Z 
1,273.60
+3.45%
Close of 9 Nov 2026, in INR
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At a glance
Figures in INR, from our data supplier.
Revenue
₹5.39bn
FY2017FY2026
Net income
−₹739.4m
FY2017FY2026
Free cash flow
−₹1.92bn
FY2017FY2026
Shareholders' equity
₹6.93bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5.39bn | ₹2.93bn | ₹1.80bn | ₹1.40bn | ₹1.31bn | ₹1.07bn | ₹951.1m | ₹852.3m | ₹778.5m | ₹715.8m |
| Research and development | — | ₹2,000 | ₹7,000 | ₹600,000 | ₹600,000 | ₹201,000 | ₹1.7m | ₹918,000 | ₹1.1m | ₹497,915 |
| Operating income | −₹639.1m | −₹468.6m | −₹119.6m | −₹21.5m | ₹127.5m | −₹3.1m | ₹25.3m | ₹65.7m | ₹99.6m | ₹89.9m |
| Net income | −₹739.4m | −₹564.0m | −₹143.5m | −₹57.7m | ₹89.1m | −₹2.1m | ₹27.4m | ₹55.5m | ₹72.7m | ₹55.4m |
| Diluted earnings per share | -21.35 | -18.05 | -5.22 | -2.24 | 3.53 | -0.08 | 1.12 | 2.19 | 2.92 | 7.79 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ₹11.31bn | ₹4.39bn | ₹2.28bn | ₹1.58bn | ₹1.39bn | ₹854.7m | ₹884.8m | ₹896.1m | ₹917.9m | ₹538.0m |
| Cash and short-term investments | ₹955.7m | ₹36.2m | ₹10.0m | ₹11.2m | ₹23.0m | ₹13.5m | ₹8.3m | ₹16.9m | ₹24.6m | ₹1.4m |
| Total liabilities | ₹4.35bn | ₹2.12bn | ₹1.38bn | ₹777.6m | ₹494.7m | ₹191.7m | ₹196.5m | ₹206.8m | ₹220.2m | ₹310.4m |
| Debt | ₹2.70bn | ₹1.40bn | ₹952.8m | ₹451.2m | ₹149.0m | ₹149.0m | — | — | — | ₹41.0m |
| Shareholders' equity | ₹6.93bn | ₹2.24bn | ₹899.8m | ₹803.6m | ₹896.3m | ₹663.0m | ₹688.3m | ₹689.3m | ₹697.8m | ₹227.6m |
| Shares outstanding | 35m | 31m | 27m | 26m | 25m | 25m | 25m | 25m | 25m | 7m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −₹790.1m | −₹489.5m | −₹59.8m | −₹20.1m | ₹133.3m | −₹8.9m | ₹55.4m | −₹32.5m | −₹44.3m | ₹33.5m |
| Capital spending | −₹1.13bn | −₹459.8m | −₹167.1m | −₹125.0m | −₹32.5m | −₹19.3m | −₹61.8m | −₹31.2m | −₹13.2m | −₹19.2m |
| Free cash flow | −₹1.92bn | −₹949.3m | −₹226.9m | −₹145.1m | ₹100.8m | −₹28.2m | −₹6.3m | −₹63.7m | −₹57.5m | ₹14.3m |
| Dividends paid | −₹30.6m | −₹27.4m | −₹25.8m | −₹37.7m | −₹25.2m | −₹24.6m | −₹24.6m | −₹52.6m | −₹35.3m | −₹14.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.74bn | ₹1.63bn | ₹1.43bn | ₹1.29bn | ₹1.04bn | ₹972.7m | ₹721.2m | ₹672.8m |
| Operating income | −₹393.5m | −₹183.1m | −₹209.8m | −₹121.9m | −₹98.5m | −₹108.5m | −₹169.1m | −₹98.4m |
| Net income | −₹435.6m | −₹141.7m | −₹295.0m | −₹159.5m | −₹143.2m | −₹128.9m | −₹186.8m | −₹121.0m |
| Diluted earnings per share | -12.58 | -4.09 | -9.44 | -5.10 | -4.58 | -4.12 | -6.80 | -4.41 |
| Cash from operations | — | — | — | −₹191.0m | — | −₹499.0m | — | −₹115.0m |
| Capital spending | — | — | — | −₹367.0m | — | −₹459.0m | — | −₹157.0m |
| Free cash flow | — | — | — | −₹558.0m | — | −₹958.0m | — | −₹272.0m |
| Total assets | — | ₹11.31bn | — | ₹6.06bn | — | ₹4.39bn | — | ₹3.17bn |
| Cash and short-term investments | ₹955.7m | ₹955.7m | ₹63.2m | ₹63.2m | — | ₹36.2m | ₹23.2m | ₹23.2m |
| Debt | — | ₹868.6m | — | ₹1.81bn | — | ₹1.40bn | — | ₹1.07bn |
| Shareholders' equity | ₹6.96bn | ₹6.93bn | ₹3.19bn | ₹3.16bn | — | ₹2.24bn | ₹1.62bn | ₹1.59bn |
Financial ratios
Data as of 18 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -11.9% | -16.0% | -6.6% | -1.5% | 9.7% | -0.3% | — |
| Net margin | -13.7% | -19.3% | -7.9% | -4.1% | 6.8% | -0.2% | — |
| Return on equity | -10.7% | -25.2% | -15.9% | -7.2% | 9.9% | -0.3% | — |
| Return on assets | -6.5% | -12.8% | -6.3% | -3.7% | 6.4% | -0.2% | — |
| Free cash flow yield | 0.9% | -0.1% | 0.3% | 0.4% | 0.6% | 0.0% | — |
| Revenue growth | 83.9% | 62.3% | 29.0% | 6.7% | 22.9% | 12.3% | — |
| Earnings growth | 31.1% | 293.1% | 148.5% | -164.8% | -4364.0% | -107.6% | — |
| Current ratio | 1.93x | 1.83x | 1.51x | 2.08x | 2.14x | 3.36x | — |
| Debt to equity | 0.13x | 0.17x | 0.36x | 0.11x | 0.03x | 0.04x | — |
| Equity ratio | 61.3% | 50.9% | 39.4% | 50.8% | 64.4% | 77.6% | — |
| Interest coverage | -3.68x | -4.35x | -2.50x | -0.84x | 39.88x | -3.28x | — |
| R&D as a share of sales | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% |
| Buybacks as a share of market value | -10.8% | -13.8% | -6.6% | -2.3% | -0.3% | -2.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 56.7% | 38.2% | 23.6% |
| Operating income | 209.7% | 191.1% | — |
| Net income | 134.0% | 223.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -13.3% | -10.8% | -8.1% | -4.3% |
| Net margin | -15.7% | -13.1% | -10.2% | -6.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -57.6 | -85.6 | -153.4 | -210.9 | 85.9 | -4754.4 | 160.1 | 85.2 | 61.7 | 19.9 |
| Price to sales | 7.9 | 16.5 | 12.2 | 8.7 | 5.8 | 9.3 | 4.6 | 5.5 | 5.8 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 21 Sept 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.00 | 1.00 | 1.00 | 1.00 | 1.50 | 1.00 | 1.00 | 1.00 |
- 7-for-5 split · 25 Jul 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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