T 
121.37
+3.44%
Close of 9 Nov 2026, in INR
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At a glance
Figures in INR, from our data supplier.
Revenue
₹17.36bn
FY2017FY2026
Net income
−₹1.68bn
FY2017FY2026
Free cash flow
−₹8.98bn
FY2017FY2026
Shareholders' equity
₹15.64bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹17.36bn | ₹20.50bn | ₹20.72bn | ₹21.20bn | ₹19.97bn | ₹10.85bn | ₹10.82bn | ₹12.58bn | ₹13.11bn | ₹10.33bn |
| Gross profit | ₹1.92bn | ₹4.63bn | ₹3.87bn | ₹6.01bn | ₹7.65bn | ₹4.16bn | ₹2.82bn | ₹4.05bn | ₹4.97bn | ₹3.37bn |
| Research and development | ₹19.5m | ₹19.1m | ₹24.7m | ₹25.3m | ₹26.4m | ₹29.0m | ₹32.5m | ₹33.6m | ₹30.5m | ₹27.1m |
| Operating income | −₹1.13bn | ₹3.74bn | −₹43.9m | ₹1.34bn | ₹3.90bn | ₹1.74bn | ₹395.1m | ₹1.71bn | ₹2.66bn | ₹1.26bn |
| Net income | −₹1.68bn | −₹461.0m | −₹387.9m | ₹898.3m | ₹2.81bn | ₹1.18bn | ₹231.7m | ₹1.14bn | ₹1.70bn | ₹705.4m |
| Diluted earnings per share | -13.93 | -3.88 | -3.78 | 8.77 | 27.47 | 11.49 | 2.26 | 11.45 | 16.69 | 6.90 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ₹47.37bn | ₹38.07bn | ₹33.20bn | ₹23.60bn | ₹18.62bn | ₹13.43bn | ₹12.00bn | ₹11.41bn | ₹8.25bn | ₹6.67bn |
| Cash and short-term investments | ₹678.5m | ₹1.86bn | ₹4.49bn | ₹4.59bn | ₹5.54bn | ₹3.25bn | ₹2.10bn | ₹1.12bn | ₹391.9m | ₹562.5m |
| Total liabilities | ₹31.73bn | ₹26.51bn | ₹21.74bn | ₹11.68bn | ₹7.77bn | ₹5.40bn | ₹5.62bn | ₹4.73bn | ₹2.52bn | ₹3.71bn |
| Debt | ₹21.75bn | ₹17.86bn | ₹12.52bn | ₹5.14bn | ₹1.65bn | ₹1.83bn | ₹1.97bn | ₹1.03bn | ₹500.5m | ₹617.7m |
| Shareholders' equity | ₹15.64bn | ₹11.56bn | ₹11.46bn | ₹11.92bn | ₹10.85bn | ₹8.03bn | ₹6.38bn | ₹6.68bn | ₹5.73bn | ₹2.96bn |
| Shares outstanding | 121m | 119m | 102m | 102m | 102m | 102m | 102m | 99m | 102m | 102m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −₹2.99bn | −₹658.8m | ₹2.37bn | ₹541.3m | ₹4.02bn | ₹2.21bn | ₹1.40bn | ₹2.34bn | ₹796.3m | ₹1.17bn |
| Capital spending | −₹5.99bn | −₹6.13bn | −₹8.11bn | −₹3.63bn | −₹736.3m | −₹609.9m | −₹1.03bn | −₹1.93bn | −₹589.1m | −₹306.8m |
| Free cash flow | −₹8.98bn | −₹6.79bn | −₹5.74bn | −₹3.09bn | ₹3.29bn | ₹1.60bn | ₹368.7m | ₹407.2m | ₹207.2m | ₹858.5m |
| Dividends paid | — | −₹102.4m | −₹153.6m | −₹256.0m | −₹223.4m | −₹223.4m | −₹242.1m | −₹246.9m | −₹231.1m | −₹192.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5.47bn | ₹4.24bn | ₹4.16bn | ₹4.45bn | ₹4.50bn | ₹5.23bn | ₹4.47bn | ₹5.25bn |
| Gross profit | ₹982.5m | ₹605.4m | ₹353.8m | ₹571.2m | ₹835.4m | ₹1.29bn | ₹847.9m | ₹922.6m |
| Operating income | ₹95.8m | −₹151.1m | −₹337.7m | −₹180.5m | −₹461.8m | ₹3.83bn | −₹355.6m | ₹203.8m |
| Net income | −₹436.7m | −₹280.0m | −₹465.7m | −₹333.8m | −₹599.6m | −₹140.6m | −₹420.2m | ₹48.9m |
| Diluted earnings per share | -3.62 | -2.32 | -3.92 | -2.81 | -5.05 | -1.18 | -4.10 | 0.48 |
| Cash from operations | — | — | — | −₹2.68bn | — | −₹658.0m | — | −₹470.0m |
| Capital spending | — | — | — | −₹3.60bn | — | −₹6.13bn | — | −₹2.45bn |
| Free cash flow | — | — | — | −₹6.28bn | — | −₹6.79bn | — | −₹2.92bn |
| Total assets | — | ₹47.37bn | — | ₹43.45bn | — | ₹38.07bn | — | ₹34.69bn |
| Cash and short-term investments | ₹678.5m | ₹2.62bn | ₹3.70bn | ₹3.70bn | ₹1.83bn | ₹3.57bn | ₹4.18bn | ₹4.20bn |
| Debt | — | ₹20.97bn | — | ₹20.86bn | — | ₹17.86bn | — | ₹13.84bn |
| Shareholders' equity | ₹15.64bn | ₹15.64bn | ₹15.32bn | ₹15.32bn | ₹11.56bn | ₹11.56bn | ₹12.10bn | ₹12.10bn |
Financial ratios
Data as of 24 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 11.0% | 22.6% | 18.7% | 28.3% | 38.3% | 38.3% |
| Operating margin | -6.5% | 18.3% | -0.2% | 6.3% | 19.5% | 16.0% |
| Net margin | -9.7% | -2.2% | -1.9% | 4.2% | 14.1% | 10.8% |
| Return on equity | -10.7% | -4.0% | -3.4% | 7.5% | 25.9% | 14.7% |
| Return on assets | -3.5% | -1.2% | -1.2% | 3.8% | 15.1% | 8.8% |
| Free cash flow yield | 15.3% | 28.3% | 62.7% | 25.0% | 28.5% | 16.9% |
| Revenue growth | -15.3% | -1.1% | -2.3% | 6.2% | 84.1% | 0.2% |
| Earnings growth | 264.2% | 18.8% | -143.2% | -68.1% | 139.0% | 407.9% |
| Current ratio | 0.61x | 1.04x | 1.10x | 1.22x | 1.86x | 1.90x |
| Debt to equity | 1.34x | 1.48x | 1.02x | 0.38x | 0.15x | 0.23x |
| Equity ratio | 33.0% | 30.4% | 34.5% | 50.5% | 58.3% | 59.8% |
| Interest coverage | -1.27x | 7.62x | -0.11x | 4.28x | 19.16x | 8.32x |
| R&D as a share of sales | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.3% |
| Buybacks as a share of market value | -1.5% | -15.9% | -0.1% | 0.0% | 0.0% | 0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.5% | 9.9% | 6.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.3% | 20.6% | 25.5% | 27.7% |
| Operating margin | 6.9% | 4.9% | 8.6% | 9.7% |
| Net margin | -5.7% | -2.0% | 2.1% | 3.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -9.1 | -60.8 | -84.8 | 25.0 | 7.4 | 20.6 | 44.4 | 6.3 | 6.7 | 31.8 |
| Price to sales | 0.9 | 1.4 | 1.6 | 1.1 | 1.0 | 2.2 | 0.9 | 0.6 | 0.9 | 2.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 16 Jul 2024.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.00 | 1.50 | 2.50 | 2.20 | 2.00 | 2.00 | 1.875 | 1.40 |
- 10-for-1 split · 14 Aug 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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