125 | 0.125 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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